Evening star., 1896-06-22

William G. Whitney.
uation. to correct misccncertion and save
time now occupied in answering questions.
Far too much Importance has been at
tached to my decision to go to the Chicago
convention.
Il have been practically out of politics for
four years and there are now many eastern
democrats who can do much more than 1
can for the party. 1 shall not assume any
position of leadership. My decision to stay
was simply based on the duty of every
person who believes in the party for its
principles to stay by and lend his aid and
take MS chances when the great crisis is
upon the democratic party. Fundamental
differences of principle exist inside the par
ty, marked almost by sectional lines.
Party Disruption Feared
"The great question to my mind is wheth-
er the party meets in convention now as in
1850. with issues and diffe, ences that are
for the moment irreconcilable For the
past fifteen years leaders of public opinion
in the south and west have been advocating
as the great remedy for existing ills the
free coinage of silver at 1G to l, with or
without the cooperation of other nations
1t has come to be believed in there quite
generally and conscientiously. A large
majority of the delegates to the coming
democratic convention have been elected nv
the people for the purpose of Incorporating
that doctrine into the platform of the dem
Ocratic party.
Our people, on the other hand entirely
disagree with these views and believe al
most universally that it will bring general
ruin TO the business and prosperity of the
country. 1t is deemed a new doctrine when
proposed to be incorporated into the plat
form OF the national democracy 1t is true
mat IN no previous platform of the party
can 1t specifically be found. Conseuuently
obligations
oblige them to subscribe to it, Under these
circumstances, if the results of the demo-
cratic convention should be to establish IS
the issue of this campaign the free coinage
OF silver at ratio of 16 to !, independent
of other nations, in the intensity of feeling
likely to arise. it IS to be seriously appre-
party might occur. Certainly no substan-
tial following could be secured for the
declaration among eastern democrats.
they might not vote the republican ticket
for other reasons believing that the repub-
lican party stands for other issues that are
detrimental to the country, but the DEM
ocrats in the east would not, in my opinion,
vote fer 1t.
Question of Ability.
''This movement for free coinage pur-
ports to have for its object the establish
ment and maintenance of gold and silver
as the money Of the country, upon equal
terms with each other, and at a 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 demo-
cratic platform that has heretofore spoken
upon the subject has declared for both
gold and silver money. 1t is our traditional
policy. But the maintenance of the double
standard at the present time is not a
question Of desire. 1t Is a question of abili-
ty. the commercial value of silver has de-
clined greatly in the markets of the world.
"Whatever the causes are and whoever
Is to blame. the fact is that silver has de-
clined, and free coinage now at 16 to 1 is
the same as our offering for all the silver in
the world about twice what it is selling for
in the market. International exchanges have
to be paid in gold. And 1t would seem plain
that II we, under these conditions, open our
mints to the free coinage of silver and
gold at ratio of comparative value which
Is largely at variance with the commercial
value OF the two metals, we must take the
entire silver surplus ourselves, maintain
it's parity with gold, or else we shall 60 To
a silver basis.
international Agreement
France, in 1873. closed her mints against
silver and abandoned this experiment
deeming herself unequal to the task alone,
and at that time it was much less difffeult
for silver was then at par with gold at the
ratio In use. and even Engand's mints in
India We're open to the free coinage of sill
YER IL the experiment of maintaining the
parity OF the two metals at a coinage
standard was difficult then, it would seen
TO be positively hopeless now, without in
ternatlonal agreement. Germany France
belgium, Italy and Austria believe in a
double standard. and desire to establish it
tS put no one two or three of them deem
themselves able to maintain the double
standard, even with the cooperation of ihe
United States. ~ ''Ae
There has never been a time when the
prospects of International action favorahie
to the joint standard were at all as prom
Using as at the present moment But an
1ll-advlsed. unsuccessful attempt here
would discredit the cause the world over
Prom the discussion of the last twenty
years 1t has come to pass that among the
persons In Europe who are trained. recoy-
nlzeo scientists upon monetary and eco
nomic questions, scarcely one is not at the
present moment advocating the desirabilitv
of the joint standard as the real sou-
ton of the monetary difficulties of the
world. This includes every professor en-
gagged IN teaching or lecturing on these SUBJ
jectS in the universities of Great britain
They are agreed upon the desirability of il.
and that it is entirely practicable, if es-
tablished and maintained by agreement of
the principal commercial nations. 1t would
be expected that with such d general con-
census Of scientific opinion as is to be
found abroad upon this subject. it would
come rapidly to be the generally received
opinion Of the nations to be affected by
wise settlement of the problem
Nations Ready for Silver.
"At the present moment Germany,
France. Italy, Austria, Holland, Belgium
and the United States wish to co-operate
for the establishment and maintenance
of the joint standard by international
agreement. and "a most important cir
cumstance). Great Britain has recently,
within three months, in fact. made a most
important concession. She has said: we
Will do for you as much as you can do
for yourself We will make this great
contribution to bimetallic system. We
will go back upon deliberately arranged
methods Of providing currency for In