The Providence news. (Providence [R.I.]) 1891-1906, 1895-06-14
UPON EQUAL TERMS.
Free coiaasG " Sod and Silver at
Ratio Of Sixteen to One.
"GhINDINa PROCESS REVERSAL
Should Be at Once Begun, Say
the SilveriteS.

MEMPHIS June ii-Immediatcly after
the silver convention was called TO order
yesterday afternoon Senator j. X. Jones
OF Arkansas, as chairman, presented the
report Of the committee on resolutions,
which he read as follows:
Silver aud gold coin have in all ages consti-
tated the money Of the world. were the money
OF she fathers OF the republic. the money of
history and constitution. The universal ex-
periencs OF mankind has demonstrated that
the jonr use OF both silver and gold coin as
one money constitutes the most stable stand
ard OF value and that the fun amount OF both
metals u necessary as medium Of exchange.
The demonstration of either Of these his
eouc money metals means q depreciation
from the value Of money, fall in the prices Of
commodities. o 6mnution Of the profits Of
legitimate business. = continuing increase in
ehs burden OF debts, q withdrawal of money
from the channels Of trade and industry which
are no longer yielding safe and sure return,
and its idle accumulation in the banks and in
the great money oenters OF the country.
There IL no health OF soundness in finan.
eisl system under which boarded dollar Is pro
ductive OF increase TO its possessor. while an
invested dollar yields q constantly diminishing
return, ana under which fortunes are made by
the accretion OF idle capital or destroyed by
persistent fall in the prce of commodities,
and persistent dwindling in the margin OF
profits In almost every branch Of useful indus
try.
such system Is a premium upon sioth and
spenaity upon industry. and such ssystem 10
that which the criminal legislation OF 1873 has
imposed upon the country.
The bimetallist standard Of silver and gold
has behind IL the experience of ages and has
been tested and approved by the enlightened
and deliberate Judgment of mankind The
gold standard is a departure from the es-
tablished policy OF the civilized world, with
nothing 70 commend IL but % years Of depres-
sion and disaster 20 the people and extraordi-
nary sccumuias'on ot wealth in the hands of
The very year that marked the change from
shs bimetallic TO the single tax is tho very
year that marked the change from n condition
OF rising prices, large profits, general content
ment, and OF great prosperity 70 u condition OF
falling prices, diminishing profits, insecurity |
OF Investments, unemployed labor and heavy |
depression in all branches of trade and indus |
try t ID not q matter Of dispute among the |
honest advocates Of the old standard that gen.
eral prosperity came TO an end with the de. |
struction OF the bimetallic system, and that
hard times, falling prices, idle workingmen
and widespread depression came in with the
gold standard that prevails today wherever
the gold standard has been adopted
Decentralization . Biunder.
Every internal monetary conference that
has boen esIlsd,every demand in this country
and In Europe for an International agreement
% re-establish the bimetallic standard, is
confession that demonetization of silver was
a oiunder, not crime that its CONSEQUENCES
have been disastrous, and that the cond tions
that 10 has wrought are full of menace and
peril The logic Of fact establishes beyond in. |
teliigcns question that she destruction of
silver ~ primary money by . conspiracy Of
selfish interests s the cause of the wide
spread depression and the suffering that began
with the gold standard. There can be no
restoratios Of prosperity, no permanent relief
from prevailing conditions until the great
curse has been removed from a complete
restoration Of silver to its proper place "A n |
mouey metal, equal with gold.
We believe In n money Of stable vaiue. wa |
nehcve, least of ALL In appreeiating standard,
" - only through the practical operation of bi.
mesAliism that stable standard Of value can |
oe secured. standard constitution of money
increasing the value Ia not n sound
single nor stable standard. but a constantly
changing standard. The effect of gold mono
mesaiiissn Is 20 establish one standard for the
creditor and another for the debtor, and there
ran Dc no more dishonest monetary system
man tna' winch gives short measure TO the
borrower and long measure 10 the lender
Under tho policy prevailing prior 10 Is7a
mere can be no violent changes in the relative
'aiue on the two metals, for rise in yalue Of
'ne metal Is counteracted by q decreased de-
nand and fall In value by an increased de. 9
>~~Afes |
'ens isw, stable relation was maintained be- ,
ween them in spite Of the most extreme ,
manages IN relative producsons /.
From the earliest period Of our history up to Y
s1S the right of tho debtor 10 choose whether Q
'e mouio pay MS debts In silver or gold coin '
vas always recognized. The subsequent policy 7
las been TO transfer this right TO the creditor n
hus tending to constantly increase the value y
the dearer metal and destroy the parity be. =
ween them.
Believing that II Is absolutely necessary 70 II
everse the iniquitous and ruinous policy, we =,
therefore, resolve: q
That we favor the immediate restoration Of d
liver TO I've Former place as full legal tender q
Iandard money equal with gold and the free n
nd unlimited coinage Of both silver and gold = =
the ratio OF IL to ana upon terms of exact
quality.
Should Not Wait For Foreigners. 9
That while we should welcom. tho co.ouer.. =,
on OF owner nations, we believe that the q,
nited statss should not wait upon the nleas- -
70 Of foreign governments or the consent of
reign creditors. but should themselves pro. p'
ed TO reverse the grinding process" that
destroying the prosperity of the people. and 90
oula lead sy their example the nations OF cr
e earth. VI -
That the rights OF American people, that the ~
terests Of American labor and the prosner,,y Az
American industry have higher claim to '"
q confederation Of tho peoples lawmakers
An the greed OF foreign creditors or the |
sncious demands OF idle holders Of cap.
NJ The right TO regulate Its own monetary
stem in the interests Of its own people ia &C
shs which no free government can barter q
u or surrender. an
This reserved right IL a part Of every bond IT
every contract and Of every obligation. No /,
eoi'or or claimant can set up a right that -,
kss precedence over a nations obIigations g. III
omoee the welfare Of the masses of its own
tn
9a