The herald., 1895-06-13
"HONEST MONEY" THE SLOGAN

Clent, almost cOeval with the Gem m cree
of civilization. The natural functions of
such money used in designating the price
and eifecting the transfer of comm odi-
ties do not depend wholly upon law.
have never so depended. but de pend also
upon usage and agreement. They have
no natural or necessary existence, the ar
tificial functions depending wholly upon
law. When an article is sold and deliv-
cred and the price paid and received this
is tlnality. but creates the need that
some measure shall be enacted by the
public providing for the payment of the
private note and OF the redemption OF the
public in coined money of the country.
According 10 the test OF enemies of
bimetallism, that the legal value of coined
money must beithe same as the CONNER
cial or bullion value OF metal in it, moth
ing could be more dishonest.
According TO that test there is not
and cannot be an honest dollar of either
traction OF the same; as for the nickel it
is viler thah the dime, and the hvnest
penny is banished forever.
According to this same test and rule
of coinage there is not an honest coin in
the treasury; there Is not piece OF
sound, safe money in the country.
The convention then completed its per.
manent organization by the election by
acclamation of f. B. Wade of Tennessee
to act as secretary.
Senator Jones of Arkansas moved the
appointment OF committee on resolu-
tions TO be composed OF one delegate from
each state represented.
The motion carried after it had been
amended at the suggestion Of Judge John
W. Tomlinson OF Birmingham, Ala, so
as TO provide that upon roll call each
state delegation should present the name
of member OF its delegation to act as
vice president OF the convention, and
M h.- - - ka
mittee of resolutions.
Alexander Delma- was elected vice
president 10 represent California.
The following committee on resolutions
was named; Senator James J. Jones Of
Arkansas Bankhead Of Alabama, Senator
Marion Butler Of North Carolina, Senator
William NJ. Stewart OF Nevaca. Senator
c. F. Cockrell OF Missouri. Charles 4.
Hartmann OF Montana, Sensio- !. Z.
George OF Mississipr; J. Il. Dup-ee OF
Louisiana. J. ?. Barton Of KENTUCKY,
Senator David Turpio OF Indiana. 7. Al
OF Colorado, Ex-Governor L. s. Prince II
New Mexico, Alexander Delnsr Of Cali
fornia, L. {. Trea6vsv Of Virginia :. Z.
Watson of Texas I. ". C2-msck Of Ten
nessee, B. L. Tiimsn Of South Carolina,
J. c. sib!ey OF Pennsylvania, William J.
Ohio and Senator Harris 81 large.
=
explaining that a nuubs, OF western
and northwestern states bac i2llsd 1o re-
spond TO the roll call. said that but few
weeks ago that the representatives ot
every one OF these states hsd attended
silver convention al Salt Lake City 81
which q com nitiee had been appointed
to represent them collec-ivly ST the Mem
phis convention. The absence OF dele
gates from the individual states should
not be construed 70 indicate any LACK Of
interest in the free silver moveue eut or OF
sympathy with the Memphis convention.
The south and west are hand in hand
in this convention and must stand to-
gether.
A Ca.ifornisn's Argument
The next speaker was Alexander De-
mar, the well known writer or the coin
age question and a me N Der Of the silver
commission of 1876. Mr.. Delmar said:
Hon. Alexander Delmar was formerly
director Of the bureau OF statistics, III IN
ing comm missioner TO the monetary COM
mission OF 1876, and author OF A History
OF Monetary Systems in the Various
States of the World. He spoke as follows:
"Mr. Chairman: Amidst the conflict.
of monetary theories, doctrines and as
sumptions which divide the Am erican
people, nay, the entire civilized world,
l can discern but single principle upon
which all parties unite, and that is stabil-
that monetary system, if it is to be just
and equitable in the operation, should
be stable. 1t should afford reasonable
assurance 10 the buyer, the seller, the
debtor, the creditor, the producer, the
consumer, the annuitant, the pensioner
and sthe wage Garner, SO that it will
work no essential, no violent, no revolu-
tlonary use or fall of prices; SO that men
may buy and sell, contract, undertake
and plan for the future upon q more or
less assured and enduring basis.
1T is because | am profoundly con-
vinced that any system OF money which
does not point TO substantial stability of
prices is destined to speedy overthrow,
that | stand here today to support the
demand for the Iestora ton OF ancient
coinage laws OF the republic.
"At no time in the history OF the world
have such enormous, such inequitable,
such widespread disturbances OF prices,
such unforseeable anu undeserved change
of opportunity and fortune occurred, as
have occurred since the evil day now
some thirty years ago-when the coinage
of silver began to be checked throughout
the civilized world.
1.-The fact, which nobody has ques-
toned, that more than half of the com
bined circulation OF all the states OF the
occdent consists of legal tender paper
notes; the fact which all admit that over
50 per cent OF all the exchanges OF the
world are transacted not with money!
whether OF metal or OF paper, but with
mere orders tor money such as checks and
bills of exchange. These facts, together
with others, prove that metallic coin,
though made of both silver and gold are
quite inadequate to Justly measure the
parity OF exchanges, So that the coin has
to be eked out not only with paper
money, but also and still more largely
with orders and promises OF money,
which being limited in circulation 10 one
or two persons, and slow Of III ovement at
that, have to he continually drawn, de-
stroyed and redrawn. In short, the
growth of commerce during this century
OF steam and electricity has been SO
enormous that the equity of exchanges
has come to rest chiefly upo,. paper
money and private orders for paper
money, the latter affecting to be ex-
changeable or promising to be exchanged
on demand for coins OF gold or Of silver.
Concerning the history of the dc
monetization Of silver, | am here to un-
fold it to you because in it is contained
the refutation OF those false and traitor
Gus cries of 'uninterested motives dis
honest money and the like, with which
the friends of restoration have been as
sailed.''
'The monetary commits ssion ,of 1876.
with which | was connected. reported
that the acts OF 1873 were one OF them
posed surrepttiously and the other upon
false representations. This has since
been denied. | am going to show you
not only that the commission was right.
but that these acts were the issue of
E,uOTnanp iptripup