The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-06-23
Gives His Reasons for Going to
the Convention.
He is NOT A CANDIDATE
Would Not Accept if Chosen or
Serve if Elected.
FEARS DISRUPTION IN THE EAST
Stands as Heretofore for Bimetalllsm
But He Cannot Subscribe to
Doctrine of independent
Free Coinage.
Free Coinage.


statement, in which he defines the
political situation, makes his position
clear as regards his decision to re-
main in this country instead of going
TO Europe, and concludes by saying
that he is not a Presidential posi-
bility; that he would not run if nomi-
mated, and would not serve If elected"
The full text of the statement is as
follows:
Il find it necessary to make pub
lie statement, embodying my views on
the situation, to correct mlsconcep-
tions, and save time now occupied IN
answering questions. Far too much
Importance has been attached to my
decision to go to the Chicago conven-
ton.
Il have been practically out of poll
tics for four years, and there are many
Eastern Democrats who can do much
more than | can for the party. | shall
not assume any position of leadership.
My decision to stay was simply based
on the duty of every person who be-
lieves in the party for principles, to
stay by and lend his aid and take his
chances when the great crisis is upon
the Democratic party Fundamental
differences of principle exist inside the
party, marked almost by sectional
lines.
SUPPORTED IN WEST AND SOUTH.
1.-The great question to my mind is
whether the party meets in convention
now as in 1860, with issues and diff
ferences that are for the moment ire
concilable. For the past fifteen years
the leaders of public opinion in the
South and West have been advocating
as the great remedy for existing ills
the free coinage of silver at 10 to 1,
with or without the cooperation OF
other nations.
1T has come to be believed in there
quite generally and conscientiously. \
large majority of the delegates to the
coming Democratic convention have
been elected by the people for the pur-
pose of Incorporating that doctrine in
TO the platform OF the Democratic
party.
Our people, on the other hand, en-
tirely disagree with these views, and
believe almost universally that it will
bring general ruin to the business and
prosperity of the country. 1t is deem
ed a new doctrine when proposed to
the National Democracy. 1t is true
that in no previous platform of the
party can it specifically be found. Con-
sequently no obligations heretofore as
summed oblige them to subscribe to
il. Under these circumstances. if the
results OF the Democratic convention
should be TO establish as the issue of
this campaign the free coinage of sill
Yer at ratio of 10 to 1, independent
of other nations, in the intensity of
feeling likely to arise, it is to be seri-
ously apprehended that a disruption
of the Democratic party might occur
Certainly no substantial following
could be secured for the declaration
among Eastern Democrats. They
might not vote the Republican ticket
for other reasons (belieYiDg that the
Republican party stands for other is
sues that are detrimental to the
country, but the Democrats in the
East would not, in my opinion, vote
for it. -
THE PARTY FOR BI-METALLISN.
This movement for free coinage
purports to have for its object the es-
adjustment and maintenance of gold
and silver as the money of the coun-
try, upon equal terms with each other.
and at a parity purchasing power. If
by the proposed measure that object
could be secured there would be no
substantial disagreement in the party.
Every 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; it is a question
of ability. The commercial value of
silver has declined greatly in the mar
kets of the world.
hNhatever the causes are and who
ever is to blame, the fact is that silver
has declined, and free coinage now at
10 TO ] is the same as our offering for
all the silver in the world about twice
what it is selling for in the market. In
ternational exchanges have to be paid
in gold. And it would seem plain that
if we, under these conditions, open our
mints to the free coinage of silver and
gold a. a ratio of comparative value
which is largely at variance with the
commercial value of the two metals
we must take the entire silver surplus
ourselves, maintain it's parity with
gold, or else we shall go to a silver
basis.
France in 1873 closed her minis
against silver and abandoned this ex-
pertinent, deeming herself unequal to
the task alone and at that time it was
much less difficult, for silver was then
at par with gold at the ratio in use,
and even England's mints in India
were open to the free coinage of silver.
If the experiment of maintaining the
parity of the two metals at a coinage
standard was difficult then, it would
seem to be positively hopeless now
without international agreement. Ger
many, France, Belgium, Italy, and
and desire to establish it, but one, two,
or three of them deem themselves able
TO maintain the double standard, even
with the cooperation of the United
States. If the result of the measures
proposed would be to carry as to a
silver basis. it is not felt here that
such proposal would be in line with
the principles of the Democratic party