Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1895-06-01
THE MEMPHIS CONVENTION
influential Gathering Meets Secre-
tary Carlisle.
Representative OF the BUSINESS tn stitu
lions OF the south Present. in Forcs
Meeting Called To order
at = %. m. in the ~
ditorium.

at = q. m. in the ~
ditorlnn.
Memphis. Tenn, May 23-Under the
banner with the inscription Sound cur
rency and better banking facilities"
between 700 and 300 representative men
OF the southern states assembled at the
Auditorium this afternoon to Express
their opposition to the doctrine OF the
free and unlimited coinage of silver and
70 declare in favor Of the continuance
OF present monetary conditions. The
morning trains brought several hun
dred delegates TO the city. and Secre-
tary Potter OF the Cotton Exchange
was kept busily employed for the Ave
hours ending at noon in examining
credentials and issuing the blue and
aold badges without which admission
10 the main fioor Of the Auditorium was
barred.
n was not until . o'clock that
the visitors assembled in the AUDITOR
mm. The appearance on the PLATFORM
Of Secretary Carlisle escorted by the
executive committee, was the signal for
the frat enthusiasm % the day, the del
eeates a. well "a The spectators IN the
gallery ~appiauding loud and long.
Shortly after , O'Clock the convention
was called 10 order by ". r., Crawford
Secretary Carlisle spoke as follows.
Secretary CarIisIe's speech
M. President and Gentlemen az me
Convention III congratulate myself
upon my good fortune IN having the op-
p%ortunity 20 appear before tbs large
assemblage Of southern business men,
and 7 congratulate the people Of the
south upun their good fortune ia being
able 10 send here ~ many real repre-
~sentatlVes ~ their great Industrial and
commercial interests. II "A frequently
been my privilege 20 address CONNER
cial and financial organizations in other
parts II the country. butt nowhere have
7 met a greater number of earnest and
Intelligent gentlemen than / see BEFORE
me today. ! am sure that nothing less
tina a fun appreciation ~ the vast I'M
portauce II the questions Ia be con-
sidered could nave secured the attend
ance az 81 large A number 81 active
business men upon this occasion, and
the fact that they ave voluntarily
abandoned their usual avocationS to
participate IN the proceedings n this
convention encourages ME To believe that
their efforts in behalf Of a sound fnan-
cial policy vii not cease when 30 has
adjourned
Mr. President. + DO not think the i'm
pnrtance 81 rhe questions YOU are called
10 consider can he 0VSrestimated. or
that the gravity ~ the situation can ne
over stated The proposition % revo.a-
tionize oar monetary system and Thus
destroy me credit If the government
and the people at home and abroad
violate the obligations 81 All contracts
unsettle All ex~chanseahle values. re-
dGce the wages OF labor, expel capttal
from our country. and seriously Da-
struct the trade If oar people among
themselves "a with the peoples Of
countries, IS one which challenges
the intelh sence. patriotism and com
mercial honor Of every man TO whom lr
is addressed. NJ matter VIA may b.
the real purposes and motives az those
who make the proposition 10 legaltze
the free and unlimited coinage II sll-
yer At the ratio If rs to Z. these are the
consequences involved In their scheme.
and, IN my opinion, they cannot be
avoided If it should be adopted.
Bullion Makes the Value.
For many centuries. even after the
commerce Of the world had grown 70
proportions. the ~propriety Of
making any given quantity Of bullion
or any particular cofn. a tegsf tera@vk
was not even suggested, and up TO the
present time there is 10 legal tender
IN International trade. Whether pay
rnents are made in gold or silver coins,
or in gold or silver bullion. actual fQ-
trfnsic value determines the amount
or quantity 10 be delivered, no matter
what may be the legal tender laws OF
the different countries, n no matter
though they may have the same or
ratios Of value between the
metals within their respective limits.
The law Of France. for instance, places
n higher value upon silver relatively 70
gold than IL placed upon &c BY the laws
Of the United states. the French ratio
being 1874 to I. and Ours being rs 10 L..
but II rs pounds Of our silver. coined or
uncoined, were sent To that country TO
used in the payment Of a debt or In
the purchase If commodities, IL would
not be accepted at the ratio OF 1874 20
1, or at the ratio Of 10 To ] IA compared
TO gold. but only at the ratio Of about
30 to 1. which shows that neither our
ratio nor the French ratio has any eff
feet whatever upon the value or pur-
power Of the metal itself.
Coinage Is free in Mexico. and the dol
lar, which is fun legal tender, contains
$7717 grains Of pure silver. while our
dollar contains only 37f.25 grains OF
silver. yet Mexican silver dollars
are sent into the United States and
paris Of the world and sold at the
price O the bullion contained In them.
which IL about one half their nominal
or legal value In their own country. |
The legal tender laws affect the debt
paying power Of the coin Itself In the
country where the laws prevail. but
the laws establishing ratio do not af-
feet the value of the metal contained
In the coins either at home or abroad.
because II is the metal hat fixes the
value Of the coin, and not the coin that
fixes the value of the metal
The Double standard Theory.
But II is contended by a large num-
Der Ut the advocates OF free coinage =
perhaps "A majority OF tbem--that the
effect Of their policy would be. not 20
abolish the present standard Of value
and substitute the single silver standard
In It's place. but hat u would establish
what they call bimstallism and a double |
standard. I confess my inability to un-
derstand what IL really meant by a
double standard or Measure Of value
the idea ~ incOmprehenslble 10 my
mind, because I cannot conceive how II
IN possible to have two different legal
and authoritative measures Of the same
thing In s at the same time, as, for
instance. "a pound weighing sixteen
unces and a pound weighing eight
ounces, or only half as mach. and both
declared by law to be equal pounds. I
agree entirely with General Jackson's
secretary Of he treasury. who said
THE proposition that there can be but
one standard in fact In self evident"
The proposition to establish and main
tain two different measures OF value TO
be In use at the sane time, and TO be-
applied to the same things at the same
time. embodies a physical and meta
physical absurdity. and this In 70 evil
dent that the ablest thinkers and writ |
ers upon the subject have been at last
forced to abandon II.
In order to eliminate all irrelevant
matter and simplify The argument. al