The herald., 1895-06-14

|
leaders of the gold bugs | find men who
were in politics when | was an infant.
| These people keep me constantly per-
turbed. | can hardly sleep at night now
for worrying about my gold. | am afraid
| it will go abroad. | tell you, my friends,
you cannot keep too close a watch on
| your gold. 1t is liable to leave the coun-
| try at any minute. President Cleveland
has received great deal Of praise for his
| backbone. The American people have
| little and they are going to show it. too.
The speaker kept the audience laughing
| for about fifteen minutes and at the con-
clusion OF his remarks the convention
| took a recess until $3.50.
| Immediately after the convention was
| called TO order for the afternoon session,
| Senator J. X. Jones OF Arkansas. as
! chairman, presented the report OF the
| comm ittee on resolutions, which read as
| follows
"Silver and gold have in all ages con.
stituted the money of the world, W ere the
money of the fathers of the republic, the
money of history and of the constitution.
| The universal eXperlcn 9e of mankind has
demonstrated that the JOINT use OF both
silver and gold coin as one money CON
stitutes the most stable standard OF val
ues, and that the full amount OF both
metals is necessary as a medium OF eX
change. The demonetization of either
these historic money metals means an
appreciation from the value OF money,
fall in the price of commodities, a
diminution of the profits OF legitimate
business a continuing increase in the
burden of debts, wlthdra "al OF money
from the channels OF trade and industry,
where it no longer yields safe and sure
return, and its idle accumulation in the
banks and in the great money centers OF
the country.
There is no health nor soundness in a
financial system under which a boarded
all &c ct off To
SCISSOR, while an invested dollar yields
constantly diminishing return and under
which fortunes are made by the aCCre-
tlons of idle capital or destroyed By a
persistent fall in the price of commodi-
ties and a persisting dwindle in the
margin of profits in almost every branch
OF useful industry, such system is a
premium on sloth and penalty upon in
dustry, ana such a system is that which
the criminal legislation OF 1873 has i'm
posed upon this country.
''rhe bimetalists' standard of silver
and gold has behind it the experience of
ages and has been ested and approved
by the enlig ghtened and deliberate decree
of mankind. The gold standard is de-
parture from the established policy OF the
civilized word. with nothing to commend
it but twenty-five years OF depres sion
and disaster to the people and eXtraordi-
nary accumulation OF wealth in the hands
OF the few. 4
"There are some facts bearing upon
this question recognized and adopted by
all candid men, whether advocates o
bimeJallism or OF the single gold standard.
Among these is the fact that every year
that marked the change from the bme-
talhc TO the single gold standard is the
very year that marked the changing con-
dition from arising price, large profits,
general contentment and great pros
perity to condition of falling prices,
diminishing profits insecurity of invest
ments, unemployed labor. and heavy
depression in all branches of trade ana
industry. 1t is not matter of dispute,
even among the honest advocates of the
gold standard, that general prosperity
came to an end with the destruction of
the bimetallic system and that hard
times, falling prices. idle work ingmen and
widespread depress ion came in with the
gold standard and prevails today wher-
ever the gold standard has been adopted.
Every international monetary conference
that has been called, every demand in
this country on Europe for international
agreement to re-estabish the BIN etallic
stanuardis a confession that the uemone-
tization of silver was blunder if not
crime. that its consequences have been
disastrous and that the conditions that
it has wrought are foil of menace and OF
peril. The logic of facts establishes be-
yond intelligent question that the de-
struction of silver as primary money by
a conspiracy of selfish interests is the
cause of the widespread depression and
suffering that came with the gold stand
ard. There can be no restoration of pros.
perity, no permanent relief from prevail
ing conditions until the great case has
been removed by complete restoration
of silver TO its proper place as money
metal, equal with gold.
1--WE believe in money of stable value.
We believe, least of ALL in an appreciat-
ing standard. 1t is only through the
practical operation of imetaliism that
a stable standard of value can be Sc
cured. A standard constituted of money
constantly increasing Ill value is not a
sound, a single, nor a stable standard,
but a constantly changing standard.
The effects of gold recommendation is to
establish one standard for the creditor
and another for the debtor, and there can
be no more dishonest monetary system
than that which gives short measure to
the borrower and long measure to the
lender. Under the policy prevailing prior
to 1873 there can be no violent change in
the relative value of the two metals for a
raise in value of one metal is counter.
acted by5a decrease in the demand and
a fall IN value by an increased demand.
Under the operations OF this beneti-
cent law stable relation was maintained
between them in spite OF the most eX-
treme changes in relative productions.
From the earliest period or our history up
to 1873 the right OF the debtor to choose
whether he should pay ms debts in silver
or gold coin was always recognized.
The subsequent policy has been to trans
fer this right to the creditor, thus tend
ing to constantly increase the value of
the dear metal and destroy the parity be-
tween them.
Believing il is absolutely necessary to
reverse this iniquitous and ruinous pol
icy We therefore, resolve that we favor
the i'm mediate restoration of silver to its
former place as full legal tender stand
ard money, equal with gold, and the free
an unlimited coinage of both silver ana
gold at the ratio OF 1G to /, and upon
terms OF exact equality.
That while we should welcome the
cooperation of other nations we believe
the United States should not wait upon
the pleasure of foreign governme or
upon the consent of foreign creditors, but
should themselves proceed To prevent the
grinding process, that is destroying the
prosperity OF tie people and should lead
by their example the nations OF the
earth. That the rights of the American
people, the interest of American labor
and the prosperity of American industry
have a higher claim to the consideration
OF the peoples law makers than the
greed OF foreign creditors or the avar-
!cious demands made by idle holder
idle capital The right to regualte its
own monetary system III the interests OF
its own people Is 4 right which no free
government can barter, sell or surrender.
This reserved RIGHT is "A mart of every