Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-05-24

withdrawal of it's arbitrary and COM
pulsory issues Of notes and afford the
people an opportunity TO supply their
own currency based upon their means
and credit thus enabling every COM
muniJy TO utilize its resources when
necessary and adjust the circulation
from time TO time to the actual de-
mands of legitimate commerce. In
what way this shall be accomplished
is question which has already seri-
ously engaged the attention Of the peO-
pie and the authorities and Will no
doubt continue To- be discussed, which,
If not perfect, viii at least have the
merit of being q great improvement
upon the existing system. In the
meantime our highest duty is to pre-
serve the present standard of value,
and keep an the money in circulation
among the people equal in the pur-
chasing power
The resolutions adopted are, in part,
rs follows.
The people of the Southern States,
who believe the maintenance of q sound
and stable currency to be essential to
/ the prosperity Of the whole country
and the welfare Of the people, through
their representatives at Memphis. May
23 1895, make the following declara-
tiOu of their matured convictions.
tirsJ-Believing uniform standard
of value necessary to development and
| prosperity, we favor the maintenance
Of an our money, whether gold, silver,
or paper. on a parity to the end that
an dollars shall have equal purchasing
and debt-paying power.
SecOnd-PrCfting by experience, we
/ accept the truth of the principle that
I the bimetallic standard cannot be main
tanned where the ratio fixed by law
| does not correspond with the market
ratio of the two metals and that wher-
ever the legal ratio varies from the
commercial ratio the coin which there
/ 0y becomes more valuable as bullion
! than as money, will so 20 premium
and retire from circulation We are,
I therefore opposed TO the coinage OF
silver at the ratio Of 10 TO 1, when the
/ commercial ratio is more than 80 to L,
I on the ground that such action would
/ inevitably result in silver mOnOmetal-
! Gsm.
Third--At this time there is no cOun-
] ILL lLAr M vi LA lNAA AAitl4AA Ne-4AAf lAAN
/ bi-metallic standard, and neither is
/ there any country whre the free coin
/ age of silver obtains which is not on a
/ silver basis. We. therefore, favor, IN
/ the absence of international cO-Opera-
I tiOn. the retention and maintenance Of
+ the existing gold standard: because a
/ change to the silver standard would re-
pudiate an obligations to the extent Of
| the difference between the bullion val
/ ne of the gold and silver dollar; because
I whenever such change should be
( threatened it would cause the immedi-
ate collection of all debts in anticipa-
/ tiOn Of the result; because such transit
tiOn from the gold to the silver basis
would destroy confidence and involve
the country in panic, confusion and dis
/ tress. because there is not g silver
country on the globe where the wages
of labor are sufficient 10 sustain COM
| fort and independence.
Fourth-We favor this country
standing ready to co-operated with the
other powers in the adoption of true
bime-allism. but in the meantime, TO
maintain inviOlate the existing stand
ard Of value.
Fifth-We favor the retention as
part of our money OF the silver now
coined. and i'm order to give a wider
field for the use of silver, we favor
the coinage of money other than silver
and silver certificates. below the de-
nomination Of ten dollars into higher
denominations so as TO make our en-
tire circulation below the denOmina-
tiOn of ten dollars, either silver or sill
YER certificates and to this end, the
Secretary of the Treasury should be
authorized by law 70 coin from time to
time as the people may require them,
silver dollars until the demand of CONS
merce for money below ten dollars in
denomination is at all times satisfied.
SiXth-We can realize that our ma
tiOual banking system was adopted
during q time of war. and that it IS
NOT 9dapted TO existing conditions.
We. therefore. favor such legislation
as will secure to the people a system
of banking surrounded by such safe
guards as viii at all times furnish
them a safe. elastic and sufficient cur
rencv for the transaction of their bust
ness
eeventb-We cannot too highly COM
mend the undagging courage and
sturdy patriotism Of President Cleye-
land i'm his efforts to protect the ma
+ional honor and to maintain the pub
lie credit during q period Of great fin
auriql distress. and under conditions
which threatened da~ger to both; and
we CONGRATULATE him and the entire
country on evidences Of returning pros
nnriLN