The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-06-01
MET AT MEMPHIS.
Southern Advocates OF "Sond
Money" Hold a Convention.
between 100 and 500 Delegates Listen 20
Financial Doctrine from Secretary
Cariisie-Toxt of the Reso-
Iutiops Adopted

banner with the inscription Sound
Currency and Better Banking Facili-
ties" between TOO and 500 representa-
tive men Of the southern states assem-
bled at tho Auditorium Thursday
afternoon 10 express their opposition
70 the doctrine of the free and UNI
limited coinage OF silver and 10 de-
clare In favor OF the continuance OF
present monetary conditions.
Gatherings Made Permanent Chairman.
Shortly after o'clock the convention
was called TO order by w. X. Crawford,
of the cotton exchange, who urged his
hearers to be governed in their actions
by wise, patriotic and conservative
counsel. The call was read by George
G. Matthews and permanent organiza-
ton was quickly effected by the selec-
ton Of Congressman Catchings, Of Mis-
sissippi, as permanent chairman. He
spoke briefly.
Secretary CARLISLE Speaks.
Secretary Carlisle could not speak
for several minutes after being intro
duccd for the applause with which he
was greeted. He said in part:
'.Mr. President. do not think the impor-
tanco OF the question you are called 10 con-
slider can be ovcrestimated, or that the gravity
OF the situation can be overstated. The prop
osition 70 revolutionize our monetary
system and thus destroy the credit
OF the governments and the people az
homo and abroad. violate the obliga-
sions OF all contracts. unsettIe all ex-
changeable values. reduce the wages OF labor.
expel capital from our country. and seriously
obstruct the trade OF our people among them
selves ana with the peoples OF other coun-
tries. 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 makes the proposition 70 legalize the free
and unlimited coinage OF silver at ratio OF 10
90 I. these are the consequences involved In
their scheme and in my opinion. they cannot
be avoided II II should be adopted In no part
OF the country win the consequences OF such
policy prove more injurious TO the material
interests OF the people than In the unde-
veioped and progressive south.
Present Situation Defined
I'm order to eliminate all irrelevant matter
and simplify the argument. allow me 20 state
exactly what the proposition now pending be-
fore the people Is; IL is proposed that the
United States without the cooperation or
assistance OF anJ other government, shall pro-
vide by law that all the silver bullion. OF for
eign silver coins. that may be presented at the
mints by individuals corporations foreign
or domestic. shall DO coined. at the public ex-
pense. into silver dollars, at the ratio OF six
teen to one with gold-that is, that sixteen
pounds OF silver shall be considered co ual In
value to ono pound OF gold. and the weights OF
the coins shall be adjusted accord
ingly--and that the coins so made ct the public
expense shall be delivered to the owners OF the
bullion or foreign silver colRe, as the
case may be and all the people OF the United
States, but nobody else. shall be COM
L.
OF fun value. In the payment OF
debts due TO Thorn from their own fellow
citizens and from the citizens or subjects OF
other countries All who are indebted TO US
are, therefore. to have the privilege OF paying
in silver. while all TO whom we shall become
indebted are 70 have the privilege OF requiring
us 10 pay In gold.
VIII Not Give Us More Money.
"An who have been or may be induced TO give
their support TO this revolutionary policy
upon the assurance that IL Will give the coun-
try more money for use in the transaction OF
business. will be greatly disappointed, for
they will End. when IL IS too late. that instead
OF having more money they Will have less. and
that IL viii be deprecated In value besides. The
introduction into the currency OF a country OF
any kind OF money about which there IL the
least doubt will always operate 70 drive out
the same amount. or about the same amount
OF better money and thus leave the people with
SUBSTANTIALLY the same FOAhme OF currency
they had az the beginning.
THE one thing which has been less affected
by the changes In the relation between upply
and demand. by improvements In the methods
OF production and distribution and by the
other Influences which produce huctua-
tions In prices OF commodities generally.
Is labor. and 10 is by far the most Inn
porfan. single source OF income possessed by
our people. much larger amount being ox-
pended every year In the payment OF wages
than for any other one purpose. The cost
OF labor In the manufacturing and me-
chanicai Industries alone during the CEN
sus year 1859 was s2.2s3si6.5s9 which
was nearly two and one-half times the
value OF all the wheat and cotton produced in
this country; and II we add 20 this the
amounts paid for farm labor for clerical and
other work In mercantile establishments. for
domestic service and for work on railways
OF oil kinds. on water craft, on
the cities. and in the many other
occupations which give employment TO peo-
Pile. we would have u sum almost, II not quite
equal 10 the value OF all our agricultural prod
ucts. II is evident. therefore, that II the al
legged depreciation OF geld alone has caused q
reduction OF prices, the wages OF labor. the
greatest commodity in the market, should
have fnllen since 1879 but exactly the reverse
ia true.
Debts and Cheap Money.
One OF the most effective arguments mado
by tho advocates OF free coinage, In some
parts OF the country at least Is that tho
people are In debt, and that II IS the duty OF
the government TO relieve them by such
legislation as viii enable them 20 pro-
cure cheap money for the purpose OF dis
charging their obligations. and IN support OF
this argument the most exaggerated state
meuts are made as 10 the depressed and
suffering condition OF our farmers. wage
carners, and other producing classes.
This argument comedies that under the
proposed system OF free coinage M the
ratio OF 10 TO all the various kinds OF cur
rency In use by the people, including the sill
YER dollar itself. would be worth less than IL
IL now. for, OF ccarsc. n this Is not TO be the
result money would DO no cheaper than 10 Is
now.
An Abundance OF MONEY.
'We have abundance OF money In this coun-
try for all tho purposes OF trade, and
tho disturbances and hard times OF isps
and 1894 we're not caused by scarcity
OF contraction OF tho currency. but by
contraction OF credit resulting from a