The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1893-08-16
THE HISTORY OF A PLANK.
What the Chicago Declaration for Free
Silver Means.
From the Charlotte Observer.

From the Charlotte Observer.
In view of the many recent illusions to
the Chicago platform in your columns
and elsewhere, perhaps you can afford
space to one who is not, and will not be
a candidate for Office, but who is vitality
interested in the welfare of North Caro-
lima and the Democratic party,
and who adheres to platform which
he aided, however slightly, to construct.
The committee on platform and resolu-
| tions of the Chicago Convention contained
representatives of all the varying shades
of Democratic opinion upon the currency
question, men who were charged with
pronounced anti.silver, or rather single
standard views, like Bayard, Mcpherson
John E. Russell, OF Massachusetts, Flow
or, of New York. and others; extreme
silver men like Patterson, OF Colorado,
and some of the Southern and Western
mem bers and others, probably major
| ity Of all, who favored double standard,
but who were not willing to see the coun-
| try overwhelmed with currency based
solely upon a coin or metal OF
uncertain intrinsic value, daily depreci-
ating.
The contest over the language of the
plank upon the gold aud silver in the
sub committee was long and earnest,
Senator Daniel being one Of the leading
| advocates of silver. In the full commit
| tee the discussion was resumed by Pat
terson and others, including myself. Any
| final deliverance of a body composed of
compromise, and the result at last at
tanned was approved by large majority
of the committee and has been endorsed
! by the American people. The insertion
| of the plank favoring the repeal OF the 10
per cent tax upon the circulation of State
banks was an-important factor in bring
| ing about the exact language concerning
gold and silver.
There can be little doubt as to the
meaning of the language emp loyed if the
| words of the platform are accurately
quoted. The usual method of argument
seems to be to omit the language of the
platform, and to discuss the interpreta-
| ton given to it by voters in different
! sections. The platform declares: "Gold
and silver. We denounce the Republi-
| can legislation known as the Sherman
Act of 1890 as cowardly makeshift,
fraught with possibilities of danger in
the future. which should make all of its
supporters, as we'll as its author, anxious
for its speedy repeal. We hold to the
| ard money Of the country, and to the
coinage of both gold and silver without
discriminating against either metal or
| charge for mintage, but the dollar unit
Of coinage of both metals must be of
equal intrinsic and exchangeable value,
| or be adjusted through international
agreement, or by such safeguards ofleg-
islation asshall insure the maintenance OF
the parity of the two metals and the equal
value Of every dollar at all times in the
markets and in payment Of debt, and we
demand that oil paper currency shall be
kept at par with and redeemable in such
coin. We insist upon this policy as es-
pecially necessary for the protection of
the farmers and laboring classes, the
| first and most defenceless victims
of unstable money and fuotuating cur
| rency."
This plank must be considered in the
| light Of events current at the time the
convention was in session. Great hopes
! were then entertained by all parties that
the International Silver Conference at
Brussels would result in an agreement
between the nations of the earth upon the
use of both gold and silver as currency,
upon ratio 10 be adjusted by the con-
ference and to be maintained by the
nations Of the earth. The Repu blican
platform placed great stress upon this con-
ference.
The platform denounces the Sherman
Act without qualification, and the present
financial disturbance is predicted as the
result Of its enforcement. The Demo-
cratic party is pledged to bi-metallisn
and to the free coinage of both gold and
silver-for coinage "without discrimina-
tion against either metal or charge for
mintage'' means free coinage, and can
mean nothing else. This was admitted
in discussing the language of the plank
in the committee. There is, however, a
condition inseparably annexed to this
declaration in favor of free coinage. 1.-The
must be of equal intrinsic and exchange
able value, to be adjusted through inter-
national agreement, or by safeguards of
legislation as shall insure the mainte-
nance of the parity of the two metals and
the equal power of every dollar at all
times in the markets and IN payment of
debt" etc.
What the platform means is clear
enough; how to carry into effect its
| meaning is problem which will tax
the sagacity and the patriotism OF
the Congress as it has rarely been taxed
| before.
The hope of an international agreement
has vanished. Not only is there no hope
of support from Europe, but India, the
great consumer OF silver, has closed its
mints to the coinage OF the metal, and the
conditions have totally changed since
June, 1892. The price ofsilver bullion has
| steadily fallen until the price to-day is
only rs cents per ounce. To change the
| ratio from 16 to /, to ratio correspond
ing to the present price OF the inferior
metal, about "a to /, would strike blow
be fatal, disastrous alike to the mine
owner, the miner and to the country at
large. Not only this, but in all human
probability such ratio cannot be pre-
served, and it would perhaps result in
| driving silver from circulation as effect
| ually as free coinage at the ratio of 16 to
would drive gold out Of the country. We
| cannot afford to coin silver dollar, the
present intrinsic value of which, as
measured by the price of silver to-day ,
shall be the equal to that ofthe gold dollar.
Free coinage at l6 to is equally impossi-
BILE.
There remains the hope of such "safe-
guards of legislation as shall insure the
maintenance of the parity Of the two
| metals" Just what methods can safely
be adopted to carry out the declaration
of the platform and the will of the people
can hardly be formulated in newspaper
article, as am bilious doctrlnaires seem
fondly to imagine. The declaration of
the Democratic party is that the silver
dollar must be stable and unfuctuating
and the equal in the market of every
other dollar. For the coinage of such
| dollars only the mints must be open. In
the markets of the world (for the word
'markets" must mean that the silver
dollar must be able to hold its own with
the coins Of all other nations. To do that
its intrinsic value must be equal to the
value Of such coins, gold or silver, or the
treasury of the United States must be
able and ready to redeem all such silver
dollars in gold on demand.
The unsolved problem before the Con-
gress is to adopt such ratio, aud support
| 1t by such legislation that the United
States can maintain silver currency,
based upon this ratio, against the gold
currency of other countries. If this can
not be done while the mints are open to
all owners of silver bullion, then the
logic of events which have occurred since
June, 1892, will render absolute free
coinage for the present simply impossi-
BILE. All legislation fixing new ratio
now, from the very nature Of things,
must be experimental. No man can
predict the future Of the silver supply, or
the value of that metal as compared with
gold five years hence, and no single coun-
try can for any length Of time maintain