The record-union., 1895-05-24
Special to the REcoRD-UxIox.

NOUF0ulIOUs III CNOAy Pe@i'iN0A
gathering exceeded the expectation OF it's
projectors.
Thousands of people gathered here
from all parts of the South, and not few
are from the North. Memphis appears
in holiday attire. and has given royal
welcome to its visitors. This morning
Secretary Carlisle was serenaded on MS
arrival, and was escorted TO his hotel by
a large number OF prominent citizens.
Notwithstanding the early hour (7:5o
o'clock) of his arrival, the depot was
shronged with people, and all morning
his rooms were crowded with well-known
men.
Upwards of three thousand people were
present at the Auditorium at 2:lo O'Clock,
when Chairman w. j. Crawford called
the convention to order. W nile the
gathering was effecting an organization
and getting down to business. the crowd
gradually filled the vacant seats, ana by
the time Secretary Carlisle began MS al
dress the large hall was comfortably
filled. Mr.. Crawford. in. his capacity as
Chairman OF the committee OF nVe ap-
pointed by the associate mercantile
bodies of Memphis, under whose aus
pices the convention is held, called The
meeting to order.
Richard IL. Clark of Alabama pre-
sented the name of Congressman Catch
ings for permanent Chairman III neat
and complimentary speech.
The selection of Mr.. Catchings was
made by unanimous UiUa 0Oce vote, and
the Congressman accepted the honor III a
graceful speech.
After the selection of G. G. Matthews,
associate editor of the Commercial Ap-
peal, as Secretary, committee on reso-
lutions was appointed, one delegate from
each of the States represented being
named.
Secretary of the Treasury John G. Car
Isle was then introduced by Chairman
Catchings. When the distinguished
Nentuckian stepped TO the front of the
stage, the audience rose TO its feet and
chesred enthusiastically Tor several
moments. After quiet had been restored,
The Secretary spoke at length. making
strong argument III favor or the policy OF
President Cleveland and opposing the
free coinage OF silver.
isles address there was another noisy
demonstration, followed by cries Tor
Congressman Patterson OF Memphis.
The Congressman acknowledged the
mpiment congratuiating the audience
on The opportunity they had enjoyed to
hear the able address OF the Secretary OF
the Treasury and thanking the distin-
Z,
1erred upon the gathering.
On motion of Congressman Patterson,
the convention adjourned until O'Clock
this evening.
When the convention reassembled.
Judge Ross. Chairman Of the Resolutions
Committee, presented the following re-
port. 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
prosperity OF the whole country and the
welfare of the people in all vOcations OF
lie, do, through their representatives in
convention assembled at Memphis. Oh
May 23, 1895. make the following deciara-
ton of their matured convictions:
Eirst-Believing a uniform and certain
standard of value necessary 10 the agri-
cultural, commercial and Industrial de-
velopment and prosperity 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
power with every other dollar.
Second-Protting by the experience of
Washington, 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 recognized
and applied in the whole world, that
bi!netaliic standard cannot be maintained
where the ratio fixed by law for the coin
age of gold and silver does not respond
with the market rate OF the two metals;
and that wherever aud 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
valuable as bullion than as money,
will 60 to- premium and re-
tire from circulation. We saw this
principle applied in our own national ex-
perience, when under the Act 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
gold dollar became worth a few cents more
than the bullion III silver dollar, and
was therefore sold as commodity, be-
cause ii was worth more as bullion than
as money; and again under the Act of
1884 which liked the ratio at Is TO l, when
the silver coin ratired for like reason.
We are. therefore, opposed 10 the free.
unlimited and independent coinage OF
silver at the ratio of l6 10 l, when the
market or the commercial ratio is more
than 30 10 l, and the difference between
the bullion value of Il gold and u silver
dollar is about 90 cents, on the ground
that such action, instead of restoring the
bimetallic standard, would inevitably re-
suit in silver mouometallism.
Third-At this time there is no country
in the world which maintains the BIZ
metallic standard, and neither is there
any country where the free coinage OF
silver obtains which is not on silver
basis. Each country, on account of its
inability to adopt Independently any BIZ
metallic standard, must elect for itself
which 1t prefers, the gold or the silver
standard. We therefore favor, in the ab-
sence of international cooperation, the
retention and maintenance of the exist
ing gold standard, because q change from
the gold TO the silver standard would
have the effect OF repudiating all pubIic
and private obligations to the extent of
the difference between the bullion yalue
of the gold and silver dollar: because.
whenever such change should be serious-
ly threatened, it would cause an ilnmedi-
ate attempt at q collection and litigation
of all debts in anticipation of the result it
would produce; because such transition
from the gold to the silver basis would
destroy public and private confidence
and would involve the country into a
panic, confusion and distress; that the
products of agriculture and wages of
labor would be unremuneratiye; the
business of commerce would become un-
profitable. and our people engaged in in-
dustral occupation would be thrown out
OF employment; because there is not