Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-06-28
SILVER IN THE SOUTH
RESOLUTIONS OF THE MEMPHIS
CONVENTION.
4 Firm Declaration for lIi.MetaI-
liSm-lirandest Mass Meeting Ever
Held in the SOuth-A National
Convention Suggested.

South, il not the most important that
has taken place anywhere in the
United States during this century,
held lately in Memphis, adjourned
after two days of harmonious, enthus-
iastic work. Neither sibley's third
party, nor the Populist organization
was endorsed. The resolutions COM
nit the friends of bimetallism to no
one party; but the provision for the
appointment of national committee
with the power to call national con-
ference whenever the cause OF bi-
metallism can be advanced thereby
is sufficient indication that the dele
gates do not propose to be hemmed in
by party lines unless substantial re-
suits can be gained by remaining in
the old organizations.
The resolutions which we're adopted
with tremendous cheers, are as fol.
lows:
Silver and gold in all ages con-
stituted the money OF the world, were
the money OF the fathers Of the Re.
public, the money of history and of
the constitution. The Universal ex-
perience of mankind has demonstrated
that the joint use OF silver and gold as
one money constituted the most
stable standard OF values, and that the
full amount of both metals is neces.
sary as a medium of exchange. There
is no health or soundness in financial
system under which boarded dollar is
productive OF increase to its possessors,
while circulating dollar yields con-
stantly diminishing return, and under
which fortunes are made by the accre-
tions OF idle capital or destroyed by the
persistent fall in the price of commod-
tiles and persistent swindling in the
margin OF profits in almost every
branch Of useful industry. Such
system is premium upon sloth and q
penalty upon industry, and such a
system is that which the criminal leg
islation of 1873 has imposed upon this
country.
The bimetallists' standard OF silver
and gold has behind it the experience
which has been tested and approved by
an enlightened and deliberate decree
of mankind. The gold standard is a
departure from the established policy
OF the cililized world, with nothing to
commend it but twenty-five years Of
depression and disaster to the people
and the extraordinary accumulation
OF wealth in the hands Of few. The
very year that marked the change
from the bimetallic to the single gold
standard is the very year that marked
the changing condition from q rising
price to condition of falling prices,
diminishing profits, insecurity OF in
vestment, unemployed labor and
heavy depression in all branches of
trade and industry.
1t is not a matter of dispute that
general prosperity come to an end
with the destruction of the bimetallic
system. Every international none
tary conference that has been called
is a confession that the demonetiza-
of silver was blunder if not crime /;
that its consequences have been dis
astrous, and that the conditions that
it has wrought are full of menace and
OF peril.
There can be no restoration of pros
perity until the great cause has been
removed by complete restoration OF
silver to its proper place as a money
metal. And only through practical
operation of bimetallism can the
standard OF value be secured. The ef-
feet of gold monometallism is to es-
tablish one standard for the creditor
and another for the debtor, and there
can be no more dishonest monetary
system than that which gives short
measure to the borrower and long
measure to the lender. From the
earliest period of our history up to
1873 the right OF the debtor to choose
whether he should pay his debts in
silver or gold coin was always recog-
nized. The subsequent policy has
been to transfer the right to the
creditor, thus tending to constantly
increase the value OF the dearer metal
and destroy the parity between them.
Believing it is absolutely necessary
to reverse this iniquitous and ruinous
policy we, therefore, resolve that we
favor the immediate restoration oi
silver to its former place as q full legal
tender standard money equal with
gold, and free and unlimited coinage
OF silver and gold at ratio OF 16 to l.
and upon terms of exact equality.
That while we should welcome the
cooperation OF other nations, we be-
lieve the United States should moi
wait the pleasure of foreign govern
ments or the consent of foreign credi
tors, but should themselves proceed
to reverse the present process that ii
destroying the prosperity OF the
people, and should lead by their *
ample the nations of the earth.
The right to regulate its own none
tary system in the interests OF its OWL
people is the right which no free gov
eminent can barter, sell or surrender
No creditor or claimant can set up ,
right that can take precedence over I
nations obligations to promote tn
welfare of the masses Of its own peo
pie. This is . debt higher and NOR
binding than all other debts and on