The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1895-05-31
THE MEMPHIS CONVENTION.
It IL Addressed by Secretary Carlisle On
Financial Issues-ResolutIons Adopted.

II Il Addressed cy secretary Carlisle On
Financial Issues-Resoiutions Adopted.
MEMPHIS, Tenn, May 2+-Upward
of 5000 people were present at the
Auditorium at 2:15 o'clock when Chair
man W. ]. Crawford called the bust
ness mems convention to order. Con-
gresham Catchings was made perma-
nent chairman of the meeting. Secre-
tary of the Treasury Carlisle was then
introduced and he made a long speech
on the money question. After
recess the resolutions COM
mittee presented q report, which
was adopted. They are in brief as
follows: I've 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 COM
position, shall have equal purchasing
and debt-paying power with every
other dollar"
'We accept the principle that the BIZ
metallic standard cannot be maintained
where the ratio fixed by law for the
free coinage of gold and silver does
not correspond with the market ratio
of the two metals" and 1--WE are, there
fore, opposed to the free, unlimited
and independent coinage of silver at
the ratio of 10 to /, when the market
or the commercial ratio is more than
80 to /, and the difference between the
bullion value of a gold and a silver
dollar is about so cents. on the ground
that such action, instead of restoring
the bimetallic standard, would newt
ably result in silver recommendation.
Because a change from the gold to
the silver standard would have the
effect to repudiate all public and pri-
vate obligations to the extent of the
difference between the bullion value
of the gold and silver dollar.
Because gold standard countries re-
tain silver in their circulation on a
parity with gold, whereas there is no
silver standard country which does or
can utilize gold as money.
Because there is not a silver coun-
try on the globe where the wages of
Ia borers are sufficient to sustain the
working classes in comfort and indie.
pendence.
I'VE would rejoice over the adoption
of real bimetallism, but in view of the
continued fluctuations in the price of
silver in the open market we realize
that it is impossible for the United
States. Independently, to adopt BIZ
metallic standard, and we deem it I'M
wise and hazardous to the best in
teres:s of its people for this country to
attempt its esta blishment.
I'VE favor the retention as part of
our money the silver now coined and, in
order to give wider field for the use of
silver, we favor the funding of ali
money other than silver and silver
certificates below the denomination
of SO into higher denominations,
so as to make our entire circu-
latiou below the denomination of $40
either silver or silver certificates, and
to this end the secretary of the treas
ury should be authorized by law to
coin from time to time as the people
may require them, silver dollars until
the demand of commerce for money
below the denomination of $40 is at
all times satisfied
I'VE realize that our national bank
ing system was adopted during time
of war, and that it is not adapted to
existing conditions. We, therefore,
favor such legislation as will secure to
the people a system of banking sur
rounding by such safeguards as will at
all times furnish them a safe, elastic
and sufficient currency for the trans
action of their business"
A resolution was also adopted au-
thorizing the appointment of a COM
mittee of one delegate from each state
represented to superintend the dis
tribution of proper literature coming
under their control, the chairman of
the committee to be a resident of Mem
phis. The convention then adjourned
sine die