The Providence news. (Providence [R.I.]) 1891-1906, 1896-06-22
Whitney Not a Candidate
For Presidency.
Would Not Serve Even if
Given the Election.
Only Wants to Save His Party
From Free Silver Heresy.

New York, June 22.--William =. WHIT
ney has made public a statement in
which he defines the political situation.
makes his position clear as regards his
decision TO remain I'm this country in
stead OF going TO Europe, and concludes
by Saying that he is not presidential
possibility; that he would not run II
nominated, would not serve IL elected.
The full text OF the statement Is as
follows:
II find IL necessary TO make public
statement embodying my views on the
situation, to correct misconceptions and
save time now occupied In answering
questions. Far too much Importance
has been attached to my decision to go
to the Chicago convention. 1 have been
practically out OF politics for four years,
and there are now many eastern Demo-
Gratis who can do much more than can
for the party. 1 shall aot assume any
position of leadership. My decision TO
stay was simply based on the duty OF
every person who believs In the party
for it's principles. to stay by and lend his
aid and take chances when the great
crisis is upon the Democratic party.
Fundamental differences OF princi-
Piles exist inside of 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 are
for the moment irreconcilabIe. For the
past Is years leaders of public opinion In
the south and west have been advocating
az the great remedy for existing ills,
the free coinage OF silver al 16 TO l, with
or without the cooperation of other ma
tions.
A majority of delegates to the coming
convention have been elected by the peo-
pie for the purpose Of incorporating that
doctrine into the platform Of the Demo-
cratic party.
Our people, on the other hand. en-
tirely disagree with these views, and
believe almost universally that il will
bring general ruin to the business ami
prosperity of the country. 1t is deemed
new doctrine when proposed TO be in
corporated into the platform of the ma
tional Democracy. II is true that in no
previous platform of the party can ii
specifically be found. Consequently no
party obligations heretofore assumed
oblige them to subscribe to it, Under
these circumstances, If the results OF the
Democratic convention should be 10 es-
tablish as the issue OF this campaign the
free coinage of silver at ratio of Is 10
/, independent of other nations, in in
tensity Of feeling likely to arise, 1t is to
be seriously apprehended that a dis
ruption OF the Democratic party might
occur Certainly no substantial follow
ing could be secured for the doctrine
among eastern Democrats.
This movement for free coinage pur-
ports to have for its object the estab-
lishment and maintenance of gold and
silver, as the money of the country
upon equal terms with each other, and
at parity OF purchasing power. IL.
by the proposed measure, that object
could be secured, there would be no
substantial disagreement in the party.
Every national Democratic platform
that has heretofore 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 a question of desire, IL is q question
OF ability. The commercial value of sill
yer has declined greatly in the markets
OF the world
Whatever the causes are, and who
ever is 10 blame, the fact is that silver
has declined, and free coinage now at Is
to ] Is the same as our Offering for all
the silver In the world about twice what
IL is selling for In the market. Inter
national exchanges have to be paid in
gold. And Ii would seem plain that IL
we, under these conditions, open our
mints to the free coinage OF silver and
gold at a ratio OF comparative valGe.
which is largely at variance with the
commercial value of the two metals.
We must take the entire silver surplus
ourselves, maintain its parity with gold,
or else we shall go to silver basis.
Francs, in 1878, closed her t1iuts
against silver and abandoned this en-
pertinent, desming herself unequal 10
the task alone, and at that time Il was
much less difficult for silver was then
at par witirgold at the ratio in use, ana
even Englahd's mints in India were
open to the free coinage of silver. IL
the experiment of maintaining the par
ity of the two metals al a coinage stand
ard was difficult then, X would seem to
be positively hopeless now without i'm
ternational agreement. 1t Is not the
Joint standard. with the purchasing
power OF the dollars at parity with each
other, but Il is changing from one stand
ard TO another, and that change being
to a deprecated coin.
And II IS also felt aside from the
absence OF any Democratic principle TO
sustain IL, that you cannot have such
disturbance OF value. as would come
from changing from a gold TO "a silver
basis, without such shock to conf
dence. the boarding OF gold and con-
traction Of your available circulating
medium. as would bring. in the opinion
of our people. the worst panic and dis
tress we have ever seen In this country.
The creditor classes arc prepared for IL.
The obligations, mortgages. railroad
and otherwise. are quite generally pay
able I'm gold Debts would stlll have 60
be paid ~ gold. but wages In silver.
The sufferers. as usual, being the poorer
classes.
At the present moment Germany.
France. Italy. Austria. Holland. Belgium
and the United States wish 20 cooperate
for the establishment and maintenance
OF the Joint standard by international
agreement. and Great Britain has. with