The Portland daily press., 1896-06-22
WILLBE It's DEATH KNELL.
If Democratic Party Adopts Silver
Plank.
SOME PLAIN TALK BY EX-
SECRETARY WHITNEY.

Says Such Stand Would Bring to Party
Worst Defeat Any Political Organiza-
tion Ever Observation-Disclosures Demo-
Gratis Would Bolt.
New YORK, June Civ. q. Whitney
To-Day issued statement in which he
says; Lind it necessary to make a pub
lie statement. embodying my views of
the situation, to correct misconceptions
ana save time now occupied in aswering
questions. Far too great Importance
mas been attached to my decision to go
to the Chicago convention. have been
practically out OF politics for four years,
and there are now many eastern Demo-
Gratis who can do much more than l can
for the party. I shall not assume any
positions of leadership. My position is
simply based on the duty of every person
who believes. in the party, for its prin-
clples, to stand by and lend aid and take
ohsnces when great crisis is upon 1T.
There can be no question that great
Crisis in on the Democratic party. A
fundamental difference of principle exists
inside the party, marked almost by SEQ
tlonal lines. The great question to my
mind is whether the party meets in CON-
yention now as in 1850 with issues and
differences that are. for the moment ir-
reconcil1ble. During the last 15 years
the leaders of public opinion in the
south and west have been advocating. as
the great remedy for existing ills. the
tree coinage of silver at 16 to /, without
the cooperation of other nations. It has
come to be believed there quite general
IL and consoieutously.
~ large majority of the delegates to
the coming Democratic con vention have
been elected by the people for the pur-
pose OF incorporating that doctrine into
the platform of the Democratic party.
Our people entirely disagree with these
views. and believe almost universally
that it will bring general ruin to the
business and prosperity of the country.
1t is deemed new doctrine when pro-
posed to be Incorporated into the plat
form of the national Democracy. 1t is
true, in no previous platform Of the par
W can 1T specifically be found, conse-
quenty no party obligations heretofore
assumed obl1ge them to subscribe to it.
y nder these circumstances, if the results
or the Democartio convention should be
TO establish as an issue of this campaign,
the free coinage of silver at a ratio of
16 to independent of other nations, in
the intensity of the feeling likely to arise
1t is to be seriously apprehended th at a
disruption of the Democratic party might
occur. Certainly no substantial follow
ing could be seoured for the doctrine
among the eastern Democrats. They
might vota the Republican ticket for
other reasons, (believing that the Re-
publican party stands for other reasons
that are detrimental to the country but
the Democrats in the east would not
In my opinion, vote for it.
This movement for free coinage pur-
poses to have for it's object the establish
ment and maintenance of gold and silver
as the money of the country upon equal
terms with each other and at parity
of purchasing power. If by the proposed
measure that object could be secured,
there would be no substantial Disagree
ment IN the party. Every national
Democratic platform that has hel eto-
fore spoken upon the subject has declared
for both gold an silver money.
1.-THE maintenance Of a double stan
dard at the present time is not question
OF desire. 1t Is a quetion of ability. The
com mercial value of silver has declined
greatly in the markets Of the world.
Whatever the causes are, and whoever is
to blame, the fact is silver has declined
and free coinage now at 16 to !, is the
same as our Offering for all the silver in
tho world about twice what it Is selling
for in the market. International ex-
changes have to be paid in gold. 1t
would seem plain If we, under the con-
ditions, open our mints to the free COIN
age OF silver and gold at ratio of com
partive value which is la rgely at yari-
anoe with the commercial value Of the
TWO metals We must take the entire sill
yer surplus ourselves and alone maintain
Its parity with gold, or else We shall 90
to a silver basis.
France In 1873 closed her mints agai n
at silver and abandoned this experiment.
deeming herself unequal to the task
alone, and Mt that time it was much less
difficult. for silver was at par with gold
at the ratio in use.
Even England's mints in India were
open to tho ffea coinage of silver. II the
experiment of maintaining the parity of
the two metals at a coinage standard
was difficult then, it would seem to be |
positively hopeless now. without inter-
national agreement. Germany and
France, Belgium, Italy and Austria, be- |
l1eve in a double standard, and desire to |
establish it, but no one, two or three of |
them deem themselves able to maintain |
the doubls standard, even with the CO.
operation Of the United States.
" II the result of the measure proposed |
would be to carry us to the silver basis,
1T ia not felt here that such proposal |
would be in line with the principles of |
the Democratic party 1t is not the |
joint standard with the purchasing pow
Or of dollars at parity with each other,
but it is the changing from one stan
lard to another, and that change being |
to depreciate coin. 1t is felt also that |
you cannot have disturbance of, value
as would come from the changing g from |
a gold to silver basis. with out such |
shock to confidence that the oardiug of |
gold and the con ntraction of our avail |
able circulating medium would bring, |
IN the opinion of our people, the worst |
panic and distress we have ever seen In |
this country. The creditor classes are |
for it. Obligations. m ortgages, |