St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-26


States should be exercised to avert the
business calamitieS and all their incl
dent evils by which our country is
threatened. And to that end conven-
ton of citizens from all parts of the
Union who have faith in the wisdom of
the founders of the government and be-
ileve the money of the constitution, the
money of the days of Washington, JEFF
ferson, Jackson. Lincoln and host of
other true Americans. whose names
shall forever adorn the pages of history,
ought to continue to b. the money of
the American people, will I've held in
Chicago in the beginning of next month
to take such steps in the interest of the
whole people as may be considered best.
And the object of this meeting is to
elect delegates to that convention"
Henry Nichols then read the resola-
tons amid frequent Interruptions. The
efforts OF the chairman to obtain order
merely met with more vociferouS Oh
struction-it Will be recorded, however,
that the resolutions were passed.
Whereas, The population of the y nited
States is increasing so rapidly that the
aggregate Increase in ten years will be
equivalent to importing into the United
States the present combined population
or Belgium, Holland, ROumauia, SWitZer-
land and Greece: and
Whereas, Therefor, a failure to pro-
vide constantly increasing volume of
money i'll the United States would be
equivalent to allowing a contraction of
lis volume were no increase of the popu
latl0n to enSue; and
Whereas, A contraction of the volume
OF money shrinks inSidiOusly the salable
value of all commodities and other per-
sonal and real property; and
Whereas oh ,,,Iy
OF values lmperils the legitimate opera
tIOnS OF business, causing distrust on
the part OF capital and always restrict
Ing the employment of labor; and
whereas, The only assured increase
OF the volume of money i'll the United
States at present is by the automatic
operation of the so-called Sherman law;
auQ
Whereas. This law. by receiving de-
positS of silver bullion in the treasury,
never to he emitted therefrom unless in
the form of legal tender coin, and by
such receiving OF bullion is creating. at
the market price, an issue of United
States legal tender notes; and
Whereas, Many people are deceived,
misled and falsely atfrighted as to this
real operation of this So-called Sherman
law, and are thereby inStigated to de-
mand its repeal; and
Whereas, Those who instigate this
demand propose to substitute issues of
bank notes in lieu of this issue of United
States notes; and
Whereas, Every increase of bank
notes, like the increase of all other sub
sIltuteS for money! enlarge necessarily
the need of lawful money with which to
redeem them on demand; and
Whereas, Tile platforms of both
political parties in the late campaign
demand the employment OF gold and
silver as our lawful money; and
Whereas. The platform of the party
now in control of congress and the exec
utlve demands explicitly 1.-THE use of
both gold and silver as the standard
money of the country, ana the coinage
6fboth gold and silver without discrim-
mating against either metal or charge
for mintagP. but the dollar unit of both
metals must be of intrinsic and eX-
changeable value, or be adjusted through
international agreement, or by sucn
safeguards of legislation as shall insure
the maintenance of the parity of the
two metals and the equal power of every
dollar at all times i'll The market and in
the payment of debt; and that all paper
currency shall b. kept at par with and
Fedeemable in such coin, insisting upon
this policy as especially necessary for
the protection of the farmers and labor
Ing classes, the first aud most defense
less victims of unstable money and
tiuctuating currency"
Now, therefore, resolved, first, that
this aSSemblage of citizens of New
York, viewing with apprehension the
continuing SenseleSs alta cks on the So
called Sherman bill, hereby caution the
congress about to assemble that there is
all influential opinion III this community
on the great issue involved, which is
not expressed by assemblage of bankers
or merchants under dictatiOn from our
banks and newspapers
Second-fhat we demand of the party
in control of congress and the executive
the prompt fulfillment of the pledge of
their platform as to the indiscrimi-
pately equal treatment of both gold and
silver for coming into legal tender
money.
Third-That congress shall indignant
ly resent the demand for the uncondi-
tlonal repeal OF the sO-called Sherman
law, as merely proposal to substitute
bank notes for the automatic issue OF
United States notes. and refuse absolute
ly to repeal the said law except by an act
which shall at the same time fulfill
literally the demand of the aforesaid
platforms of the party in control.
Fourth-That the proposal to substi-
tute bank notes for legal tender notes of
the United States is the equivalent of
the obnoxious proposal of the Bank of
the United States, joint stock corpora
ton. rejected by Andrew jackson in
1884. though urged by Daniel Webster,
and brought in this city by Charles
O'COnnor, who was defeated by the la
Dor element in the Democracy of New
York OH the ground that gold and silver
were the products of labor, while bank
notes were the creatures of the printing
press.
Fifth-That we call upon our domes-
tic bankers, merchants, small trades
men and men of small property, real
and personal, in this city as elsewhere,
as we'll as the managers of institutions
investing savings of the poor, and upon
all organizations of labor to commend
these and like resolutions to favorable
consideration by the congress of the
United States.