The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-06-22
He Declares Disaster Will Be
the Result of a Change
in Policy.
ASKS HIS BRETHREN TO BIDE
THEIR TIME.
Great Nations of the World Are Fast
Drifting Toward Cooperative
BimetalliSm.

NEW YORK, n. Y, June 21.-W. C.
Whitney to-day sent the following to the
press:
find it necessary to make public state
ment embodying my views of the situation TO
correct misconceptions and to save the time
now occupied in answering questions.
Far too great importance has been attached
TO my decision TO go TO the Chicago conven-
tion. l have been practically out of politics
for four years, and there are now many East
ern Democr ats who can do much more than I
can for the party. I shall not assume any po-
sition OF leadership. My decision to stay was
simply based on the duty OF every person who
believes in the parry for its principles, to stand
by and lend his aid and take his chances when
q great crisis is upon il. There can be no
question but that a great crisis is upon the
Democratic party. Fundamental differences OF
principle exist inside the party, marked almost
by sectional lines
The great question to my mind is whether
the party meets in convention now as in 1860
with issues and differences that sre for the
moment irreconei,able.
For the past fifteen years leaders of public
opinion in the south and West have been ad-
vocating as the great remedy for existing ills
the free coinage OF silver at the ratio OF 16 to
I, with or without the cooperation of other
nations. 1t has come TO be believed in there
quite generally and conscientiously. A large
ma jority of the delegates TO the coming Demo
cratic Convention have been elected by the
people for the purpose OF incorporating that
doctrine into the platform Of the Democratic
party. Our people, on the other hand, entirely
disagree with these views, ana believe almost
universally that IL viii bring general ruin TO
the business and prosperity OF the country. 1t
is deemed a new doctrine when proposed TO be
incorporated into the platform OF the National
Democracy. 1t is true that in no previous
platforn OF the party can it specifically be
found. Consequently no party obligations
heretofore assumed oblige them to subs eribe
TO it.
Under these circumstances, if the results of
the Democratic convention should be to es-
tablish as the issue OF this campaign the free
coinage of silver at ratio OF 16 to l, lnde-
pendent of other nations, in the intensity OF
feeling likely to arise, it is TO be seriously sp-
pretended that disruption of the Demo
cratic party might occur. Certainly no su b
stantiaI following could be secured for the
doctrine among Eas tern Democrats. They
might not vote the Republican ticket for
other reasons believing that the Republican
party stands for other issues that are detri-
mental to the country, but the Democrats in
the East would not, in my opinion, vote for it.
This movement for free coinage purports to
have for its object the establishment and
maintenance of gold and silver as the money
of the country, upon equal terms with each
other and at parity OF purchasing power. Ii,
by the proposed measure, that object could be
secured, there would be no substantial dis
agreement in the party. Every National
Democratic platform that has hitherto spoken
upon the subject has declared for both gold
and silver money. 1t is our traditional policy.
But the maintenance of the double standard
at the present time is not question OF desire
it is question of ability.
The commercial value of silver has declined
greatly in the markets Of the world. What
ever the causes are and whoever is to blame
the fact is that silver has declined, and free
coinage now at 16 TO l is the same as our offer
ing for all the silver in the world about twice
what it is selling for in the market. Interna
tional exchanges have to be paid in gold. AnC
it would seem plain that if we, under these
conditions. open our mints to free coinage o
silver and gold at a ratio of comparative value
which is largely at variance with the CONNER
cial value of the two metals, we must take
the entire silver surplus ourselves, and alone
maintain its parity with gold or else we shall
go TO a silver basis.
France, in 1878, closed her mints against sill
yer and abandoned this experiment, deemine
herself unequal to the task alone, and at tha
time it was much less difficult, for silver was
then at parity with gold at the ratio in use
and even England's mints in India were ope1
to the free coinage of silver.
II the experiment of maintaining the parity
of the two metals at q coinage standard wat
difficult then, it would seem to be positively
hopeless now without international agree
ment. Germany, France, Belgium, Italy and
Austria believe in a double standard and de-
sire to establish it, but no one, two or three o.
them deem themselves able to maintain the
ufav rd with o m ~
the United States.
If the result of the measures proposed would
be to carry us to silver basis, it is not felt
here that such q proposal would be in line
with the principles OF the Democratic party.
It is not the joint standard with the purchas-
ing power of the dollars at parity with each
other, but It is changing from one standard to
another, and that change being to depre
ciated coin.
And it is also felt, aside from the absence of
any Democratic principle to sustain it, that
YOU cannot have such disturbance of values
as would come from changing from gold to q
silver basis without such shock to conf
dence, the boarding OF gold and contraction
of your available circulating medium as
would bring in the opinion of our people the
worst panic and distress we have ever seen in
this country.
The creditor classes are prepared for 1t. The
obligations, mortgages, railroad ana olner'
wise, are generally payable in gold. Debts
would still have TO be paid in gold, but wages
In silver. The sufferers, as usual, would be the
poorer classes
This movement purporting to be in the in
terest of the joint standard, comes at most
lnopportune time, in my opinion.
There has never been time when the pros
poets of international action favorable to the
loint standard were at all as promising as at
the present moment But an illadvised, un-
ruccessful attempt here would discredit the
cause the world over.
What is the situation as regards thisf
From the discussion of the last twenty years
L has come to pass that among the persons in