The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-07-23

per cent. loan. which stood at 10f on
tbe dav of the enactment, sold at 100
per cent within three YEARS, and at
1870 per cent subsequently,. Instead
of defeating the resumption of specie
payments on Janr~vy first of the fol-
lowing wear. the 123,00O,GG0 silver dol
lars which were coined IN 1873 and
circulated by means Of Il silver certi-
fcates. reduced the demand upon the
movement for gold, Herce the threat
of disaster is without historic founda-
ton.
This. then. IS ,yhat will follow the
re-opening of our minis to 5, liver; the
gold already in the Treasury Will re-
main there, if common sense dictates
the Treasury management; that Is II
the Treasurer exercises the option to
redeem United States notes in silver.
A premium on gold will not occasion
a contraction of the currency, bank
boards of geld continuing to serve as
q portion of bank reserves against
bank liabilities. A premium on gold
will tend to increase our exports by
causing n higher rate of foreign eX-
change, that is TO say by yielding
large net return in dollars on the sale
of bills of exchange drawn against
gold exported. A premium will tend
to diminish our imports by increasing
the cost Of bills Of exchange with
which to pay for goods imported. The
tendency Of increasing our exports
and decreasing our imports will be,
first, to set our spindles running, swell
the number of paid operatives, increase
their wages, thereby adding to the
number and paying capacity of con-
sumers, and thus enlarge our home
market for all home products and
manufactures, with prosperity in gen
eral as the result assured. The ten
dency of increasing our exports and
decreasing our imports viii be, second,
to establish credit balance Of trade
for the United States. A credit bal
ance of trade means that Europe has
become our debtor and must settle
with Us in money. Europe's silver
money is ever valued in her gold COM
pared with ours by from three to seven
cents on the dollar. The European
merchant or banker will therefore
make his trade settlements with us in
gold more proftably by from three
to seven per cent than in his silver
With the instant that European trade
settlements with the United States are
made in gold, parity for our gold and
silver money is established in the mar
kets of the world. Herewith, the
371,25 grains Of pure silver in our sil-
YER dollars and the 1922 grains OF
gold in our gold dollars become Of eX+
aetly equal worth, as bullion in New
York.
STRONG FOR ENDORSEMENT.
Mr.. st. Johns speech was loudly APP
plauted. A motion was made that a
special committee consisting of one
delegate from each delegation be APP
pointed TO confer with a like commit
tee of the Populists for the purpose of
settling the differences between the
two factions. Half a dozen men at once
began to debate the question and
much confusion prevailed. NJ. l.. Olms-
ted, of Oregon, said he was Populist
and the PopHlists were ready to meet
the silver men half way. The object
was to unite the free silver forces.
Half a dozen other delegates spoke
in favor of the committee. ut
An amendment was adopted direct
ing the committee to notify the Pop
ulists of their appointment and
requesting them to-, appoint a
similar, committee. Twenty men
got up and aattempted Ito adj
dress the chair. A point of order was
raised that Mr.. Turnsx had already
spoken twice and the chair ruled that
he must cease. .oa
Gen Warner was called for and re-
piled that.he didnot opposethe appoint
meIt of q committee to confer with
the PopHlists, but he thought it,mould