The San Francisco call., 1895-05-24

consent to the adoption of policy, through
experimental financial legislation or other
wise, which would vitiate the obligations of
their contracts, interrupt the regular course of
their business and destroy the foundations
upon which their industrial and commercial
systems have been constructed.
There can be no antagonistic interest no
prosperity in one section of our country at the
expense of another, but we must all stand or
fall together. So believing, I have spoken to
you to-day without reservation or exagger-
alton in behalf of that policy which, in my
judgment, will most certainly promote the
welfare and preserve the credit and honor of
our whole country.
At the conclusion of Secretary Carlisle's
address there was another noisy demon
stration, followed by cries for Congress
man Patterson of Memphis. The
Congressman acknowledged the compli-
ment. congratulating the audience on the
opportunity they had enjoyed to hear the
able address of the Secretary of the Treas
ury and thanking the distinguished guest
for the favor he had conferred upon the
gathering.
On motion of Congressman Patterson
the convention adjourned until o'clock
in the evening.
When the convention reassembled at 8
P. NJ. Judge U. M. Rose, chairman of the
resolutions committee, presented the fol-
lowing report. which was unanimously
adopted without debate:
The people Of the Southern States, who be-
heve 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 vocations OF life, do, through their repre-
sentatives in convention assembled at Mem
phis on May %, 1895, make the following
declaration of their matured convictions:
First-Believing a uniform and certain
standard OF value necessary to the agricultural,
commercial and industrial development and
prosperity of our common 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 compost
ton, shall have equal purchasing and debt
paying power with every other dollar.
Second-Profting by the experience of Wash
ington, Jefferson and Hamilton and the teach
ings 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 whole world, that
bimetallic standard cannot be maintained
where the ratio fixed by law for the
coinage of gold and silver does not re-
SpOuu Win tne market ratlO OF the,
two metals, and that wherever and when
ever the legal or coinage ratio varies from the
market or commercial ratio to any appreciable
extent the dollar, whether of gold or silver
which thereby becomes more valuable as bull
lion than as money will go to premium and
retire from circulation. We saw this principle
applied in our own National experience,
when, under the act of 1922, which fixed the
coinage ratio at Is to l, gold retired from
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price of silver in the open market, whereby the
bullion in gold dollar became worth few
cents more than the bullion in silver dollar
and was. theref fore, sold as commodity be-
cause 1t was worth more as bullion than
money, and again under the act of 1884, which
fixed the ratio at 16 to l. when the silver coin
retired for like reason. We are, therefore,
opposed TO the free, unlimited and independent
coinage of silver at the ratio of 16 to 1, when
the market or the commercial ratio is more
than 80 to 1 and the difference between the
bullion value of gold and silver dollar is
about so cents, on the ground that such action,
instead of restoring the bimetallic standard,
would inevitably result in silver mono
metallism.
Third-At this time there is NO countryfn
the world which maintains the bimetallic
standard, and neither is there any country
where the free coinage of silver obtains which
is not on silver basis. Each country, on
account of its inability to adopt independ-
emily any bimetallic standard, must elect for
itself which it prefers, the gold or the silver
standard We, therefore, favor, in the absence
of international cooperation, the retention
and maintenance of the existing gold stand
ard. because change from the gold to the
silver standard would have the effect to repu-
diate all public and private obligations to the
extent of the difference between the bullion
value OF the gold and silver dollar; because
whenever such change should be seriously
threatened lit would cause immediate at
tempt at collection and liquidation of all
debts in anticipation of the result it would
produce; because such transition from the
gold to the silver basis would destroy public
and private confidence and would involve the
country in panic, confusion and distress;
that the products of agriculture and the wages
of labor would be unremunerative, the busi-
ness of commerce would become improbable,
and our people engaged in industrial occu-
pations would be thrown out of employment;
because there is not progressive, enlightened
country in the world which has not elected
the gold as the preferable standard; because
gold standard countries retain silver in their
circulation on parity with gold, whereas
there is no silver standard country which does
or can utilize gold as money; because there is
not silver country on the globe where wages
OF labor are sufficient to sustain the working
classes in comfort and independence, and,
finally, because the high destiny of the United
States demands for the use of the American
people that money which experience has
taught mankind to be the best suited for the
promotion OF commerce, the development of
manufactures, the encouragement of labor
and the advancement of civilization.
Fourth-We would rejoice over the adoption
of real bimetallism, but in view of the contin-
ued fluctuations in the price of silver in the
open market we realize that it is impossible
for the United States to adopt independently a
bimetallic standard, and we deem it unwise
and hazardous to the best interests of its
people for this country to attempt its estab-
lishment. We favor the policy of this country
standing in the attitude of readiness at all
times to cooperate with the other powers in
any effort they may make looking to the adop-
ton of true bimetallism; but in the mean
time, and until successful operation is in
sured to maintain inviolate its existing stand
ard of value.
Fifth-We favor the retention as part of our
money the silver now coined and in order to
give wider field for the use of silver and sill
yer certificates below the denomination of $40
into higher denominations SO as to make our
entire circulation below the denomin alton of
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