The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-24

Wnelner 1t be gold and silver COINS, OF
paper based upon them, equal in pur-
chasing power, so that no discrimina
ton will or can be made between
those who receive silver or paper anc
those who receive gold. A great gov
eminent should do nothing to discredit
its own obligations or diminish the
value of the money in the hands OF
its citizens, nor should the people of q
great country ever consent to the
adoption of a policy, through expert
mental financial legislation or other.
wise, which would vitiate the oblga-
tons of their contracts, interrupt the
regular course of their business and
destroy the foundations upon which
their industrial and commercial sys-
TENS have been constructed.
There can be no antagonistic inter
est, no prosperity in one section of ouI
country at the expense of another, but
we must all stand or fall together.
So believing, l have spoken to you to-
day without reservation or eXaggera-
ton in behalf of that policy which, in
my judgment, will most certainly pro-
mote the welfare and preserve the
credit and honor of our whole country.
AT the conclusion of Secretary Car
isles address there was another noisy
demonstration, followed by cries for
Congressman Patterson, of Memphis
The congressman acknowledged the
compliment, congratulating the audi
ence on the opportunity they had en-
joyed to hear the able address of the
secretary of the treasury, and thank
ing the distinguished guest for the
favor he had conferred upon the gath
ering.
On motion of Congressman Patter-
son the convention adjourned until 8
O'Clock this evening.
When the convention reassembled at 8
p. m. Judge H. H. Rose, chairman of the
resolutions committee, presented the fol-
| lowing report, which was unanimously
adopted without debate:
The Platform.
The people of the southern states who
believe the maintenance of a sound and
stable currency TO be essential to the
prosperity of the whole country and the
welfare of the people in all the vocationS
OF life, do, through their representatives
IN convention assembled at Memphis, on
May e, 1895, make the following declara-
| ton OF their matured convictions:
! F1rst.-Believing uniform and certain
standard of value necessary to the agri-
cultural, commercial and Industrial de-
VeIopment and prosperity of our common
country, we favor the maintenance of all
money whether gold, silver or paper, on
a parity to the end that each dollar,
| whatever may be its composition, shall
have equal purchasing and debt paying
power with every other dollar.
Second-Protiting by the experience of
the teachings CT the great students of
monetary science from the time when
John Locke wrote, to the discussion of the
present day, we accept the truth OF the
principle now universally recognized and
applied in the whole world, that q BIZ
metallic standard cannot be maintained,
where the ratio fixed by law for the coin
age of gold and silver does not respond
with the market rate of the two metals;
and that wherever and whenever the
legal or coinage ratio varies from the
market or commercial ratio to any ap-
probable extent, the dollar, whether Of
gold or silver, which thereby becomes
will so to a premium and retire from
circulation. We saw this principle APP
Piled IN our own national experience
when, under the act of 1892, which fixed
the coinage ratio at Is to 1, gold retired
from circulation because of q slight de-
cline in the price of silver in the open
dollar became worth few cents more
than the bullion in a silver dollar, and
was, therefore, sold as a commodity be-
cause 1t was worth more as bullion than
as money, and again under the act Of
1854, which fixed the ratio at Is to !, when
the silver coin retired for a like reason.
unlimited and independent coinage Of
silver at the ratio of 16 to l, when the
market or the commercial ratio is more
than thirty to one and the difference be-
tween the bullion value of a gold and a
silver dollar is about fifty cents, on the
ground that such action, instead of re-
eVitably result in silver monometallism-
No Silver Basis.
Third.-At this time there is no country
in the world which maintains the bimetal-
lie standard and neither is there any
country where the tree coinage of silver
Zach 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 in
ternational cooperation, the retention and
maintenance Of the existing gold stand |
TO the silver standard would have the |
effect to repudidte all public and private |
obligations to the extent of the difference !
between the bullion value of the gold /
and silver dollar.
Because whenever such change should |
be seriously threatened it would cause an |
quotation of all debts in anticipation OF |
the result it would produce.
Because such transition from the gold |
to the silver basis would destroy public
and private confidence and would involve
the country in panic, confusion and dis
tress; that the products of agriculture
neratiVe; the business of commerce would
become Improbable, and our people en-
gagged in industrial occupations would be
thrown out of employment.
Because there is not a progressive. an
enlightened country in the world which
has not elected gold as the preferable
Because gold standard countries retain
silver in their circulation on parity with
gold, whereas there is no silver 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 in
comfort and independence; and, finally,
Because the high destiny of the United
States demands for the use of the Ameri-
can people that money which experience
has taught mankind to be the best suit
development of manufactures, the encour-
agement of labor and the advancement of
civilization.
Can't Go 1t Alone.
Fourth-We would rejoice over the adop-
ton 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 in
to adopt bimetallic stand
ard, and we deem it unWise and hazard
Gus to the best interests of its people for
this country TO attempt its establishment
We favor the policy of this country
standing in the attitude of readiness at
all times to cooperate with the other
powers in any effort they may inauSurate
looking to the adoption of true bimetaI-
lism, but in the meantime and until sue
ceSSful operation is insured, to maintain
inviolate its existing standard of value.
Use of Silver.
Fifth-We favor the retention as part
in order TO give wider field for the use
of silver We favor the funding of all
money other than silver and sill
yer certificates below the denom-
nations of ten dollars into higher
so as to make our entire
rircula tiOn below fha 0enOminatiOn Of Ten |