Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-05-29
Resolutions of the Memphis Convention

Resolutions of the Memphis Convention
The following is the report of the
resolutions adopted by the Sound
Money Convention at Memphis. Nav
%. 1895:
At the night session of the conven
ton the following platform was adopt
ed:
1.-THE people of the Southern States
who believe the maintenance of q
sound and stable currency to be essen
tial to the prosperity of the whole
country and welfare of the people in
all the vocations of life, do, through
their representatives in convention as
sembled at Memphis on May 90, 1895,
make the following declaration of their
mature convictions
81. Believing a uniform and certain
standard of value necessary to the
agricultural, commercial and industrial
development and prosperity of our
common country, we favor the main
tenance of all our money, whether
gold, silver or paper, on a parity to the
end that each dollar, whatever may be
it's composition, shall have equal pur
chasing and debt-paying power with
every other dollar.
80. Profiting by the experience of
Washington, Jefferson and Hamilton
and the teachings of the great students
of monetary science from the time
when John Locke wrote to the discus
sion of the present day, we accept the
truth of the principle now universally
recognized and applied in the CONNER
cial world that the bimetallic standard
cannot be maintained where the ratio
fixed by law for the free coinage Of
gold and silver does not correspondent
with the market ratio of the two
metals, and that wherever and when
ever the legal or coinage ratio varies
from the market or commercial ratio
to any appreciable extent the dollar,
whether of gold or silver, which there
by becomes more valuable as bullion
than as money will go to premium
and retire from circulation. We saw
this principle applied in our own ma
tional experience, when, under the act
of 1899, which fixed the coinage ratio
at Is to 1, gold retired from circulation
because of slight decline in the price
of silver in the open market. whereby
the bullion in a gold dollar became
worth few cents more than the bull
lion in silver dollar, and was there
fore 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 16 to 1,
when the silver coin retired for like
reason. We are, therefore, opposed to
the free, unlimited and Independent
coinage of silver at the rate of 16 to l.,
when the market or commercial ratio
is more than 80 to /, and the difference
between the bullion value of a gold
and silver dollar is about 80 cents, on
the ground that such action, instead of
restoring the bimetallic standard,
would inevitably result in silver mono
metallism.
CANNOT HAVE A DOUBLE STANDARD.
''3. At this time there is no country
in the world which maintains a BIZ
metallic standard, and neither is there
any country where the free coinage
of silver obtains which is not on a sill
yer basis. Each country, on account
of its inability to adopt Independently
any bimetallic standard, must elect for
itself which it prefers, the gold or the
silver standard. We therefore favor,
in the absence of international cooper
alton, the retention and maintenance
of the existing gold standard, because
a change from the gold to the silver
standard would have the effect to re-
pudiate all public and private obliga-
tions to the extent of the difference be-
tween the bullion value of the gold
and silver dollar, because whenever
such change should be seriously threat
ened it would cause an immediate at
tempt at collection and liquidation
of all debts in anticipation of the re
suit it would produce, because such
transition from the gold to the silver
basis would destroy public and private
confidence and would involve the coun-
try in such confusion and distrust that
the products of agriculture and the
wages of labor would be unremunera-
tive, the business of commerce would
become Improbable and our people
engaged in industrial occupations
would be thrown out of employment;
because there is not progressive, an
enlightened country in the world
cradle standard; because gold-stand
culation on parity with gold where
as there is 20 silver-standard country
which can utilize gold as money; be-
cause there is not silver country on
the globe where the wages of labor are
sufficient TO sustain the working classes
in comfort and independence; and f.
nally because the high destiny of the
United States demands for the use of
the American people that money
which experience has taught mankind
to be best suited for commerce, the
development of manufactures, the en-
coura cement of labor and the advance
ment of civilization.
READY TO CO OPERATE WITH OTHER
NATIONS.
~. We would rejoice over the adop-
tion of real bimetallism, but in view of
the continued fluctuations in the price
of silver in the open market we realize
that it is impossible for the United
States independently to adopt a bime
tallic standard, and we deem it unwise
and hazardous to the best interests Of
its people for this country to attempt
it's establishment. We favor the pol
icy of this country standing in the at
titude of readiness at all times to CO.
operate with the other powers in any
effort they may inaugurate looking to
the adoption of true bi:netalism, but
in the meantime, and until successful
co operation is assured. to maintain
inviolate its existing standard of value
rs We favor the retention as y art of
our money the silver now coined, and
in order to give a wider field for the
use of silver we favor the conversion
of money other than silver and silver
certificates below the denomination of
of $40 into higher denominations, SO as
to make our entire circulation below
the denomination of $40 either silver
CT silver certificates, 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 demand of COM
merce for money below the denomina
ton of $40 is at all times satisfied
Sc We realize that our national
banking system was adopted during a
time of war, and that it is not adapted
to existing conditions. We. there
fore, favor such legislation as will Sc
cure to the people a system of banking
surrounded by such safe guards as will
at all times furnish them a safe, elastic
and sufficient currency for the transac-
ton of their business.
81. We cannot too highly commend
the unfiagging courage and sturdy
patriotism of President Cleveland in
his efforts to protect the national
honor and to maintain the public credit
during period of great financial dis