Mexico weekly ledger., 1895-06-20
THE MEMPHIS CONVENTION.
Resolutions Adopted and National
Committee Created.

MEMPHIS, TENN, June 1.-THE
great silver mass meeting has ad-
journed. The conservative element
held the convention within the bounds
of the call which brought it into exist
ence, and did not go beyond a firm
and clear declaration of the espousal
of free coinage at 16 To 1 without re-
gard to the action of other national
governments.
The radical element did succeed,
however, in adopting a resolution
which looks to the formation of an in
dependent silver party under certain
contingencies, and had a national
committee named which is empowered
to call another convention of silver
men if such action seems to them de
sirable.
PLATFORM OF PRINCIPLES.
The report mace by the Committee
on Resolutions and adopted by the
convention, follows:
Silver and gold coin in all ages have
constituted the money of the world,
were the money of the fathers of the
Republic, the money of history and
of the Constitution.
The universal experience of man
kind has demonstrated that the joint
use of both silver and gold as one
money constitutes the most stable
standard of value, and that the full
amount of both metals is necessary as
a medium of exchange.
The demonstration of either of these
historic money metals means an APP
, probation of the value of money, n
fall in the prices Of commodities, a
| diminution of the results of legitimate
business, an increase in the burden of
| debts, a withdrawal of money from the
| channels of trade and industry, where
it no longer yields a safe and sure re-
turn, and its idle accumulation in the
banks and in the great money centers
| of the country.
| There is no health or soundness in a
| financial system under which hoard
ed dollar is productive of increase to
| yields q constantly diminishing return,
and under which fortunes are made
by the a%ccretions of idle capital or de-
stroyed by a persistent fall in the
price of commodities and a persistent
dwindling in the margins of profits in
almost every branch of useful indus
try.
Such a system is a premium upon
sloth and a penalty III industry, and
such a system is that which the Grim
inal legislation of 1873 has imposed up
on this country.
The bimetallists' standard of silver
and gold has behind it the experience
of ages, and has been tested and ap-
proved by the enlightened and DELHI
crate judgment of mankind. The gold
standard is a departure from the es-
tablished policy of the civilized world,
with nothing to commend it but TWEEN
ty-two years Of depression and disas-
ter to the people and extraordinary
accumulation of wealth in the hands
of the few.
There are some facts bearing upon
this question, recognized and admitted
by all candid men, whether advocates
of bimetallism or of the single gold
standard. Among these is the fact
that the very year that marked the
change from a condition of rising
prices, large profits, general content
ment and great prosperity to a condi-
ton of falling prices, diminishing
profits, Insecurity in invetments, I'M
employed labor and a heavy depress'
ion in all branches of trade and indus
try. 1t is not a matter of dispute
even among the honest advocates Of
the gold standard, that general pros
perity came to an end with a destruc'
ton of the bimetallic system, and that
hard times, falling prices, idle work.
ingmen and widespread depression
came in with the gold standard and
prevails to-day wherever the gold
standard has been adopted.
CAUSE OF DEPRESSION.
Every international monetary con
ference that has been called, every
demand in this country and in Eu-
rope for an international agreement
to establish the bimetallic standard, il
a confession that the decentralization
of silver was a blunder, if not a crime
that its consequences have been dis
astrous, and that the conditions thai
1t has wrought are full of and
of peril. The logic of facts establishe
beyond intelligent question that the
destruction of silver of primary money
by a conspiracy of self-interests is
the cause of the widespread depres-
sion and suffering that began with the
gold standard. There can be no res
toration of prosperity, nor perma-
nent relief from prevailing conditions,
until the great cause has been remov-
ed by a complete restoration of silver
to its proper place as a money metal,
equal with gold.
We believe in a money of stable
value. We believe least of all in an
approaching standard. 1t is only
through the practical operation of BIZ
metallism that a staple standard of
value can be secured. A standard
constituted of money constantly in
creasing in value is not a sound MOI
stable standard, but a constantly
changing standard. The effect of gold
recommendation is to establish one
standard for the creditor and another
for debtor, and there can be no more
dishonest monetary system than that
which gives short measure to the Dor
rover and long measure to the lender.
Under the policy prevailing proceed
ing 1873 there can be no violent change
in the relative value of the two metals,
for a rise in the value of one metal is
c~ounteracted by a decreased demand
and a fall in the value OF the other.
Under the operations of this benefi-
cent law an established relation was
maintained between them, in spite OF
most extreme changes in relative pro-