Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-07-23
lsrged by the steadiness Of price for silver
fixed by our reopened naints.

We answer that our total stock OF gold,
| other than about 100000 or S50V,og0
circulating on the Paeinc coast' II our a.,
gold is in the United states Treasury ~
held by banKs. The gold In the Treasury
will remain there IL the Secretary awaits
himself OF his option 70 redeem Unitsa
banks constitutes the quiet and undss-
| turbed portion of their reserves against
| their liabilities. II viii continue TO. do
| money duty az such reserves after free
coinage OF silver is enacted. Hence a
premium on Il viii not contract the cur
rency The utmost possible contraction
OF the currency will be the few millions
| circulating on the Peci1c coast, and TINS
| will be retired but slowly.
A similar threat of flight OF gold was
! made ior the Bland act OF 1873. PRESIDENT
Hayes was urged to veto It, but Congress
hight of gold. as had been predicted, we
gained by importation s4.0o0,co0 the first
year. SIC, 10000 the next and ss0ooo,ooo the
third year. During the twelve years that
ed 1921 10000 Of foreign gold. Instead OF
the destruction of our credit abroad, as
had been predicted. the United States. 4
per cent loan. which stood at 1Of on the
| within three years. and at l30 per cent.
subsequently. Instead OF defeating the
resumption Of specie payments on January
lst OF the following year, the 100000 sill
yer dollars which were coined in 1873 and
cIrculated by means OF silver certificates.
reduced the demand upon the government
for gold: Hence, the threat d 81 disaster
RESULT OF FREE COINAGE.
This. then, is what will follow the re-
| opening of our minis to silver The gold
| already In the Treasury will remain there,
| II common sense dictates the Treasury
management: that is, II the Treasurer ex-
ercises the option to redeem United States
| notes in silver. A premium on gold Will
| not occasion contraction of the currency,
bank boards Of gold continuing TO serve
| as a portion OF bank reserves against bank
| liabilities. A premium on gold WIN teno
| to increase our exports by causing a
| higher rate of foreign exchange, that rs
| to say, by yielding a larger net return III
drawn against goods exported. A pre-
| MUM will tend to diminish our imports
| by increasing the cost OF bills or exchange
with which TO pay for goods imported.
| THE tendency Of increasing our exports
and decreasing our imports will be. first,
TO set our spindles running. swell the
number of paid operatives. increase Their
wages, thereby adding. to the number
| and paying capacity OF consumers, ana
thus enlarge our home market for al
home products and manufactures. with
prosperity in general as the result as
! sured.
'"rhe tendency Of increasing our ex-
ports and decreasing our imports will be:
| second, TO establish credit balance OF
trade for the United States. A credit
rope has 81 become come our debtor and
must settle with us In money. Europe
silver money is overvalued In her goiu
| compared with ours, by from 10 cents
on the dollar. The European merchant or
banker will therefore make his trade set
Elements with US in gold more prontapiy
| by from 3 to Z per cent. than In SILVER
| With the instant that European traoe set
Elements with the United States are IN
| gold. parity for our gold and silver money
| is established in the markets OF the world
| Herewith the 81 Ia grains OF pure siiVef
in our silver dollar and the 23.22 grains OF
| gold In our gold dollar are OF exactly equal
worth as bullion in New York.
POINTS MOST APPLAUDED.
Mr.. St. Johns assumption that the con-
yention would prevail upon the patriots
| calling themselves the Peoples party 10
endorse Bryan and Sewall was received
with great applause, continuing for nearly
n minute The assertions that the threat
ened flow OF silver from the East mad no
force and that the threat that the enure
stock of gold in the country would be
retired was also without force, for all
of II but ten or fifteen millions circulating
on the Pacific coast had already been re-
| tired, were greeted with loud applause.
The effect of the speech on th9delegates
was most happy, nearly every sentence
being followed by. enthusiastic manifes,a-
tons Of approval: when Mr., 81 y ybeir
| concluded many delegates rose 10 thef
! The next business In order. Chairman
ST. John announced, was the appointment
| Of special committees.
CONFERENCE WITH POPUbISTS.
Mr. c. w. Baker Of California, moved
the appointment of committe CONSISTING
Of one from each state 10 meet sliIi ma,
to take up the question OF dinerences
between the two parties for the purpose
of coming to some rational agreement, 70
the end that the nomination OF bryah
and Seyall might be ratified by the con-
MENTIONS Mr.. Olmstead. Of Oregon
speaking for the Populists: ana as one
seconded the motion. making. the sug.
gestion that each State delegation select
It's representative on the committee Inc
motion was further seconded by ueiegates
from Missouri and Virginia.
A delegate aske If any one knew that
the PoDuists we've ready to confer win
the Silver party. ~ po,r-
lists. again responded that they Were
ready tn meet the Silver men any"neie,
and he urged the Silver men TO meet
the Peoples party half way. A..
some desultory discussion ensued as 10
the propriety Of the Silver men making
the first advance -, A. oor-
Mr.. Olmstead again addressea .ne IONS
were called TO meet here to-day In orIeI
TO consolidate the free-silyer forces ioI
the Campaign. The Popuists, being lnSS
older party. ana w naylnIi IN become their
49,
dignity, he thought. for them to take
~" Mr. Porter from Virginia, and dele,
sreed that the great end OF united an.
Harmonious action be kept In view, -
delegate from Illinois offered as suo ,n,
tute for Mr.. Bakers motioh onJ hos ~
each State delegation select ine mem. ao,
mis- committee, and that the Populist con-
vention be requested that q similar CUM
mittee be appointed by that p91y;
POINTED QUESTION.
A DELEGATE asked II IL was the intentlon
of the convention TO await the report S,rya y,
the. committee beiore, n ..To"1
whats the use of appointing II, theh!
he asked. But no one answered.
delegate from Kansas. Mr. Shlnn, eA-
pressed the opinion that 1t was not WIS.,
or expedient for the Silver cohVenti0,n. "
ahera wss really no difference between
the two bodies (cries of Mistake! }, anu
he believed the effect of the motion upon
the Populist convention would DC ulneiSat
from that intended by It's autnor; he V ,,s
duty. Mr.. Shinn tired the convention,
and was frequently interrupted by eries
and applause to all Of which ne slateu
that he would speak until he had hnisheu.
But he was mistaken. Some one in ,
the point OF order that he had spoken
more than once TO the motion. and the
point was sustained by Chairman ~.
John. who directed Mr.. Shinn to take MS
seat. .,..aoa for
said ''appoint the Committee on Coh.v.
ence. adopt a platform. nominate can
ddate, and 20 home" Applausel .,o
General Warner ADVOCATED; nrs., ude
|. wise the Populist convention Of the fect
that ,he Silver convention had been or