The herald., 1893-08-03
THR SILVER CONVENTION.

The convention OF friends of silver IL
Chicago is composed of body of repre-
sentative men whose views It will not dc
for the coming congress to treat lightly.
Some of the ablest men in the country
are amongst its leading members, and
they are oil earnest and determined In
their purpose to thwsrt the conspiracy
entered into by Wall street to destroy
silver as one OF our coin standards oil
value.
The question Is what effect will this
remarkable demonstration have on con-
gress? Will it cause that body to take
firm stand against the attempt to inn
poverish the country for the benefit of
the few? This will depend very much
upon the character Of the proceedings of
the convention and the tenor Of its ulti-
mate enunciations. As far as we can
Judge at present its deliberations will be
marked by fair and conservative meth
DDS. 1t will insist upon the government
firmly adhering to the constitution in
its monetary policy and doing whatever
that instrument enjoins to preserve the
parity of the metals.
If the conclusions OF the convention
are to the effect that congress shall re-
peal the Sherman act on condition that
there shall be free coinage OF American
silver and an embargo or prohibitive
duty placed upon the importation OF
foreign silver, we do not see that con-
gress could make mistake in conform
ing to these conclusions. There may, of
course, be other Legislation on the sub.
ject which will appeal to the judgment
of tho convention, but these suggestions
constitute the main remedies with which
that body will deal.
We yesterday gave precis of the plan
proposed by Mr.. H. M. Benedict. This
plan has met the views of many able
men who have given the subject study.
The weakness in the plan, to our mind,
is in its purpose to abolish paper money.
Whilst there is actually no necessity to
do go, and it would be an undoubt ed
step towards lessening the per capita of
circulation in the country-somsthing
not to be thought Oft would raise
against it enemies who would be strong
enough to defeat it altogether.
1t would be far better, in our estima.
ton, to maintain both the greenback
and the silver notes and provide for a
reserve to meet tho difference in value
between silver and gold by the seignor-
age and by the direct deposit of bonds
that would be retired from drawing in
terest for the national banks. We
should then guard as~;A.t -s>-e;e-. -.-
tions dumping their silver upon us go as
to have it coined at our mints and par
ticipate in the advantages which the
plan would secure to the white dollar
by prohibiting altogether the importa-
tion of foreign silver, or placing duty
upon it go high that it would amount
practically to the same thing. We
would then be left with only our own
production of the white metal to care
for, and we could take care of that hand
somely. The parity of this precious
metal being once secured, the value OF
silver would inevitably take an upward
course which would soon land it In the
market as an equivalent for gold.
We need not take trouble upon our
selves about the countries that have de-
monetized silver. They are now feeling
scutely the pains consequent on that de-
monetization. Their people are realiz-
ing the fact that one-half their wealth
has been wiped out, and that their
creditors hold them in wise from which
they cannot extricate themselves. There
can be but one result to this widespread
ruin and unspeakable suffering. The
victims will rise in their might and
create such condition in their several
countries that their governments will be
glad to come back to honest principles.
The Chicago convention will be col
lege to disseminate information of the
most educating character upon the sub
ject OF silver. 1t will show to the coun-
try the imminencs Of the danger through
which we are passing, and explain and
elaborate the true doctrine OF national
finance, freed from the sophistry and
the false reasoning with which the gold
ring has befogged this whole question.
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