The daily morning journal and courier., 1895-05-24
CLEVELAND IS ENDORSED
'OUND MONEY CONTENTION PRAISE
 HIM IN RESOLUTIONS.

The Convention Also Declares fin Its Plat
 form That it FaVors q Dollar " neither O
 Gold, Silver or Paper That Shall Have
 Equal Purchasing or Debt Paying Power
 Memphis, May 23.--At the sound mon Ny convention at SSO a platform was Edopted which favors the maintenance
 # all our money, whether gold, silver
 r paper, on a parity to the end that Zach dollar shall have equal purchasing
 nd debt-paying power with every other Dollar; declares that the bimetallic
 tandard cannot be maintained where Mhe ratio fixed by law for the free coin- Ege of gold and silver does not corre- .pond with the market ratio of the two 'letals, and that whenever the legal or #oinage ratio varies from the market or :. ommercial ratio to any appreciable ex- Xent the dollar, whether of gold or sil-
 CT, which becomes more valuable as
 ullion than as money will go to a pre- |lium and retire from circulation; op- Hoses the free unlimited and independ- Int coinage of silver at the ratio of 16 Ep 1 when the market or commercial htio Is more than 30 to 1, and the diff Rrence between the bullion value of a Epld and a silver dollar Is about 50 cents. "a the ground that such action, instead f restoring the bimetallic standard, Fould result in silver monometalltsm; lvors, in the absence of international { &p-operation, the retention and main Anance of the existing gold standard, aI,n 4I,, A, fI.o
 lyer standard would have the effect repudiate all public and private ob- 5gations to the extent of the difference etween the bullion value of the gold End silver dollars would destroy public Ind private confidence, and would in- blve the country in panic, confusion nd distress, and because the high des- my of the United States demand for he use of the people that money which Experience has shown to be the best Fitted for the promotion of commerce, evelopment of manufactures, the en- buragement of labor and the advance
 ent of civilization; asserts that it is 'npossible for the United States inde- bndently to adopt a bimetallic stand Id; favors the policy of this country Banding in the attitude of readiness
 all times to cooperate with the other bwers in any effort that may inaugu-
 te looking to the adoption of true bi- etallism; but, until successful coop ation is insured to maintain inviolate s standard of value; favors the reten- bn as part of our money of the sil- Err now coined and the funding of all oney other than silver and silver cer- 3dcates below the denomination of ten bllars into higher denominations so as make our entire circulation below the enominatio of ten dollars, either sil- &r or silver certificates; asserts that e national banking system is not &apted to existing conditions, and fa- Irs such legislation as will secure to r 4e people a system ofbanking surround
 by such safeguards as will at all mes furnish safe, elastic, sufficient lrrency for the transaction of busi- |ss.
 trhe concluding resolution reads: We cannot too highly commend the
 lagging courage and sturdy patriot 1 In of President Cleveland in his efforts 1 ! protect the national honor and to 1 bintain the public credit during a. pe- Ia of great financial distress and under nditions which threatened danger to tn; we congratulate him and the en- e country on the evidences of return E prosperity.
 This was loudly applauded. resolution was also adopted urging l formation of sound money leagues roughout the south, and after an ad- ess by Congressman Patterson thei Envention adjourned.