Newspaper Page Text
Ml. J. M. STOKE.
An Able I'aer iu Which the Silver liicli.n i Iicusrl. STANDING OX TIIK 1'AlilY PLATFOKM. Uio Governor, ;i Loyal, Steadfast Democrat, Enunciates (Joort Doctrine. .I.-.don, Miss., April 11. The following address, is-ued ly (.iov. Stone to" tin; voters o: the State, was given to the pre? today: Jenterville, Miss, April 0, 181)5. Gov. J. M. Ste.ne, Jackson. Miss. Mv Pear Sir In view of the 1'aet that the Senatorial canvass is becomiim active throughout the State, and will probably he a feat ure in the State and county prima ries or conventions, I ask that you give to your friends and the public vour views on the currency ques tion. Your opponents are now can vassing the Stale upon the issue of the free ami unlimited coinage of silver 'it the ratio of 10 to 1 with out regard to he policy of other nations, or providing by law for the maintenance of a parity of val ues bet. ten the coins of the two metals. This I understand from the puhlihed reports to lie the position of the gentlemen running against you for a seat in the Sen ate. The opponents of their posi tion are commonly represented to be 'enemies of silver and unsound in their Democracy." If unchallensred or accepted as true, this charge, which is being repeated with great persistency, is calculated to mislead voters and create a prejudice against your candidacy. For this reason I think the public, mind ought to be enlightened by a clear and candid declaration of yov:i leal views on the silver and currency questions, which are now being so nuuh agi tated. The people are entitled to this and w'll, 1 believe, receive such a declaration fairly and con sider it o.i its merits. 1 hope, my dear Governor, the public will soon be favored with a reply to the above request. With highest respect, I am very truly your friend, John A. Hkdhkad, Executive Oflice, ) Jackson, Miss. , April 13, 1 '.). j lion. John A. Redhead, Center vi'le, Wilkerson Co., Miss. )e:ir Sir- I have your letter of the (Uli instant, whivh is similar in substance to others I have ie- ed in value to $1 T.) per ounce, so ceived since announcing for the it would he equivalent to gold seat in the seat, in the United coinage at ihe ratio of 16 to 1. Siat - Senate, now filled by Sena- i It ! l"'"'' which the experience tor (ieorge. 1 recognize its rele- j f thin and other countries have a'e-y to my candidacy and the j demonstrated, that if silver is coin rj.it of the vot rs of Mississippi j ed free at a valuation over its war to W diclaratiou for winch you ket price, evenly a cent an nuiwc, .-bail eielei-vor to coinnlv' "'(' will nnt circulate with it, and !'i quest IJ ill exple views accoroingiv. . i 1 v the W 1.:, I am ; announcement upon emociatie platform of b'.i'J U I ui.-l I OC!' of charge thai i an eie iiiy to silver, for the law dt dares for the resloi a- party f.oii in s.ivu'as standard nionev i.I! V 111 U ciilCi ijj e.i it ' e,;eii coiiingi: niiii goiu ii prii.cipi- of parly faith. ..... . .. .... . i - i i a r i.e i.'iiiivi nil. m winch iramei Inch ind aiionl d that instrument. how ever, recogii:z"iI that silver had become a uepivciati-d metal, and tha'. exi.-ting laws forbade ll.s un it .-t; ieted coinage. Hence, to pre serve tiie nn.-haken confidence of the hu-ine.-s interests in the stabil- Hv ami scuiitlt.ess of the currenev in the event of Democratic victory, j tiie declaration on silver was qua'l-1 llied by a proviso that "the dollar unit inu-t he of intrinsic and ex changeable vaiin or be adjusted j bv international agreement or bv such s.tiVguanU of legislation as ln.-ure tne maintenance ot the parity of the two metals and j the equal' power of every dollar at ! ail times and in ail market m the 1 payment of d, his. We are not left in the dark as t') the motive oi this eaj'ei'ul and guarded phra.-eology. which, much as it has been characterized of late ; straddling, an intelligent and clore reading can understand. It was explained in this sentence: "We ins st ujon this policy as cs- pecially necessary for the protec tion of the fanning and laboring classes, the first and most defense less victims of unstable money." After mature and full delibera tion, this resolution was agreed upon in a committee composed of Democrats from every State in the Union, as one on which all could stand, and after debate in the eon vention it was adopted with prac tical unanimity. Tending its adop tion, a substitute providing for the free coinage of silver, exactly as now favored by my opponents, w as voted down almost without a dis senting vote. I have thus quoted from our party law, unchangeable uutil the party again meets in na tional convention. It was endors ee! by the Democratic press all ov er the country, and undent a great victory was won. I think 1 have thus proved that I am no "eneniv i of silver," further than the Demo cratic platform is its enemy, and that I am not an unsound Demo crat by opposing the free coinage of silver. I would preface what I have to say on the currency question by disclaiming all pretentions to a mastery of the monetary science, but I have, I think, reached a right understanding on some sim ple principles which have been so abundantly verified that they are in truth facts. These have ied inc. to distrust and reject the proposi tion that this country can effect the full restoration of silver inde pendent of the great nations with which we trade. 1 maintain that this belief is entirely consistent with bimetallism, and that enter taining it, I am less a uioiiomctal list, in fact, than those who favor national free silver coinage. It is rnt rational to consider the pana cea they propose without being impressed by the fact that the con dition of silver is not due to the acts of this country alone. It has been produced by the combined action of the United States, Ger many, Holland, Austria and the lesser European powers and India, all of which have closed their mints to silver since lST-'l. 1 can not believe that the wrong thus hi ought on can be cured by this country alone, nor that any part or power can any more disregard the diihculties tt the case than the Democratic convention of did, and which led it to refuse to de clare for free coinage of silver. II ed our party acted otherwise, and succeeded in passing a free coinage law, I believe the result would have been silver monomet allism and not binietall.sin. Bi metallism means the use of both gold and silver as legal tender standard money. It is conceded by all that if the mints coined sil ver to circulate unless the silver bullion of the world would be rais monometallism is certain. This is the proof of the natural law that prohibits tin- concurrent circulation of m-nies of different value. So '' free silver at It; to 1 failed to raise tin price cf silver, as stated. to the gold equivalent, the country would inevitably h-. its gold. As we have about $i:!),()U0, (;(!) of gold money, certainly no man ought to commit himself to free coinage of m!v r unless it is made plain to him that then) would be no risk of driving out of circulation this enormous sum of money, which would, beyond qucEtionJ prove ruinous to ail business. Sil ver is worth a little 'over half of M pet- ounce, ami the whole question i, can it be faised to that figure by free coinage by this country alone? If ii ciinrnt there would be silver niononiebllism um' il lUSfl " the circulation of the country ot oUU,U(U,UUU ot gold. That such would lift the result of the experiment 1 (irmly believe. It is asking too much of the inteb ligt-iice of mr peonle that they em f on a venture jso lull ot possi hie disaster. I am convinced that nionometal lism would involve trade ret-tric-tions which wouli prove infinitely worse ami more lici.rable than the McK'nby taiifl' which our party has destroyed. Against this weighty ohjvctwfli the free silver advocates tonteid with much ver satility of argument that this coun try is great enough to go it alone and easily adjust its affairs to the trade revolutions which they can not deny will ensue. Great as is my faith in American capacity, I do not believe the laws of trade, which have been the growth of ages, can be arbitrarily set aside, nor can I deny that we are quite dependent upon the creditor na tions. It is stated that this coun try is now paying interest upon five billions of gold. It is asserted that the conse quences feared from free coinage of silver are greatly exaggerated; that all diflicultics and ills Tould speedily disappear under the wave of resulting prosperity . 1 or such speculative assertions there is, un fortunately, but little support in monetary precedent and authority. They might fail of verification, in which event there would surely be ruinous dislocation of all trade and values. True the country could and would return to the beaten path sadder by a stock of experi ence, which would be mosllv at the expense d those least able to hear it, the farmer and the labor er, as our platform says, "the first and most defenseless victims of unstable money.'' It is also said that we. being a producing nathn, would sufler least under a commerce hampered bv a depreciated money standard. Trade and currency are but the means by which commodities are exchanged. The laws and cus toms which hinder buying will al so hinder selling. 1 cannot per ceive the force of the assumption that we, a producing nation, can dictate to our consuming customers. Thev are no more intent or inter ested in trade as buyers than we are as sellers. When it comes to exclusions between nations, it is a game two can play. In fact, it is only the imagination which finds any such difference in the trade re lationships of nations. There are none in actual life. In extreme zeal for the theory to which they are committed, the American pen pie are even pointed, by the free silver advocates, to, the interior races of the silvei mining countries as models to imitate. It is sai 1 that through silver they are be coming prosperous. Reference to statistics shows that Mexico has a per capita of 84 71, Japan 84 00, India S3 53, and China $2 08. oil depreciated money. Anil ret in the same breath we are told that this country with its S24 00 stand ard money per capita is in ihe lowest depths; that its cordition c.innot be worse because of the in sufficiency of money in circulation. The effects of the closure of our mints to the free coinage of silver have been greatly exaggerated. To that blunder and wrong is being charged about jll of the hard times and decline in prices of farm prod ucts of the past twenty y ;ars. The plain facts, on the contrary, prove that the silver policy of the nation has been, at most, hut a contribut ing cause to depressed trade and low prices. Of all people, the cotton planters should weigh most carefully tbear guments of those r.sking them to enter upon this entirely novel and overwhelmingly important depart .ure in trade and finance. Their interests are magnified by the act that they sell over two-thirds of their cot ten to gold money coun tries The fact of setting up silver monometallism would he to permit foreign customers to buy our prod nets in silver at our coinage valii" and compel us to buy ofthein what we consume in gold or the gold equivalent in silver. In selling exchange for th" money which England would as a commodity, fluctuating almost daily, the seller would exact a rate which would he a heavy tax onthecotton producer. Such a tribute India and other sil ver countries render to dealers in every piece of exchange bought, the cost, of course being fixed high enough to cowr any possible loss by a fall in silver. The supporters of free coinage of silver most earnestly urge their plan as especially advantageous to the debtor classes. I recogn'zs the deplorable condition of debtors and sympathize deeply us nny, and would pnre no effort in their be half, but I cannot consent to this proposition even as nn ultimate re sult, and it seems indisputable that in the event this agitation assumed such proportions us to indicate the passage of a tree silver law, it would prove especially calamitous to the debtors of the country. The appreciation of gold and its proba hie disappearance from circulation, in the view of the creditor class, wi'l he the certain result of the aur eus of the free silver move, ami their view, not political theories, will shape the policy of the ciedi tors. A large portion of th in debtedness of the people is to for eign loan companies, made payable I believe, almost entirely in gold coin. Willi gold appreciated the burden of these debtors is increased proportionately, ami the loss of property, by very many, would be a certainty." But this would not he the limit of the disaster. Should the supporters office silver coinage develop such strength as to demon strate that they will probably elect a majority of the next Congress and the President, notice would be thereby served on the creditor class that within the next two years af ter the election all debts not spe cifically payable in gold would he liquidated ;n depreciated currency. Can there be anv don'ot about the eilect of such notice? Creditors, in anticipaiion of the enactment of a free silver law, winch, in their judgment, would lower the value of the obligations due them, would relentlessly hasten, by every means known to legal machinery to en force collections, just as surely as if a law were passed providing that within two years all debts would he barred. There would he no extension of debts and no new credits given until the great change, which they apprehend would be wholly disistrous, had been worked out. All enterprises m which cap ital enters would cease, general suspension of business would en sue and universal bankruptcy pre vail. 1 can imagine no activity in trade except such as would be car ried on by sheriffs and debt collec tors. It has been repeatedly asserted that the fall i' the price ot cotton results almost entirely from the lack of free coi.iage of silver. I will submit a few simple facts that ought to be considered in this con nection. In the cotton season of 1?."(.).()0 the average price of New Orleans middling cotton was lO.'.H cents per pound. At that time the whole world enjoyed whatever benefits can be produced by free coinage of silver. In the season of lSSD-DO, thirty .years thereafter, and sixteen years after the much complained of act of 1873, the av- erage price of middling cotton in New Orleans was 10.70 cents per pound. Thus it will be seen that up to that time the suspension of free silver coinage by the civilized nations had not produced the slightest effect upon the price of cotton. .Aqrain, recurring to the claim that free coinage would hoom cotton, I refer to the pass, ge ofthe Sherman silver purchasing law. in July, 1S90, which added 8-30,000, 000 annually to our circulation, al most the total of the American pro duction of silver. And yet the j greai Kin in prices set in in ihe I year succeeding that act. In lSUO to '.U the average price of middling ! cotton was S.8S cents per pound; j for the season of 1S1.I2 it was 7.24 I cents per pound; and in 1SH2-1; it i was IS. 71 cents per pound. It will j thus he seen that this great increase in the volume of money, so far i from raising the ju ice of cotton, j did not preveni. a fall almost mi ! preeedeiited. If the lack of free i coinage oi m i ver is the soleorehie c;;use of the present low price o j cotton, why is it tbv.t the intell'i (gence and commoi sense of people j about their own affairs intuitively rise in complaint over what they suppose to be interested exagg 'ra ted crop estimates, and why have conventions been held to secure a reduction of the cotton aceragr? The tfleds-and facts of, natural laws ought not to be lost in the maze of' theories. If so, the les sons of thrift and economy now be ing acquired fouth may be aban doned for the fallacy' that their place may be supplied bv a mere act of law. If the act ofjST.'J is responsible for the decline in the prices of farm products, the poli ticians have been slow in detecting it. The Democratic convention of 18S1 and 1S.SS did not allude to that net or call for its repeal. Onlv since 1S00 has there been any gen eral or serious thought that the free coinage of silver by this country nlone at a ratio not related , to un determined by its intrinsic or mar ket value could be a cure all. As (Continued on 7th page.) AVER'S THE ONLY Sarsaparilla ADMITTED READ RULE XV. j "Articles that are i a o any way dan-?j gerou3 or of-l fensivo, also 1 patent riedi-ol cines, nos- trums, aad3 empirical preparations, whose o I , ingredients ara cocraled, will! not bo admitted to tho Expo-oi sition." AVhy was Aycr'a Sarsaparilla ailwlt-J tod ? Because 11 is hot a patent medicine, of int .1 nostrum, nor & secret preparation! f not dangerous, not nn experiment, ami because it :3 all that a family medicine o: should l'e. oj At the oi 0 WORLD'S FAIR Chicago, 1893. 01 si Oi Why not get the Best? ol J?. .?.!?? .?.g.S.S.?i,.g.g.p,0.0.0 j O OP OO 03 ORANGE " BLOSSOM. Is the famous remedy of Dr. Jno. A. McGill, for all diseases peculiar to ladies: It is the one ratural cure for female troubles because it is applied right to the diseased parts. It is as safe and harmless as a flax seed poultice, the first applicat ion drawing out fever and sorenesi and stopping at once those distress ing pains from which so many woarea suffer. Don't take internal remedies for female weakness! Common sense re quires a direct application to cure leucorrhcea, ulceration, profuse and difficult menstruation, inflammation, congestion, falling and dropsy of tiie womb, ovarian and fibroid tumors, laceration of cervix, and all diseases of these organs. Every lady can treat herself with Orange Blossom, Send your address to Dr. J. A. McGill & Co., 2&4 Hubbard Court, Chicago, Ills, for a free sample, and a book giving full directions for home treatment. SOLD BY ALL DRUCCISTS. (10 MORE EYE-GLASSES, No IVeak mm More i-f Eyesr HITCHELL'S EYE-SALVE A Certain Sale and EHectlve remedy lor SORE, WEAK and INFLAMED EYES, Prttd nelnff Lony-SlgMcAnesti, nmf I Restoring the Sight of the old. Cures Tear Drops, Granulation, Sire Tumors, Red Eyes, Matted Ej o Lashes, I AND PRODUCING QUICK! RELIEF i- AND PERMANENT CUR13. Also, vqnnlly efllonolon whcK usWI S s other uiallls, kik'I us l lccrs. ivor Norcs, Tiimorv,, Nlt. ihtum, Knrn. Pile, or wtirrewr liill(liiuiin:in pxlsl.t, MITCHELL'S SALVE r.uy im used advantage. . SOLD BY ALL DRUGGISTS AT 23 GENTS. J0URXF.Y&RDI3IKR Li a ling Pi! Capacity for f Drummer's Trade n SporiaHjr "Old Ueliab ' 4 'II IM' sure. nmilttlht li'v" J .".Or A at lliiltli'x. it. Robinson's Liinr .Im' ami Pepsin rOe &l i"lte Yoii Will 1 nd iiro lion, Dyspepsia, Constipation. All Ihtiggistsr I fcdijilM M itel I ilium I st I Kosciusko, "'5iss- ?mm. I ii m ""-w-t - -iM rt i