Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-05-30

other time in the history of the world. |
The gold in use amounts to So 065.0OO0oO, |
the full legal tender silver to So, 435, 500 COO, |
aud the limited legal tender silver to |
S6l9900,000 The policy of maintaining, |
or rather attempting TO maintain, the so |
called double standard never succeeded III
keeping so large an amount OF full legal |
tender silver In circulation III the world as
there is at this time.
attach very little importance to the
per capita argument but il may be worth
while to state that the production of gold
alone in 1880, and it is much larger now,
was nearly two and half times greater
| to the average production 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 blocks Of money are
| much larger per capita than in the silver
| standard countries.
The secretary then reviewed at length
the arguments of his recent Covington
| speech on the question of national dis.
honesty in attempting to place depreci.
ated currency, &C., and in conclusion said
so far as the mere volume OF our currency
| is concerned, we have an ample supply for
| all necessary purposes, but under the
existing system it is not properly distrib-
| ued and is not sufficiently elastic to meet
| all the changing requirements of business
at different periods of the year.
Secretary Carlisle received an ovation,
before and after his splendid address.
THE PLATFORM AND RESOLUTIONS.
The committee on resolutions went
into session at the Gayoso Hotel, with
Judge Rose of Little Rock as chairman,
and when the convention reassembled,
at $50, il was presented with the fol-
lowing platform and resolutions:
/ ha of
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 voca.
tons of life, do, through their reprcsen-
tatives in convention assembled at Mem
phis, on May 23d, 1895, make the fol.
lowing declarations of their matured
convictions:
/. Believing uniform and certain
standard of value necessary to the agri-
cultural, commercial and industrial
development and prosperity of our com
mon country, we favor the maintenance
Of all our money, whether gold, silver
or paper, on parity, to the end that
each dollar, whatever may be its COM
position, shall have equal purchasing
and debt. paying power with every other
dollar.
, 2. Profitihg 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 discussion OF
the present day, we accept the truth of
the principle now universally recog'
> nized and applied in the commercial
world, that the bimetallic standard can.
D not be maintained where the ratio fixed
: by law for the free coinage of gold and
$ silver does not correspond with the
? market ratio of the two metals, and
= that wherever and whenever the legal OIL
: coinage ratio varies from the market oil
commercial ratio to any appreciable eX-
5 tent the dollar, whether of gold or silver
which thereby becomes more valuable
/. as bullion than as money, will go u {
q premium and retire from circulation. W.
y saw this principle applied in our owl
national experience, when under the &C
of 1902, which fixed the coinage ratio a
"a Is to /, gold retired from circulation be
q cause of q slight decline in the price o
n silver in the open market, whereby tn
IS bullion in gold dollar became worth
lie few cents more than the bullion in a sill
10 yer dollar, and was therefore sold as
- commodity, because it was worth NOR
n as bullion than as money, and again
d under the act of 1884, which fixed th
Q, ratio ut Is TO /, when the silver coin re
II tired for like reason. We are there
?. fore opposed to the free, unlimited an
is independent coinage Of silver at tn
Y ratio of is to when the market OF con
~ mercial ratio is more than 30 to l, an
"a the difference between the bullion valu
~ of a gold and silver dollar is about fit
cents, on the ground that such actor
instead of restoring the bimetallic stanc
10 ard, would inevitably result in sllye
lie monometallism.
IS, 8. At tins time there is no country
er the world which maintains the binetall
~ standard, and neither is there any cout
Nv try where the free coinage of silver oil
or tains which is not on a silver basi
lie Each country, on account of its inabilii
of to adopt independently any bimetall
SO standard, must elect for itself which
IT. prefers, the gold or the silver staEdar
he We, therefore, favor, in the absence
as international cooperation, the retentic
ed and maintenance Of the existing go
ny standard; because change from Il
ne gold 10 the silver standard would ha'
ir- the effect to repudiate all public al
private obligations to the extent OF Il
difference between the bullion value
.he the gold and silver dollars; becau
Ich Whenever such change should
I.e seriously threatened it would cause
,,,s immediate attempt at collection al
me liquidation of all debts, in anticipate
in. of the result it would produce; becau
i've such transition from the gold to
icy silver basis would destroy public a
ers private confidence, and would inVol
oy the country in such panic, confusi
and distress that the products of agrlc
ture and the wages OF labor would
ur- unremuneralive; the business OF co
inIo merce would become improbable a
If our people engaged in industrial oct
/ it nations would be thrown out of emplC
ere ment, because there is not a progress
the and enlightened country in tho wo
be which has not elected gold as the pref
IN able standard; because gold stands
Ihu ,s countries retain silver in their circu
! as ton on parity with gold whereas tn
is no silver standard country VIII
be does or can utilize gold as mon
t as because there is not silver country
and mo gIohe where the wages of labor
.hc sufficient to sustain the working elias
a ~, in comfort and independence, &
the finally because the high destiny of
for United States demands for the use
the American people that money VIII
ince experience has taught mankind to
gold the best suited for the promotion
NAY commerce, the development of ma
,ne,, features, the encouragement OF la
tion and the advancement of civilization.
for 4. We would rejoice over the adopt