Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-10-16
George N. Aldredge Discusses the
Coinage of Silver. :.
SINGLE STANDARD MEN It's FRIENDS
Cause of the General Decline of
Interest.
ENCOURAGING PROSP ECTS


days session of the American Bankers AS
ISOLATION was called to order this morning
by President Odell and the convention pro-
ceeded to business after prayer by the Rev.
]. W. Heidi.
Chairman E. w. Pullen read an extensive
report from the executive council in refer
ence to number of proposed changes in
the wording of the constitution. The ques-
ton of annual dues was referred back to
the council to be reported on tomorrow, md
the minor amendments suggested were
adopted.
1.-THE proposition that this government
should coin silver for the world in unlimited
amount at double it's market value is so Ie-
pugnant to the common sense of mankind"
said Mr.. George N. Aldredge to the conven-
ton, that it ought to be unnecessary to
discuss it; and it would be, but for the fact
that portion of our people have been mis-
led by appeals to their prejudice and by the
specious reasoning of sophists."
He pointed out that the leading nations of
the earth, after testing silver for hundreds
Of years, voluntarily adopted the single gold
standard, and that no nation today has the
silver standard from choice. The gold stand
ard advocates believe in gold as a standard
with. the largest possible safe use of silver
among the people.
The 16 to 1 dreamers believe in the so
called double standard, and we are driven
gold standard countries 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 bimetallists and the 16 to
l people are the monometallists. Hence
the battle that is to be fought to finish
next year Is whether We will remain under
gold standard. with actual bimetallism
circulating freely without discrimination
against either, or shall we have a SO called
double standard at the mints and nowhere
else, with silver recommendation in actual
use?
THE battle is between substance and
shadow. between those who want bimetal-
ism 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 its enemies who. by unlimited coinage,
would take from it the guaranty of parity
by the government and thereby degrade
has been and is now coming silver at the
ratio of 16 to l. 1t is enabled to do this
because under the law it can restrict the
amount coined, and being vested with this
control 1t undertakes to make every dollar
good money. The moment the govern
ment lcses control Of the coinage conf
dence. in its ability. to protect the money
issued is gone and a silver dollar then
rests on its merits, and is worth so cents"
In refutation Of the contention that gold
has appreciated and deprecated prices he
pointed out that no two articles have de-
clined at the same time or in the same de-
gree, nor has any article mentioned re-
manned uniformly depressed, and there
fore but one controlling cause can be as
signed for these results.
Continuing, he said: Interest has de-
chned since 1872 in my part Of the country
from per cent per month to and 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 de-
cline of wheat and cotton. Interest is al
ways low under an honest standard, among
an honest people, where money Is plentiful.
1t Is lower in London than any other spot
On the globe, because her standard is stable
and her commercial integrity has been the
care Of her statesmen and her people for
ages past"
Mr.. Aldredge charged that it is repudia-
tion of debt and not coinage that the 16 to
i man is after, and he said IN conclusion:
ALLOW me, in conclusion, to say that our
country is in no danger of reputation.
This IL to l coinage clamor is but one of
the manifestations of hard times, brought
on by the late panic. On low lands in the
night time a deadly miasma accumulates
but when the bright sun climbs over the
hill tops and shoots his purifying rays into
the bottom the ynasma is dispeled. The
atmosphere Is sweetened and made whole
some, and men go forth to their daily avo-
cations with assurance of health. In spite
of all the isms that have afflicted us, in
spite of demagogism on the stump and in
legislative halls, this country Is rapidly ad-
vancing. Our factories are taxed to their
utmost with orders. and wages of their
employees have been everywhere voluntarily
raised. Prices that have been depressed by
the panic are improving. Sinister discon-
tent, with all her imps, is fleeing before the
benign presence of prosperity, and in after
years the hereses of today will only be re-
membered as a troubled dream. The Amer
lean people are honest and patriotic. Upon
this rock we build our faith, and all the
ages and agencies of truth are ours for the