El Paso International Daily Times (El Paso, Tex.), Vol. 13, No. 182, Ed. 1 Thursday, August 3, 1893 Page: 2 of 8
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El Paso Daily Times, Thursday, Aug^t 3,1893
l
SECOND DAY.
[Continued from First Page.]
which serves as the measure of values
of things.
Congressman Francis G. Newlands
of Nevada, followed in outlining con-
gressional legislation on the silver
question. "England,” he said, "is the
great gold owning country of the
world. We owe her hundreds of mil-
lions of dollars. We have in this coun-
try 1600,000,000 of gold today which
can be withdrawn tomorrow if Eng
land desires. If the withdrawal of one
hundred million of gold this year has
produoed the present panic, what dis-
aster may not be produoed when we
are absolutely dependant on England
when she uhoses to call on us for her
gold. England has the gold of the
world and she knows how to legislate
for her interest. She knows her own
interests. We have the silver of the
world but we do not know our own in-
terests. The need of credit must be
given to England which knows how to
proteot her gold and not to America
whioh knows not bow to proteot her
silver. As the tax on tea precipitated
the revolution and led to political in-
dependence, so the present*blow at sil-
ver might lead to financial independ-
ence from the old world.”
United States Senator Allen, of
Nebraska, provoked muoh enthusiasm
in a brief but stirring speech. "The
present panio was first created by the
bankers of the oountry for their own
selfish purposes,” said he, "bat it has
become farther reaohing than they ex-
pected and the bankers themselves
have become involved and have appeal-
ed to the president and oongress for
aid. The time has come for action,
not for talk, we (the Populists) tola
you last fall of the impending danger
but you did not believe us (laughter)
now you are obliged to stand out from
your own parties and stand up for the
American home against the British
bank (applause). I do not come here
to talk politics, but I want to say that
so far as the Populist party is repres-
ented in the United States senate it
will not be found wanting (applause).
We may not understand the parliamen-
tary manoeuvres as well as some, but I
tell you we will be in sight of the fox
all the time (great laughter), our party
is pledged now and all time for the free
v coinage of silver at the ratio of 16 to 1”
(cheers).
Hon. C. S. Thomas, the prominent
Colorado attorney, followed in a twenty
minute address. "Gold and silver,”
said Mr. Thomas, "are the money of
history and civilization. They have
been united from prehistoric days
down to the hour when the malignity
of man, driven on by insatiable avarice,
6aw fit to proclaim an artificial and in-
famous divorce between the two metals.
They say we are lunatics and cranks,
yet we are proposing nothing new but
simply the return to a system santified
and hallowed by the history of 4000
years.”
In conclusion Mr. Thomas said that
the adversaries of the white metal ob-
jected to free coinage because the sil-
ver mined in other countries would
flow into the United States. "But,”
he added, "it but shows that if free
coinage is adopted it will make silver
worth 91.29 and it will stay at that
price.” He then quoted several well
known authorities on financial ques-
tions, among them Baron Rothsohild
and John Sherman. The latter was
quoted from the Congressional Record ial7 produce widespread disaster In
down one-half of the money supply, to-
wlt: Silver, to doable the parohasing
power of the remainder of gold; by
making it the equivalent of more of
more
everything possessed or produoed
the labor of man, thus reducing the
price of all commodities, arresting en-
terprise, impoverishing the toiler and
degrading mankind. That these re-
sults were not only inevitable but fore-
seen, appears by the following lan-
guage, used at that time, by the then
president of the Bank of France, who
said: "If by a stroke of the pen they
suppress one of these metals In the
monetary servioe, they double the de-
mand for the old metal to the ruin of
all debtors,” and,
Whereas, The awful consequences
thus prophesied are now upon the peo-
ple of tae whole world, ' we stand in
the midst of unparalled distress and in
the shadow of Impending calamities
whioh are beyond estimate. The rul-
ing industry of the people who inhabit
one-third of the area of this republic,
has been strioken down, the property
values destroyed and the workmen
compelled to fly as if from a pestilence.
Everywhere over this broad land, the
lonest toilers, numbering hundreds of
thousands, have been thrown out
of employment and will have
to eat the bitter bread of
charity or starve. The products of in-
dustry of the farm and, the workshop
have depredated in priQe as shown by
official and public statistics until
H notion oeases to be profitable,
money of the country, inadequate ror
i;he business of the land, has gravitated
to the banks, while the people, dis-
trusting the banks, have demanded
their deposits to hoard or hide them,
mercantile houses are going to the
wall by thousands, because the masses
have not the means to buy even the
necessities of life, to supply the laok
of currency, the banks of the great
oitles have issued a substitute for
money, unknown to the laws, called
olearing house certificates, for the
movement of the great orops, now being
gathered, demands a vast amount or
ourrenoy whioh the banks are
unable to furnish; and in the midst of
these conditions the daily press is
clamoring for the repeal of the act of
July 14, 1890, called the Sherman aot,
although the repeal of that aot means
the stoppage of the issue of more than
three million of dollars every month,
thus shutting off the supply of funds
for the business of the country in the
midst of the terrible conditions whioh
surround us; and ignoring the fact to
hold the balance even be-
tween the debtor and credi-
tor class, the supply of cur-
rency must inorease side by side with
the inorease of population and busi-
ness, and in this nation, the growth of
population is at the rate of about 33
percent every ten yearB, while the in-
orease of business is much greater,
and,
Whereas, The great expounder of
the constitution, Daniel Webster, said;
"Gold and silver at rates fixed by the
oongress ooDstitute the legal standard
of value in this oountry and neither
oongress nor any state has authority
to establish any other standard, or to
displace that standard, and,
"Whereas, The Hon. James G.
Blaine, quoting this utteranoe, adds:
"On the very vexed and long mooted
question of a bi-mettallio or mono-
metallic standard, my own views are
sufficiently indicated in the re-
marks 1 have made. I believe the
struggle now going on in this
country and m other countries for a
single gold standard would, if sucoess-
of March 6th, 1876, as follows: "It
should be received as a fundamental
fact so as to guide the statement of
this oountry that the Reverse of what
suits England always suits us, and as
the exclusive gold standard undoubt-
edly suits her, the double standard
suits us.”
THE PLATFORM.
Whereas, Bi-Metallism is as ancient
as human history, for certain more
than 3000 years gold and silver came
down through the ages hand and hand,
their relations to each o’her having
varied but a few points in all that vast
period of time, and then almost invari
ably through legislation, and,
Whereas, The two metals are named
together, indissolubly united in the
constitution of the United States as the
money basis of this oountry, placed
there by George Washington, Thomas
Jefferson, John Adams, Alexander
Hamilton and their associates, and sub-
sequently endorsed and defended by
Andrew Jackson and Abraham Lincoln,
and,
Whereas, Silver,one of these ancient
metals, was in the year 1873, without
previous demand by any political party
and by any part of the people or even
by any newspapers and without public
disoussion whatever, strioken down
from the place it had occupied in the
days of Abraham and the Pharoahs,
under olroumstances of such secrecy
that Allan G. Thurman, James Beck,
William Evarts, Daniel Voorhees,
James G. Blaine, then speaker of the
house, James A. Garfield, William D.
Kelley and others present and voting
for the bill, as senators or represent-
atives subsequently and publicly do
dared that they did not know, until
long afterwards that so great and grave
a change had been made in the finan-
cial system founded by the fathers of
the public, and,
Whereas, The debates in oongress
show that the parentage of the measure
was in part ascribed by the friends of
the bill to one Earnest Seyd, a London
banker, who, it is claimed, was sent
over to Washington bv the moneyed
classes of the Old World to seoure its
passage by secret and oorrupt means,
and,
Whereas, President Grant, who sign-
ed the bill, deolaied long subsequently
that he did not know that it demone-
tized silver, and,
Whereas, The purpose of this attack
upon one of the two ancient preoious
and throughout the commercial world.
The destruction of silver as money and
establishing gold as the sole unit of
value must have a ruinous effect on all
forms of property except those invest-
ments which yield a fixed return in
money. These would be enormously
enhanoed in valne and would gain a
disproportionate and unfair advantage
over every other species of property. If
as the most reliable statistics affirm,
there are nearly 97,000,000,000 of ootn
or bullion in the world, nearly
very equally divided between, gold
and 1 silver, it is impossible
to strike silver out of existence as
money without results whioh will
prove distressing to millions and utter-
ly disastrous to tens of thousands.”
Again he said: "I believe gold and
silver coin to be the money of the
constitution, indeed the money of the
American people anterior to the con-
stitution, whioh the great organio law
recognizes as quite independent of its
own existence. No power was confer-
red on oongress to deolare either metal
should not be money. Congess, has
therefore, in my judgement, no power
to demonetize both. If therefore sil-
ver has been demonetized I am in
favor of remonetizing it, if its coinage
has been prohibited I am in favor of
ordering it to be resumed. I am in
favor of having it enlarged” and,
Whereas, The present secretary of
the treasury, Hon. John G. Carlisle, on
the floor of the house of represent^
tives, Feb. 21, 1878, said: "I know the
world’s stock of preoious metals is none
too large, and I see no reason to appre-
hend that it will ever become so. Man-
kind will be fortunate, indeed, if the
annual production of gold and silver
coin 6hall keep pace with the annual
inorease of population, commerce and
industry. According to my view of the
subject, the conspiracy whioh seems
to have been formed here and in Eu-
rope, to destroy by legislation and
otherwise, from the seventh to one
half of the metallio money of the
world is the most girantic orlme of
this or any other age. The oonsuma-
tion of such a scheme would ultimately
entail more misery upon the human
race than all the wars, pestilences and
famines that ever occurred in the his-
tory of the world. The absolute and
instantaneous destruction of half the
entire movable property of the world,
including houses, ships, railroads and
all other appliances for oarrying on
metals of the world was by striking! commerce, while it would be felt more
sensibly at the moment, would not
produoe anything like the prolonged
distress and disorganization of soolety
that must Inevitable result from the
permanent annihilation of one half
of the metallio money in the world,
and,
Whereas, Senator John Sherman, of
Ohio, who, more than any other man
is responsible for the demonetization
of silver, dearly understood the evil
oonsequenoes of shrinking the curren-
cy below the legitimate demands of the
business of the oountry, a£ evidenced
by what he said in the senate in 1869,
towit: “The contraction of the cur-
rency is a far more distressing opera-
tion than senators suppose. Our own
and other nations have gone through
that operation before. It is not possi-
ble to take that voyage without the
sorest distress. To every person, ex-
cept a capitalist out of debt, orasala
ried officer or annuitant, it is a period
of loss, danger, lassitude of
trade, fall of wages, suspension of en-
terprise, bankruptcy and disaster. It
means the ruin .of all dealers whose
debts are twioe their business capital,
though one third less than their aotnal
property. It means the fall of all agri-
cultural productions without any great
reduction of taxes. What prudent
man would dare to build a house, a
railroad, a faotory or a barn with this
certain fact before him. Therefore, in
view of these faots, we deolare:
First, That there must be no .com-
promise of this question. All theTeg-
islation demonetizing silver and re-
stricting the coinage thereof must be
immediately and completely repealed
by an act, restoring the coinage of the
oountry to the conditions established
by the founders of the nation, and
wbioh continued for over 80 years
without complaint from any part of
our people. Every hour’s delay in un
doing the corrupt work of Ernest Seyd
and our foreign enemies is an insult to
the dignity of the Amerioan people, a
crushing burden on their property, and
an attempt to place us again under the
y oke from which George Washington
and his oompatriots rescued us. We
protest against the financial policy of
the United States being made depend-
ant upon the opinions or policies of
any foreign government, and assert the
power of this nation to stand on its
own feet and legislate for itself upon
all fubjects.
Second—We assert that the only
remedy for our metallic financial
troubles is to open the mints of the
nation to gold and silver on equal
terms at the old ratio of 16 ounces of
silver to 1 of gold. Whenever silver
bullion can be exchanged at the mints
of the United States for legal tender
silver dollars worth one hundred cents
each, that moment 4.12>£ grains of
standard silver will be worth one hun-
dred cents and as commerce equalizes
the prices of all commodities through-
out the world whenever 4.12grains of
standard silver are worth one hundred
cents in the United States, they will
be worth that 6um 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
iB sufficient for us to know that a
similar increase would be immediately
made in the price of every form of
property except gold and credits, in
the civilized world. It would be a
shallow selfishness that would deny
this to the mining industries at the
cost of bankruptcy to the whole peo-
ple. The legislation to demonetize
silver has given an UDjust inorease to
the value of gold to the oost and pro-
sperity of mankind. Wheat and all
other agricultural products have fallen
side by side with silver.
Third—That while the "Sherman
aot” of July 14, 1890, was a device of
the enemy to prevent the restoration
of free coinage, and is greatly objec-
tionable because it continues the prac-
tical exclusion of silver from the mints
and reduces it from a money metal to
a commercial commodity, nevertheless
as its repeal, without the restoration
of free ooinage, would stop the expan-
sion of our ourrenoy, required by our
growth in population and business and
widen still farther the difference be-
tween the two preoious metals, thus
making the return to bi-metallism
more difficult, greatly increase the
purchasing power of gold, still farther
break down the price of the products of
the farmer and the laborer, the me-
chanic and the tradesman and plunge
still further all oommeroe, business
and industry into suoh depths of
wretchedness as to endanger peace,
order, the preservation of free institu-
tions and the very maintenance of
civilization, we, therefore, in the name
of the republic and of humanity, pro-
test against the repeal of the said aot,
of July 14, 1890, except by an aot re-
storing free b imetallic ooinage, as it
existed prior to 1873. We suggest that
the maintenance of bi-metallism by
the United States at the ratio of 16 to
1, will inorease our commerce with all
the silver using countries of the world,
containing two thirds o! the world,
without decreasing our oommeroe with
those nations which buy our raw ma-
terial, and will compel the adoption of
bimetallism by the nations of Europe
than any other means.
Fourth—We assert that the unpar-
alleled calamities whioh now afflict the
Amerioan people are not due to the so-
called Sherman aot of 1890, and in
proof thereof, we call attention 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 whioh the nation has
obtained to some extent an expanding
circulation, to meet the demauds of a
continent in process of colonization
and the business exigencies of the
most energetic and industrious race
that has ever dwelt on the earth, and
we insist upon the execution of the
law without evasion so long as it is
upon the statute books and upon the
purchase of the full amount of silver
each month that it provides for, to the
Let Us
Tell
You in
/
sfi' f
We
Must
Have
Money
And At
ONCE!
This is enough said, isn’t
it? But how can we get it?
The banks (all three of them)
won’t loan us a dollar, so
there is no use looking for
it in that direction. We can
do only one thing, and that
is to sacrifice our elegant
new big stock of fine goods.
We hate to do it, but we
can’t help ourselves. Come
in and select what you want
and if you have the stuff we
give you $2 worth of val-
ue for every one you
have to spend.
Union Shoe and Clothing Co.
High Quality! Low Prices!
PAPER HANGING,
New Spring styles. The largest anft best assortment of goods and
styles in the city to select from.
Paints and Glasses, Wholeeale and Retail.
Don’t fotget we have the finest line of Picture Mould iniis also.
\A T T-T 219 San Antonio St.
** * LILLIO, el PASO, TEXAS.
end that the monthly addition to the
circulating medium, the law secures
shall be maintained.
Fifth, That we would call the atten-
tion of the people to the fact that in
the midst of all the troubles of the
times the valne of national bonds and
national legal tender money whether
made of gold, silver or paper, has not
fallen a particle. The distrust is not
of the government or its money, but of
the banks, as we believe they precipi-
tated panic on the oountry In an ill ad-
vised effort to control the aotion of
congress on the silver question and to
issne bonds. We invite the bankers to
attend to their legitimate business and
to permit the rest of the people to
have their fnll share in the oontrol of
the government. In this way they will
much sooner restore that oonfldenoe
which is so necessary to the prosperity
of the people. It must not be forgot-
ten that while boards of trade, cham-
bers of oommeroe, bankers and
money dealers are worthy and
valuable men In their places, the
republic can more safely repose upon
the great mass of its peaoefnl toilers
and producers; and that the "business
man’s age”is rapidly exterminating the
business men of this country. The
time has come when the politlos of the
nation should revert as far as possible
to the simple and pare conditions oat
of whioh the republic arose. We sug-
gest for the consideration of onr fellow
oitizens that the refusal of the oppo-
nents of bl metallism to propose any
substitute for the present law or to
elaborate any plan for the future, In-
dicates either an ignorance of onr finan
oial needs, or an unwillingness to take
the publio into their confidence; and
we denounce the attempt to uncondi-
tional by repeal the Sherman law as an
attempt to seoure gold monometallism
in flagrant violation of the la9t national
platform of all the political parties.
the silver question. He said half a
million of federation men were ad-
vocates of the free and unlimited ooin-
age of silver.
Governor Waite spoke at great
length and in dosing said: "Who is
Grover Cleveland and who is Benjamin
Harrison, and who are their supporters
In Wall street and Chioago, that they
dare assume to drive into poverty and
exile, half a million of Amerioan free-
men? There is no use crying for peace
when there isnopeaoe. 'The most dan-
gerous tyranny is that enforced under
the forms of laws. Onr weapons are
arguments and ballots—a free ballot
and a fair oount. If the money power
shall attempt to sustain its usurpation
of onr rights by strong hands aB In
other lands, we will meet that issue if
it Is forced upon us; for it is better, in-
finitely better, rather than that onr
liberties should be destroyed by tyran-
ny that is oppressing humanity all
over the world; that we should wade
through seas of blood. Yea, blood to
the horses’ bridles.”
Ex-Congressman Pierce of Tennes
see, the lieutenant of Chairman Bland
in the last congress, was received with
great enthusiasm and proceeded to
make a speech whioh was the sensation
of the day m Its arraignment of Presi
dent Cleveland.
.4 6000/
BEEGHAM’S
PILLS
it
afternoon session.
The first speaker of the afternoon
was John B. Lemmon, of New York,
representing the executive council of j
the Amerioan Federation of labor. He
read a telegram whioh authorized bim
to attend the convention, express the
sentiments of the trades nnionsistof
the American Federation of labor upon
oonstitntes a
family medi-
cine chest.
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El Paso International Daily Times (El Paso, Tex.), Vol. 13, No. 182, Ed. 1 Thursday, August 3, 1893, newspaper, August 3, 1893; El Paso, Texas. (https://texashistory.unt.edu/ark:/67531/metapth541577/m1/2/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Abilene Library Consortium.