The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-07-23
SILVER CONVENTION
NOW In SESSION

contract the currency. Inc utmost pos
sible contraction of the currency Will be-
the few millions circulating on the Pacific
coast. and this will be retired but slowly.
A similar threat of a flight Of gold was
made for the Bland Act of 1873. Presid, NJ
Hayes was urged to veto It. but congress
passedrit over the veto. Instead OF flight
Of gold as had been predicted, We gained
by importation A.000.O00 the first year.
Sc. OOO 600 the next and $50. CO., 600 the third
year During the twelve years that the
act was on the statute book We gained
$o2l coo. 900 of foreign gold. Instead of the
destruction of our credit abroad, as had
been predicted, the United States I per
cent loan. which stood at l0l on the day
Of the enactment. sold at l20 per cent.
within three years. and at l3O per cent.
subsequently. Instead of defeating the
resumption of specie payments on Jahu-
airy first of the following year the 2i,oO,tD
silver dollars which We're coined In 1913
and circulated BY means of the silve" cer-
tificates, reduced the demand upon the
government for gold. Hence, the threat
Of disaster now is without histori; toun-
dation.
This then. is what will follow the re-
opening of our mints to silver: the gold
already in the treasury will remair there,
II common sense dictates the treasury
MANAGEMENT; that Is. II the treasure: en-
ercises the option to redeem United states
notes in silver A premium on gold Will
not occasion a contraction of the Cnrren- =
cy bank boards of gold continuing to
serve as a portion Of bank reserves against
bank liabilities. \ premium on gold VIII
tend to Increase our exports by causing
higher rate of foreign exchange, that is
to say by yielding a larger net return IL.
dollars on the sale Of bills OF exchange
drawn against goods exported pre-
MUM will tend 10 diminish our imports
by increasing the cost of bills Of exchange
with which to pay for goods imported. The
tendency Of increasing our exports AMI
decreasing our imports will be, first, 20 set
our spindes running. swell the number Of
paid operatives, Increase their wages,
thereby adding to the number and paying
capacity Of consumers. and thus enlarge
our home market for all home pro ducts
and manufactures. wita prosperity in
general as the result assured. The ten
dency OF increasing our exports ana de-
creasing our IMPORTS Will be- second. 10
establish a credit balance of trade 70" the
United States. A credit balance Of trade
means that Europe has become our debt
or and must settle with us in money. FL
ropes silver money is overvaiued In her
gold compared with ours, by from to !
cents on the dollar. The European mer-
chant or banker Will therefore make his
trade settlements with US in gold more
protitabiy by from to per cent. thon
In his silver. With the instant that En.
ropean trade settlements with the United
States are made In gold, parity for or
gold and silver money iS established in
the markets OF the world. Herewith the
37lla grains of pure silver in our silver dol
lar and the 23.22 grains OF gold in oar
~. a.,tIt tul ~ IA
as bullion in New York.
GREAT APPLAUSE.
Mr.. st. Johns assumption that the
convention would prevail upon the pa =
triots' calling themselves the Peoples $
party to endorse Bryan and Sewall was
received with great applause, ccntinu-
ing for nearly minute. The assertion
that the threatened flow of silver from
the east had no force and that the en-
tire stock of gold in the country would
be retired. was also without force, for
all of it but ten or fifteen millions. cir
culating ON the Pacific coast, had al
ready been retired, were greeted with
loud applause. The effect of the speech
upon the delegates was most happy,
nearly every sentence being followed
by enthusiastic manifestations of ap-
prevail
When Mr.. 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. q. w.
Baker, of California. moved the ap-
pointment of committee consisting Of
!, Sfntl 70 a n
committee from the Populist committee
to take up the questions Of differences
between the two parties for the purpose
nt coming to some rational agreement
| to the end that the nomination of Bryan
and Sewall might be ratified by the two
conventions Mr. Olmsted, 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 its representative on the commit
tee. The motion was further seconded
| by delegates from Missouri and Virgil
MIA A delegate asked If any one knew
that the Populists were ready to confer
with the silver party. Mr.. Olmsted
speaking for the Populists. again re-
| srunded that they We're ready to NEE,
the silver men anywhere, and he urged
party half way.
POPULISTS ON THEIR DIGNITY.
Some desultory discussion ensued as
to the propriety of the silver men max
ing the first advances. Mr.. Olmsted
again addressed the convention, stating
that the two conventions were called
| to meet here today in order to consoli-
date the free silver forces for the cam
paign. The Populists being the older
party and having always stood for free
silver. 1t would Ill 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
A delegate from Illinois offered as a
substitute for Bakers motion one t.
the effect that each state delegation Sc
lect member of this conference com
mittee and that the Populist conven-
tion be notified Of the action with a re-
quest that a similar committee be ap-
pointed by that body.
A delegate asked IL 1t We're the inten-
tion to await the report of the proposed
committee before proceeding to nomi-
nate Bryan and Sewall. (Cries of no)
whats the use of appointing it, them?
he asked, but no one answered.
MR.. SHINN TURNED DOWN.
| A delegate from Kansas, Mr.. Shinn
I expressed the opinion that 1t was no,
wise or expedient for the silver conYen.