The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-09-10


in 1873 could easily get nearly double
the rate of interest for it per annum that
he could get today. Is not the gold dol
lar regulated by the price that we can
get for it ON loans? If this is the case,
the value of the gold dollar is not worth
81, as our friends claim, but has been
reduced by one-half, because it will bring
to the owner only about onC-half of what
it did twenty-five years ago There is
Il natural reason for this reduction in
the price of gold. Why. last year the
world produced over S200,000,000 of gold,
nearly onc-fourth of which was in the
United States, and this year it is on the
increase. The rate of interest in every
country where they have solid and fixed
standard is nearly Onc-half of the rate
prevailing in any silver country. \
good Illustration is found in the adioin-
ing states of British Guiana and Ncnc2u-
ella. In British Guiana, where the stand
ard is gold. the rate of interest is from
to & per cent per annum, while in Ven
| eZuela. silver country, the rate is from
s to II per cent, and this will follow in
every silver country. The reason is
plain-whcn you loan money under Il
| fixed standard and agree TO pay under the
same standard, the lender can afford to
loan his money at Il cheaper rate than
when he loans in country whose cur
rency may dcprcciatc before the return
of his money.
Every railroad man who is let out of
work by the cutting down of expenses
will find it difficult to get employment
elsewhere. They can not increase the
fares, because the law will not allow it,.
They can not collect fares in gold, there
fore they must repudiatc their oblga-
tons or cut wages. They can not re-
pudintc and must cut wagcs-thc en-
ploycrs would he no gamers, for even
were there no reduction of wages under
| the free coinage of 10-ccnt dollars. he
ought to receive twice as much wages as
he did before in order to put him on an
equality with previous conditions. The
purchasing power of his wages. if they
remained the same, would he cut down
Onc-half.
against such threatened calamites,
we have met as democrats and as pat
riots to protest. Our purpose is too ST.
riOuS to permit differences on minor mat
terS or personal jcalousies to divide our
councils or weaken our influence. We
have come here as democrats 10 exert
such influence MS we may have among
democrats for the good of our country
and the preservation of our party organ
iZaton and success"
The mention of President Cleveland s
name in the speech was given an ovation.
| His Characterization of Mr.. Bryan as
ambitious, unsteady and unsafe as
Il "demagogue and word juggler," re-
ceived II storm of applause. His state
mcnt that bimetallism was n genuine
democratic doctrine was received III
silence. The speech was concluded at
40. Its delivery had occupied about
forty minutes.
Governor Flower then assumed the
gavel and by his direction the states were
called for members of the committees
on resolutions. credentials and the sclec-
ton of national committeeman.
The convention then ut 2:0S, on mo-
ton of Mr.. Curtis of New Jersey, took Il
recess until 4 O'Clock.
It was 4:15 when Temporary Chair
man Flower appeared on the platform
to call the afternoon session 10 order.
Both he and Senator Palmer sat on the
platform and were warmly greeted, and
an enthusiastic Illinoisan called for three
cheers for John NJ. Palmer, "thc grand
old man They. were given with
effect. There We're no demonstrations as
other conspicuous men entered. The
galleries were more crowded than at the
| first session, and the proportion of ladies
| was fully as large.
At 4:25 Ex-Governor Flower raped
| for order
The reports of the committees were
| called for. The report of the committee
| on credentials was first presented by
| Chairman Brennan of Wisconsin. The
statement in the report that there were
| present 2S4 delegates to dhc convention,
representing forty-onc states and terri
| tories, was heartily applauded.
The other reports not being ready. Or.
Everett of Massachusetts was introduced
.
man Flower He was enthusiastically
greeted and made stirring speech
When DR.. Everett declared that Mas
! sachusetts was opposed to sectionalism
the delegates jumped to their chairs and
joined in Il stirring demonstration. Fans.
handkcrchicfS. flags, everything move
able were waved amid frantic cheering.
His touching reference to the sad
death of eX-GOvernOr Russell. who. he
said, had died of a broken hcart because
of the folly of his party at Chicago, was
received with rOusing cheering.
There were loud calls for Bragg,
Villas, Boatner and others when DR..
Everett took his seat but the committee
on permanent organization was ready
and presented its report. The report
was read by Delegate Roberts of Mis-
souri,. 1t recommended Senator CAT
fiery of Louisiana for permanent chair
man. JOhn IL. Wilson OF Indiana FOR
secretary and Walter Kcssler of Indiana
for scrgcant-at-arms. Ii also reported
an order of business. The report also
recommended that the organization of
the party be made permanent and that
the committee be empowered to call
future conventions. This feature of the
report met with Il warm response. The
report of the committee was adopted and
Mr. Bullitt of Pennsylvania and Mr.
LAWYER escorted Mr.. Caffcry to the plat
form.
In assuming the gavcl Senator Gallery
made strong speech. Without being
ornate Mr.. Caffery is an impressive
speaker clear in logic, bold in statement
emphatic in gestures. He referred oc-
casionally to his manuscript. The CON
veDtion listened closely and frequently in
terrupted by applause. He spoke as
follows:
Il tender this convention my decpest
thanks for the high honor of selecting
me to preside over its deliberations. I
shall always regard it rs the highest
honor ever conferred upon me-
Charged by our party with the func-
ton Of minstcring in its temples of faith
and teaching the people its true doctrines
our priests have desecrated its affairs.
broken its shrines and taught false doc
trines to the people. We now enter the
sanctuary of the temples and take pos
session of the ark of the covenant of our