The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1895-06-14
SILVERITES IN SESSION
CONGRESSMAN MONEY DECLARES
HE Is A TRUE WHITE METAL lLAN.

There Was UprOariOus Applause When
Senator Jones Read the Resolutions
Which Were Adopted without Dis
sendng VOte-tree and Unlimited Coin
age Favored-SeveraI Speeches Were
Made.
Memphis, Tenn, June 1S.-In his speech
at the convention of the silverites to-
day Congressman H. D. Money of Mis-
souri, followed Senator Stewart. In his
first words he repudiated the abolition
of party lines. He said
Il am here silver man from the
crown of my head to the soles of my
feet and 1 am democrat all over. We
find that the last congress failed to re-
deem its promises to the people. I'm
fortunately there were many members
of congress who preferred the public
patronage which the administration
was able to give in keeping their prom
ises to their constituents. I believe the
party able to settle the money question
for itself without going outside"
Congressman John Allen followed.
He said that he took his stand on the
side of the people and of labor. He
did not favor the idea Of deserting the
democratic party. He believed that the
safety Of the country lay with the par
ty The party was going to put on
new captains and new pilots and was
going to sail to victory The party
in its platform was going to declare for
the free and unlimited coinage of sill
yer. He knew the money interests
were against the silver men, but he
hoped the people would not let Grover
Cleveland have a corner on all the
backbone in the country and would let
him know the people would no longer
consent to be bullied.
AT the beginning of the afternoon ses-
sion Secretary Wade announced that
letters indorsing the work of the con-
yention had been received from Sena-
tors Morgan of Alabama, Jones of Ne
vada Pugh of Alabama and Walthall
of Mississippi.
There was uproarious applause when
Senator Jones of Arkansas arose to read
the report of the committee on resolu-
tions. 1t was adopted without dissent.
The resolutions say:
Silver and gold coin have in all ages
constituted the money of the world,
were the money of the fathers of the
republic, the money of history. The
demonstrated that the joint use of both
gold and silver coin as money constitutes
the most stable standard of value, and
that the full amount of both metals is
necessary as a medium of exchange |
The demonetization of either of these |
metals means an appreciation In the |
value of money, fall in the prices of |
commodities, diminution of profits of
70 n fl1slV fFql Of
money from the channels of trade and |
industry; it mo longer yields a safe and |
sure return and its idle accumulation
in the banks and great money centers. |
There is no health in financial system |
under which a boarded dollar is pro-
ductive of increase to its possessor, |
while an invested dollar yields a con-
stantly diminishing return and under |
which fortunes are made by the accre-
tions of idle capital or destroyed by
persistent fall in the price of commodi-
ties and a persistent dwindling in the
margin Of profits in almost every branch
of useful industry. Such a system is a
premium on sloth and such a system is
that which the criminal legislation of
1873 has imposed on the country. The
bimetallic standard of silver and gold
has behind it the experience of ages
and has been tested and approved by
the enlightened and deliberate judg-
ment of mankind. The gold standard
is a departure from the established pol
icy of the civilized world with nothing
to commend it but twenty years of de-
preston and disaster to the people and
extraordinary accumulation of wealth
in the hands Of a few.
The resolutions state that the year
that marked the change from the BIZ
metallic to the single gold standard is
the year that marked the change from
4 condition Of rising prices, large prof
ts, general contentment and great pros
perity to a condition of falling prices,
profits, Insecurity of invest {
nent, unemployed labor and a heavy de-
preston in all branches of trade and ,
industry.
They claim that 1t is not a matter of !
dispute that general prosperity came to c
In end with the destruction of the bi !
metallic system and that hard times,
alling prices, idle workingmen and g
depreciation came in with 2
he gold standard and prevail to-day /
wherever the gold standard has been
tdopted The resolutions assert that | t
very International monetary confer a
nee that has been called, every de- e
nand for an international agreement f
o re-establish the bimetallic standard a
{ a, confession that the demonetization d
f the system was a blunder if not a
rine, that it's consequences have been F
disastrous and the conditions that 1t e
las wrought are full of menace and n
eril.
They claim that it is only through
he practical operation of bimetallism
hat stable standard value can be Sc
ured; declare that the effect of gold
is to establish one | u
tandard for the creditor and one for F
he debtor, and say there can be no a
1ore dishonest monetary system than =
hat which gives short measure to the
orrower and long measm to the p
ender. s'
The resolutions, therefore, favored the q
rec and unlimited coinage of both sill
rer and gold at a ratio Of 16 to / and p
pom terms of exact equality and ex-
ress the belief that the United States
hould not wait the pleasure of foreign |