Middlebury register. (Middlebury, Vt.) 1886-1937, 1895-06-28
THE MEMPHIS CONVENTION
nm nae nEsolurloNs lT ApoPTEO.

adopted as reported in the Memphis
Commercml-Appeal
Silver and gold coin have in all ages
constituted the money of the world
were the money Of the fathers OF the re-
public, the money of history land oil the
constitution.
The universal experience of mankind
has demonstrated that the joint use OF
both silver and gold coin as one money
constitutes the most stable standard OF
value, and that the full amount OF bOth
metals is necessary as Il medium OF eN-
change.
The decentralization of either of these
historic money metals means an appre-
citation from the value of money, fall
in prices of commodities, dimlnutlOh
of the profits of legitimate business;
continuing increase in the burden OF
debts withdrawal of money from the
channels of trade and industry where 1t
no longer yields safe and sure return
and its idle accumulation in the banks
and in the great money centers of the
country.
There is no health or soundness in
financial system under which a boarded
dollar is productive of Increase to its
possessor while an invested dollar
yields a constantly diminishing return,
and under which fortunes are made by
the accretions of idle capital or destroy
ed by persistent fall in the price of
commodities and persistent dwindling
in the margin of profits in almost every
branch of useful industry. Such
system is a premium upon sloth ana
penalty upon industry. and such sys-
tenn is that which the criminal legisla-
ton of 1873 has imposed upon this
country.
The blmetallc standard of silver and
gold has behind it the experience of ages.
and has been tested and approved by the
enlightened and deliberate Judgment of
mankind. The gold standard is a de-
parture from the established policy of
the civilized world, with nothing to COM
mend it but twenty-five years of depres-
sion and disaster to the people and eX-
traOrdinary accumulation of wealth in
the hands of the few.
There are some facts bearing upon
this question recognized and admitted
by all candid men, whether advocates of
bimetallsm or of the single gold stand
ard Among these is the fact that the
very year that marked the cnange from
the bimetallc to the single gold stand
ard is the very year that marked the
change from a condition of rising prices,
l"l x PlOi'S' NN"Ni" a
great prosperity 10 cohoitlon ol IaIllIg
prices. diminishing profits, insecurity of
investments, unemployed labor and a
heavy depression in all branches of trade
and industry. 1t is not a matter of dis
pute, even among the honest advocates
of the gold standard. that general pros
peritv came to an end with the destruc-
ton OF the Dlmetalllc SYSTEM anu thal
nara times, ialllhS prices rule NoIhiuS
men ana WlueSpreau uepIessloh CANT III
WIN the golu stahuaIu anu pitN"ils w.
Gay Wherever the golu stahuaru mas peeh
adopted.
Every lnternatohai monetary conler
ence that mas been calleu' every ueihahu
Ill tIlls country anu III EUROPE loi an Ili'el-
national agreelneliI 10 re-es'aollsi ,he
olhetalilc siahuaru Is cohlesslon IilaU
the aemone'lzatloh oI SILVER was Jun
uer IL not crilne' ma Us Consequences
nave Deeh disastrous anu 'hal Tue con.
ultiohs that II mas wrought are luil Vi
menace ana OF peril
Inc logic OF lacts estapllslles oeyohu
lntellgeht question that the obstruction
OF silver as PRIMARY ihouey ny cou-
splracy Oh selHsn interests Is me causc vi
tne widespread oppression anu suffering
dnaC began Win the Roiu staluaru'
Ihere can De no restoration Oh prosperl-
W. no permanent reiiel from prevailihg
cohul'lohs' uiith the greaV cause mas
peeli removed oy compete restoration
OF silver TO us proper place as money
metal equal WIN goiu' we ptlPVe III
money OF staole value we oelieNe' leasl
OF all In an approaching STANDARDS 1t Is
only through the practlcal operation Oh
Dlmetalllsm that suaole standard OF
value can De secured standard con-
stltuted OF money constantly increasing
the value Is not sound IA single nor "A
stable standard. Dut constantly chahg-
ing standard Inc erect Oh gold mono
metaillsm Is TO eslaDIlsh one standard
lot the creuitor ana announcer ior me
debtor ana there can be no more as
honest monetary system IMAM that Which
gives snort measure TO the borrower ana
long measure TO the lender, nder the
policy prevailing prior 10 1919 there can
be NO violent change IN the relative
value OF the two metals Tor rise III
value OF one metal Is couhteracted by
decreased demand and fall IN value by
l.