The herald., 1893-08-04
AesTRoNG PRESENTATION.

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called under the auspices Of ths
states most directly interested in
silver. its national representative
character may be inferred from the
fact that delegates were pres
ent from fortv-two states. Some un
worthy criticism has been made about
the silver. reproducing states taking the
lead in bringing about this convention
The objection is hardly worthy of notice.
The silver states were the fnt to fee
acutely the effects OF the depreciation o
the white metal, and it was their place
to take all proper steps to arouse public
opinion to the injury to result to the
people from war made upon . repre-
sentative of value that constitutes one.
half the basis of wealth of the nations.
This convention has certainly served
the purpose Of placing the silver ques-
tion before the country as one of the
most important that has ever been dis
cussed. Its proceedings were charac'
terized by calm, earnest and in
telligeRt deliberation, and its pres.
entation of the subject to the
people in its official platform is certainly
done in way to show clearly and un.
mistakably the potency OF the reasons
for the restoration of silver to its consti-
tutional junction. At the risk of reiter.
alton, we shall produce here that part oil
the report which charges the present un.
paralleled depression in the business oi
the country to the attempt to demone-
tize silver. 1t says:
We stand in the midst OF unparalleled
distress-in the shadow Of impending
calamities beyond estimate. The ruling
industry of the people who inhabit one
third of the area of this republic has
been stricken down; property values
have been destroyed; workmen COM
pelled to fly as from pestilence. Hon
est toilers. numbering hundreds of thou
sands, have been thrown out of employ
ment to eat the bread OF charity or
starve. The products of the farm and
workshops are deprecated in price
until production ceases to be pro-
fitable. The money of the country,
inadequate for the business of the
lahd, has grsvitated to the banks,
while the people, distrusting the banks,
demand their deposits to hoard or to
hide. Mercantile houses are going to
the wall by the Thousand, because the
masses have not the means to buy even
the necessaries of life. The movement
of the great crops being gathered de-
mands vast amount OF currency which
the banks are unable to furnish. In the
midst of these conditions the daily press
is clamoring fer the repeal of the Sher-
man act, although its repeal means the
etoppage OF the issue of more than
$4,000, 900 every month; ignoring the
fact that to hold the balance level be.
tween the debtor and the creditor; the
fact that the supply of currency must
increase with increased population and
business power. The growth of the
population is 33 per cent every 10 years;
the increase OF business is much
greater.
1t would not be possible to draw q
darker picture OF the realities Of the
hour, and whilst we do not 60 so far as
to say that the war on silver ia solely
responsible for the existing state
Of things, the existing state
of things could not have been
brought about without the con-
traction which has been caused by the
war that has produced the practical
demonstration OF silver in the leading
commercial nations of the world. We
have seen within the past forty days
banks tottering in every direction all
over the country, and the universal cry
from their managers has been that they
could not weather the storm because the
gold to meet the demands of their de-
positors was not to be had. This il
palpably one Of the effects of COMPEL
Ing payments in metal which repre-
sents one-half of the money wealth ol
the country. If silver had not beer
artifciaily debased, our financial insti
tutiors would have been twice as strong
ae they were to resist the panic, If pani
could have been possible upder norma
currency conditions.
This demonstration, together with tn
feeling that is agitating the country get
ties the question as t. whether congress-
will repeal the Sherman act with
out a compensatory measure in it
stead in favor of silver. That compen
satory measure, all the friends OF silve
are now agreed must be fres coinsg
impartially to both the precious metalt
We have no doubt that care will b
taken In opening the mints to the un
limited coinage of silver that the cour
try shall not be made the dumpin
ground for the immense boards of whit
metal the European companies hav
piled up in reaching the single STANDARD
of gold. Nor do we doubt that som
wise provision will be made by whic
we shall be enabled to bridge over tn
great gulf which the monometallist
have dug out between the market valu
of silver and gold, so as to avoid an
sudden shock which the parity of th
two metals might give to the business {
the country.
upnCRRCS 0E THE NRVAnA SOUTHERN