The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-07-29
The Silver Question.
The New, York Flnancler's
Views ON the Free Coinage
of Silver.

=
of Silver.
ST. LOUIS, July 22 Both the free
silver conventions assembling here go
under way to-day to partial extent
but pei.her advanced far enough &c
enable apy accurate forecast to be
made of toe probable outcome Of it,
proceedings. The national silver peo.
o!e. meeting in the nusic hall of the
exposition building had much the
Smoother path to travel. 1t met. lis
tened to an able address by Represents
tive Newlauds. of Nevada. its tempo
rary Chairman, apd a sill more taking
speech By Mr. Wm P St. John. the
ex-uational bank presided of Ne"
York, which fairly captured the con
vent;on 1t appoinsed a committee to
confer with the convention OF the Poo
ple's party aud started in on the prepa-
ration Of a platform and Of the ioevita'
bic address to the American people.
Thirty-two States we're represented
on the four Of the convention by about
25O delegates. No sort Of doubt is
entertained that the oatioual silver COD.
veptiou will endorse the domination OF
Brvan and Sewall after waiting a
decent time to obtain a report from
their committee on conference with the
Populis,s
The Populist convention got 90
further than temporary organization,
Seua,or Marion Butler beiog made
Temporary chairman. The convention
is rot at all harmonious. a part o! the
delegates being for the endorsement OF
Bryan aud Sewall. aud part for nomi-
mating straight ticket.
The event of the day was toe speech
of Wm: P. ST. Jobn. The speech
con,aios in a cut she'll the wnole ques-
ton and is an irrefueable argument in
favor of silver coiuage. The speech
is as follows:
Gensieuer of the Convent;op--Tbe
skill and efficiency Of your laoors in
the past have been rewarded By the
adoption OF ycor demand for legislation
by two greas nrgauizaiioos of the peo-
pie. oameiy /: the Democracy and the
Peoples party If now you are aele
to indace a coalition Of these two or
gauiza.ions icr the ore purpose. the
desired achievement on behalf Of the
people will De ensured
Assuming 'heo that you will prevail
upon these patriots calling themselves
the Peoples party to endorse the oomi-
nation of Bryan and Sewail, it is adyis-
able to warrant the desirability Of the
end in view.
1t is among the first principles Of
6nauce that the value of each dollar.
expressed in prices. depends upon the
total number of dollars 10 circulation
The plane of prices is high when the
number of dollars in circulation is great
10 proportion to the number of things
to be exchanged by means Of dollars,
and low when sbe dollars are proper
tiouatsly few The plane Of prices at
present and so for some time past is
and has been ruiuously low. The 10
crease of our population at about two
millions year, scattered over our
immense territory, calls for Increasing
exchanges and ,bersby demands an 10
creasipg lumber of dollars 10 circula-
tiou The Increase in the number Of
dollars when dollars are confined to
gold is not sufficiently rapid to meet
the growth of cur excbaogess The
consequence is growing value Of do!
lars or dimiu ishing value Of every
thing else expressed in dollars /; which
is to say a tendency toward constantly
declining prices.
Tie fountain head Of our prosperity
has ruu dry. Our farmers all over the
country have endured the depression in
prices until they get about IS or 50
per acre for au expenditure of $40 per
acre, aud the like. Their credit is ex-
haasted at tnsir country stores. The
country store ceases to order from the
city merchant. the city mercha' reduces
his demand upon the manufacturer.
Man ufac,urers are curtailed The con-
sequence is that employees aud ali ele-
meo,s Of labor are being discharged,
aud aud wages are lowered 10 those who
continue in employment. The suffer
ings of the farmers, who constitute
nearly one half Of our population, is
thus soforced upon the city merchant,
the manufacturer and all forms OF labor
These combined elements constitute the
overwhelming majority of voters
Their intelligent conclusion will be felt
when expressed at the polls
The banker also is without prosperity
unless prosperity is general throughout
the Uuised States. He must learn to
distinguish between cheap money and