The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-03
SILVER CONVENTION.
THE RESOLUTIONS WILL TOUCH
ONLY THE MONEY QUESTION:.
Ex-senator Hill Speaks on the Financial
Situation in Gold Standard Countries.
Other Happenings at the Gathering.

vention, and it was whispered among the
delegates that there had been trouble in
securing funds for the continuance Of the
convention.
AS soon as Chairman Thurman called
the body TO order this morning J. 5.
Dousherty, Of Texas, in a voice that
could be heard to the roof, moved that
the roll Of States be called for the ap-
pOintment Of committee to devise a
plan and consider ways and means for
impressng upon Congress the ruin and
peril now threatening all our material in
terests by the demonetization of silver.
lie claimed that the proceedings OF the
convention were not being fully reported
70 the country, and need existed for i'm
mediate resolution.
Several objections were made on tech
nical grounds, and General Warner an
nounced that the committee on resolutions
would fully cover the subject
Then the subject was dropped and a
dispatch Of greeting from the Knights
OF Labor OF st. Louis was read. II stated
that Assembly had adopted resolutions
for the free and unlimited coinage Of sill
yer at the ratio OF 10 TO 1.
This was received with applause.
ready 10 report, ex-senator Hill, Of Colo
rado. was introduced 10 the convention
and spoke AT length. lie referred TO the
/ depression that had existed in agricu-
tural and labor circles with short inter-
vals since 1873, and 10 the money riots and
other troubles In this country that had
marked this period
Western Europe was also completely
horeycombed with revolutionary ideas
and secret conspiracies the outcome of
which could not well be foreseen. All
profits, he held had been wiped ont BY
the existing business depression These
profits were natural stimulus 10 bust
ness and how could Il otherwise happan
than that an absence Of profits with a
fall IN prices should result I'm stagnation
and unparalleled depression2
The ex-senator continued that the gold
standard countries were i'm an abvss Of
Industrial misery never experienced In a
century as a result OF their present con-
| dition OF prices, while the silver standard
countries were comparatively prospero is.
! The amount Of money now locked up and
hidden away was more than double ali
the gold I'm the country The silver men
! with all cheerfulness would aquiesce H.
! any international arrangement that prom
ised 70 restore bimetalIic conditions 20
Hc criticised the men who were incapa-
bic Of being anything beyond the confines
OF Wall street. A demand would be made
for interconvertible paper money that
could not be resisted.
Continuing, ex-senator Hill said: 1T is
not western Europe which is the master
OF the situation, but the United States
We have had n bimetallic currency since
! the first settlement Of America by the
transatlantic races All our traditions
! are bmetallic. In the Constitution of our
present national Government. now more
than a century old, bimetallsm is I'M
movably imbedded The judgment of the
country is undoubtedly in favor Of the
/ continuing in the old way. At all events,
we Will. by maintaining our double stan
| dard law. make 10 mankind a standing
offer to continue In the old way by keep
ing our mints always open 20 all comors
for the coinage Of gold at the ratio to
silver Of one 20 sixteen
"But II Western Europe perseveres I'm
measures which raise the value of gold
10 such a height that II flows away from
us because we cannot retain it i'm none
tary use without intolerabfe sacrifices. and
II silver become al last our sole metallic
money II is this country which will be
carried 10 n pitch Of prosperity transcend
ing all the past, and it is Western Europe
| which will be plunged into an abyss of
ruin"
Ex-senator IIm concluded amid loud
cheers. and Immediately Delegate Pcarse.
of Colorado Springs. was on his feet
with a resolution setting forth that the
delegates to the convention DO not sit
hstc TO approve OF any agreement Affect
ing the free coinage Of silver at one 10
sixteen"
There was something more 20 the reso-
luton. but Chairman Thurman squelched
It under the rule by which all resolutions
30 to a committee, ard Air. Pearse was
ruled out
The committee on resolutions being still
out the talking was resumed and Con-
gresham Francis Newlands, Of Nevada,
was presented.
AT the beginning OF the afternoon ses-
sion, which opered at 2 j. NJ, the COM
mlttce on resolutions presented it, re-
pert.
The preamble adopted asserts ttat the
law Of 1873, which demonetized silver.
was originated by Ernest Seyle, Lon
don banker, who came TO the United states
as the emissary Of the m0neyed classes
Of Europe for that purpose.
The resolutions declare in section ! that
there must be no compromise OF this
question All legislation demonetizing sill
yer and restricting the coinage thereon
must be Immediately and completely re-
pealed by an act restoring the coinage or
the country 10 the conditions established
by the soundress Of the nation, and which
continued for over eighty years without
complaint frCm any part Of our people.
Every hours delay I'm undOing the corrupt
work OF Ernest Seyle and our foreign
enemies IS an insult to the dignity OF
American people, crushing burden on
their prosr Gritty and an attempt to place
us again under the yoke from which
George Washington and his companions
rescued us. We protest against the flnan-
cial policy OF the United States being
made upon the opinion or policies OF any
foreign governments and assert the pow
er of this nation to stand on It's own feet
and iegislate for itself upon all subjects.
Section 3 We assert that the only rem
edy for pure metalli, financial troubles
Is to open the mints of the nation to
gold and silver on the equal terms. al
the old ratio OF sixteen OF silver 70 one
OF gold
Section three asserts that the Sherm m
act Of July 13, 1880, was a device Of the
enemy 10 prevent the restoration OF free
c0lnsge, and protests against its repeal
except by an act restoring free bimetallic
coinage.
Section four asserts that the calamlties
which now ailiict the American people are
not due to the Sherman act Of 1880, and
that matters would be still worse but
for that act. IL insists upon the full exc
cution OF that law in the matter Of pur-
chase OF silver and the issue of circulating
medium
The afth resolution calls attention TO
the fact that national bank and legal
tender money Of whatever kind has not
fallen i'm value particle and suggests
for the consideration Of our fellow citi-