Birmingham age-herald., 1895-05-07

has the gold standard and China the silver, and the Turk gets twice as much for a days work as the Chinaman.
 What are you going to do in this great city, with it's foundries and furnaces, to which you are inviting labor? Where can you find a silver country on the globe presenting a city with the hive of indus
 tries I noticed in drive around your city this morning.
 "The commerce of the world demands
 the best money of the world. The silver
 men say: oh, MT. Paterson, you are here in the interest of Wall street, and are deceiving us.'
 "We have about 5000 O000 900 of gold in
 our country, driven into the reserves
 by the panic. Who are the creditors? The depostors or the bank? Force this country to a silver basis and the holders of gold certificates will convert their cer- tifcates into gold. You ask why the banker, the merchant, the manufacturer want gold. It Is because they are up where they have to use money. and they
 want it on sound basis. I don't think
 the banks and insurance companies are the creditors. The glsl who does your
 cooking and goes around every Satur-
 day and collects her weeks wages is
 creditor. Your clerks are your credi-
 tors.
 "The silver people say cotton and wheat fall and rise with silver Take corn, oats, hogs, sheep and cattle, and they sell for as much in gold today as they did for greenbacks in 1873. and you
 can take the gold and buy twice as much as you could with the greenbacks. Sen
 ator Stewart, in 1876, voted for the gold standard and was then as ardent in support of that standard as he is now for free coinage. Whenever you have good
 money and bad money in circulation the good money leaves the field and the bad
 money takes it, just as gold and silver
 were displaced by greenbacks during the war.
 "In 1890 the Sherman act was passed,
 by which the government was to pur- chase 4,500,000 ounces of silver annually. If that act had continued in force the country would have been driven to the
 silver standard. When Grover Cleve- land retired from the presidency March
 4, 1885, customs duties were being paid
 in gold and the bankers didn't want
 gold but immediately after the passage
 of the Sherman act the bankers prlcked
 up their ears and began to call in gold.
 At the beginning of 1893 the receipts
 of gold had gone down to 73 per cent, and by July l it had fallen to 8 per cent. Your furnaces and
 factories in this great city began to suf-
 fer and to fail. By the end of that year
 the gold receipts fell to less than 2 per
 cent. The great financial distress then
 spread all over this country. Congress was called together and after so long time repealed the purchasing clause of the Sherman act. Confidence was re-
 stored to some extent and gold began to flow into the treasury again. Legisla- tion in the interest of silver was threat
 ened and the clouds lowered again. The gold in the treasury was about to be ex- hausted and Secretary Carlisle issued $50000.000 of bonds. Greenbacks were
 taken around to the treasury and the gold drawn out. Another issue of $50,-
 000,000 with the same result follwed.
 Then Secretary Carlisle consulted with
 the bankers of the world, who agreed to
 take another issue of bonds, but they were required to sign a contract to pre- serve the gold in the treasury.
 "As long as exchange was higher
 than $4.SSh gold bullion would be drawn from the treasury and shipped abroad, but since the last bond sale exchange has
 sold for less than $4.SS1s, and the bullion has not been bothered From that time to the present business has been mprov- ing and prosperity is once more dawning- upon us.
 .The author of Coins Financial School wants the government to reduce the size of the gold dollars so as to place
 them on parity with the present sill
 yer dollar. If any citizen should bore into the gold dollar and take therefrom
 a part of the gold, he would be sent to
 the penitentiary and no president would
 pardon him. Yet Coin wants the gov ernment to do thlS very thing.
 He who believes they are going to the free coinage Of silver at 16 to l in this country. is a deluded man. Look at Michigan, where the democrats de- clared in favor of free and unlimited
 coinage of silver, and they went down in defeat. In Ohio it was the same, al- though they came within few votes
 of capturing the state in 1892
 Are you democrats ts of Alabama going to cut loose from your old friends of New York, New Jersey, Indiana, Con-
 necticut and Delaware and tie to the
 rotten borough states of the Rocky
 mountains? Are you going to accept Senators iJones and Stewart as your leaders?
 Where do your railroads go to; where do your rivers fiow and where do your coastwise vessels sail? Do they not touch the gulf or the Atlantic, and are
 not all your commercial interests in the south or east? Your immigration comes from the east, yet with all these facts
 staring you in the face you would cut loose from your old allies and follow the leadership of these rotten borough states
 men. When the people of the southern
 states understand this question they will
 not take any such step as that ColonePs Patterson's closing remarks were devoted to an appeal to the people to stand by the democratic party the only party that had ever been friendly
 to this section. He said he was nativej
 of this state, having been born within
 60 miles of Birmingham, and loved the people and the state. He said President Cleveland had appointed southern men, old Confederate soldiers. to high official
 positions in the government. He was
 the only president who had done this since the war.
 Savannah Will Send Delegation Savannah, Ga, May GA meeting of the business men of Savannah today de- cided to send a delegation to the Mem