Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1896-06-26
Democratic Disruption?

ACAoA uPtAOhs
The most important political utterance
of the week is letter from William c..
Whitney of New York which appeared in
all the leading papers of the country Mon
day. All candid men in the East agree
that Mr.. Whitney is the ablest representa-
tive of his party in the whole country. He
could have the support of large majority
of the eastern Democrats for the presiden-
cy simply by agreeing to be a candidate.
Mr.. Whitney says frankly that great crisis
is upon the Democratic party owing to the
persistence with which the southern and
western Democrats urge for declaration
for the free coinage of silver Such a declar-
alton means nothing less than party dis
ruption. Mr.. Whitney says in part:
"Whatever the causes are and whoever
is to blame, the fact is that silver has de-
clined, and free coinage now at 16 to S
the same as our Offering for all the er
in the world about twice what it is Sc ing
for in the market. International exchanges
have to be paid in gold and it would seem
plain that if we, under these conditions,
open our mints to the free coinage of silver
anu EOlh az q AdllO vi NOLu par dllhG value
which is largely at variance with the COM
mercial value of the two metals, we must
take the entire silver surplus ourselves and
alone maintain its parity with gold, or else
we shall go to a silver basis.
France, in 1873, closed her mnts against
silver and abandoned its experiment, deem
ing herself unequal to the task alone, and at
that time it was much less difficult, for sill
yer was then at par with gold at the ra-
ito in use, and even England's mints in
India were open to the free coinage of sill
yer. If the experiment of maintaining the
parity of the two metals at a coinage stan
dard was difficult then, it would seem to be
positively hopeless now, without interna-
tional agreement. Germany, France, Bel
gium, Italy and Austria believe in double
standard, and desire to establish it, but no
one, two or three of them deem themselves
able TO maintain the double standard, even
with the cooperation of the United States.
"If the result of the measures proposed
would be TO carry us TO silver basis, it is
not felt here that such proposal would be
in line with the principles of the Demo
cratic party. 1t is not a joint standard,
with the purchasing power of the dollars
at parity with each other, but it is chang
ing from one standard to another, and that
change being to deprecated coin.
"And it is also felt, aside from the alb
sence of any Democratic principle to sus-
tain it, that you cannot have such dis
turbance of values as would come from
changing from gold to silver basis with
out such shock to confidence, the hoard
ing OF gold and contraction of your avail.
able circulating medium as would bring, in
the opinion Of our people, the worst panic
and distress we have ever seen in this
country. The creditor classes are prepared
for it, The obligations, mortgages, rail-
road and otherwise, are quite generally
payable in gold. Debts will still have to
be paid in gold but wages in silver, the suf-
ferers, as usual, being the poorer classes.
This movement, purporting to be in
the interest of the joint standard, comes at
a most inopportune time, in my opinion.
There has never been a time when the
prospects of international action, favorable
to the joint standard, were at all as prom
ising as at the present moment, nut an i'll
advised, unsuccessful attempt here would
discredit the cause the world over"
Mr.. Whitney shows that all scientists up
on monetary and economic questions are
advocating the desirability of the joint
standard as the solution of monetary diff
ferences of the world. He shows how Ger
many has receded from her position of four
years ago and now wishes the bimetallc
standard by international agreement, and
Great Britain has said within three months
"We will make this great contribution
to bimetallic system. We will 60 back
upon the deliberately arranged methods of
providing a currency for India. We will
reopen the Indian mints. We will engage
that they shall be kept open, and we shall
therefore provide for free coinage of sill
yer, within the limits of the British emr e,
for a population greater in number than
the populations of Germany, France and
America put together"
The earliest believers and workers for
bimetallism say that America cannot sue
ceed alone and that her failure will only
| discredit the cause. The result will be to
bring us to silver monometalism Q a
change in our standard of value, and It
change, it is believed, means imme te
ruin to our industries and no perma MT
good to any one. D.
Mr.. Whitney makes this prediction:
at is my opinion if the Democratic par
ty goes on to that platform at this time they
will meet with the most disastrous defeat
that any party has ever had in this coun-
try. l understand it is honestly believed
in, and people think it will bring relief
from their present troubles but between
now and election day it will be pretty thor
oughly sifted, and the people of this coun-
try will not face the disturbance of values
and ruin which would come to their bust
ness interests in such change in their
standard of values as would arise from such
action. And it will, in my opinion, over
whelm the persons who undertakeit."
Mr.. Whitney puts to rest all thoughts of
his candidacy for presidency by saying that
he would not run If nominated nor serve if
elected.
In view of the fact that large majority
of the Democratic delegates thus far chosen
to Chicago are pledged to the free coinage
of silver and that 1t seems very probable
that the silver men will dominate the con-
vention Mr.. Whitney's letter has had the
effect to intensity the interest with which
the result there will be watched. If the
silver men win Mr.. Whitney and the great
bulk of the eastern Democratic leaders and
newspapers cannot consistently follow the
party.