The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-10
THE SILVER CONVENTION
SECOND DAY DEVOTED TO SPEECH
MAKING AND APPLAUSE.
Populist Orators Claim Their People to b
the Elect at the Silver Communion
Table-A Lengthy and Com
prehensive Platform.

the Bimetalic convention were llV
late assembling this morning. Wher
President Thurman called the conven'
ton to order Mr.. J 3. Dougherty
Texas made the following notion:
That committee of one member
from each state be appointed to de
wise a plan and provide ways ant
means FOR impressing on congress ant
the people of the country the impend'
ing peril now threatening the ruin o
our material Interests, and of which
we have only had a foretaste, the re-
suits of which are sure to follow the
establishment and continuance OF golc
as an exclusive measure OF value IL
this country, and that the committee
report to the convention plan for ac
ton.
After some discussion, the matter
was referred to the committee on reso'
luticns.
A telegram from district assembly
No. 4, knights of Labor OF st. Louis
sending greetings and stating that the
assembly had passed resolutions de-
manding free and unlimited coinage Of
silver at the ratio OF 16 to was read
Ex-United States Senator N. 2. Hill
of Colorado addressed the convention
on the silver question for nearly an
hour. Ms arguments were chiefly
based on statistics tending to show
that the adoption of gold or silver
standard in any country had invaria-
bly been followed by poverty and de-
preston.
Ex-senator Dooiittle of Wisconsin
presented the following resolutions
which we're referred to the committee
ON resolutions:
Resolved, That the constitution of
the United States, in declaring that no
state shall coin money, emit bills of
credit or make anything but gold and
silver tender in payments of debts and
at the same time declaring that con-
gress shall hay power to coin money,
regulate the value thereof and OF for
eign coin, gave to the federal govern
ment supreme jurisdiction over the
money question.
Resolved, That instead of fixing the
relative ratio of value between gold
and silver coin, the constitution ex-
pressly gives to congress the power to
ascertain and declare that ratio as
may change from time to time as was
done during the administration of
Jackson.
Resolved, That since ratio of IS
ounces Of silver to one OF gold was
adopted especially within the last %
years, two of the most potent causes
have produced great change in the
relative value of gold and silver, viz:
the war between France and Germany,
recklessly brought on by Louis Napo-
leon, 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 billion
in gold. That enormous spoil taken
from France in gold fairly intoxicated
the conquerers. 1t led Germany to
demonetize silver, and like England,
to establish a single gold standard.
Her example was followed by the
Scandinavian states, although it
threw suddenly upon the market
of the world $400,0O0,00O silver
of five times the annual production of
all the silver mines of the world. The
other cause is found in the fact that
since 1878, within the last Is years, the
annual output of the silver mines of
the world has been doubled. Instead
Of "a. 100000 ounces it has become 140,-
100000 per annum.
Resolved, That congress in the exer-
else of its undoubted power and in
discharge of its clear duty, whatever
European nations may do should coin
both gold and silver into money and
maintain the bimetalism of the con-
stitution, and with such coinage the
value of silver into dollars shall be
equal to the bullion value of gold in
dollar, provided always that value be
fairly estimated upon the basis that
the two metals concur in forming the
money circulation of the world and it
is the general mass of the two metals
combined which serves as a measure
of value.
Congressman Francis G. Newlands
of Nevada followed in an address out
lining congressional legislation on the
silver question. England he said, is
the great gold owning country of the
world. We owe her hundreds of mill.
ions of dollars. We have in this
country 5000, 600, 900 gold today which
can be withdrawn tomorrow if England
wishes. If the withdrawal of $780,
600, 600 gold this year produced the
present panic what disaster may not
be produced when we are dependent
on England and she chooses
to call on us for her gold.
England has the gold of the world
and she knows how to legislate for her
interests. She knows her own interests.
We have the silver of the world, but
we don't know our own interests. The
need of credit must be given England
who knows how to protect her gold
and not to America who knows not
how to protect her silver. As the tax
on tea precipitated the revolution and
led to our political independence, so
the present blow at silver might lead
TO our financial independence from the
Old World.