Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-03

Governor Waite.
that they did not know until long afterward
that 80 grave and great a change had been
made In the financial system founded by
the fathers of the republic; and
Whereas the debates in Congress show
that the parentage of the measure was in
part ascribed by the friends of the bill TO
one Ernest Seyd. London banker, who.
1t is claimed, was sent over to Washington
by the moneyed classes Of the old world TO
means; and
Whereas President Grant, who signed the
bill, declared long subsequently that he did
not know that 1t demonetized silver; and
Whereas the pun pose of this attack upon
one OF the two ancient precious metals Of
the world was. by striking down one-half
BILE the purchasing power Of the remainder.
gold, by making IL the equivalent of every
thing possessed or produced by the labor
OF man, thus reducing the price of commo-
diues. arresting enterprise. impoverishing
the toiler and degrading mankind; that the
results We're not only inevitable, but fore
seen. as appears by the following language:
used at that time by the then president of
the Bank Of France, who said: IF, by q
stroke OF the pen, they suppress one of
these metals in the money service they
double the demand for the other metal, to
the ruin Of ell Debtors" and
whereas the awful consequences thus
prophesied are upon the people OF the whole
world. We stand in the midst OF unparal-
leled distress and in the shadow of irnpend-
ing calamities which are beyond estimate
The ruling industry of the people who in
habit one-third of the area of this republic
has been stricken down. property values
destroyed, and the workmen compelled to
ny as from a financial pestilence Every
where over this broad land the honest toll
ers. numbering hundreds OF thousands
have been thrown out of employment and
will have to eat the bitter bread of charity
or starve. The products of industry the
farm and the workshop have deprecated
In price as shown by official and published
statlstic until production ceases 70 be prof
uuate for the business of the land. has
gravftated to the banks: while the people
distrusting the banks. have demanded their
deposits to hoard or hide them: mercantile
houses are going to the wall by thosands,
because the masses have not the means TO
buy even the necessities of life: to supply
the lack OF currency, the banks OF the
great cities have issued a substitute for
money. unknown to the laws. called clear
ing-house certificates; the movement of the
a vast amount OF currency. which the banks
are unable to furnish. And in the midst
OF these conditions the daily press is clam
ortng for the repeal of the act OF July IL
1871, called the Sherman act. although the
repeal or that act means the stoppage of
the issue of more than So 900 900 of money
every month; the shutting the supply OF
funds for the business of the country In
the midst Of the terrible conditions which
surround us. and ignoring the fact that to
hold a balance level between the debtor
must increase side by side with the in
crease of population and business. and in
this nation the growth OF population is al
the rate of about SO per cent every ten
years. while the increase OF business Is
much greater.
The preamble continuing quotes at length
Daniel Webster and Secretary Carlisle In
favor OF bimetsllic currency and Hon
John Sherman on the dangers Of monetary
contraction, and continues:
RauaA1As To- a.
Therefore. in view OF all these facts we
declare:
l. That there must be no compromise OF
this question. All legislation demonetizing
silver and restricting the coinage thereof
must be Immediately and completely re-
pealed by an act restoring the coinage of
the country to the conditions established
py the founders of the nation; and which
continued for over eighty years, without
complaint from any part of our people
Every hours delay in undoing the corrupt
mics Is an insult to the dignity of Ameri-
can people and is a crushing burden on
their prosperity and an attempt TO place us
again under the yoke from which George
Washington and his companions rescued
us.
We protest against the financial policy. of
the United States being made upon the onfn
ION or policies Of any foreign governments.
ana assert the power Of this ma ton 10 stand
on on Its own feet and legislate for itself on
z We assert that the only remedy for
our metallic financial troubles is to omen
tne mlnts OF the nation TO gold and silver
on e9uaI terms. at the old ratio Of sixteen
OF silver to one of gold. Whenever silver
bulilon can be exchanged at the minis ror
legal tender silver dollars. worth 100 cents.
that moment i12 1-2 grains Of standard
silver will be worth 100 cents. and as coro-
merce equalizes the prices of all comrnoIi-
Ties throughout the world, whenever 412 10
grains Of standard silver are worth io1
cents IN the United States they will be
worth that sum everywhere else, ana can
not he bought for less. While n will Ia
urged that such a result would enhance
the price Of silver bullion 1t is sufficient
be Immediately made in the price y, ",.e,.,,
KIND of property. except gold ana crs5i,s
In the civilized world. 1t woul5 he shS
low. selfish class that would deny prosper-
ity 10 the mining Industries at the COST 81
bankruptcy to the whole people TIE Ia
islation to demonetize silver has given s.,
UNJUST increase to the value of cola ~ ~
sm ot OF prosperity of mankind. wheat and
rldcen side by side with silver.
Protest Against RepeaI.
g. That while the Sherman act os J,,,, Z,
1881. was device OF the enemy To nravort
the restoration of free COINAGE ana g.,
greatly Objectionable because il co,tin,,a
the practical exclusion of silver from ~,
m ana reduces 1t from money metal
It's repeal without the restorat ton 81 g.
coinage would stop the expansion ~ 80
currency required by our growth in NOM
la ton and business, widen still fs,fbar -,
differences between the two precIouS ,n.,
ais. thus making the return to bimetaIier,
more difficult; greatly Increases the pI-,
Ing down the price of the pro,lilcIs Of A.
farmer, laborers, mechanics and the trades
mainland plunge still further all Commerce
business ana industry into such depths OF