The herald., 1893-08-02
Opening of the Bimetallic
Convention.
The Largest Body of Its Kind
Ever Assembled.
The Leading Financial Agitators of
the Nation Present.
Allen w. Thurman Selected rs Perma-
mont OhaIrman-Speeches by
General Warner, T. v. Pow.
derly and Others
By the Associated Press.

By the Associated Press.
CHICAGO, Aug. 1.-The national con-
vention Of the American Bi-metallic
league met at 10 O'Clock this morning In
the First Methodist church auditorium.
1t was the largest assembly OF like
character in the history of financial
agitation. The features of many SCARED
veterans of financial agitation were visi-
BILE in the Heterogeneous assembly.
General A. J. Warner of Ohio, presi-
dent of the Bi-metallic league; Con-
gressman Bartine OF Nevada, Congress-
man w. ]. Bryan of Nebraska, Governor
Waite of Colorado, Senator Stewart OF
Nevada, Senators Mantel of Montana
and Shoup Of Idaho, T. M. Patterson OF
Colorado, Governor Kobb, the Populist
leader of Alabama. Editor Goodwin Of
Salt Lake, Herman G. Taubeneck OF the
executive committee Of the Peoples
party and Senator Dubois of Idaho, were
conspicuous among these.
When Chairman Warner of the BIZ
metallic league called the convention to
OiuOIg mhuy Vi buo uClok6b6o Wd11
obliged TO stand in the aisle on account
Of the smallness Of the hall.
Chairman Warner opened the proceed
Harrison of Chicago, who welcomed the
delegates to the city.
MAYOR HARRIsoN's ADDRESS.
II welcome you warmly" said Mayor
Harrison, "beeause I believe you havs
the good of the country at heart. Some
of you may be rather wild; 1t Is said
that you are silver lunatics. / look
down npon you and am rather glad to
welcome such lunatics. 1t is crazy men
that march the world forward and make
progress a possibility. They say that
though you believe in bimetallism you
are crazy. If the action Of 1873 should
be blotted from the annals of American
political action, ! believe that silver
would be worth l20 cents an ounce. Be
wise in your deliberations. but be fear
less. Congress is about to meet. Give
the benefit OF your deliberations to con-
gress and tell Grover Cleveland what
the people of the United States want"
Hon. Thomas M. Patterson, chairman
of the Colorado delegation, responded to
the mayor.
CHAIRMAN WARMERS SPEECH.
Chairman Warner of the Bi-metallic
league then delivered his opening ad.
dress.
"a most extraordinary condition of
affairs," said he, ''meets the Assem- bling
OF this convention. The earth is yield
ing her fruits in unusual abundance.
and rich harvestH are being gathered
under favoring skies, and yet never be-
fore in the history Of the country has
there been such widespread fear and
distress; never before such loss OF
confidence and destruction to credit.
Industries are everywhere breaking
down, and laborers by tens of thousands
are thrown workless on the streets with
want staring them in the face. Scores
OF banks are driven to suspension.
There has been shrinkage of hundreds
of millions in the value of stocks and
other property. To attribute all this
condition to the silver purchasing law Ia
absurd. Under this law, since 1890,
$3.50, ,000, 900 has been added to our cur
rency. Does anybody believe that the
presence OF this $150.000,000 makes
money scarce and dear?
''The real object lesson of the situation
is very different from that which the
good conspirators contend.
ut enables us to see the beginning of
the shrinkage in prices that must take
place in order to 60 to purely gold
basis. The trouble ia in the change in
the money standard. The value of
money may be doubled, either by
doubling the weights of the standard
coins. or by destroying half of the metal
out of which the coins are made. The
establishment OF a single gold standard
is equivalent to putting value of 80
into 81. 1t ia doubling the unit and
putting property down one-half. This
is what is going on. To do this and
still require the same number of dollars
in the payment OF debts and taxes, is
to sanction the spoliation of one class by
the other"
He characterized the silver act of 1873
as crime, and said he was willing to
have the act OF 1890 repealed ii the other
Sherman law of 1873 can be repealed by
go together and place the country back
upon the constitution and the law as 1t
stood before 1873"
COMMITTEES APPOINTED.
A committee on credentials was then
appointed, consisting OF one member
from each state, and a committee con-
sisting Of Lyon of Colorado. Chairman
Reagan OF Texas. Stark OF Ohio, Wash
burn of Massachusetts and Fullenwider
of Illinois, was appointed on permanent
also committee consist
ng of one delegate from each state rep.
eaented, on rules and order of business.
The convention then Adjourned till 2
}. m.