Birmingham state herald., 1896-07-23

tinuing to serve as portion or bank re- serves against bank liabilities. A prem- ium on gold will tend
 To Increase Our Exports
 by causing a higher rate of foreign ex- change, that is to say, by yielding larger net return in dollars on the sale of bills of exchange drawn against goods exported. A premium will tend to dimin- ish our imports by increasing the cost of bills of exchange with which to pay for goods imported. The tendency of increasing our exports and decreasing our imports will be, first, to set spindles running, swell the number of paid oper- atiyes, increase their wages, thereby adding to the number and paying capac- ity of consumers, and thus enlarge our home market for all home products and manufactures, with prosperity in gener- al as the result assured. The tendency of increasing our exports and diminish ing our imports will be, second, to estab- fish credit balance of trade for the United States. A credit balance of trade means that Europe has become our debt or and must settle with us in money. Europe's silver money Is overvalued in her gold, compared with ours, by from to cents on the dollar. The European merchant or banker will. therefore, make his trade settlements with us in' gold, more profitably by from to ' per cent than in his silver. With the instant that European trade settlements with the United States are in gold, parity for our gold and silver money is established in the markets of the world. Herewith the the 371A grains of pure silver in our sill yer dollar and the 23.22 grains of gold in our gold dollar are of exactly equal worth as bullion in New York.
 Its Effect.
 Mr. St. Johns assumption that the convention would prevail upon the pa triots calling themselves the peoples ansfxr tf tfada " received with great applause, continuing for nearly a minute. The assertion that the threatened flow of silver from the east had no force, and that the entire stock of gold in the country would be re- tired was also without force, for all of but $1O, 900, 900 or $15, ,00O, ,0O0 circulating on the Pacific coast, had already been re- tired were greeted with loud applause.
 The effect of the speech upon the del- egates was most happy, nearly every sen- tence being followed by enthusiastic of approval. When MT. St. John concluded many delegates rose to their feet and cheered.
 The next business in order, Chairman St. John announced, was the appoint ment of special committees MT. G. W. Baker of California moved the appoint ment of committee consisting of one from each state to meet a similar com mittee from the populist convention to take the questions up of differences be- tween the two parties for the purpose of coming to some rational agreement, to the end that the nominati ton of Bryan and Sewall might be ratified by the two 
 As to Joint Action.
 MT. Olmstead of Oregon, speaking for the populists and as one of the leaders of the party of that state, seconded the motion, making the suggestion that each state delegation select it's representative
 
 further seconded by delegates from Mis- souri and Virginia. A delegate asked if any one knew that the populists were ready to confer with the silver party.
 Mir Olmstead, speaking for the popu- lists, again responded that they were ready to meet the silver men anywhere, and he urged the silver men to meet the peoples party half way.
 Some desultory discussion ensued as to the propriety of the silver men mak- ing the first advances. MT Olmstead again addressed the convention, stating that the two conventions were called to meet here in order to consolidate the free silver forces for the campa ign. The pop ulists being the older pa~.y, and having always stood for free silver, it would i'll become their dignity, he thought, for them to take the first steps.
 Mr. Porter from Virginia and a dele gate from Ohio seconded the motion, and urged that the great end of united and harmonious action be kept in view.
 Substitute for Bakers Motion.
 A delegate from Illinois offered as a substitute for Bakers motion one to the effect that each state delegation select a member of this conference committee, and that the populist convention be noti- fled of the action with request that a. similar committee be appointed by that body.
 A delegate asked if it were the inten- tion to await the report of the proposed committee before proceeding to nominate Bryan and Sewall. (Cries of "no')
 What's the use of appointing 1t then?' he asked. But no one answered.
 A delegate from Kansas, MT. Shinn, expressed the opinion that it was not wise or expedient for the silver conven- tion to force themselves upon the popu- lists. There was really no difference be- tween the two bodies, (cries of "mis- take"), and he believed the effect of the motion upon the populist convention would be different from that intended by it's author. He believed that the conven- tion would do it's duty.
 MT. Shinn tired the convention and was frequently interrupted by cries and applause, to all of which he stated that he would speak until he had finished. But he was mistaken. Some one made the point of order that he had spoken more than once to the motion. and the point was sustained Dy Cndlfman Sl. JDnn, who directed MT. Shinn to take his seat
 MT. Warden of Wisconsin pleaded for expedition of business Let us" he said, appoint the committee on confer ence, adopt platform, nominate a can didate and go home" Applause.
 General Warmers Idea.
 General Warner advocated first the appointment of a small committee to advise the populist convention of the fact that the silver convention had been organized, and learn whether or not 1t was the wish of that convention that the silver convention appoint full commit tee of conference to meet a similar com mittee appointed by 1t.
 MT. Foster of Missouri, a member of the committee appointed by the national committee last night to consider the subject of conference, reported that as result of their inquiries it was deter mined that a more representative body, should be appointed. Many of the popu- list leaders had expressed the hope that the conference committee should be ap- pointed.
 A delegate from Illinois urged prompt action; faint heart neer won fair lady, either in love- war or politics. He want ed the convention to go. ahead regard- less of conventionalties and without re- gard to whether or not somebody else