The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-06

who had been chosen temporary chair
man Of the convention. Mr.. Lamoreaux
was greeted with cheers. He claimed
for the Republicans Of the Badger
state the credit of having first advo-
Gated the nomination of Mckinley. He
said no truer or better Republicans are
to be found than those who make UP
the party in Wisconsin, for they are
sound on the money question, sound
on the tariff and sound for William
Mckinley. He charged the Democratic
party with having brought about the
present period of industrial distress
by it's mistaken policy of free trade
The free silverites have seized the op-
portunity to shout for free silver and
to lay the blame for all this stagna-
tion to lack Of free coinage of silver
and scarcity of money. The moment
that any uncertainty arises as to a
possible change in the monetary sys-
tenn of a country, the volume of busi-
ness diminished; credit is only extended
upon the best of security; confidence
is destroyed; money is boarded and
general depression follows. 1t is this
contraction of confidence, of credit
which causes the tight money markets
and panics, not the lack of money.
'Nine-two per cent of the trade of
this country" he continued, ''is trans
acted upon credit. instruments of one
used in only per cent. This constant
agitation of the free silver question
has undoubtedly added to the general
alarm of the people, and it has re-
suited in the contraction of credit But
this condition of affairs has only been
made possible by reason of the tearing
down of the protective tariff and re-
ciprocity system established by the
Republican party. The present demand
for the free coinage of silver is but
another cheap money scheme of which
the world has seen many. The ex-
perience of ages has shown beyond
doubt that gold is the best of all metals
for a money standard. 1t is less liable
to fiuctuate in value 1t is found in
quantities sufficient to satisfy the de-
mand. 1t will last forever. Nothing
is lost in the process of reducing and
dividing, and in short it is the one
metal which seems to exactly meet all
requirements. Nearly every metal has
at some time in the worlds history been
used as money standard, but nearly
all have been found lacking In some
important requisite and have given
way to gold.
"Why, were free silver to happen,
gold would disappear from circulation
at once; would be slowed away in mus
ty garrets, damp vaults and cellars and
buried underground, and we would have
nothing to transact business with ex>
cept a fuctuating, deprecated silver
currency, Of which a dollar would be
worth so cents today, and tAe Lord
only knows what it would be worth to-
morrow. The history of this country
alone should be sufficient to satisfy
every honest, unbiased thinking man
that the gold standard is the only safe
and sure one. Since 1ST3," he said,
1--WE have lived and thrived under II,
ov,l bod hoo fax,
fortune which befell this country when
the Democratic party was placed in
! power, our revenues would have re-
mained sufficient to meet fully every
demand. There would have been no
| occasion for issuing bonds in time of
peace, and the advocate of free coinage
! of silver would have had no material
upon which to feed, and would not have
made enough noise in the land to
have attracted the attention of any one.
! There would not have been enough of
! him Coming as I do from an IRON
/ producing section of the country 1
| have no doubt that our people would
| favor the free and unlimited coinage Of
! iron at some arbitrary ratio, and there
would be about as much sense in such
demand as there is in the demand of
| the free silverite for the free coinage
| of silver at / to 1e ratio The Re-
publican party is ready to meet this
crisis with the fortitude and patriotism
which has ever characterized its act
| ion in the past"
At the conclusion of Mr.. Lamoreaux's
speech q call of congressional districts
was made for the names of those agreed
upon in the caucus of each district for
membership upon the committees on
permanent organization and resolu-
tions. The convention then adjourned
until 3 p. m.
| On the reassembiing of the conven-
| ton. Gen. Michael Griffin, of Eau
! Claire, was made permanent chairman.