Pike County press. (Milford, Pa.) 1895-1925, 1896-09-04
FOR GOLD STANDARD.
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1lhai Democratic Party
Fuii Delegation Empire states
Declaration Of Principl Vermont Goes
Republican by Large AIJorky.
INDIANAPOLIS, Sept. s.--senator John
NJ Palmer of Illinois, chairman OF the
provisional committee appointed at Chi
oago Eve weeks ago called the con nvention
of gold standard Democrats 60 order in
Tomlinson hall. over 500 delegates are
present, representing Al or 42 states and
Territories. Considering the fact that the
original call for the meeting Of representa-
tives of ten middle western states was on
" Issued July go, the managers feel that
they have reason TO feel proud Of the re-
suit of their work.
Ex-Governor Roswell p. Flower Of New
York was named by the national commit
tee for temporary chairman.
Among those now most prominently
mentioned as candidates are Secretary J.
Sterling Morton, Secretary Carlisle, Gen
eral John O. Black of Illinois, Senator
Villas, Senator Palmer, xCongressman
Outhwaite, and there Is still some talk of
Senator Gray OF Delaware. Despite his
firm refusal, General Tracey Of New York,
cling TO the suggestion Of Villas, but the
Wisconsin senator insists that the Badger
state Is for Bragg and that he does not de-
sire the honor. David Lawler Of Mime
sofa Is for Secretary Carlisle. The Ken
tuokinn's name Is received with favor,
but there Is an underourrent Of opinion
that the nomination Of any one connected
with the administration would be unwise.
The eastern delegates as rule are taking
no hand In the selection Of the candidates.
They say they are willing to let the pre-
vailing sentiment In the central, middle
western and border states, where the main
battle-ground Is, govern In this matter.
The Carlisle Currency Plan.
A currency plank which Is receiving
much favorable consideration Is one which
has been indorsed by the treasury depart
ment and contains suggestions by Seore-
tary Carlisle. 1t Is largely on the line
which he has advocated In the finance
committees in congress. 1t is as follows:
1--WE recognize the fact that the existing
currency system Of the United States,
created In period Of national stress, Is
not based upon sound and scientific prin-
clples and requires serious revision to
adapt 1t to the needs of commerce and pro-
duotion. The tendency of the system of
bank notes based upon bonded security
has been to restrict circulation where It
was needed to accumulate idle capital in
a few centers, to subject the rate OF
interest to the fluctuations and radical
inequalities in different sections, to re-
strict enterprise and cripple industry, TO
make currency scarce in times Of business
activity and redundantly plentiful In times
and places where It was not needed and at
such times to expel the surplus in the form
of gold, the money Of international ex-
change The gold standard has not been
the cause, but the victim, of these oondi-
tions. The banks also have been the VIC
Tins Of laws not of their making, the re-
suit Of war necessities, and have incurred
unmerited hostility because they have
been prevented by these laws from render
ing the services to agriculture, industry
and commerce which should be their leglt-
innate and natural function under a
proper currency system.
1--WE believe that the protection of the
public credit against the results of agita-
tion for the debasement of the metallic
standard has been rendered doubly diff
cult by the defective character of our pa
per currency. The gold standard has borne
the odium of events for which 1t is not re-
sponsible and which should be directed
against the vicious policy Of government
paper currency subject to perpetual reis-
sue The sale OF bonds for gold on four
occasions during the past three years has
been due to the fact that the existing our
rency system has threwn upon the treas
ury an obligation which should be i'm
posed by law upon the banks. This sys-
tenn of legal tender paper has brought dis
credit and suffering to every people who
have resorted to it and has been discard
ed by every civilized state which has
sought to place its currency upon a sound
and scientific basis
"We demand therefore that the initial
steps be taken for the withdrawal from
circulation of the legal tender notes or for
a change of the existing system of redemp-
tion and reissue and we demand, In order
that there may be no improper contraction
of the currency and that It may be oapa-
BILE Of ready adjustment to the demands OF
business that the present banking laws
be so modified as to interpose no obstacle
TO the creation of an elastic banking cur
rency, subject to such control as shall in
sure uniformity, security and redemption
In standard coin on demand"