The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-07-13
Improved.
Special TO the REcoRD-UNIoN.

the silver convention mas 0OI IN Ine Iedst
abated from yesterday. When called to
order this morning standing room was
not to be had. After the appointment of
delegates to the St. Louis and Chicago
silver conventions and to the ''gold-bug"
gathering at st. Paul, the Committee on
Resolutions presented the following re-
port, which was unanimously adopted
$40 the People Of the United States:
The people of Colorado. standing in the
gloom of impending disaster, and rep
resenting in condition and sentiment the
people of Montana, Idaho, Wyoming,
Nevada, South Dakota. Utah, Arizona
and New Mexico, with reverence for the
Constitution and answering loyalty to
the General Government, ask for your
calm and candid consideration of the
following facts before you give APP
proval to the destruction of silver
as a money, and to the final estab-
lishment in this country of single gold
standard values, and thus at one
stroke change all debts to gold debts and
inaugurate a never-ending rise of gold
and a continued corresponding fall in the
price of every commodity. Congress has
been called to meet in extra session on
August eth. Preceding the call the
classes who struggled for twenty years to
overthrow the bi-metallic money stand
ard provided by the Constitution inaugu-
rated panic which they untruthfully
charged to the existing silver law, ignor-
ing the facts that there are $500, 200, 900
outstanding legal tender notes, common
ly called greenbacks, that are equally
available with Treasury notes issued in
payment for silver to draw gold from the
Treasury; that the balance of our foreign
trade has turned against US, rendering
settlements abroad with American gold a
necessity, and the great bankers of Eu-
rope are purchasing gold with which to
change the money standard of Austria
and fill the Treasury vaults of other
nonarchical countries. The evident pur-
pose is to create prejudice against what
is known as the Silver Purchasing Act.
and under pressure secure its uncondi-
tional repeal. The success of this scheme
Is only partial.
"Nenal Presidential patronage, supple
menting false and incendiary utterances
by the gold press, aggravated by daily
circular assaults upon the law by Eastern
money brokers sent to every commercial
body and banking cooperation in the
country, possibly won over the House of
Representatives to it. But even the Presi-
dent has admitted that in the Senate there
is a stanch majority against it. Suddenly
like bell in the night the news flashed
beneath the oceans that free coinage in
India had been suspended, and the mar
ket price of silver has fallen within forty
eight hours fully twenty cents per ounce.
This startling action, forced upon the
Indian Government without a moments
warning, was a step held in secret con-
temptation by the British Government
for months, to be taken at critical and
opportune time. when the CONSERVATION
it must create would stamp out the
last phalanx of the bimetallism de-
tenders, must have had as one of it's chief
aims the intimidation of the Senate to
bring it in line with the subservient lower
House.
Immediately the wires were burdened
with appeals TO the President from banks
and clearinghouse and commercial
DOllcS OOLAludl6Q ny LuEIn 4OT All extra
session and to Senators to repeal the
Sherman law, which it is claimed is re-
sponsible for the disaster. The call was
made. The time for the session COM
menoes early; so early, indeed that it
may have been the hope of the Presi-
dent that the panic would not subdue and
a measure of repeal be forced through be-
fore reason resumed sway and truth and
logic could dominate Congress.
The enemies of bimetallism, and they
now fairly number all these who oppose
free coinage for silver alike with gold, as
before the demonetization of silver in
1873, openly declare they will be content
with nothing less than the uncondi-
uonal repeal of the silver purchasing
clause of the Sherman law. 1t is for that
they struggle. 1t was to secure it that the
panic was created and. free coinage in
India suspended. Unconditional repeal
means the striking from the laws the last
remnant of legislation to secure coinage
for silver. 1t fixes the United States
firmly in the ranks of the single standard
nations. 1t is the contamination of con-
spiracy organized at the close of the
Franco Prussian war to destroy asImoney
of ultimate redemption half the coined
money of the world, leaving the other
half to bear alone the vast mountain of
credit upon which the world of business
is conducted, inviting more frequent
panics and rendering them more de-
structive and enduring.
The idle hope of reducing the value of
silver to the lowest stage will force Great
Britain to seek al international solution
of the dilemma. In home single stand
ard in her islands the members of the
council fully anticipated the low degree
TO which silver will descend. They dis
counted its disturbance of her Indian
trade and steeled their hearts against a
crime-it will be against Indian subjects.
A Power that could plot seventy-seyen
wears: that could force yoke upon Ger
many. the Latin Union, Austria and the
United States; that could gain the aid of
the daily press of the country; that could
control for twenty years the national
conventions of the great American politi-
cal parties, grating in their platforms
professions of bimeta)lism, but always
securing Presidential candidates unalter-
ably opposed to it; that could change the
overwhelming sentiment among the peo-
pie for bimetallism to feeling of enmity
OF indifference, can never be induced to