The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-25
The rlemphis Platform.

The rlemphis Platform.
The platform unanimously adopted
by the Memphis sound money conven-
tion is a curious combination of weak
ness and strength. It's first plank IA
vors "the maintenance OF all our
money, whether gold, silver or paper,
on a parity. to the end that each dollar,
whatever may be its composition. shall
have equal purchasing and debt-paying
power with every other dollar" and is,
therefore, irreproachable. The second
plank accepts the truth Of the prin-
ciple, now universally recognized and
applied in the commercial world, that
the bimetallic 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
that wherever and whenever the legal
or commercial value to any appqe-
ciable extent the dollar, whether of
gold or silver (Which thereby becomes
more valuable as bullion than as
money, will 60 to a premium and re-
tire from circulation" Hence follows
the third plank, which "favors, in the
absence Of International cooperation,
the retention and maintenance of the
existing gold standard and the fourth
one, which suggests that this country
should be willing. whenever asked, to
join hands In true" or International
bimetallism.
1t might be inquired, after reading
Secretary Carlisle's able arguments in
proof that we already have more than
enough gold to do our business with,
and that gold, after all, Is the only
metal possessing sovereign fitness as
a standard Of monetary value, why a
convention OF his friends should waste
any more words over 80 superfiuous a
thing as international bimetallism. The
Philadelphia Record, with greater
frankness, has already thrown the in
ternational shibbOleth overheard.
There are" 1t remarks. 'people who
have spent all their days and tortured
their brains in attempting to square
the circle or invent perpetual motion.
International bimetalhsm, or the at
tempt to arbitrarily fix the relative
values Of gold and silver in spite Of the
overcoming changes in the condi-
tions Of production and use. belongs
to the same class Of insoluble problems"
If this be true; and If, as the Memphis
platform practically says, the double
standard Is natural impossibility,
why should this government waste any
more money sending delegates to inter-
national monetary conferences, or care
a snap of It's finger what the nations Of
Europe would Like to do in the matter
Of bimetallIsm? Is all this pretty
rhetoric about international co-opera-
tion mere chaff, to deceive the un-
wary7
Planks and s cannot be condensed.
They must be given In full:
Fifth-We favor the retention az part OF
our money OF the silver now coined, and,
in order to give = wider field for the use of
silver we favor the funding Of all money
other than silver and the silver certificates
below the denomination Of ten dollars into
higher denominations, so as to make our
entire circulation below the denomination
Of ten dollars, either silver or silver GER
tiflcates; and to this end, the secretary OF
the treasury should be authorized by law
TO coin from time to time. as the people
may require them, silver dollars until the
demands Of commerce for money below
the denomination of ten dollars Is at all
times satisfied.
e3ixth.-we realize that our national
banking system was adopted during a
time Of war and that II Is not adapted TO
existing conditions. We. therefore. favor
such legislation as will secure to the peo-
pie system Of banking surrounded by
such safeguards as will at all times fur
nish them q safe. elastic. sufficient cur
for the transaction Of their business.
Tnebo pianks TSbu W uS very mucn
like sops. In the first case, the Men,
phis deliverance. being translated, says
to the silverites: 'Let us measure the
value of your metal in gold, and we
don't care how much Of It you want
US to coin:" and the second one says
to the southern Populists: "National
banks are agencies Of spoliation; you
help us to lick the silver men and we
will gladly let you start wild cat state
banks" How do these planks tally
with the lofty utterances OF their i'm
mediate predecessors regarding the
nssd ofa safe standard" and Of Sound