The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-24
snonhfdHY canLisLn's srhhoH.
Shows That the Arguments OF silveri'es "re
E.sed On Tnl.e A.snm ptlop OI lacts,

fortune I'm having the opportunity 10 ap-
lear before this large as ssemblase or
southern business men. and ! congratu-
late the peopie of the South upon their
good fortune I'm being able 10 seha mere
go uany real representative OF lheh
great Industrial commercial interests. IT
has frequently been my privilege 20 ad-
dress comm rcial and financial oreaniza-
tions IN other parts Of the country nut
nowhere have ] met "a greater number
Of earnest and intelligent gentlemen ihan
] see before me to-day / am sure that
nothing less than full appreciation OF
the vast Importance of the questions To-
be considered could have secured the at
tendance Of So large number or ac-
tive business men upon this occasion. and
the fact that they have voluntarily ahan-
d0ned their usual avocations TO partici-
pate I'm the proceedings Of this conven-
tion encourages me 90 believe that their
efforts I'm behalf OF a sound financial
policy win not cease when it has ad-
jOurned.
Mr.. President. / do not think the i'm
portance of the qucsticrs You are called
TO consider can be- overcstimatod. or
that the gravity OF the situation can be-
Over-stated. The proposition go reSolu-
tiOnize our monetary system and thus
destroy the credit of the Government end
the people at home and abroad. violate
the obligations of all contracts. unsetfle
all exchangeable values. reduce the wages
of labor eXpel capital from our country,
and seriously Obstruct the trade Of our
people among themselves and with the
peoples of other countries. is one which
challenges the intelligence. patriotism
and commercial honor of every man 10
whom IL is addressed. No matter what
may be the real purposes and motives
of those who make the proposition TO
legalize the free and unlimited coinage
Of silver al the ratio of sixteen 10 one,
these are the consequences involved in
their scheme. and. in my opinion, they
cannot be avoided If 1t should bee adopted.
In no part OF the country Will the conse-
quences Of such a policy prove more in-
furious 90 the material interests of the
people than in the undeveloped and pro-
grcssive South. When the great civil
war closed, your industrial system was
destroyed. your commercial relations
were all broken up, yOur currency was
worthless. your farms were devastated.
your mines were closed. your forests
were untouched your wator-power was
useless. and your railways were unsafe
and inadequate. even for the limited ser
vice they had To- perform. but your great
natural resources were still unimpaired.
and upon that foundation YOU have con-
structed, and are still constructing. "a
sy stem of diversified industries and inter-
state and international commerce which.
if not disturbed by unwise experiments
I'm financial legislation. must attract 10
your section of the country all the ac-
tive capital and skilled labor necessary
TO make IL the most prosperous part of
tine continent. Your magnificent deposits
d Ha.s. I.a
ted TO the growth OF cotton. sugar and
many other products which no other
part Of the country viii yield. your un-
rivalled facilities for the manufacture
of iron ami steel cotton goods. lumber
OH. furniture and almost iunumerlhie
other articles which can Dee cheaply proc
duccd from the raw materials within your
limits. constitute the dement's of a mar
vellous growth and prOsI Gritty which
nothing con prevent n the peoule OF the
South Will continue To- exhibit in the fu-
ture the same spirit OF conservatism and
the same devotion TO principle that have
always characterized them lu the past.
The world has never witnessed a grander
exhibition of courage and fortitude than
was presented here when "a defeated and
Impoverished people. without money or
credit. and almost destitute of the tools
and implements necessary TO the per-
formance OF manual labor, went uucam-
plaininey 10 work 90 rc-establish their
social order. renew their commercial re-
lations. and reconstruct their Industrial
system. and ] am unwilling TO believe
that the same people can row be- so dis
couraecd by "a temporary business depres-
sion. or so moved boy appeals &c their
rreiudiccs. hat they will hastily resort
90 new and hazardocs experiments with
na I'm all
tions must be conducted.
DISASTROUS RTsuITs.
do not charge that our feuow-citi-
zcns who propose 10 revolutionizc our
monetary system by sudden change In
the standard of value really desire 20
see the business Of the country ruined.
or cyen injured. or that they believe
any injurious consequences would fellow
the adoption OF their policy. hut. in my
Judgment the results would be most
disastrous 20 the material interests Of
an the people I'm every part of the coun-
Try. and therefore J shall appeal TO
them carefully 10 review the grounds
upon which their opinions have been
formed before it is too late 60 correct a
possible mistake upon q subject Of such
supreme Importance 10 q nseNfs and
10 their posterity. 1t is not necessary 10
i;npeach their motives I'm order 10 answer
their arguments. nor would IL Doe wise
or proper 10 underestimate the intcllec-
tual and material forces behind this
great popular movement I'm the South
and West. "a movement which now sori-
ously threatens to disrupt cXistirg politi-
cal organizations and reform party lines:
but no matter what may be the motives
or the present numerical strength Of our
opponents in this controversy, the merits
of the policy they propose 10 inauemate
must be subjected 10 the tests of reason
and experience. and If il is shown tc
be impracticable or fundamentally wrong
in principle we may be confident that
il will not fgally comm' nd the support
of n majority Of our people.
Before proceeding 10 the discussion Of
the main question presented. 10 may be
advantageous 10 state as briefly as pos
sible a few admitted or well-established
facts having an important bearing upon
IL. From the earliest times gold and sil-
yer have been used as mOncy, not be-
cause there was at the beginning amy
law declaring them 20 be money, but
because. by reason Of their limited and
regular supply. their great value. as COM
pared with other things IN proportion 10
weight and bulk and their durability,
they were more stable AMI convenient
than any other commodity as measures
Of value in making exchanges. conse-
quently. these metals were used as
money by common consent of the people
for centuries before there was any law
lin. .I.s..