Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1895-05-24

- psrtty, % the end shat sseh do,tsf. whse-
svvr may bs the eompo6ttion. shsii have equal
purchAsing and dsbt-pAyins power win every
other dollar. t3 - a
"a Proating by the experiences 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 ais
cussion OF the present day. we accept the trutn
of the principle now universally recognized
and applied In the commercial world. that the
bimetailic standard cannot be maintaiheu
where the ratio fixed by law for the free com.
age of gold and silver docs not correspond
with tho market ratio Of the two metals. we
are therefore oppos ID 10 tho free, unlimited
and independent coinage OF silver NJ the rht'p
OF 10 to I, when the market or comn'sromi
ratio Is moro than 30 to l. and the din.rencs
between the bullion value OF gold anu MI.
yer dollar Is about 30 oents on the ground tnas
such action in1tead Of restoring the bimetal'
iic standard. would Inevitably result IN ssiiver
monometallism. fH& tsy
g. Al this tims there is no country In the
world which maints,ns the biiretAiiic stand
ard. and nsitheris there any country where
the free coinage Of silver obtains which ~ not on
. silver basis. Each country, on account or lts
inability to adopt Independently any bimetaiiic
standard must elect Tor itself which it pre-
fers, the gold or tho silver standard. We.
therefore, favor, In the absAnco OF intor
national cooperation, the retention and main
tenance of the existing gold standard.
The platform then gives o large number
of reasons why the
Existing Gold Standard Is Preferred.
4. We would rejoice over the adoption of real
bimetallism, but In view Of the continued hue
tuation in the price OF silver In the open market
we realize that IL Il impossible for the United
States Independently to adopt bimetaihc
standard, and we deem it unwise and haz
ardous to the best interests OF its people for
this country to attempt its establishment.
g. We favor the retention as part OF or
money the silver now coined, and in order To
give wider field for the use Of silver, we
favor the coinage of money other than silver
certificates below the denomination OF $40
into higher denominations. so as to make our
entire circulation below the denomination or
$40, either silver or silver certificates, and TO
this end the secretary of the treasury should
be authorized by law to coin from time To
time, as the people may require them, silver
dollars until the demand for money below the
denomination Of $40 is at all times satisfied.
Q. We realize that our national banking sys-
tenn was adopted during period OF war and
that il is not adapted to existing conditions.
We therefore. favor such legislation as will
secure to the people system OF banking sur
rounded by such safeguards as will at all times
furnish them a safe, elastic and sufficient cur
rency for the transaction OF their business
2. We cannot too highly commend the un.
tagging courage and sturdy patriotism OF
President Cleveland in his efforts to 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, and we congratulate him and
the entire country on the evidences OF return
ing prosperity.
The reading of the resolutions were
frequently interrupted By applause.
Resolutions were adopted endorsing the
work of the reform committee on sound
currency of New York and urging the
organization in the southern states OF
sound money clubs to carry on the cam
paign begun at this convention.
In response to numerous calls, Con-
gresham Patterson made speech on the
work of the convention.
At the conclusion of Colonel Patterson's
remarks a resolution was adopted author
izing the appointment of q committee Of
delegates from each state represented to
superintend the distribution Of proper
literature coming under their control, the
chairman of the committee to be a resident
of Memphis.
The convention then adjourned sine die.