The times. [volume] (Richmond, Va.) 1890-1903, 1896-06-23
WHITNEY ON THE OUTLOOK.
He Makes a Vigorous Statement Of his
Views Of the Situation.
STOPS ALL TALK OF HIS NOMINATION.
No Eastern Man Can Get it---The Demo
cratic Party would Meet With Its Most
Crushing Defeat with free-coin-
age Platform Adopted.

NEW YORK. June 2l.-William Z
Whitney to-day sent the following 10
the press:
u find IL necessary TO make a pubic
statement embodyins my views OF 'ne
situation 10 correct misconceptions ana
save the time now occupied in answer
Ing questions.
"Tar TOO great importance has been at
tached "a nav decision 10 20 TO the Chicago
convention.
u have been practically out OF poll
ties FOR four years, and there are no"
many Eastern Democrats who can 40
much more Tor the party than l can.
shall not assume any position Of leader
ship. Ny decision to stay about Is Simply
based upon the duty OF every person VINO
believes in Tie party for It's principles
to stand by and lend his aid and take MS
chances when a great crisis j. upon H.
There can Doe no question but that great
crisis IS upon the Democratic party. j I'M
damontal differences OF principles exist
inside the party, marked almost by sec
tional lines.
THE GREAT QUESTION.
"The great question TO my mind Is
~hcthor the party meets in convention
now. as in lsGO with issues and differ
euces that are for the moment irIecon-
cilable. For the past fifteen years lead
ors of public opinion in the south ana
West have been advocating as the great
remedy for existing ills. the free coinose
of silver. az 10 10 ], with or without the
corporation OF other nations. II has
come to be believed in there quite gem
orally and conscentiously. a large ma
jOrity Of the delegates TO the coming
Democratic convention have been elected
by the people for the purpose u incof-
Dorating that doctrine into the platform
Of the Democratic party. our peopleon the
other hand entirely disagree with these
views. and believe almost universally that
it viii bring general ruin 20 the bust
ness and prosperity Of the country. II
is deemed a new doctrine when proposed
20 be Incorporated IN tue platform OF
the national Democracy. 10 is true that
I'm no previous platform Of the party can
it specifically be found. Consequently
no party obligations heretofore assumed
oblige them 90 subscribe to IL. Under
these circumstances. II the results OF the
Democratic convention should be to es-
tablish as the issue Of this campaign the
free coinage of silver at the ratio OF
l6 10 l. independent Of other nations. in
the intensity OF feeling likely 10 arise II
is 10 be seriously agurchcndcd that q
disruption OF the Democratic party might
occur. Certainly DO substantial follow
ing for the doctrine could be secured
among Eastern Democrats They might
not vote the Republican ticket. Tor other
reasons believing that the Republican
pany stands Tor other measures that are
detrimental 20 the country. but the Dem
ocrats in the East would not, in my
opinion. vote for f.
This movement for free coinage pur-
ports 10 have. for its object the cstab-
lishment and maintenance Of gold and
silver as the money of the country, upon
equal terms with each ether, and at a
parity Of purchasing power. II. b. the
proposed measure, that object could be
secured there would DE no substantial dis
agreement in the party. Every national
Democratic platform that has heretofore
spoken upon tAl subject has declared for
both gold and silver money. IL is orr
traditional policy But the maintenance
a. the double standard at the present time
Is not question Of desire. it is a que ton
OF ability. 1yfs commercial value Of
silver has declined greatly in tie markets
of the world.
is 90 blame. the fact is that silver has
declined ana free coinage now, az l5 20 J.,
ls The same as our Offering for all the
silver in the world about twice what ~ is
selling for in the market. international
exchanges have 10 be paid in gold. And
e. would seem plain that 81 We, under
these conditions. open our mlnis 10 the
free coinaea O.. silver and geld at a ratio
Of comparative value which is largely M
variance with the commercial value OF The
two metals. Wa must take the entire sil-
yer surplus ourselves. and alone maintain
its parity with gold. or else We shall 90
TO q silver basis.
SILVER CANNOT ALONE.
"Frauce I'm 1873. closed her mints against
silver and after this experiment deemed
herself unequal 20 the task alone, and
al that time 10 was much Jess difficult
for silver was then al par with gold at
the ratio in use. and even England $
mints in India were open 20 the free
coinage of silver. II the experiment OF
maintaining the parity Of the two metals
al O. coinage standard was difficult then'
it would seem to- Doe positively hopeless
now without international affceineHi
Germany France Belgium. italy. and
Austria believe in a double standard and
desire 10 establish it. but no one. two or
three OF them deem themselves able 10
maintain the double standard. even with
tbc cc-operation Of the United States. II
fine result OF the measures proposed would
ho t0 carry us 10 a. silver basis II ls not
fet that such q proposal wound Zoe il
if.,s ,,ifb the principles OF the Democratic
r.rt, u is not the Joint standard Win
tre ufirchaelne power of tho markets nj
unity with each other. but 10 Is changing
from one standard 60 another ana th@t
charge being 20 a dapreclateo to'".
"And u is also felt' uslue iloi' ''.o
absence of amy Democratic pii'lp', ~
sustain 10. That YOU cannot nave s"'h
disturbance Of values as wouIH come
from changing from gold 10 Il sl''e'
basis without such q shock 10 CONFIDENCE,
the boarding OF gold and contraction or
your available circulating medium as
would brlnr bon the opinion OF our people
the worst panic ana distress we have ever
seen in this country,
"The creditor classes are prepared for
II. The obligations. mortgages. railroad
and otherwise, are quite generally payable
I'm gold. Debts would sin have 20 be paid
fin gold. but wages in silver The SUI
fcrers as usual being the poorer classes.
"rhis movement. prrporiing 10 be in
The interest Of the joint standard. comes
az most inopportlno time I'm my opin-
ion
"rhore has never been "a time when
the prospects OF international action IA
vorahle % the Joint standard were at all
as promising as at the present moment.
Eut am ili-advised. unsuccessful attempt
here would discredit the cause the world
over.
"Whot IS the situation as regards thisg