The record-union., 1893-08-02

PNA41iS4I lIaLtI6Ss Inc moment we intro
duce partisan question into this conven-
ton we throw before it matter which
Will cause strife and impair its work.
appeal to the convention to go on with
! lis work and declare its purpose of re-
storing to this country gold and silver
coinage as it existed before 1873, and re-
store prosperity to the country and after
ward take care of party affiliations"
The sense of the convention was so
overwhelmingly with Reagan that
Thomas withdrew his motion.
The committee was then appointed, in-
! Guiding the following members: Arizona,
j. NJ. Murphy; California, Daniel NJ.
| Burns; Colorado. Thomas NJ. Patterson;
Idaho, G. V. Bryant; Nevada, II. f. Bar
tine; Montana, L. B. Matto: New Mexico,
Hiram Hadley; Utan, C. Goodman:
Washington, Patrick Clarke; Wyoming.
Colonel J. Hurt.
The question of preparing an address to
the people and memorial to Congress
was referred to the Committee on Resolu-
tions.
Then permanent Chairman Thurman
was escorted to his seat amid great APP
plause, and delivered an address.
Mr.. Thurman said: Should the Sher-
man law be repealed without any substi-
tute in lieu thereof, it means the final de-
struction of silver money as a measure Of
value. The issue resolves itself down to
the question whether paper money of the
country is to be issued by banking cor
porations upon debts of the people or
other kinds of corporate securities, or
whether it is to rest upon the broad and
safe basis of gold and silver. Gold alone
certainly cannot afford a sufficient basis
upon which the circulating medium re-
quired by the people of this country can
safely rest. If this is not so, why is it that
whenever any considerable amount of
gold begins to flow from one country to
another, in obedience to the natural laws
OF trade, that we Immediately hear cries
OF distress? If things are as they should
be, why is there any danger because a
certain amount of metallic money leaves
the country?
The condition of things existing to-
day shows that if our circulating medium
is to rest upon gold alone. practically the
whole Of it will be based simply on faith,
and faith means fiat money. | am against
irredeemable currency in every way. but
if it is to be decreed that we must have
fiat money, then Pm in favor of its being
issued by the Government, and not by
individuals, because l have more faith in
all the people than in any particular class
OF people. But there is no need of fiat
money, for, while it is true there is not a
sufficient amount of gold, yet there is
enough real money, gold and silver. upon
which our currency can safely rest. and
if the people of this country are only true
to the principles OF hard money taught
them by their fathers, those who seek
now to issue fiat money will be doomed
to disappointment, for when the people
Of this country come to realize fully the
import of this demand to destroy silver
they will, in no uncertain sounds, let
these people know they are for hard
money against paper money still.
when the people of this country
awake to the fact that there is being
made systematic attempt to force them
to pay the obligations of this Govern
ment in gold alone, when they have
always had a right to pay them in gold
anu olANCiJ LiielL LIC COuIIdCb LIeN maze
with their creditors is to be violated l for
one have not the slightest doubt where
they will stand"
iEThurman, continuing, said the ques-
ton with the banking corporations is
rapidly resolving itself to the ground
hog case of no bonds. no banks. The
banks, knowing the people would insist
on an ample circulating medium, would
demand, in case the Sherman Act is re-
pealed, that the Government issue bonds
upon which banks may issue notes to
supply the deficiency brought about by
the Government ceasing to issue coin
certificates under the Sherman Act. The
banks would thus be enabled to perpet-
uate a system which has been enor-
mously profitable to them in the past
Thurman referred to the catchpenny
phrase continually used in high places Of
sound and stable currency, and said he
had no doubt this phrase will be used in
Cleveiand's message to Congress. He
wanted the President Of the United States
to tell the people Of the country and mem
bers of Congress what he means by
sound and stable currency" He wants
the President to tell the people why he
thinks gold alone will make that.
Thurman asked to present one that
might be considered with the others that
might come before the convention. 1t is:
"tirst, let our adversaries agree to the
free coinage of silver at a ratio of I5I or
l6 to l. prefer the former. Ifthev do.
we viii agree 10 the unconditional repeal
OF the Sherman law. Next amend the
national barking laws so as to permit any
national bank to issue notes up to the
face value Of 100 per cent. upon deposit
Of 50 per cent. with the United States
Treasury, in either United States gold or
silver coin other than subsidiary silver.
Further amend by repeating the tax on
national bank circulation. If a bank
should fail there would be for the REDEEM
tion OF its notes the 30 per cent. Of gold or
silver coin. For the other 10 per cent.
bills receivable of the bank would be
available, and under the present system
it would be an utter impossibility for the
bank to fail, and the whole OF its bills re-
ceivable would be worthless"
The Committee on Credentials showed
forty-two States and Territories repre-.
sented, and $40 delegates entitled to seats.
The report Of the Committee on Rules
provides that all discussions be confined
to the subject Of bimetallism, and no
delegate allowed to speak more than five
minutes on the same subject
T. Y. Powderly, General Master Work
man Of the Knights of Labor, addressed
the convention briefly. Twenty five
thousand Knights of Labor" said he.