Peninsula enterprise. [volume] (Accomac, Va.) 1881-1965, 1896-05-02
Daniel ON Silver.


my acknowledgements and thanks for
behalf of the silver Democrats OF
Roanoke to address them on the I'd
of May next.
In these closing days of Congress,
with appropriation bills pressing for
consideration, l doubt if it will be
possible for me to be with you upon
that occasi ion; but it has long been
my conviction that return to the
bimetallic system which so long pre-
vailed in this country is necessary to
the prosperity of our people, and /
would, therefore, be pleased to ad-
dress the meeting if it were practic-
able to do so.
If the negatived prophesieS, the
accumulated public debts, the para
lived industries, the revenue deficits.
the commercial failures, the increased
taxes, and the falling prices of land,
produce, and labor which have fol-
lowed upon the gold standard plans
which the Democracy was beguiled
to adopt in company with the Re
publicans, if these experiences of the
last three years have not opened the
eyes of the people TO the folly OF
closing their minis and destroying
their constitutional money, it would
seem vain to argue the matter. Some
seem to imagine that the question
whether or not we shall have the
free coinage of silver as it existed
prior to 1873 comprehends the tinan.
cial issues we have to deal with, and
do not think it is generally appre-
ciated that the silver question is the
pivotal point on which turns the
whole scheme of financial revision.
Associated with the silver question,
and more or less dependent upon it,
are the questions of charging to q
vast degree our public debt, and of
retiring our greenback currency and
certificates. Indeed, our whole cur
rency system is in confusion, and this
confusion can only be corrected by
restoring bimetallism or by destroy
ing existing circulation.
1t is agreed on all hands that We
should keep our minis open to the
free coinage of gold, and that there
must be radical reform as to other
elements of our currency. The neces-
sity for reform arises from the fact
that we have outstanding 1916, 900, 0G0
of greenback paper money, payable
in coin mot gold only; some $l33,O 00,-
GOO of coin certificates issued under
the Sherman act Of 1890, and some
$685., GOO 600 OF silver certificates issued
under the Bland Allison act of 1873.
In all, a body of 1862, 600, 900 of paper
money-or half of all our existing
circulation.
Unless we restore silver as a money
of redemption we must retire this
paper money; and if we retire 1T we
must issue bonds to buy gold to pay
it off in. Should we retire it, there
will be such a vast contraction of our
present currency that there will be Il
farther and greater fall in prices OF
lands and commodities, paralysis
of trade, and probably another panic,
greater than any we have yet seen.
Agriculturists,m mechanics, merchants,
and banks would be involved i'll
widespread ruin by such further
contraction OF the currency, and
prosperous conditions indefinitely
postponed.
1t is easy to criticise and OBJ
iect. There are great impediments
and difficulties to be encountered
in any and all directions; but
it must be realized that we are
at the forks OF the road on this
question, and that we must go one
way or the other. Even the tentative
steps towards the gold standard have
so reduced our revenues that we have
already borrowed $262, coo, 900 OF gold,
without securing any permanent
relief. More debts and more taxes
are the only prospects on this line.
Recognizing how difficult IL is to
move in any direction, but appre-
ciating that move we must, l am OF
the opinion, that the most conserva-
tive and safe movement we can make
would be to proceed according to the
plan outlined in the national Demo
cratic platfrom of 1892, which EN-
bodied the coinage OF both gold
and silver, without discriminating
against either metal, or charge for
mintage," and the removal OF the 10
per cent. destroying tax that shuts
off State banks. This plan was
unanimously endorsed in the Demo
cratic convention; it had the APP
prevail OF the people in the Presi
Dental election, and had it been
nnrsued l do not believe the Demo
cratic party would have met such Z
disastrous defeat at the polls as that
which followed its sudden turn-o
from its own declarations and toward
the gold standard.
1t is quite evident that the people
are in no mood to tolerate straddles
or other devices that look both ways.
| believe the most courageous and
direct course to be the safest course;
and that the rule of the majority is
the only rule which can tend toward
harmony, and the integrity of or
ganization.
The State votes as unit for Presi
dent, whether in the Electoral
College or in Congress. Only the
State is recognized in national con
yentions as a constituent body. II
the Democratic people of Virginia
are for free silver, it would seem but
right and just that they should say
so, as they did four years ago, and as
they did in the State election, when
Governor Mckinney was nominated
and elected. Certainly no man would
wish to represent them otherwise
than in accordance with their wishes;
and, if they are for free silver, would
it not be becoming and just and in
accordance with the true principles
of the Democratic party and of Re
publican government that their
wishes should be respected?
Wishing you and your associates
success, | am,
Very truly yours,
JOHN w. DANIEL.
Prohibition National Convention.