The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-10-17

voea tes of Free Coinage at the Ratio
ofi6to Are Mono-metaIlists-Dis
cusses The Interest Question and the
Depreciation in Prices-Points to The
Return of Prosperity.
ATLANTA, Ga, Oct. 16.-The second
days session of the American Bankers
Association was called 70 order this
morning by President O'Dell, and the
convention proceeded to business after
prayer by he Rev. J. W. Heidi. Chair
man E. VI. Pullen read an extensive re-
port from the Executive Council in refer
ence to a number of proposed changes in
the wording Of the constitution. The
question of annual dues was referred
back to the council to be reported on to-
morrow and the miuor amendments sug-
gested were adopted.
After the announcement by the presl-
dent of barbecue ID be rendered the
delegates Thursday afternoon, Judge
George N. Aldredge, of Dallas, Texas,
was introduced and delivered an address
on the currency, which was received
with enthusiastic applause.
''The proposition that this govern
ment should coin silver for the world in
unlimited amount at double its market
value is so repugnant to the common
sense of mankind" said Mr.. Aldredge,
''that it ought to be unnecessary to dis
cuss it. And would be, bat for the fact
that portion of our people have been
misled By appeals to their pr judice and
by the specious r. asoning Of sophists.
Ha pointed out that the leading ma
tions Of the earth have tested silver for
hundreds Of years, voluntarily adopted
the single gold standard, and that no na
ton to day as the silver standard from
choice The gold standard advocates
believe in gold as standard with the
largest possible safe use of silver among
the people The 16 to 1 dreamers be-
iieve in the so called double standard,
and were driven by this law to the use
of silver alone. AL gold standard coun-
tries use large amounts Of silver and no
silver standard country uses any gold
whatever As the practical question Is
the use of the metals, it follows that We
are the bi metallists and the 16 to ! pee
ple are the monometallists. Hence the
battle that is to be fought to finish
next year, is whether we will remain
under a geld standard, with actual BIZ
metallism in use among the people, gold
and silver circulating freely, without
discrimination against either; or shall
we have a so called double standard at
the mints and nowhere else, with sill
yer monematallism in actual use2
The battle is between substance and
shadow, between those who want bi
metallism In fact and those who want it
in name only. We are the friends of
silver money, who would bring to its aid
the power of the government to keep 1t
good, and they are enemies who, by IN
limited coinage would take from it the
guaranty of parity by the government
and thereby degrade it to its market
value.
"Our government has been and
is now coming silver at the ratio
of g to 1. 1t is enabled to do
this because under the law it can
restrict the amount coined and being
vested with this control it undertakes TO
make every dollar good money. The
moment the government loses control OF
the coinage, confidence in its ability to
protect the money issued is gone and the
silver dollar than rests on its merit and
is worth SO cents"
In refutation of the contention that
gold has appreciated and deprecated
prices, he pointed out that no two artl-
cles have declined at the same time or IN
the same degree, nor has any article
mentioned remained uniformly depresG-
ed, and, therefore, but one controlling
cause can be assigned for these results.
Continuing, he said: Interest has de-
clined since 1872 in my part of the coun-
try from per cent per month to ana 3
per cent per annum. There is no denying
the fact that the gold bugs did that. The
South and West have saved more on the
decline on interest than they have lost
on the decline of wheat and cotton. In
terest is always low under an honest
standard, among an honeet people where
money is plentiful 1t is lower in Lon
don than anywhere eise on the globe.
Because her standard is stable and her
commercial integrity has been the care
of her statesmen and her people for ages
p1t"
Mr.. Aldredge charged that it is repu-
diation of debt aed not coinage that the
1sto-f man is after, and he said IN con
dusion: "Allow me, in conclusion, to
say that our country is in no danger of
liquidation. This 1s-to-1 coinage clamor
il but one of the manifestations of hard
times brought on by the late panic. On
low lands, in the nighttime, deadly
miasma accumulates, but when the
bright sun climbs over the hill tops and
shoots his purifying rays into the bot
tom, the miasma is dispelled. The
atmosphere is sweetened and made
wholesome, and men go forth to their
daily avocations with assurance oi
health. In spite of all the isms thai
have afii cted us, in spite of demagog
ism on the stump and in legislative halls
this country is rapidly advancing. Oul
factories are taxed to their utmost witt
orders and wages of their employs
have been everywhere yoluntaril,