The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-24

with waving OF hats and canes
Sontlhued for sevral moments and was
renewed when the Secretary of the Treas
dty was formally heard Silence having
peeh with difficulty restored, Mr.. Carlisle
ossdh MS speech, the delivery OF which
occupied precisely one and a half hour
t1e spoke with unwonted energy and made
rev references to his notes. He was lis
SSned 70 with profound attention, the au-
ulenee being apparently anxious to grasp
anq follow the trend of his argument.
ana the mass Of figures with which il was
supported, and there were few interrup-
mons OF approval until toward the close.
men, when with quivering forehnger he
declared that the hard earned savings
of the poor ought not to be sacrificed to
the ayarice of wealthy mine owners or
me ambition Of aspiring politicians, his
hearers fairly went wild, and when in his
peroration he urged that there could be no
prosperity for one section at the expense
OF the other. but that all must stand or
ran together, 1t looked for a moment as
though the enthusiastic audience would
storm the platform.
When the speaker concluded he was
given final ovation and recess until
O'Clock tonight was at once taken.
The committee on resolutions went into
session at the Gayoso hotel with Judge
Rose of Little Rock as chairman. and
when the convention reassetnbled at $3.50
O'Clock, 1t was presented with the follow
ing platform and resolutions:
The people of the southern states who
believe the maintenance of a sound and
stable currency to be essential to the pros
perity of the whole country and the well
fare OF the people in all the YocatiOns of
life do, through their representatives, in
convention assembled at Memphis on May
2S 1895, make the following declaration OF
their matured convictions.
!. Believing uniform and certain stan
dard of value necessary to the agricul-
tural, commercial and industrial develop
ment and prosperity Of our common coun-
try, we favor the maintenance of all our
money, whether gold, silver or paper, on
parity. TO the end that each dollar, what
DNrne ur he tie n.e4e hall harr
equal purchasing and debt paying power
with every other dollar.
2. Profting by the experience of Wash
ington, Jefferson and Hamilton, and the
teachings Of the great students of none
tary science, from the time
when John Locke wrote to
we accept the truth of the principle now
universally recognized and applied in the
commercial world, that the bimetallic
standard cannot be maintained where the
alto 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
coinage ratio varies from the market or
commercial ratio TO any appreciable ex-
tent the dollar, whether of gold or sill
yer, which thereby becomes more valuable
as bullion than as money, will go to
premium and retire from circulation.
We saw this principle applied in our own
national experience when under the act of
1892, which fixed the coinage ratio at 10 to
l gold retired from circulation because of
a slight decline in the price of silver in
the open market whereby the bullion in
a gold dollar became worth a few cents
more than the bullion in a silver dollar,
and was therefore sold as a commodity
because it was worth more as bullion than
as money, and again under the act of 1884
which fixed the ratio at is to ], when the
silver coin retired for a like reason. We
are, therefore, opposed to the free, unlim-
tied and independent coinage of silver at
the ratio of Is to / when the market or
commercial ratio is more than thirty TO
one and the difference between the bull
lion. value of gold and a silver dollar is
about 80 cents, on the ground that such
action, instead of restoring the bimetallic
standard would inevitably result in silver
monometallism.
8. At this time there is no country in the
world which maintains the bimetalltc
standard: and neither IS there any coun-
try where the free coinage of silver OBJ
tains which is not on a silver basis. Each
country on account of its inability to
adopt Independently any bimetallic stand
ard. must elect for itself which it prefers,
the gold or the silver STANDARD.
We therefore, favor in the absence
Of international co-opeeatloh, ihe reteI5 eIt1
tion and maintenance of the existing gold
standard because a change from the gold
to the silver standard would have the ef-
feet to repudiate all public and private
obligations to the extent of the difference
beWeen the bullion value of the gold and
silver dollars: because whenever such
change should be seriously threatened II
would cause an immediate attempt at
collection and liquidation Of all debts in n
ticipation of the result 1t would produce;
because such transition from the gold 70
tho silver basis would destroy public and
private confidence, and would involve the
country in such panic, CONFUSION
and distress that the products Of agricui-
ture and the wages of labor would be unre-
munera tive; the business of commerce
would become Improbable, and our people
engaged in industrial occupations would
be thrown out employment; because there
is not a progressive and enlightened coun-
try in the world which has not elected gold
as the preferable standard; because gold
standard countries retain silver IN lhelr
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 country on the globe
where the wages of labor are suihcient to
sustain the working classes in comfort
and independence; and tinally because the
high destiny of the United States demand
for the use of the American people that
money which experience has taught man
kind to be the best suited for the pro-
manufacturs, the announcement OIL LABOR
and the advancement Of civilization
we would rejoice over the adoption
| IF real irnetallism but in view of the
continued fluctuations of the price OF sill
yer in the open market we realize that II
is impossible for the United states lnde-
YandantIy to adopt a bimetallic standard: :
and we deem it unwise and hazardous 70
the best interests of its people for this
country to attempt It's esabllsnmenaLI lls We ,.s
the attitude of readiness at all times to
co-onerate with the other powers in any
effort they may inaugurate looking to the
adontion of true binetallism; but in the
meantime and until successful co-opera-
tion is insured to maintain inviolate its
existing standard of value.
4 we favor the retention as part OF our
money of the silver now coined and in or
der to give a wider field for the use of sill
Yer we favor the funding of all money
other than silver and silver certificate be-
low the denomination Of ten dollars into
bieher denominations so as to make our en-
tire circulation below the denomination OF
ten dollars either silver or silver certih-
cates. 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 de-
nand of commerce for money below the
denomination of ten dollars is at all times
e we realized that our national banking
system was adopted during time of war
and that 1t is not adapted to existing con-
Jitions We therefore favor such legisla-
ZION as will secure to the people system
of banIxing surrounded by such safeguards
U+ili at an times furnish them safe, elias
tic sufficient currency for the transaction
of their business. 49,.
asgginp courage and sturdy patriotism Of
President Cleveland in his efforts to pro
-. atiopal honor and to maintain