The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1896-07-24


Falls, Pass Gold Standard Resolutions
And Declare that Free Silver Would
Have q Crushing Eject Upon Business
and DemoraIize Public Morals and
Honor.
NIAGARA FALLS, n. Y, July 20
The following resolutions were
adopted Saturday by the New York
State Bankers convention:
I'VE declare that the bankers of
this state have no selfish or class in
terest in the establishment of any
particular kind of money as currency,
nor are we benefited as a class by the
maintenance of one metal as the stan
dard to the exclusion of others. The
chartered banking institutions of the
state of New York are indebted TO the
public at large in the form of deposits
subject to check, in the sum of 81, ,s94,
600, 900, while the public are indebted
to us in the form of loans and dis
counts in the sum of ST, ,261, 900, 900.
Being debtors in this very large
amount, with our payables largely ex-
ceeding our receivab bles, we believe
the part of wisdom and the part of
honor for the United States is to main
tain the present gold standard of
value
I'VE believe it would be criminal
folly to break away from the most ad
vanced and civilized nations to join
China and Mexico upon the silver
basis. In all countries where the gold
standard prevails both gold and silver
circulate as money. In all the coun-
tries where the silver standard pre-
| l. ho,. L. l., -
money. The free coinage of silver
means the repudiation of so per cent
of Indebtedness. This would be true
only of existing debts. The sagacious
instinct of trade would correct this
wrong as to future contracts by
doubling the price of commodities.
Hence the free coinage of silver at
the ratio of 10 to l means
great imitation of prices without
any increase of values. Just in
proportion to this imitation would the
purchasing power of a dollar be de-
| creased. 1t means silver basis and
| silver monometallism. It means that
the $50, 900, 900 of gold now in circula-
tion would go to premium, would cease
to circulate as money and become a
commodity simply, whether coined or
uncoined. 1t would produce violent
contraction of the currency to the ex-
tent to which gold now in circulation
ceased to circulate as money. 1t would
not only unsettle, but would thor
oughly demoralize business. All
classes would suffer These would
suffer most who are least able to take
care of themselves, that is, the
laboring classes. The crushing effect
upon business would be equalled only
by tho demoralizing effect upon pub
lie morals and the public sense of hon
or, lowered and humiiiated as they
would be by such an act of repudia-
tion. We believe it to be the duty of
all good and patriotic citizens to unite
their efforts in preventing such a ca
lamity. We believe it to be the duty
of the government to maintain the
gold standard and preserve the parity
of all forms of currency which it al
lows to circulate as money.
1--WE believe this to be indispensable
in order to protect and foster the in
terests of our citizens and preserve to
(! the United States the paramount posi-
tion which she occupies in the sister
nOOQ OF ndJlOnS.
THE large number of urgent letters
and kilograms received from democrats
all over the country emphasizes to us
the necessity and wisdom of third
ticket. Except in few instances
these are from individuals. This senti-
ment must be crystalized into some
kind of state organization before any
effective steps can be taken to-
wards deciding upon or calling
another convention. The sound
money leaders of the other states
should call together for conference
the representative sound money demo-
Gratis of their states, as has been done
In Illinois and Minnesota. The ques-
tion of a third ticket should be con
sidered from national and not To-
cal standpoint. The question is, not
what is best for Illinois democrats,
for they have no interest in it that
is not common to the honest money
democrats of all the other states.
The real question is, how, in the
pivotal states of the south and west,
the cause of sound money can be
best promoted with the least injury to
the democratic party. we believe there
Is no one connected with the Illinois
organization who would not be glad tc
escape the responsibility and work a
new ticket would impose. The senti
ment of the country toward third
ticket has not yet had time to find eff
fective expression. 1t will in due
time, and Illinois will cheerfully ac
cept the conclusion"