The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-24

,'"Pp''h'uh, iur thOy VIII Hnu, Wuou II
Is TOO late, that instead OF having moro
money thoy will have less, and that It
Will DO doprcciatcd In yalns besides.
Tho introduction into tho currcnoy Of
tho country OF any kind OF money about
which there Ia tho loRst doubt will al.
ways operate to drive out tho samo
amount or about tho eamo Of better
monoy and thus lcavo tho people with
ABOUT tho same volume OF currency
thoy had at tho beginning. FREQ coin.
agO would absolutely glyo IL. n depro.
ciatod aud tluctuating currency, and tho
question 10 whether tho producers Of
oSporta6le articles will 30 benefited by
such result.
Tho character oivaluo OF tho currency
IN uso In tho producing country does
not affect tho price OF tho article abroad
TO any cxtent whatever. but II our
monetary systom wore 40 changed that
II would require two dollars to purchaso
here what oue dollar will purchase now,
tho exchange with foreign countries
would be double. whllo tho foreigner
would pay only half as much In his
money for the same number OF dollars
as no pays now.
HISTORY REVIEWED.
Wages were nearly 81 per cent higher
than In 1850, which was thirteen yoars
before tho silver legislation, and moro
than s per cent higher than in 1873,
when that legislation was adopted.
Tho argumont tina. tho reduction OF
prices 10 due to tho appreciation Of
gold, and that the legislation IN regard
10 silver ha, produced scarcity OF re-.
dompuon Of metallic money IN tho
world, aro both asium p,ions not jusli.
hod By tho faca. Exhaustive inq quir!es
to ascertain the actual amount OF gold
and silver used rs money in tho world
shows that there 10 now more gold and
silver In the aggregate, and moro Of
each one oil them iu use as full legal
tender money than ever at any other
time In the history ol tho world.
la,tach very ittle Importance to the
per cspita argument, but il Elay be
worth while to state that the produc-
ton OF gold alone in 1890, and 1t is much
larger now, was nearly two and half
times greater than tho average pro-
duction annually OF gold and silver both
during the decade which closed with
the year 1900. Furthermore, official
statistics show that in the gold standard
countries the stocks Of money are much
larger per capita than in tho silver
standard coun.rieJ.
The secretary then reviewed at length
tho argument Of his recent Covingtou
anaarh On tlo ps,au,ion ~ pono,,I bia.
honesty IN attempting to place n do.
preciated currency, etc, and in conclu-
sion said so far q. the mere volume OF
our currency ia concerned. We have an
ample supply for all necessary pur.
poses. but under the existing system it
is not properly distributed and is not
sufficiently elastic 10 meet allthe chang.
Ing requirements OF business at diffcr-
ent periods Of the year. The United
States shouldgo entirely outofthe bank.
ing business by the withdrawal Of its
arbitrary and compulsory issues OF no.eI
and afford the people an opportunity 10
supply their own currency based upon
their means and credit. thus enabling
every community 10 utilize its resources
when necessary and adjust the circula.
iion from time to time to the actual de-
maud OF legitimate commerce.
At the conclusion OF Secretary Car.
isles addsoss rhere was another noisy
demonstration. followed by cries for
Congressman Patterson, OF Memphis.
The Congressman acknowledged the
compliment, and OH his motion the
convention adjourned until o'clock
this evening.
When tho evening session convened
the committee on resolutions reported
the following declaration OF prinaplos !:
THE REVOLUTIONS.
The people OF the southern state, who
believe the maintenance OF sound and
stable currency TO be essential to the
prosperity OF the whole country and the
welfare OF the people in all the voca.
tions Of lie. do, through their repre-
sentatives in convention assembled at
Memphis, on May %, 1895, make the
following declaration Of their matured
convictions:
First-Belicving a uniform and GER.
tain standard ot value necessary to the
agricultural, com mercial and industrial
development and prosperity Of our com.
mon country, wo favor tho maintenance
OF all our money, whether gold, silver
or paper. on parity. 10 the end that
each dollar. whatever may be its com.
position, shall have equal purchasing
and dobt.pay!ng power with every
other dollar.
Second-Proliting by the experience
OF Washington, Jefferson and Hamilton
and the teachings OF the great students
OF monetary scieuce from tho timo when
John Locke wrote, 10 tho discussion OF
tho prcsons day, VIC accept tho truth OF
tho principle now universally recog-
nized and applied in the commercial
world. that Tho bmctallic standard can.
not be main Gained whero the ratio fixed
by law 70. the free coinage OF gold and
silver does not correspond with tho
market ratio Of tho two metals; and that
wherever and whenever tho loyal or
coinage ratio varies from tho market or
commercial ratio 10 any apprcciaDle OK
tent, the dollar, whether gold or silver,
which thereby becomes more valuable
as bullion than as money, will 60 TO n
premium and retire from circulation.
We saw thi, principle applied in our
own national experience when, under
the act OF 1902. which fixed the coinage
ratio at 10 to ], gold retired from ciscu-
ation because oil Blighs decline In tho
pticr OF silver In the open market,
whereby tho bullion in gold dollar boz
came worth few centa moro than tho
bullion in silver dollar, and was thcrc-
iorc sold as commodity because it was
worth more as bullion than as money,
and again Under the act OF 1891. which