SILVER PLATFORM
ED AND
CHICAGO
adopted by
CONVENTION.
s,t Forth Their Demand*
11U .-or.1* —»!»•«•*»■ »“d
'‘"..noted From the CoDKre**tui»
;;‘o, auT.>vor of surer.
V P>'c
■r in
A,,,r. 3.—The national con*
VC',f "the American Uimetallie
1 °.t in this city August 1, and
,e was larger than that
‘ vious assembly of like
the history of financial
Ait the prominent Bilver
from cv. ry section of the
v,,r; present. Stirring
' ,vt.ru made by United States
stowurt of Nevada and Allen
'"'iriska. Governor Waite of
1 ' X v. l’oxvderly of the
i Labor, Ignatius Donnelly
General A. J. Warner of
Va-Sideut of the league, and
,iiers The convention was
two davs with over 800
consisting of Democrats,
* leans and Populists. Allen W.
,,, 0{ Ohio, son of ex-Senator
! n ,vas permanent chairman,
niuivin" platform and address
ananimouily adopted by the
litiou;
v,,s bimetallism is as ancient as to
, inrv for certainly more than 3,000
; ,1 -.nd silver cume down through the
in 1 in hand, their relations to each oth
i varied but a few points In all that
i'uulof time and then almost invariably
hVodslation; and _
.’.Is The two metals nre named togeth*
so'uU'lv united, in the constitution of
i, >.]* states as the money standard of
it this country, placed there by George
, . jn Thomas Jefferson, John Adams,
vr Hamilton and their associates and
i'"1 ntlv indorsed and defended by An
ulison and Abraham Lincoln; «Ha,
‘.... silver, one of these ancient
was in the year 187-i without any pre*
(lemiTul by any political party and by
,rt of the people, or even by any news
“,IH1 without public discussion, stricken
rom the place it had occupied sinco the
„Y Abraham, under circumstances of
«(‘crecv that Allen G. Thurman,
jjpck William M. Stewart, Daniel W.
tvs James G Plaine. then speaker of
■so James A Garfield, William D. Kel
' others present and voting for the bill.
^ or representatives, publicly declared
■lt'v did not know until long afterward
> rave and groat a change had been
U. the financial system founded by the
i of the republic: and.
r,.;H, The debates in congress show that
in'ntWe of tho measure was in part
i a bv the friends of tho bill, to ono
t jieytl. a London banker who, it is
,i was sent over to Washington by the
, [\ class of the Old World to secure its
by secret and corrupt means: and
■ms. President Grant, who signed the
..laml Ion*; subsequently that he did
.ow that it demonetized silver; and,
•iv,»s. The purpose of this attack upon
'the two ancient precious metals of the
was, by striking down one half the
supply to-wit, silver, to double the
adiiK power of gold, by making it the
uat of more of everything possessed or
icd bv the labor of man, thus reduo*
price of all commodities, arrest
nerprise. impoverishing the toiler and
;i:vr mankind. That these results were
v inevitable, but foreseen, appears by
Lowing language, used ut that time by
it. president of tho Dank of Prance, who
■‘If by a stroke of the pen they sup
one of these metals, they double tho do
' >r the other metal to the ruin of ail
’ And.
ns. The awful consequences thus
-ini are now upon the people of tho
vorld. wo stand in the midst of unpar
distrbss and in the shadow of impend*
.unities which are beyond estimate.
industry of the people who inhabit
Gil of the area of this republic
been stricken clown. tno prop
values destroyed and the work*
compelled to fly as from pesti
K very where over this broad land
it tollers numbering thousands have
Grown out of employment and will have
the bitter bread of charity or starve;
■roducts of industry, of the farm and
workshop have depreciated in
as shown by official and pub
statistics until production ceases
profitable: the money of the country, in
aate for the business of the land, has
tuied to the banks: while the people, dis
the banks, have demanded
deposits to hoard or hide them
ir.tile houses are going to the wall by
iun.ls because tho masses have not the
r t0 buy even the necessities of lifo.
fl'ply the lack of currency the bunks
f ‘•Teat cities have issued a substitute
f^ncy, unknown to the laws, called
house certificates; the movement of
Jojt crops, now being gathered, demands
n amount of currency which the banks
liable to furnish, and in the midst of
r conations the daily press is clamoring
K-Tepeai of the act of July 14, 1890, called
merman act, although tho repeal of that
m“an8 the stoppage of the issue
more than $3,000,0 X) of money
L m.on*k’ thus shutting off the
!v<of.v*un^s *or the business of the
‘r> in the midst of the terrible conditions
OTW ua and Snoring the fact that
*u the balance level between debtor and
HI' !.“e suPPly of currency must increase
v, {J*Je wdh the increase of population
Sn-lSS8' sJnci’ *a this nation, the growth
18 at the rate of about 33 per
u‘.r? ten years, while the increase of
w greater; and
.. >’■ m, VINE 8 EXPRESSIONS.
| ro is The great expounder of the con
“an'el Webster, "Gold and
rates Axed by the congress constitute
-at standard of value in this country, and
or congress or any state has the authority
stiiard”" „nl|jor s,aadard or to displace
h?i!u JPf H°?, J»“®» O. Blaine, quot
wamontiSi0' “da3.: "0a the much vexed
jJ.51-} question of a bimetallic or
tt'v'iniib.,?.111?1!lJrJ’ my own views are suf
ri«ed.ln the r8marks 1 have made
t.i'mt... ?truegle now going on in
s°Marnid ln othei; uountries for a single
“cewi.wi, "?r0„ 11 successful would
rcr.iai1S e1ad„,<li8ast" throughout the
“ter and°»« ,1*“ destruction of silver
“lvaluem««.ItbIlshIng void us the solo
s or nrnm.rf,1 have a ruinous effect on all
h. ilia ,?cJW except thoso investments
4 b» enorm^M3' ret,rru ia money. These
14’sprouoiub?nr.eollas 064 la value,would
every n , c",l i and unfair advantage
St i?Hr,,spccle3 of Property. If,
nearly Vmi‘fkb.1,e(vStaV8tl,ca afflrm- ‘here
world -0( coin or bullion in
» mid ,„iy,.?,ery unequally divided to
c silver on, iiVPr; 11 “ impossible ' to
results rwhLhf «rn8tence 89 money with
0118 and S Prove distressing to
unds." Avstlfsy disastrous to tens of
r coin to tie .Si1—98 d; ‘ i Relieve gold and
■'■"1 the money of the constitution
'■or to th^rnn^?/ if® American people
nic hw rccosn^’istut on. whlch the great
"i' rUtem-e®* vd 891''**® independent of
™»?ress tnaJo P°*®r was eonierred
"‘ “ot he moneoCiar0rtll8t elther metal
m my i„,K,~?y; Congress has, there
hoth V ,saieJt, no power to demon
irmonotires T_.} therefore, silver has
! in.. - ea' I am in favor of remonetiz
If its rnmndlTT"* 4*,ul U1 rrimmru
" fl'or of or,w£ h.?9 beea Prohibited I
'or or Cy&ring it to be resumed. I am
““'ingit enlarged.” And
Lr„ETART CARLISLE’8 PAST STAND,
►-ryi'on ,Tbe Present secretary of the
F -I know thsr°^0f 00ngresa, Feb. 21,1878,
Setals 1, '5*F tire world’s stook of prec
3PPrehend thaU^sHn “nd Id°® no rea'
toad win lt wl11 ever become ao.
K‘Qd will ho ** "“a iretuiac ao.
“ o?^!n,ate'‘ndee'1’ « ‘he an
...... and silver ooin shall
; c°mmerff.ne„'l„nilu,a1Jncr®i3e of popula
* 'iew of thSn», industry. According
^seems tohavo hi*11 eSt- ta® c°nspiracy
' destrov ®hoe^a ,f°rmed hero and in
1 threo-JL,la11 on and other
““o money ofT^ltbs t° one-half of the
miCcr,Oeof thi«l«® worl<1 1* the,, most
Station oth«,ih Bn* ®*t®r a*®" The
“Uelt su®h a scheme would
entail ■ ■u*ou» wouia
49 race than SP,?. mis«ry upon the
.e'eots that a\*h® wars, pestilences
p»?istantaneou» aiS 9 ,®v«r occurred.
sdre movahuP„de8tructlon of one-half
fth°ases sh*0pf°P«,rtyof the world, ln
,*"o«s tor carPvPtn'. lway* »nd all other
must resu't from the permanent annihilation
of one-holt of the metallic morns of the world
end.
Whereas. Senator Sherman of Ohio who I
more than any man ts responsible for the de
monetisation of stiver, clearly understood the
evil oonsoanenoes of shrinking the currency
below the legitimate demands of tbe business
of the country, as evidenced by what he
said in the senato In isw. to wit: "The
contraction of the currency Is a far more dis
tressing operation than senators suppose.
Our own^tnd other nations have gone through
that operation before. It Is not possible tp
take that royave without tho direst distress.
To every person except a capitalist out of
"debt or a salaried officer or annuitant,
It Is a period of loss, dsn.er, las
situde of trade, fall of vre-cs, suspension
off enterprise, bankruptcy and disaster. It
means the ruin of all dealers whose debts are
twice their business capital, though one-third
less than their actual property. It means the
fall of all agricultural productions without
any great reduction of taxes. What prudent
man would care to build a houao a railway,
or a barn with tho cortaln fact before him?
KO COMPROMISE OX COINAGE. I
Therefore, In vlow of all those facts, we de
clare: i
First—That thero mint be no compromise of
this question. All legislation demonetizing
silver and restricting the coinage thereof must
be ut once and completely repealed by an act
restoring the coinage of the country to the
conditions established by the founders of the
nation and which continued for over eighty
years without complaint from any
f>art of our people. Every hour's delay
n undoing the corrupt work of Ernest Seyd
and our foreign onemies is an insult to the dig
nity of the American people, a crushing burden
on their prosperity, and an attempt to piaco
us again under the yoke from which Washing
ton and his compatriots rescued us. We pro- j
test against the financial policy of the United
States bein r made dependent upon the opin
ions or policies of any foreign government;
and assert the power or this nation to stand on
its own feet and legislate for itself upon all
subjects.
Second—We assert that the only remedy for
our metallic financial troubles is to open up;
the mints of the nation to gold and silver on
equal terms, at the old ratio of 16 to 1. When
ever silver bullion can be exchanged at the
mints of the United States for legal tender
silver dollars, worth 100 cents each, that mo
ment 412^ grains of standard silver will be
worth 100 cents; and as commerce equalizes the
prices of all commodities throughout the
world, whenever 4184 grains of standard silver
are worth 100 cents in the United States, they
Will be worth that sum everywhere else; and
cannot be bought for less. While It will be
urged that such a result would enhance the
price of silver bullion, it Is sufficient for us to
know that a similar Increase would be at
once made In the price of every form of
property except gold and credits in the civil- 1
izea world. It would be a shallow selfishness
that would deny this to the mining Industries
at the cost of bankruptcy to the whole people.
The legislation to demonetize silver has given i
an unjust increase to the value of gold at the I
cost of the prosperity of mankind: wheat and i
all other agricultural products have fallen side
by side with silver
AGAINST UNCONDITIONAL REPEAL.
Third—That.while the "Sherman act" of
July 14, 1890, was the device of the enemy to
prevent the restoration of free coinage, and is
greatly objeetidnablo because it continues the
practical exclusion of silver from the mints
and reduces it from a money met
al to a commercial commodity, never
theless its repeal, without tho res
toration of free coinage, will stop tho
expansion of our currency roquired by our
growth In population and business and widen !
still more the difference between the two I
precious metals, thus making the return to bi- j
metallism more difficult; greatly increase the i
purchasing power of gold sttill further break 1
down the price of tho products of the j
farmer and tho laborer, the mechanic I
and tho tradesman, and plunge
still farther all commerce, busi
ness and industry into snch depths of wretch
edness as to ondan er peace, ordtr, the preser
vation of free institutions and the very main
tenance of civilization. We therelore, In the
name of tho republic and of humanity, protest
against the repeal of the said act of July 14, j
1890, except by an act restoring free bimetallic !
coinage as it existed prior to 187.1. We suggest I
that the maintenance of bimetallism by tho |
United States at the ratio of 10 to 1 will in- ;
crease our commerce with all tho silver using
countries of the world, containing two-thirds
of the world, without decreasing our com
merce with those nations which buy our raw
material, and will compel tho adoption of bi- |
pnetallism by the nations of Europe quicker .
than any other means.
Fourth—Wc assert that the unparalleled
calamities which now afflict the American |
people are not due to tho so-called Sherman
act of 189J, and in proof thereof we call atten
tion to the fact that the same evil conditions
now prevail over all the gold-standard world.
We are convinced that bad as is the state of
affairs in this country, it would have been still
worse but for the Sherman act, by which ,
tho nation obtained to some ex
teut an expanding circulation to
moet the demands of a continent in i
process of colonization and tho business cxi- j
gen lies of the most energetic and industrious 1
race that ever dwelt on the earth, and we in- I
gist upon the excution of the laws without
evasion so long as it is upon the statute banks !
aud upon the purchase or the full amount of :
silver each month that it provides for, to the
end that the monthly addition to the circulat
ing modlum the law secures shall bo main
tained.
Fifth—That we would call the attention of !
the people to the fact that in the midst of the ;
troubles of the time, tho value of tho national
bond and the legal tender money whether |
made of gold, silver or paper, has not fallen a j
particle The distrust is not of the j
government or its monoy but of the banks j
which have, as we believe, precipitated tho i
present panic on the country in an ill-advised j
effort to control tho action of congress on the ;
stiver question and the issue of bonds We i
invite the bankers to attend to their lo dtimato !
business and permit the rest of tho people to !
have their full share in the control of the gov- j
eminent. In this way they will much sooner I
restore that confidence which is si ncc- j
essary to the prosperity of the people. «It j
must not be forgotten that while boards of
trade, chambers of commerce, bankers and !
money deales are worthy and valuable men in .
their place* the republic can more safely re- I
pose upon the groat muss of its peaceful toil- i
ers and producers, and that this "business j
man s ago” is rapidly exterminating the busi* |
ness men of this country. The time has j
eome when the politics of this nation should
be diverted, as far as possible, to the simple
and pure conditions out of which the republic
arose. We suggest for the consideration of
our fellow citizens that the refusal of
tho opponents of bimetallism to propose
any substitute for the present law or to
elaborate any plan for tho future indicates
either an ignorance ot our financial needs or
an unwillingness to take the public into their |
confidence and we denounce tho attempt to ;
unconditionally repeal the Sherman law as an j
attempt to securo gold mondmetalism in flag- ,
rant violation of the last national platform of j
all the political parties. I
On motion of Congressman Bryan of
Nebraska, the address of Chairman
Warner of the Bimetallic league,
delivered Tuesday, was adopted as the
address of the convention to the Amer* j
ican people, i
' General Warner's Address
General A. J. Warner's address was in
part as follows: The most extraordin
ary condition of affairs,” said lie,
"meets the assembling of thiB conven
tion. Almost perfect peace prevails
over the world; the earth is yielding
her fruits in unusual abundance, and
rich harvests are being gathered under
favoring skies. There is enough und
to spare, and yet never before in
the history of the country has there
been such widespread fear and distress;
never before such loss of confidence
and destruction of credit Industries
are everywhere breaking down aud
laborers by thousands are thrown
workless on tho streets with want
staring them in the face. Scores of
banks, most of them well managed and
showing assets which under ordinary
circumstances would place them
above suspicion, are driven to sus
pend. There has been a shrinking of
hundreds of millions in the valuo
of stocks and other property, and in
agricultural products. To attribute all
this condition to the present silver pur
chasing law;of the United States is ab
surd. Under this law since 1890, 8150,
000,000 have been added to our cur
rency. Does anybody believe that the
presence of this $150,000,000 makes
money scarce and dear? Would we
be better off if we were out of it?
The real obiect lesson of the situation
t
to very different from that wbioh the
gold conspirator* Intended.
“It enables us to see' the beginning
of the shrinkage in prices that must
take place in order to go to a purely
gold basis The trouble Is in the
change in the money standard. The
value of money may be doubled either
by doubling the weight of standard
coins or by destroying half of the
metal out of which coins are
made. One is as effective aa
the other. The establishment of
a single . gold- standard is
equivalent to putting the value ol t wo
dollars into one. It is doubling tho
unit and putting property down one*
half. This is what is going on. To
do this and still require the same
number of dollars in payment of
debts and taxes is to sanction tho
spoliation of one class by the other
and tho talk of such a standard us
honest or such a policy as sound
finance is the rankest hypocrisy.”
Referring to the a«t of 1873, General
Warner said: ‘•The members of con
gress, the speaker of the house who
signed that bill, the president who
approved it, never knew that it de
monetized silver. There was but ono
man in tho senate who knew that the
act demonetized silver; and yet he
was never hung or shot for treason.
[Great applause at this allusion to
John Sherman. 1
“That act will bo known inhistorv as
xne aeuiouutizauou bi is vs. i.c mo
memories of those who stand con
nected with it rot in oblivion.” [Great
applause.]
General Warner said that he was
willing to have the act of 1800 re
pealed if the other Sherman law, the
net of 1873, could bo repealed by the
same bill, lloth Sherman laws should
go together and the country be placed
back upon the constitution and the
law as it stood boforo 1873.
In his conclusion the speaker de
nounced the metropolitan newspapers
of the country as being controlled by
the. money power and characterized
their editorials as being but the in
spiration and tho bidding of the gold
bugs instead of tho conscientious ex
pressions of the writers. The peopio
to win, must win against all these
BfflTregattons and Ini'uonccs of capi
talistic Dower.
It Huy be Catching.
Washington, Aug. 4.—Speaker Crisp
sat in his pariors at the Metropolitan
yesterday, puffing a cloud of tobacco
smoke, telling stories, greeting con
gressmen and occasionally holding
whispered conferences with some
members who desired to be remem
bered for some special committee place.
The speaker's room is tho center of
such political activity as is finding ex
pression in Washington. It is said,
■however, by veteran legislators that
such a quiet reasambling of congress'
has never before occurred within their
recollection. The door to Mr. Crisp's
room is always open, and there is a
constant stream of public men going
in and out.
It is not a “headquarters,” however,
as the reelection of Mr. Crisp is so cer
tain that he has found no need of es
tablishing a speakership headquarters
and carrying on an active canvass.
Most of his time is given to good fel
lowship among his associates. • lie does
no work during the day. liutat night
he goes to his private room and takes
out a large sheet of paper which
looks like a magnified score card for a
race meeting. It covers the member
ship of the i’ifty-second congress, with
such rearrangement of important com
mittees as Mr. Crisp has been able to
make. His evenings are given almost
entirely to his work.
He said yesterday that he felt con
fident of having all the committees ar;
ranged within tho next ten days after
the assemblage of congress. This
would be unusually early for com
mittee announcements, as it is custo
mary to give the speaker the entire
month of December to juggle with the
committee assignments.
The only distinct development of the
day in the neighborhood of Mr. Crisp’s
hotel was the movement in favor of
making Representative Catchings of
Mississippi chairman of the important
committee on banking. As a rtale this
committee does not rank very high,
but during the coming session "it will
be made especially important in view
of the many banking and financial
quest ons to come before congress. The
quest ion of repealing the 10 per cent tax
on state bank issues and the increase
of the circulation of national banks
up to the par value of their bonds de
posited with tbe treasury will come
before the banking committee. It Ts
urged that Mr. Catchings is especially
qualified for this chairmanship. He
has generally been regarded as a silver
man. but bis friends say that he is dis
tinctly u gold man, in close touch with
Mr. Cleveland. What is more import
ant is that Mr. Catchings is a very
close friend of Mr. Crisp, having been
his first lieutenant during the late
speakership fight. It is believed, there
fore, that Mr. Crisp would be glad to
give Mr. Catchings the chairmanship.
Canada Will Nut Lend Her Money.
Tohonto, Ont., Aug-. 4.—Canadian
banks iliat have in the past dealt
largely with American firms in loan
ing money are pursuing a policy of
great caution this year on account of
the large number of failures in the
United States. Last fall Toronto and
Montreal binks loaned a good many
mill'on dollars in Minneapolis and the
northwestern states to move crops, but
this season they are withdrawing
money from the states, and refuse to
loan except on gilt-edged security.
They have had a great many demands
for money in the last few days from
business houses in the southern and
western states, but without exception
these demands have been refused.
Gov. Campbell Mot a Candidate.
New Yoke, Aug. 4.—It having been
reported that ex-Gov. James E. Camp
bell of Ohio was a candidate for re
nomination at the coming guberna
torial convention, that gentleman said
this morning: “Under no considera
tion will 1 accept the nomination for
governor. I am not in the position to
make a strong fight for several rea
sons, the stiongest being that I am
not financially fixed to stand the ex
pense of a campaign. 1 will be at the
convention next week, and if my name
is mentioned 1 qfiall withdraw it.”
Morton’s Bara Burned.
Poughkeepsie, N. Y., Aug. 4.—Ex
Vice-President Levy P. Morton's im
mense new barn at Ellerslee, near
Bhinebeck. with chickenliouse and
outbuildings, together with 10o head
of Guernsey cattle and all his
farm horses, was destroyed by fire
yesterday. The loss is over •ltio.ooo.
PANIC ON THE BOABD.
v ;r'"■ •' 1 > - ' • ■
JOHN CUDAHY. THE GREAT
PACKER. PAILS*
W* «f the Blit.it Firm, la Ckletl*
Forced to the Wall—Uabllltlea Way
ITp la the Million.*—Never Sneh a
lime oa the Board Blaca the rani O'
of 1881.
Chicago, Aug. 5.— It was a day Of
panic on the Chicago board of trade
and before it was half gone aix of the
biggest firms had been smashed to
smithereens. John Cudahy, the mill
ionaire packer, dropped every cent he
owned. '1'ho losses of the day will
hardly fall short of J3l>,000,0(10.
The cause of it all was a fall in pork
from 818.33 to 810.30 in forty-five min
utes. Pandemonium reigned on the
board. Never s nee the Harper wheat
deal collapsed in 1887 has there been
such a panic.
The firms forced to the wall by the
big bear movement were: John
Cudahy, E. W. Halley A Co., Wright
A Haughey, A. Ilolmholr. A Co., J. U.
Steever A Co. and the North American
Provision company. At least three
of the firms were factors for Austin
W. Wright, betler known as “Charlie”
Wright, the leading bull of the board.
Intimately associated with him in
the pork corner was John Cudahy and
the two went down together, with the
brokers who had been buying “long"
for them. It was commonly believed
on the board that there would be
other smaller failures, but it did not
fall to the lot of Secretary 8 tone to
announce the closing of any other
trades than those of the six firms
named.
Efforts to learn the liabilities of the
embarassed firms were unavailing.
They were all busy closing their books
and could not even tell approximately.
Hut there is no disposition in any
quarter to conceal the fact that the
firms were “hit hard” and out of the
trading for the present, at least,
though it whs thought likely that they
would be able to settle and resume
business soon.
The cause of the failures was simply
this—Wright and Cudahy were unaule
to get money enough to protect their
margins and their brokers had noth
ing to do but to protect themselves by
closing out tho pendidg trades. The
explanation < offered was that the
brokers could get neither margins
from the principals nor accommoda
tion from the banks. Men on the in
side, however, were inclined to believe
that it was not so much want of ac
commodation as wh in of collateral or
cash.
A. W. Wright did not mince mat
ters, but raid: “1 am a dead man and.
am in no humor for talking. The sum
and substance of the matter is this—I
had too much property and too little
money. I will not say what my liabil
ities and assess are ajtd I will 'not say
how much pork I carrried. That is
my business. There is nothing more
to be said. I had too much property
and not enough money.”
John Cudahy could not bo found.
His clerks were hard at work working
on the books and they would say
nothing. Mr. Cudahy was not in his
office or about the board of trade. His
house, 3334 Michigan uvenne, was
closed, his family were away for the
Bummer and no one could tell where
he was.
E. W. Bailey said: “It is aflat fail
ure all right enough. We were long
on pork and our principal, A. yf.
V?right, could 5ot jSrolBSt us with
margins, so we had to close out trades
to protect ourselves. 1 have no idea
what our liabilities will be. It is fash
ionable nowadays to say ‘it was im
possible to realize on collateral,’ but 1
have noticed that it is a good deal
harder to get the collateral than it is
to realize on it. I suppose the firms
will make a setthment and resume
business.”
The crash was the sequel of a brill
iant deal in pork ribs run by Wright
and Cudahy last autumn. The men
cornered the supply and, it is said,
made more than 83,000,000. They saw
a chance to repeat the operation and
plunged on September pork. In the
words of one of the board operators,
“Wright bought all the pork he could
see and in his anxiety to get more,
ran the price up to 833 a barrel. He
kept on buying and the money market
kept on getting tighter. When he got
near the end of his string he stopped
and Armour, who had been putting up
on his calls right along, called on him
for margins on trades, lie could not
get the money to protect his brokers
and they closed his trades out.”
The Sliver Hosts Assembled.
Cbicago, Aug. 8.—The national con
tention ot the American Bimetalic
league met at 10 o’clock in the First
Methodist church auditorium. It was
the largd&t assembly of like character
in the history of financial agitation.
The features of many of the scarred
veterans of financial agitation were vis
ible in the heterogeneous assembly.
General A. J. Warner of Ohio, presi
dent of the Bimetalic league; Congress
man Bartine of Nevada, Congressman
Bryan of Nebraska, Governor Waite of
Colorado, Senator Stewart of Nevada,
Senators Mantel of Mon tin a, Shoup of
Idaho, T. M. Patterson of Colorado,
Governor Kolb, the populist leader of
Alabama; Editor Goodwin of Salt Lake,
Henry J. Taubeneck, chairman of the
executive committee of the people’s
party, and Senator Dubois of Idaho
were conspicuous among them.
When Chairman Warner of the Bi
metalic league called the convention to
order many of the delegates were ob
liged to stand in the aisles on account
of the smallness of the hall. Chair
man Warner opened the proceedings
by introducing Mayor Carter H. Har
rison of Chicago, who welcomed the
delegates to the city.
“I welcome you warmly,” said Mayor
Harrison, “because I believe you have
the country at heart. Some of you
may be rather wild; it is said that you
are silver lunatics. I look down upon
you and am rather glad to welcome
such lunatics.;. It is the crazy men that
march the world forward and make
progress a possibility. They say that
because you believe in bimetallsm you
are crazy. If the action of 1873 could
i be blotted from the annals of American
political action I believe that silver
would be worth $1.89 an ounce. Be
wise in your deliberations, but be fear
I less. Congress is about to meet Give
I the benefit of your deliberations to con
grtsa and tell Grorer Cleveland what
the people of the United States want." .
Bon. Thomas M. Patterson, chairman
of the Colorado delegation, responded
to the mayor.
vimuiuttu earner ox x.no Aiimoxauio
league then delivered his opening ad*
dress. "The most extraordinary condi
tion of affairs,’’ said he, "meets the as
sembling of this convention. The earth
is yielding hor fruits in unusual abun
dance and a rich harvest is being gath
ered under favoring skies, and never
before in the history of the country has
there been such widespread distress;
never before such a loss of confidence
and destruction to credit. Industries
are everywhere breaking down and
laborers by tens of thousands are
thrown workloss on the' streets with
want staring them in the face. Scores
of bunks are driven to suspension.
There has been a shrinkage of hun
dreds of millions in the value of shocks
and other property. To attribute all
this condition to silver purchasing is
absurd. Under this law, since 1890,
81 “0,000,000 have been added to our
currency. Docs anybody believe that
the presence of this 9150,000,000 makes
money scarce and dear? Tho real ob
ject lesson of tlte situation is very dif
ferent from that which the gold con
spirators intend. It enables us to sec
the beginning of tho shrinkage of
prices that must take place in order to
go to n purely gold basis. The trouble
is in the change in the money standard.,
The value of the money may be
doubled either by doubling the weights
of standard coins or by destroying half
of thu metal out of which the coins are
made. The establishment of the slnglo
gold standard is equivalent to putting
a value of two dollars to one. It is
doubling the unit and putting property
down one-half. This is what is going
on to do this, and to still require the
same number of, dollars In the payment
of debts and taxes is to sanction the
spoliation of one class by the other."
Chairman Regan and the special com
mittee, escorted the now president, Al
len W. Thurman, to the stage. Tho
appearance of Mr. Thurman was a sig
nal for uproarious applause, and after
it had subsided he was introduced by
the retiring president and spoke as fol
lows:
"Mr. Chairman, I, a oiks and Gen
tlemen: The fight between thoso who
believe that the circulating medium of
this country should be hard money—
that is real money, gold und silver—
upd paper redeemable In the same, and
thoso who believe in the use of soft
money, that is, paper promise-to-pay
money, redeemable in other promises
io-pay—is on.
"Should the Sherman law be re
pealed without substituting anything
ill lieu thereof, it means the financial
destruction of silver money as a measure
of value, and no man can tell when it
will ever bo again restored to its form
er place. I am against an irredeemable
currency in every way, but if it is to bo
decreed that wo in.ist have flat money,
if our circulating medium is to be based
upon faith alone, then I am in favor of
its being issued by the government and
not by individuals, because I have more
faith in nil of tho people than I have In
any particular class of people.
"The same threats were made by the
paper money advocates before that are
made now. Tho United States bank
and all its branches, by pursuing al
most identically the same course as its
followers of today have done, so fright
ened the business community and so
paralyzed all industry that, although
they may not have intended it, yet a
panic did ensue, and such depression
followed that they thought surely Old
Jijckson miigt give way and they must
win, "but 6ld Hickory never for a single
moment wavered. On tho contrary, no
appealed again to the people of this
country, pointing out where all this
would lead, and then bade the bank do
its worst, and he did not appeal in vain;
neither will we appeal in vain, for
when the peopleof thiscountry awaken
to the fact that there is being made a
systematic attempt to force them to
pay the obligates of this government
in gold alone, when they have always
had the right to pay them in gold or
silver, and that this is to be taken
away _ from them—that the contract
they made with their creditors is to be
violated—I, for one, have not the
slightest doubt where they will stand.
“Then next, if they succeed in un
conditionally repealing the Sherman
law, yon will hear the demand made
that the government issue other bonds
upon which these banks may supply
the deficiency in the circulating medi
um, which will.be brought about by
the government basing to issue the
coin certificates unde:' the Sherman
mw; ana, nnauy, snouiu tncre at any
time be a falling off of the gold in the
treasury, which is sure to come sooner
or later, you will begin to sec editorials
by the score pointing out what a men
ace to the business of the country are
the outstanding 8346,03,000 of green
backs; and that unless they are retired
the treasury will soon lose all its gold
and the country will be brought to a
silver basis, and then the further de
mand will be made that these green
backs be retired with a long time bond,
upon which more promises to pay can
be issued by these banks. In fact, it
will not be many years before they de
mand the retirement of all forms of
paper money, other than their own
notes, which the people of this country
will then be compelled to accept as
money. When this comes about (and
unless it is stopped now, it will come
about) the victory of the Shylocks will
be complete, for sf these banks can now
not only prevent the national debt
from being reduced, but, on the con
trary, can make congress increase it so
they may perpetuate themselves, when
and where will their power end?
“I have.no doubt that in the message
which will be sent to congress on the
7th of this month the phrase of'sound
and stable currency’ will be used. I
want the president of the United States
to tell the people of this country what
is meant by a ‘sound and stable curren
cy.’ I will not be satisfied by his say
ing that he simply wants a standard
that does not fluctuate, but I want him
to tell the people of this country why
| he says that gold alone will make that
I stable standard. (Jive us the reasons for
the faith that is in him. The people of
this country are intelligent enough to
understand whether the conclusions he
reaches are correct ones from the pre
mises laid down. If he does not think
that the people are so, he certainly
must think that the members of con
gress are. to whom his message will be
addressed.
The president appointed Charles B.
Morton of Maine fourth auditor of the
treasury, vice John K. Lyn.'h of Missis
sippi, resigned.
- . . .- - * . » i
MR. GRANT HAS A REMEDY.
The Ii>donin«r Would (iltbliih a M. v
Tor Ratio of 80 to 1. f
New York, Aw*. 8.—A number of : ’a
prominent smelters and silver mine
owners from Colorado bound for
Washington In the interests of the
white metal, are iu the city. They in*
elude ex-Uov. J. ]i. Grant, the bead of '
the Omaha and Grant smelting' works
of Denver and Omaha; J. J. llagermsn
and D. M. Hyman of Denver.
Mr. Grant said: "The propost*
tton to repeal the bullion purchasing
clause of the Sherman act and then
look about for a substitute will not
meet the approval of the advocates of
free eoinage. If the purchase of silver v
is to be stopped, then business in tho ■
states where that is one of the Indus*
tries must continue to suffer. The .
silver states are but a small fraotion
of the country. There is not enough
gold In the country to transact tne
business of the country. 1 Would favor
as a substitute for tho present law, If
that be repealed, the establishing of a
ratio of about 30 to 1 and tho oolnage
of such silver as is offered."
INDIAN PRINCB.
Hlhinjth of Kapurthalo Como* to i«*
the World'* Fair.
Chicago, Aug. 8.—One of India**
potentatatea, the Maharajah of Kapur- *,
thala, reached Chicago to-day, Ao- '.m
i'uui[)uuiuu ijv olio
o( Iiis wires and
his retinue,he came
In at 11 o'cl oak
from the east and
registered at the
Hotel Windermere,,
Lexington avenue ‘
and F1f1 y-slxth
street, where sump
tuous apartments
had been resorred
(or them. The
maharajah has
come 10 see the
TUB PRIKCK.
r air aim win ntay UDlil no nas aone
the Exposition thoroughly.
Accompanying his hlghneM are
Major Nuhal Miugh, Dr. Madia Aiy,
Cnpt ttrndal Singh, Mian Asia Bakscn,
Daniel liaum. Rich Uuchner and CoL
C. F. Massey of the llritlsh army. ' v';i
Made lilouiit‘Angry.
Honolulu, July so (rln San Fran* .•
olsoo, Ang. 3.)—Theroyalista who pre
sented a cuno to Claus (Sprockets just
before the Australian sailed have deep
ly offended Minister Blount by the un- ;
authorized use of his name, and the
matter has become tho subject of dip*
lomatlc uorrespondeno \ ( • ,='
Just i>cforo thg gtciuney Australian
left port a prearranged scheme of pre*
senting Claus Mpreclcels with a cano
inscribed with a list of nameB, headed
by those of Liliuokalani and James If.
Blount, was carried out amid tho pop*
ping of champagne furnished his,
friends by Mr. Hprerkcls. Tho royal*
ists took occasion to afcsert on tho boat
and wharf that Minister Blount had
allowed tho use of his name to show
his appreciation of Spreckels and the
ex-queen's cuuse. |
Within half an hour after the mat* •
ter had boon made public Minister
Blount denounced tho matter in an
excited manner as an outrage and '
authorized a local reporter to publish
his statement. During the afternoon
President Dole, who witnessed the
presentation from the wharf, called
on Minister Blount in an unpjHcl^l
capacity and spent an hour in talking
the matter over. Un July 20 Minister
Blount sent the provisional govern*
mo’nt a Soto calling their attention to
the matter, and the government at
once began an investigation. Charles
Creighton, who made the presentation
speech, was officially written a letter
which demanded a full explanation
and apology for the use of Minister
Blount's name on the cane presented
to Claus Spreckels.
At 3 p, m. yesterday Charles Crelgh* '
ton left his rep'y at the foreign office.
It contained an attempted explanation
of the uso of Blont's name, and ex*
pressed regret of the four royalists
participating that an offense had been
given. President Dole at once called
a cabinet meeting to consider the
matter. The cabinet refused to accept
the apology sent by the royalists
through Creighton and the letter was
returned to him. The government
will decide on Its course of action
after consulting with Minister Blonnt
to-day. I
A petition has been filed to declare
Samuel Parker, ex-minister of tHb
late queen, bankrupt. The action was
taken by one hundred or more unse*
cured creditors, whose claims reach
820,847, Total claims against the es*
tate amount to 8232,347, all except the
amount first mentioned being secured
on first mortgage. The property is
mostly on the island of llawaii and
will barely pay the first mortgages
and part of the measured claims.
Parker, who spent over 9000,000 in the
last n'ne years of the monarchy, as the
royal favorite, will be left without a ; -
cent and without credit.
Minister Blount and President Dole,
accompanied by several prominent
citizens, visited Pearl harbor last
week. Minister Blonnt mode the trip
one of semi-inspection, %pd expressed
himself as greatly pleased with the
place as a site for a naval station.
Schema to Sot* Millions,
Topeka, Ksn., Aug. 3.—Got. Level
ling- yesterday wrote Got. Hogg of
Texas asking him to aDpoint fifteen
| commissioners to meet a commission
to be appointed from Kansas in Chi*
I cago, Sept 11, to confer with repre*
! aentatives of foreign governments re
garding his scheme to turn the ship
ment of products from the western
states south and through the Gulf of
Mexico. Gov. Levelling will write
other governors in the we t and ask
them to co-opcrate with him in thia
movement. In his letter to Gov.
Hogg he says that if the products of
the west were sent to Europe via the
Missippi river, Gulf of Mexico and
Atlantic ocean, instead of by rail to
New York, It would save the farmers
millions annually.
Snow for Sergeant-at-Arms.
Wasuixgtox, Aug. 5.—The situation i ;'
to-day seems to point to the election
of ex-Congressman Snow of Illinois as
sergeant-at-arms of the house, the *"
fight between Yoderjamt Johnson, both
of Ohio, having grown ao hot as to
apparently disrupt the Ohio democrats
delegation. , Mr. Johnson has been
claiming a majority of these Ohio
votes, but Mr. Yoder to-day claims
to have six of the eleven absolutely
pledged. In this view of the case the
Ohio members will be unable to help
either man, and Illinois, which stands #
firmly by Suow, will win. ,
iv- !,Si
