New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-22
DEMOCRACY'S GREAT CRISIS.
WILLIAM c. WHITNEY'S STATEMENT w
HIS VIEWS ON THE SITUATION.

RUIN TO THE COUNTRY AND DESTRUCTION
FOR THE DEMOCRATIC PARTY-HH
ABSOLUTELY REFUSES TO BE
CANDIDATE HIMSELF.
To the Editor Of The Tribune.
Sir l find II necessary 10 make puoho
statement embodying my views Of the SITUATION
to correct misconceptions and save the time no"
occupied In answering questions
Far too great Importance has been attached 70
my decision to go 20 the Chicago Convention.
I have been practically out CT politics for -FOUR
years, and there are many Eastern Demo-
Gratis who can do much more than can FOR tho
PARTY I shall not assume any position OF leader
ship MY decision to stay simply based on
the duty OF every pert on who believes In the
party for its prime pies. stand by and lend MS
aid and take mis- chances when great crisis -
uron IT, There can be no question but that =
great crisis is upon the Democratic party
Fundamental differences Of principle exist inside
the party. marked almost by sectional lines.
Is THE CRISIS LIKE THAT OF 1902
The great question. to my mind, Is whether the
rarty meets in convention now, as In ls6o. with
issues and differences that are for the moment
irreconcilabe. For the last nfteer years leaders
Of public opinion in the South and West have
|
Ills the free coinage Of silver at 1G to l. with or
without the cooperation Of other nations It
has come to be believed In there quite generally
and concc!entously a large majority Of tho
delegates 70 the coming Democratic Convention
have been elected by the people for the purpose
~ tncorporating that doctrine into the platform
Of the Democratic party.
Our pe)ple on the other hand, entirely dis-
agree With these Views, and believe almost uni-
versally that II VIII bring general ruin 10 the
business and prosperity Of the country II -
deemed new doctrine when proposed TO be IN
corporated into the platform Of the Nationai
De,noorecv. II is true that in TO previous plat
| r,rrn OF the party can II specifically be round.
Consequently no party obligations heretofore as
suned oblige them to subscribe TO H. Chder
these circumstances. II the results OF the Demo
cratic Convention should be to establish as tho
issue Of this campaign the free coinage OF silver
AZ a ratio Of 16 70 l. Independent or other ma
tons in the intensity of feeling Likely 20 arise "
,s - he seriously unprecedented that disruption
II the Democratic party might occur certainly
70 substantial following could be secured for tho
doctrine among Eastern Democrats. They might
not vote the Republican ticket for other reasons
believing that the Republican party stands for
o,ber issues that are detrimental 10 the country.
I'm, the Democrats n the East would not. in my
opinion. vote for H.
This movement for free coinage purports 70
have FOR ,ts object the establishment and main
tenance % gold and silver as the money OF the
country. upon equal terms with each other ana
at a parity of purchasing power. II. by the pro-
,oseI measure that object could be secured,
,bora would be no substantial disagreement IN
tho marty Every National Democratic platform
that has heretofore spoken upon the subject mas
declared for both gold and silver money. 1t 10
our traditional policy. But the maintenance OK
the double standard at the present time IS nos
n question of desire; 1t IS question OF aoiiity.
The commercial value Of silver has dechheo
greatly in the markets Of Il = world
FREE COINAGE MEANS A SILVER BASIS
Whatever the causes are ana whoever IS 70
blame the fac: Is that silver has declined, and
free coinage now AT 16 10 I is the same as our
Offering for all the silver in the world ABOUT
twice what Il is selling for in the market. in-
ternationai exchanges have TO be paid IN go!d-
And II would seem plain that II We under these
conditions omen our mints 10 the free coinage OK
silver end gold at q ratio Of comparative 'aius
which Is largely at variance with the comteFc''
value of the two metals. We must take the en-
tire silver surplus ourselves, and alone Hiain-
tain it's parity with gold. or else We shah 20 %
a silver basis.
France in 1878 closed her mnts against silver
and abandoned this experiment. deemlns herseit
u,aouol 70 the ask al ne, and at that time IL
was much less difficult; for silver was theh at
nar with goId at the ratio IN use. and even Eng
lands ynints In India were open to the free coih-
oee o, silver II the experiment OF maintaining
Pho ror,ty os the two metals at a ccirage stand
or1 vos difficult then Il would seem 10 be posi-
,,vorv homeless now without international agree
mont Germany France. Belgium. Italy ana
Austria believe In a double standard and desire
~ establish IT, bat no one, two or three OF them
deem themselves able to maintain the oouoie
standard sven with the co-operation OF the
United states If the result OF the measures pro-
posed would be to carry us to silver oasis II
ia no, felt here that such a proposal wouid Do IN
,ro With The principles Of the Democratic party.
7, "a NOT tne io,nt standard with the purchasing
novsr ~ the dollars at parity with each other.
n,, :, "a changing from one standard to another.
and that change being TO deprecated coin'
And 1t Is also felt aside from the absence OK
ary Democratic principle 10 sustain H. tha' YOU
,on,o, have such disturbance OF values as
would come from changing from goid 70
cryor bas,s without such a shock 10 confidence
the boarding OF gold and contraction OF your
available circulating medium, as would bring IN
~. ,,,o, ~ orr people the worst panic ana
distress we have ever seen in this country. me
creditor classes are prepared for 1t. The oolga-
tons mortgages railroad and otherwise are
ouI,e generally payable in gold Debts woulo
SIN have to be paid in gold. but wages IN siiVer'
the sufferers as usual. being the poorer ciasseA
A MOST INOPPORTUNE MOVEMENT.
This movement purporting to be In the interest,"
,S the ,o,nt standard. comes at n most 'noppor-
tune time in my opinion There has never peen
n time when the prospects of international actie n
favorable to the joint standard were at all as