The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-10-05
AT THE RATIO Or
SIXTEEN TO ONI.
The Bimetallic League Demands
Free Coinage.
ALL OTHER ISSUES PALE
The Supply of Silver Would Not Be.
come Too Great.
The Adoption of the Single Gold stand
ard Would Result IN Universal
Bankruptcy and Ruin of
the Country.


American Bimetallic League met this
morning, the committee on resolutions.
not being ready to report, the conven-
ton proceeded to consider general bust
ness.
Letters of regret and sympathy we're
received from A. j. Warner, of Wash
ington, D. O.; Congressman Bland,
Governor William NJ. Fishback, of
Arkansas; I. L. Nugent, of Texas !;
David Obermeyer, OF Kansas, and others.
That of Governor Fish back was an ex-
tensive statistical argument for bimetal-
lism. and the use of the water routes to
the gulf, and thence to Europe, thus
reducing the freight expenses, thereby
giving the Mississippi valley the position
it deserves in the commercial world.
With the finishing of the reading of the
letters, Walter N. Allen, OF Kansas, in
troduced briefly, as g farmer, addressed
the convention, pleading for free coinage,
but more especially denouncing what is
known as the exception clause" in the
silver act, which provides for the naming
of any other money than silver in the
contracts if so desired. With this as
text, he argued that the silver dollar was
even now demonetlzed, for it was in the
power OF individuals to refuse to accept
it.
s'No international Bimetallism with
Great Britain Included is Possible, - was
the title of q paper read for the author by
Captain g. A. Power, of Kansas. Its ar
gumenJ was that Great Britain as cred
itor nation controlled the world.
After reviewing in general terms the
present financial and labor situation,
| it urges an increase of the me-
dunn Of exchange; pledges OPP
position. to the destruction of silver as
money; favors the free and unlimited
coinage OF silver at a ratio OF 16 to i; and
closes with resolution to "lay aside all
other issues for the present and asks the
south and west to unite on the remoneti-
zation of silver.'' AS the east is solid
against it, so let the west and south stand
together and pay the last bond according
to the contract, but no more. Inciden-
italy, it urged the convention to educate
and vote, instead of remaining ignorant,
and having to shoot.
On behalf OF the Knights of Labor dele
gates present, 7. A. Osborn, of Kansas,
president of the convention. addressed,
| it endorsing its objects.
| The Colorado delegation presented for
the consideration of the convention the
bullion bureau plan, which is to be urged
| upon the state legislature of Colorado.
| Under the plan, the bureau of state Gre
alton should receive bullion for storage
| on the basis of units, such units to con-
sist of 3714 grains of pure silver, and
certificates of such receipt of units to be
receivable within the state for taxes on
lands, except school lands, water rentals,
interest and all other dues to the state.
Recess.
| At the afternoon session, while waiting
| for the report OF the committee on resolu-
tons, several speeches on the silver ques-
tion were listened to.
Governor Stone, of Missouri, said it was
his conviction that free coinage was Tor
the best interests of the people. He
| favored the maintenance of tn existing
ratio of 16 to 1. Any change meant pay
ment of debts in different amounts from
which they were contracted. He ex-
pressed the conviction that the supply of
silver, instead of becoming too great for
the demand, would actually prove too
small. The question that sectionalism
was connected with the convention was
sheer nonsense. He desired neither the
political, commercial nor financial indie
pendence OF the east. He was simply
tired of dependence upon it. He for years
! had felt the necessity of closer relation
! between the people of the south
and the west in the protection of their
! own interests; not in a hostile sense,
but as measure of protection .
| Nine northwestern states, whether IN
national banks, state banks, loan and
| trust companies possessed together bank
able resources equal to about SO per cent.
| of all in the country against 45 per cent.
possessed by all other states and terri
| tories. From this came mute appeal to
| the convention to protect the people from
1 the rapacity of the east and to assert
| their refusal to be dependent further. Not
secession, but CO. cooperation of the west in
| the advancement of their own community
of interest.
| The committee on resolutions then pre-
sented a lengthy report. 1t declares:
"Whereas, the producing, manufacture
ing, mercantile, financial, transporta-
ton and other business interests of the
| United States are paralyzed by a univers-
ally confessed lack of actual money to
meet the requirements of trade, and
Whereas, this convention believes in
giving full and equal legal power TO every
dollar bearing the stamp of the govern
menr; 1t is essential that Congress take
such action relative to the coinage of the
two money metals as will restore silver
to the position it held in 1873. The pres
ent deplorable condition OF the interests
of the country Is the legitimate fruit of a
vicious financial system established by
and maintained in the interests of the
plutocracy which threatens the liberties
| of the people, and united action is peces-
sary. Western and southern states and
territories, by all capabilities and re-
sources, are happily fitted for mutual in
tercourse and dependence, responding
alike to the same benefcentor detrimen-
tai influence and efforts, whether legisla-
tive, financial or commercial
The resolutions declare it the sense OF
the convention, in view of these facts,
and of the continued fragrant disregard OF
the vital interests OF the great producing
states by dominant influences in national
centres, financial and political, that a
closer alliance between the inhabitants
OF the west and south is imperatively de-
manded for the purpose of mutual pro-
lection and advancement along ali legiLi-
mate lines. We assert that while this is
true of the southern and western states,
it is also true that the manufacturing
states of the east cannot enjoy prosperity
while the south and west are depressed
and not provided with money to purchase
the products of their factories. The coin
age of silver upon the basis demanded be-
low has been repeatedly invited and is
conceded to be necessary to the up-build-
1 ing of trade relations ofincalculable mag
Initude between the United States and hel
republics of North and South America.
The resolutions then demand the free
and unlimited coinage of silver at the es-
tablished ratio of is to /, giving to such
coin equal legal tender powers with gold
unalterably oppose the repeal of the Sher-
man law except by the passage of a law
providing for said free coinage.
Representatives in Congress are in