Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-05-30

the poor ought not to be sacrificed to the ~.
| arice of the wealthy mine-owner or the ambi.
ton Of aspiring politicians, and If the people
who have substantial interest in the welfare
Of the country and just appreciation of their
responsibilities as citizens Will exert their
proper influence in public affairs, this great
wrong can never be perpetrated.
UNCLE SAM MUST QUIT BANKING.
'aThe United States should go entirely out Of
the banking business by the withdrawal of its
arbitrary and compulsory issues Of notes. and
AFFORD the people an opportunity to supply their
own currency, based upon their own means and
credit, thus enabling every community to
utilize its own resources when necessary, and
adjust the circulation from time to time to tho
actual demands OF legitimate commerce. In
what way this shall be accomplished is a ques-
ton which has already engaged the serious at
tention OF the people and public authorities,
and 1t will continue to be Investigated until a
plan Is formulated which will at least have the
merit Of being great Improvement upon the
existing system.
I'm the meantime our highest duty Is to pre-
serve the present standard OF value, maintain
the parity Of the two metals and keep all the
money in circulation among the people, whether
the gold and silver coins. or paper based upon
them, equal in purchasing power, so that no
discrimination can or will be made between
those who receive silver or paper and those
who receive gold"
When the speaker concluded he was
given a final ovation, and a recess I'M
til o'clock was at once taken.
The committee on resolutions went
into session at the Gayoso hotel, with
Judge Ross, of Little Rock, as chair
man, and when the convention reas-
sembled at $50 it was presented with
the following platform and resolu-
tions which were adopted without
debate:
The people OF the southern states. who be-
lieve the maintenance of a sound and stable
currency to be essential to the prosperity OF
the whole country and the welfare of the peo-
pie in all the vacations of life, do through their
representatives in convention assembled at
Memphis. on May o, 1895, make the following
declaration of their matured convictions:
1. Believing uniform and certain standard
OF value necessary to the agricultural, CONNER
OF our common country we favor the main
tenance OF all our money, whether gold silver
or paper, on a parity, to the end that each dol
lar, whatever may be its composition, shall
have equal purchasing and debt-paying power
with every other dollar.
2. Proiting by the experience Of Washing
ton, Jefferson and Hamilton and the teachings
Of the great students of monetary science. from
the time that John Locke wrote to the discus
sion OF the present day, we accept the truth Of
the principle now universally recognized and
applied In the commercial world that the BIZ
metallic standard can not 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 that wher-
ever and whenever the legal or coinage ratio
varies from the market. or commercial, ratio
to any appreciable extent the dollar, whether
of gold or silver, which thereby becomes more
valuable as bullion than as money, will go to
premium and retire from circulation. We saw
1T rvsv, nsvn14 ,J,-1s +
per1ence when, under the act or 1872, which
fixed the coinage ratio at Is to 1, gold retired
from circulation because Of a 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 in silver dollar
and was therefore sold as a commodity be-
cause it was worth more bullion than as
money: and, again, under the act OF
1884, which fixed the ratio at 16 to /,
when the silver coin retired for like rea-
SON. We are. therefore, opposed to the free,
unlimited and in Independent coinage of silver at
the ratio Of 16 to 1. when the market COM
mercial ratio is more than 80 to and the diff
ference between the bullion value Of a gold and
silver dollar is about fifty cents. on the ground
that such action, instead of restoring the BIZ
metallic standard, would inevitably result in
silver monometalliSm.
8. At this time there is no country in the
world which maintains the bimetallic standard,
and neither is there any country where the
is not silver basis. Each country
on account of its inability to adopt
independently any bimetallic standard, must
elect for itself which 1t prefers-the gold OF
the silver standard. We, therefore. favor in
the absence OF International cooperation. the
retention and maintenance of the existing gold
standard. because a change from the gold to
the silver standard would have the effect to re-
pudiate all public and private obligations to
the extent of the difference between the bull
Of he Gold nd Gil dofJo 1o-
cause whenever such change should be seri-
ously threatened, it would cause an immedi-
ate attempt at collection and liquidation
Of all debts in anticipation of the result it
would produce. Because such transaction
from the gold to the silver basis would
destroy public and private confidence and
would involve the country in such panic con-
fusion and distress that the products of agri-
culture and the wages Of labor would be unre-
munerative; the business of commerce would
become Improbable and our people engaged in
industrial occupations would be thrown out of
employment; because there is not a progress
sive. enlightened country in the world
which has not elected gold as the preferable
standard; because gold standard countries re-
tain silver in their circulation 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 the whole globe where the wages
OF labor are sufficient to sustain the working
classes in comfort and independence; and,
finally, because the high destiny of the United
States demands for the use OF the American
people that money which experience has
taught mankind to be the best suited for the
promotion OF commerce. the development OF
manufactures, the development of labor and
the advancement OF civilization.
4. We 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 bimetallic standard. and
interests OF its people, for this country to at
tempt its establishment. We favor the policy
Of this country standing in the attitude of
readiness at all times to cooperate with the
other powers in any effort they may inaugurate
looking to the adoption OF true bimetallism,
but. in the meantime. and until such co-opera-
tion Is assured. to maintain invioate it's exist
ing standard of value.
5. We favor the retention as part of our
money Of the silver now coined and in order
to give a wider field for the use of silver, we
favor the funding Of all money other
than silver and silver certificates below
the denomination OF $40 into higher denomina-
tions, SO as to make our entire circulation be-
low the denomination OF $40 either silver or
silver certificates. and to this end. the secre-
tary of the treasury should be authorized by
law to coin. from .ime to time. rs the people
may require them. silver dollars, until the de- |
mand OF commerce for money below the de-
nomination OF $40 Is at all times satisfied.
@ We realize that our national banking sys-
tenn was adopted during n time of war and
that IL is not adapted to existing conditions
We therefore favor such Legislation as will Sc
cure to the people o system OF banking sur
rounded by such safeguards as will at all times
furnish them q safe. elastic and SUFFICIENT cur
rency for the transaction Of their business
q We highly commend the IN.