The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1895-05-31

tender money than ever at any other time in
the history OF the world The gold in use
amounts TO s. 965 900 900. the full legal tender
silver TO 50 45 SEQ 900 and the limited legal ten
der silver to s6l9 SOC. .0C0.
The policy OF maintaining or rather attempt
ing to maintain the So-called double standard
never succeeded in keeping so large an amount
OF full legal tender silver in circulation in the
world as there Is at this time.
So far as the mere volume OF our currency is
concerned. we have ample supply for all neces-
sEry purposes, but under the existing system
il is not properly distributed and is not sum-
ciently elastic to meet all the changing re-
quirements OF business at different periods Of
the year.
The United States should get entirely opt OF
the banking business by the withdrawal OF its
arbitrary and compulsory issue of notes, and
AFFORD the people an opportunity to apply their
own currency, based upon their means and
credit, thus requiring every community to use
its resources when necessary and adjust the
circulation from time TO time to the actual de-
mands Of legitimate commerce. In what way
this shall be accomplished is a question which
has already seriously engaged the attention of
the people and authorities, and which will no
doubt, continue to be discussed until plan is
devised which, IL not perfect, will at least have
the merit of being great improvement upon
the existing system. In the meantime our
highest duty is to preserve the present stand
ard of value, and keep all the money In circu-
lation equal in its purchasing power.
When the speaker concluded he was
given a final ovation and a recess until
8 o'clock was at once taken.
When the convention reassembled at
$3.50 p. m. the following resolutions
were presented:
The people of the southern states who be-
lieve the maintenance OF a sound and stable
currency to be essential to the prosperity of
the whole country and the welfare of the peo-
pie in all divisions of life. do, through their
representatives, in convention assembled at
Memphis on May 23d, 1895, make the following
declaration OF their matured convictions:
1. Believing uniform and certain standard
Of value necessary to the agricultural, COM
mercial and industrial development and pros
perity Of our common country, we favor the
maintenance OF all our money whether gold
silver or paper. on a parity to the end that
each dollar, whatever may be its composition,
shall have equal purchasing and debt paying
powers with every other dollar.
2 Profiting by the experience of Washing
ton, Jefferson and Hamilton. and the teachings
OF the great students OF monetary science,
from the time when John Locke wrote, to the
discussion Of the present day, we accept the
truth OF the principle now universally recog-
nized and applied in the commercial world,
that the bimetallic standard cannot be main
tanned where the ratio fixed by law for the free
coinage of gold and silver does not correspond
with the market ratio of the two metals; and
wherever and whenever the legal coinage
ratio varies from the market OF commercial
ratio to any appreoiable extent, the dollar,
whether OF gold or silver which thereby be-
comes more valuable as bullion than as money,
will go to a premium and retire from circula-
tiOn. We saw this principle applied in our
own national experience when under the acs of
1872, which fixed the coinage ratio at 10 to /,
gold retired from circulation because OF
slight decline in the price of silver in the open
market, whereby the bullion in the gold dollar
became worth few cents more than the bull
lion in a silver dollar and was therefore sold as
a commodity because it was worth more as
bullion than as money, and again under the act
of 1884, which fixed the ratio at 16 to l,
when the silver coin retired for a like
reason, We are, therefore, opposed to the
free. unlimited and independent coinage of
silver at the ratio Of 10 to when the market
OF commercial ratio is more than 80 to /, and
the difference between the bullion value of
gold and a silver dollar is about fifty cents,
the ground that such action. instead of restor-
ing the bimetallic standard would inevitably
result in silver monometallism.
3. AT this time there is country in the
world which maintains the bimetallic stand
ard and neither Is there any country where
the free cainage of silver obtains which is not
on a silver basis. Each country, on account of
its inability TO adopt independently any bime-
tallic standard, must elect for itssclf which 1t
prefers, the gold or the silver standard. We.
therefore, favor in the absence of information
al cooperation, the retention and maintenance
OF the existing gold standard; because
change from the gold to the silver standard
would have the effect to repudiate all public
and private obligations to the extent OF the
difference between the bullion value OF the
gold an1 silver dollars because whenever
such change should be seriously threatened IL
would cause an immediate attempt at a col
lection and liquidation of all debts in anticipa
tiOn Of the result it would produce; because
such transition from the gold to the silver ba-
sis would destroy public and private conf
dence and would involve the country in such
panic confusion and distress that the products
of agriculture and the wages of labor would
be unremunerative; the business Of commerce
would become Improbable and our people en-
gagged in Industrial occupations would be
thrown out Of employmen; because there is not
a progressive and enlightened country IN the
world which has not selected gold as the pre-
ferable standard; because gold standard coun-
tries retain silver in their circulation on
parity with gold whereas there is no silver
standard country which does or can utilize
gold money; because there is not silver
country on the globe where the wages OF labor
are sufficient to sustain the working classes
comfort and independence. and finally because
the high destiny of the United States demand
for the use OF the American people that money
which experience has taught mankind TO be
the best suited for the promotion OF commerce,
the development Of manufacture, the encour-
agement of labor and the advancement Of civ
ilizatiOn.
We would rejoice over the adoption Of real
bimetallism but in view Of the continued 1uc-
tuations OF the price OF silver In the open mar
ket we realize that it is impossible for the
United States independently to adopt a BIZ
metaD'e standard and when wa deem it
wise and hazardous to the best interests of its
people for this country to attempt its estab-
lshment. We favor the policy Of this country
standing in the attitude of readiness at all
times to cooperate with the other powers in
any effort they may inaugurate looking to the
adoption of true bimetallism; but in the mean
time and until successful cooperation is in
sured to maintain inviolate its existing stand
ard OF value.
5. We favor the retention as part of our
money the silver now coined, and in order to
give wider field for the use Of silver we favor
the funding OF all money other than silver and
silver certificate below the nomination Of ten
dollars into higher examinations { so as to
make our entire circulation below the denomi-
nation Of ten dollars either silver or silver GER
tiflcates; and to this end, the secretary Of the
treasury should be authorized by law TO coin
from time to time the people may require
them, silver dollars until the demand OF COM
merce for money below the denomination of
ten dollars is at all times satisfied.
g. We realized that our national banking sys-
TEN was adopted during a time OF war and that
IL is not adapted TO existing conditions We
therefore, favor such legislation as will secure
to the people q system Of banking surrounded
them a safe, elastic, sufacient currency for the
transaction OF their business.
Z. We cannot too highly commend the un-
tagging courage and sturdy patriotism of
President Cleveland in his efforts 10 protect
the national honor and TO maintain the public
credit during period OF great financial dis
treSs and under conditions which threatened
danger TO both; we congratulate him and the
entire country on the evidences Of returning