Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-06-22
WHITNEY TALKS.
The New York Man Explains His
Views on Money Question.


/
New York. June 2l.-Wm. c. Whit
ney. today. issued q statement, u
which he says: II find It necessary
Ito make public statement embodyine
my views of the situation to correct
misconceptions and save time now oc-
cupied in answering questions.
Far too great is the Importance at
tached to my decision to go to the Chi
cago convention. l have been practi-
cally out of politics for the past foui
years. There are now many Eastern
Democrats who can do much more
than l can for the party. l shall mol
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 its principles
to stand by and lend aid and take
chances when great crisis Is upon 1t
There can be no question but a great
crisis is upon the Democratic party.
Fundamental differences of principle
exist inside the party. marked almost
by sectional lines. The great ques-
ton to my mind is whether the party
| meets in convention now as In 1860,
with issues and differences that are
| for the moment irreconcilable. For
the last Is years. leaders of the public
opinion in the South and West have
been advocating as the great remedy
| for existing ailments. the free coinage
of silver at l6 to /. with or without the
cooperation of other nations.
| 1t has come to be believed there,
quite generally and conscientiously. A
large majority of the delegates to the
coming Democratic convention have
been elected by the people for the pur-
pose OF Incorporating that doctrine
into the platfor of the Democratic
party.
Our people entirely disagree with
these views. and believe almost uni
versally that it will 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 Demo-
crazy. 1t is true that in no previous
platform of the party can il specific
ally be found. Consequently no party
| obligations heretofore assumed obige
them to subscribe to 1t. Under these
circumstances. ii the results of the
Democratic convention should be to
establish as the issue of this campaign
the free coinage of silver at a ratio OF
Is to |, independent of other nations,
in the intensity OF feeling likely To
arise. it is to be seriously apprehcndeti
that a disruption of the Democratic
party might occur. Certainly no sub
stantial- following could be secured for
fh,4 6naf nj
Gratis. They might not vote for the
Republican ticket for other reasons
believing that the Republican party
stands for other issues that are detri-
mental to the country. but the Dem
| ocrats in the East would not, in my
| opinion, vote for il.
This movement for free coinage pur-
poses to have for it's object the estab-
| lishment and maintenance of gold and
silver, as the money OF the country
| upon equal terms with each other. and
at a parity of purchasing power. II
| 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. The maintenance of the
| double standard at the present time is
not n standard of desire 1t is a uues-
ton of ability. The commercial value
of silver has declined greatly in the
markets of the world.
| whatever causes are and whoever
is to blame. the fact is silver has de
clined. and free coinage now at l6 to
is the same as our Offering for all the
silver in the world about twice wha,
it is selling for in the market. Inter
national exchanges have to be paid In
gold. and it would Seem plain if We
under these conditions, open our minis
to the free coinage of silver and gold
at ratio of comparative value which
is largely at variance with the CONNER
cial value Of the two metals. we mus,
take the entire silver surplus ourselves
and alone maintain its parity with GOLD
or else We shall go to silver basis.
| France. in 1873. closed the minis
against silver and abandoned this ex-
pertinent. deeming herself unequal to
the task alone, and at that time il
was much less difficult. for silver was
at par with gold at the ratio in use
Even England's minis in India were
open to the free coinage of silver II
the experiment of maintaining the par
ity of the two metals at n coinage
standard was difficult then. il would
seem to be positively hopeless now
without international agreement
Germany, France. Belgium, Italy and
Austria believe in a double standard
and desire to establish it. No one. two
| or three of them deem themselves ahIe
to maintain the double standard even
| with the cooperation of the United
States
If the result of the measures pro-
posed would be to carry us to a silver
basis, it is not felt here that such a
proposal would be in line with the
principles of the Democratic party. II
is not the joint standard with the pur-
chasing power of the dollars at parity
with each other. but it is changing
from one standard to another. and
that change being TO deprecated coin
And it is felt also that you cannot
| have such a disturbance of values as
would come from changing from a
gold to silver basis, without such
shock to confidence. the boarding of
i gold and contraction of your avail
ablt circulating medium, as would
bring. in the opinion of our people. the
| worst ma mic and dict x,,o b,,,o 49,.