The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1893-08-03
|DO|NGS OF THE SILVER CRANKS
1
PraDhGCyilg Disaster il the Gold
STANDARD Is Adopted.
RESOLUTIONS ARE ADOPTED
Champions OF the White Metal from
Various stahes ventllate Their Views
ON the Question.
RESOLUTIONS ARE ADOPTED
Associated Press.

Associated Press.
Chicago, August 2-The silver con-
vention resumed its session this morn
ing. Owing to the inadequate rooms
used yesterday it was decided to meet
in the Central Hall, but an agent
stood at the door this morning and
refused to open 1t until $500 per day
rental was guaranteed. This was done
and the delegates floeked in Presi-
dent Thurman called the convention
to order. Ex-senator HILL of Colorado,
addressed the convention on the silver
question. The arguments were chiefly
based on statistics tending to show
that the adoption of the gold standard
in any country was invariably followed
by decades Of poverty and depression.
At the conclusion OF Hilps address Hon.
j. R. Doolittle OF Wisconsin, presented
a resolution declaring 1t the duty of
congress to coin both gold and silver
in such ratio of weight that the bull
lion in the silver dollar shall equal in
value the bullion in the gold dollar.
Referred to the committee on resolu-
tions
Congressman f. G. Newland, of Ne
vada, followed In an address review
ing congressional legislation on the
silver question. The committee on
resolutions this afternoon submitted
a long report The preamble, after
reciting the antiquity of bi-mtallism,
reviewed the history Of the demone-
tization Of silver in 1873, which led to
the present distress by doubling the
purchase power Of gold.
The preamble further recites that the
money of the courtry is inadequate for
the business of the land, and in order
to hold the balance level between debt
or and creditor the nations supply of
currency must increase with increased
population and business. Resolutions
then say:
There must be no compromise OF this
question. All legislation demonetizing
silver and restricting the coinage there
of must be Immediately and completely
repealed by an act restoring the coin
age of the country to the conditions
established by the founders of the ma
ton. The resolutions assert the power
of this nation to stand on It's own feet,
and legislate for itself upon all sub
jects. The only remedy for the purely
metallic financial troubles is to open
the mints of the nation to gold and
silver on equal terms at the old ratio,
16 of silver to- Of gold,
United States Senator Allen Of Me-
braska produced much enthusiasm by
brief speech in which he pledged
the Peoples Party to the cause of sill
yer. The populists in the senate, "he
said" would not be wanting in sup
port Of free coinage at the ratio Of
to 16.
While the Sherman act Is objection
able, the resolutions protest against
the repeal of the act except by an act
restoring free bimetallic coinage as 1t
existed prior to 1873. The resolutions
assert that the unparelled calami-
ties which now affiict the American
people are not due to the so-called
Sherman act, and in proof thereof call
attention to the fact that the same
evil conditions now prevail over all the
gold standard world. Bad as is the
state Of affairs In this country. it
would been still worse, but for the
Sherman act, by which the nation has
obtained to some extent the expand
ing of circulation. The resolutions in
sist on the purchase of the full amount
Of silver each month.
Governor Waite Of Colorado spoke
at great length. He asserted that since
1873, congress has convened, but that
a majority in both houses were in favor
Of restoring the free coinage of silver.
Congress has never been able to enact
whether republican or democratic, has
always been nominated by wall street,
and stood ready TO interpose his veto.
Congressional legislation, and nothing
else, has reduced the price Of silver
bullion from $1.S2 per ounce in 1878 TO
70 cents in 1898, and legislation for
which the two old parties are equally
responsible. has reduced the price Of
wheat In the same time from $L41 per
bushel to SO cents. The same
legislation has reduced the price Of
cotton from 10 $40 cents to 1910 cents
in the same time. The ratio Of the val
ue Of silver as bullion. compared with
the gold dollar. has been increased
from 1s to ! to % IL or "a to l. It has
not only diminished the value Of silver
bullion, but has also diminished al
most in the same proportion the value
Of wheat, corn, pork. beef cotton and