The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-07

| Milwaukee, Wis, Sept. 6.-The state
| democratic convention was called to
order promptly at noon today by Chair
man Wall. who announced Senator w.
| f. Villas as temporary chairman. Mr..
| Villas delivered a long address. He re-
viewed the financial history of the
country from the beginning of Presi-
dent Cleveland's first term. He made
special mention of the efforts during
Arthur's presidency to avert disaster
to the treasury, and related that Hugh
mccullough was induced to take charge
or the treasury, and that Mr.. McCul-
Tough stated that the most he could do
was to postpone disaster until after
the close of Arrnurs administration.
Then followed a statement of how Mr..
McCullough's successor, Daniel Man
ming, had sacrificed his health in a
successful effort to straighten out the
finances. and handed over to the Har-
r1son administration large cash ball
ance, and how the Republicans then
returned to power and dissipated the
wealth. The evils that had fallen upon
the country Mr.. Villas attributed to
three causes; namely: The F'ifty-f1rst,
or the so-called billion dollar Congress,
with all its misdeeds, its silver pur-
chasing laws, it's Mckinley protection
acts. and it's unexampled extravaganza
not only in direct appropria ton, but
entailing future obliga tons yet to be
discharged.
The Sherman law was next taken up
The national Democratic convention of
1892 had accepted the designation Civ
en- it by the Democrats of Wisconsin.
and declared it cowardly make-shift
to ward off the loss of the electoral
votes of the western silver states The
latter had first made demand for
free coinage of silver at the old ratio
OF l6 grains of silver to equal 1 of gold,
While excessive production and other
causes had continually decreased the
value of the white metal until in 1889
it required % grains of silver to buy /
Of gold. with a further fall in pros
pect.
The proposition that the government
should coin dollars at 16 to 1, and give
them to the mine owner, who furnish
ed the bullion, implied that the value
of the dollar Should fall to the value
of silver in it, or if the governments
credit was to support it that the gov
eminent should give the silver ,produc-
ers the gains of coming some So per
cent or more. The Fifty-first congress,
equally fearing to grant or refuse this
demand, devised a compromise, sequal-
ly pernicious, by. which the govern
ment was compelled to purchase fifteen
tons of silver bullion a month, which it
had no use for, thus forcing the issue
of federal promissory notes at the rate
of $4,O00,000 a month. By this means
the western Republican silver states
were furnished customer at the eX-
pense of the people of the whole coun--
try. The inevitable consequences fol-
sat RI
work initiating and impairing the cur
rency of the country. Distrust crept in
to the channels CT business, capitalists
abroad quietly pushed their American
securities upon the market, and gold
began making it's way to foreign lands.
1t was in another form the triumphs
of greenbackism. The silver dollar was
made a legal tender; yet silver contin-
ued to decline in the market. A thou
sand million dollars of silver certii-
Gates had been issued, which the gov
eminent practically bound itself to re-
deem in gold because if it redeemed
them in silver it dropped the currency
at once to basis of silver monometal-
lism, while their redemption in gold
would not only impose ruinous loss,
but it was practically impossible. Mr.
Cleveland, on his return to the presi-
dency, was confronted with a
treasury with S6O000,000 less
in it; with deferred
and accumulated demands to be met
and appropria tons to be paid during
the ensuing sixten months $4,000, 900
greater in amount than there was rev.
enue to meet them, in place of the fair
and universal confidence he
had left behind him; rising distrust,
a disordered currency, with law COM
a monthly increase of it's
risks; gold disappearing from the coun-'
try; financiers taking alarm, and the
storm already gathered and ready to
burst. The president and the Demo-
cratic party entering upon their trusts
under such circumstances should have
zens.
Senator Villas then reviewed at
length the difficulties that have been
placed in the way of repeating the per-
nicious causes of the disasters by the
minority in Congress, be-
ginning with the Sherman act down to
the Mckinley law The Wilson bill
had required but moderate amend
ment to have made it an efficient meas
ure of reform. There was much in it,
however, to give rejoicing that it had
become law, notwithstanding the sue
cessful assaults that had been made
upon it by the protectionists
On the third ballot of the Democra tic
state convention and the first of the
evening session, Governor George w.
Peck was renominated, receiving 1S6
votes to So for John Hummer and 119
for John Winans. Treasurer Hummer
and Secretary Cunningham and Attor
ney-general O'Connor were also renom-
mated.
H. j. Schmidt, of Manotowac. was
nominated for Northumberland
William II. Schultz, of Baraboo. state
superintendent; George C. Prescott. of
North Greenfield, railroad commits
sioner
The platform reaffirms the principles
IF the Democratic national platform of
1892; attributes financial distress to the
republican class legisla ton; says the
new tariff law affords substantial relief.
and is a broad stride in the direction
Of accomplishing the results that the
party has SO long contended for: that
by the repeal of the Sherman silver
Jaw, the money of the country is re-
stored to a sound basis, and no pro-
posed legislation should be entertained
that does not provide that every dol
lar issued by the government should
De of equal intrinsic value and inter-
manageable; denounces the A. p A. and
kindred societies; approves the income
AK of the tariff BILL and commends
Cleveland's administration.
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POWER OFsTHE COURT.
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