Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-05-24

4 standard OF value necessary % the agri.
| cultural, commercial and Industrial de-
| velopment and prosperity OF our common
country, we favor the maintenance OF ali
our money. whether gold. silver, or paper.
on a parity. to tina end that each dollar.
! whatever may be it's composition, shall
have equal purchasing and debt-paying
power with every other dollar
"(0. Prohting by the experience OF
Washington, Jefferson. and Hamilton.
and the teachings or the great students
| of monetary science from the time when
John Locke wrote to the discussion OF
the present day. we accept the principle
now universally recognized and applied In
the commercial world that the bimetallio
| standard cannot be maintained. where the
| ratio fixed by law for the free coinage
| of gold and silver does not correspond
with the market value OF the two metals.
And wherever or whenever the legal coin
age ratio varies from the market or
| commercial ratio 20 any appreciate ex-
tent, the dollar, whether OF gold or silver
which thereby becomes more valuable as
bullion than as money will go TO pre-
MUM and retire from circulation.
1--WE saw this principle applied In our
own national experience, when, under the
law of 1872 which fixed the coinage-ratis
at Is 20 /. gold retired from circulation
because Of a slight decline IN the price
OF silver IN the open market. whereby
the bullion I'm a gold dollar became worth
few cents more than the bullion In a
silver dollar. and was, therefore, sold as
a commodity because II was worth more
as bullion than as money. and when,
under the act OF 1894. which fixed the
ratio az rs TO J, the silver coin retired for
a like reason. We are. therefore, OPP
posed 20 the free. unlimited, and inde-
pendent coinage OF silver az the ratio
Of ie 20 /, when the market or commercial
ratio Is more than 30 60 I, and the dif-
ference between the bullion value OF a
gold and a silver dollar Is about 20 cents,
on the ground that such action. Instead
Of restoring the bimetalic standard,
would inevitably result In silver mono
metallism.
g. At this time there Is no country
I'm the world which maintains the bime-
talllc standard, and neither Is there any
country where the free coinage OF silver
obtains which Is not on a silver basis.
Each country. on account OF It's inability
to adopt independently any bimetallic
standard, must elect for itself which II
prefers, the gold or the silver standard.
We. therefore, favor, in the absence OF
international cooperation. the retention
and maintenance Of the existing gold
standard. because change from the gold
10 the silver standard would have the ef-
feet TO repudiate all public and private
obligations TO the extent OF the dir
ference between the bullion value OF the
gold and silver dollars; because, whenever
such condition should be seriously threat
ened, Il would cause an imme-
date attempt at "a collection and
liquidation OF all debts In anti
cpatlon OF the result It would produce:
because such transition from the gold
TO the silver basis would destroy public
and private confidence, and would In
volve the country In such panic. confu-
sion. and distress that the products OF
agriculture and the wages OF labor would
be unrenumerative; the business OF COM
merce would become Improbable, and
our people engaged in industrial 0ccupa-
tons would be thrown out OF employ
ment; because there Is not a privileged
and enlightened country In the world
which has not elected gold as the pre-
ferable standard; because gold standard
countries retain silver in their circula-
ton on a parity with gold whereas. there
H. no siVer-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 sufficient TO sustain
the working classes I'm comfort and in
dependence. and. finally because the
high destiny OF the United States de-
mands for the use Of the American people
that money which experience has taught
mankind 10 be the best suited for the
promotion Of commerce. the development
Of manufactures. the announcement OF
labor and the advancement of civilization.
-. We would rejoice oven tho adoption
of real bimetallism but in view OF the
continued fluctuations of the price OF ell
yer In the open market We realize that
II Is impossible FOR the United States
independently to adopt blmetallic stand
ard; and we deem IL unwise and hazard
Gus to the best interests OF It's people
for this country TO attempt its establish
ment. but we favor the policy OF this
couBtry's standing In the attitude OF
readiness az all times to cooperate with
| the other powers In any effort they may
| inauguFate looking to the adoption OF true
| bimetalllsm."
After the adoption OF the resolutions
the convention adjourned sine die.