The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-24

RESOLUTIONS Opposing Free Coinage
AdOpfeL by The COnXenfinn

p. m. Judge L. NJ. Rose chairman Of the
resolutions committee. presented the fol-
lowing report. which was unanimously
adopted without debate:
The people of the Southern States who
believe the maintenance of a sound and
stable currency to be essential TO the pros
perity of the whole country and the well
fare of the people in all the vocatons of
convention assembled at Memphis on May
%, 1895. make the following declaration of
their matured convictions:
'First-Believing a uniform and certain
standard of value necessary to the agri-
opment and prosperity OF our common coun-
try, we favor the maintenance of all our
money, whether gold, silver or paper, on
ever may be its composition, shall have
equal purchasing and debt-paying power
with every other dollar
''Second-Profiting by the experience of
Washington, jefferson and Hamilton and
the teachings of the great students of mon
Locke wrote to tie discussion of the pres
ent day, we accept the truth of the princi-
Piled in the commercial world, that the BIZ
metallic standard cannot be maintained
where the ratio fixed by law for the free
spond with the market ratio of the two
metals; and that wherever and whenever
the legal or coinage ratio, varies from the
market or commercial ratio to any appre-
ciable extent the dollar, whether OF gold
or silver. which thereby becomes more
to a premium and retire from circulation
We saw this principle applied In our own
national experience when, under the act or
1872, which fixed the coinage ratio at Ii to l.
gold retired from circulation because OF
slight decline in the price of silver In me
open market. whereby the bullion in gold
dollar became worth a few cents more than
the bullion in silver dollar, and was, there
fore sold as commodity because 1T was
worth more as bullion than as money; and
again under the act of 1874. which f1Xed the
ratio at 16 to 1, when the silver ,hna,or com re
opposed to the free, unlimited ana mae
pende mt coinage of silver at the ratio OF
ratio is more than 80 TO !, and the diterence
between the bullion value OF gold ana
silver dollar is about 90 cents on ,he sro1Iho tIa
that such action, instead or restoring the
bimetaIic standard. would inevitably re
suit i'm silver recommendation.
''Thlrd-At this time there is no country
in the world that maintains the bimetallic
standard. and neither is there any country
where the free coinage OF silver opta,ns
try on account of it's inability TO adopt IN
dependently any bimetallic standard, must
or the silver standard We, therefore, fa-
| vor in the absence Ok international COOP
GRAFTON, the retention ana maintenance
of the existing gold standard. 80,
"Because a change from the gold to the
| silver standard would have the eHect 10
repudiate all public and private obnSatlohs
tn the extent of the difference between the
bullion value of the gold and silver dollars;
Because, whenever such change snouin
,medista n1 atfempt at a collection and
| liquidation of all debts in anticipation OF
the result it would produce, :,
Because such transition from me Soiu
to the silver basis would destroy private
| and public confidence ana woulu nl'olvs
| the country in such panic, confusion anu anu
distress that the products OF aSrlcuiture
| and the wages of labor would DE unre-
| munerative the business OF commerce
| wouId become unprofitable, and our peop,e
| engaged in industrial occupations "ouio
| be thrown out OF employment,
Il IS
| enlightened country in the world wnich
has not elected gold as the preferable
"Because gold-standard countries retain
| silver in their circulation on parity Mitn 1
| gold whereas there is no sliver-s,ail,d,aau am, i
| country that does or can utilize goid as
| money IT,, ,r.
because there is not silver country n
| on the globe where the wages OF labor
| are sufficient to sustain the working classes
| in comfort and independence, and; hnany,
Because the high destiny OF o, me ,h, .mer,
| loan people that money which experience
| has taught mankind to be the best suiss SUITED
| for the promotion of commerce, the deVei-
| onment of manufactures, the encourage
| irient of labor and the advancement OF CIV
| iliZation. Ar, lr>
| ton of real bimetallism, but in view OF the
| continued fluctuations in the price or sii.
| YER i'm the open market. we realize tnat IL
| is impossible for the United States lnde-
| pendently to adopt a bimetallic STANDARD,
| and we deem IL unwise and hazardous TO
cn1ntrw cnn 70 attempt it's establishment. We
| favor the policy of this country standlng
! 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 pimetalilsamii Dol DUN II
| Grafton is insured, to maintain lnvloiate
the existing standard of value -,
| our money the silver now coined. and in or
| der TO give wider field for the use OF sill
L -;1x-a md sill
| denomination of 80 into higher denomlna-
| tions. so as to make our entire circulation
| below the denomination of $40 either silver
| or silver certificates, and TO this end the
| Secretary of the Treasury should be au-
thorized by law to CON- from tifle i, 10 tlne I'M,
| as the people may require them, silver DOL
| lars until the demand OF commerce ior
money below the denomination OF $40 Is at
..Sixth-We realize that our national
| banking system was adopted during time
of war. and that Il is not adapted 10 exist,
legislation as will secure to the people a
system of banking surrounded by sucn
Them safe. elastic and sufficient currency
for the transaction Of their business.
.Seventh-we cannot too highly commend
ism of President Cleveland in his effort TO
protect the national honor and to maintain
the public credit during period of great
which threatened danger to both and we
congratulate him and the entire country on
| the evidences of returning prosperity
The reading of the resolutions was fire.
ouently interrupted by applause. Resou-
| tions were also adopted indorsing the work
| of the reform committee on sound curren-
| cy. of New York. and urging the organiza-
| tion i'm the Southern States of sound money
| clubs to carry on the campaign begun at
| this convention.
| In response To numerous calls, Congress
| man Patterson made speech on the work
| Of the convention. At the conclusion or his
| remarks a resolution was adopted author
| izing the appointment of "A committee of
| one delegate from each State represented 10
| s,,perintend the distribution of proper liter
| atiire coming under their control the chair
| man of the committee to be resident of
Memphis The convention then adjourned
! sine die
To a reporter to-day Secretary Carlisle
| EXPRESSED himself as agtonished at the
/ r-aenitude of the sound-money demonstFa-
| tion ~ have the greatest confidence" "
| said he lin the ultimate success of the
| sound-mOney movement. The wave Of sill
ver sentiment reached formidable proper
| tons but / think IL has about spent its
force and is already on the decline In
| nv own State the struggle is a hard one
and / have seldom such great gen
erai interest in a public question as is
shown there. and in fsct throughout this
section. [ trust i'm the good sense and
Judgment of the Southern people. 40 sec-
ton of the country Is more vitally inter-
ested in the maintenance of sound fnan-