The Portland daily press., 1893-08-03

in Which History Is Retaught-Sena-
tor Allen Pledges the Peoples Party to
the Silver Cause.
Chicago, August 2-The national BIZ
metallic convention met in Central mus
ic hall today.
AS soon as Chairman Thurman called
the body to order, J. S. Dougherty of
Texas moved that the roll Of states be
called for the appointment of a commit
tee to devise plan and consider ways
and means for impressing upon Con-
gress the ruin and peril now threatening
all material interests by the demonetiza-
ton of silver. He claimed that the pro-
ceedings of the convention were not be-
ing fully represented to the country,
and need existed for the immediate reso-
luton.
Several objections were made on tech
nical grounds, and Gen. Warner an
nounced that the committee on resolu-
tions would fully cover the subject.
The committee on resolutions not be-
ing ready to report, ex-senator Hill of
ton and spoke at length.
His arguments were chiefly based on
statistics tending to show that the adop-
ton of gold or a single standard in any
country had invariably been followed by
decadesIof poverty and depression
Ex-U. S. Senator James r. Doolittle of
Wisconsin, presented the following reso-
lutions, which were referred to the COM
mittee on resolutions:
Resolved, That the constitution of the United
States, in declaring that mo state shall coin
mouey, emit bills of credit, or make anything
but gold and silver coin tender in payment OF
debts,' and at the same time declaring that
Congress shall have power to coin money, re-
gulate the value thereof and OF foreign coln,'
gave to the federal government supreme and
exclusive jurisdiction over the money question.
Resolved. That instead of fixing the relative
ratio of value between gold and silver coin the
constitution expressly. gives to Congress the
may change, from time to time, as was done
during the administration of Gen, Jackson
Resolved That since the ratio OF ~ ounces
of silver to one of gold was adopted, about so
years ago, and especially within the last %
years, two most potent causes have produced a
great potent change in the relative value OF gold
and silver. First: The war between France
and Germany, recklessly brought on by Lous
Napoleon, resulted not only IN the invasion OF
France, in the capture of Napoleon and of
Paris, but in the exaction by Germany from
France of 81 o 10000, 900 in gold.
That enormous spoil taken from France in
gold fairly intoxicated the conquerors. 1t led
Germany to demonetiZe silver, and, like Eng
land, to establish the single gold standard. Her
example was followed by the Scandinavian
states. Altogether it threw suddenly upon the
market of the world S40O OO0, 900 OF silver, or
five times the annual production of all the silver
mines of the world.
The other cause is to be found in the fact that
since 1878 within the last Is years, the annual
output of the silver mines of the world has been
nearly double. Instead of 73, 100000 onnces,
it has become lac, 900 per annum.
Resolved, That Congress in the exercise OF
its undoubted powers, and in the discharge OF
its clear duty. whatever the European nations
may do, should coin both gold and silver into
money and maintain the bimetallsm of the con-
sttution, and that in such coinage, the bullion
value of silver to be coined into a dollar shall
be substantially equal to the bullion value of
gold in a dollar. provided always, that value
shall be fairly estimated upon the basis that
the two metals concur together in forming the
monetary circulation of the world, and that it
is the general mass of the two metals combined
which serves as the measure value of Things"
Chicago, Aug. 2. In Silver convention
this evening, Congressman Francis G..
Newland, Nevada, reviewed congression-
al legislation on the silver question. U,
S. Senator Allen, of Neb., provoked
much enthusiasm in brief but stirring
speech, in which he pledged the Peoples
party to the cause OF silver.