The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1896-06-22
Mr.. WHITNEY EXPLAINS !
ReiterateS His Views on the Question
of Free Silver.
FEARS SILVER MONOMETALLISM
The Democratic Party, He Thinks, Is il
Danger of Disruption Through Mistaken
Ideas-He Would Not Accept the
Presidency Even if Elected.

NEW YORK, June 22.-William G. Whit
ney makes public a statement in which he
defines the political situation, makes his
position clear as regards his decision to re-
main in this country instead of going to
Europe and concludes by saying that he
is not presidential possibility; that he
'would not run if nominated and would
not serve if elected" The statement is in
part as follows:
II find it necessary to make public
statement embodying my views on the
situation, TO correct misconceptions and
save time now occupied in answering ques-
tions.
Far too much Importance has been at
tached to my decision to go to the Chi
cago convention. 1 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. I
shall not assume any position of leader
ship. My decision TO stay was simply
based on the duty of every person who be-
lieves in the party for its principles, to
stay by and lend his aid and take his chances
when the great crisis is upon the Demo-
cratic party. Fundamental differences
of principle exist inside the party, marked
almost by sectional lines.
"The great question to my mind is
whether the party meets in convention
now, as in 1860, with issues and differences
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 exist
ing ills the free coinage of silver at 16 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 by the people for the purpose of in
cooperating that doctrine into the plat
form of the Democratic 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 new doctrine
when proposed to be incorporated into the
platform of the national Democracy. 1t
is true that in no previous platform of the
party can it specifically be found. Conse-
quently no party obligations heretofore as
sumed oblige them to subscribe to it. 1t
is to be seriously apprehended that in the
event of such declaration disruption of
the Democratic party might occur.
"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 not be substantial disagreement in
the party. Every national Democratic
! 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 stand
ard at the present time is not n question
of desire; it is question of ability.
"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 rs to l is
the same as our Offering for all the silver
in the world about twice what it is selling
for in the market. International ex-
changes 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 and gold at a ratio of
comparative value which is largely at va
rance with the commercial value of the
two metals we must take the entire silver
surplus ourselves maintain its parity with
gold, or else we shall go to silver basis.
"France in 1878 closed her mints against
silver and abandoned this experiment,
i deeming herself unequal to the task alone,
and at that time it was much less difficult,
for silver was then at par with gold at the
ratio in use, and even England's mints in
India were open to the free coinage of
silver. If 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 in
ternational agreement Germany, France,
Belgium, Italy and Austria believe in a
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.
"You cannot have such a disturbance Of
value as would come from the changing
from gold TO a silver basis, without such
a shock to confidence, the boarding of
gold and contraction Of your available cir
culating 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, railroad and
otherwise, are quite generally payable in
gold. Debts would still have TO be paid in
gold, but wages in silver, the sufferers, as
usual, being the poorer classes
"There has never been time when the
prospects of international action favor
able to the joint standard We're at all as
promising as at the present moment. But
an i'll advised, unsuccessful attempt here
would discredit the cause the world over.
sit cannot be denied that the feeling
among our people is that this free coinage
by the United States alone will not give
us the gold and silver money at "a parity
with each other (Which is the assumption
upon which it is taken) but will bring us
TO silver monometallism and change in
our standard of value and that change, it
is believed, means immediate ruin to our
industries and no permanent good to any
one This feeling is general and Intense.
"Most anv sacrifice might be asked 10