The Louisiana Democrat., 1891-10-21
SOUND CURRENCY.

SOUND CURRENCY
A striking Contrast Between Democratic
rs and Republican Principles,
Two political conventions, one re-
publican and one democratic, met the
other day in two states-the former in
Massachusetts, the latter in New York
and made {. formal declaration of .hc
principles of their respective parties in
regard to the currency. 1t is profound
ly significant that these two declara-
tions were, in almost identical lam
guage, in favor of honest money and
against every form of depreciation. 1t
is still more significant that the lan'
guage in which the republicans OF
Massachusetts, and the democrats OF
New York made their declaration was
substantially the language Of the pres
ident of the United States upon the
same subject The most obvious effect
of this striking agreement between the
two great parties is that it is sure-so
far as anything in politics can be sure
Ito take the question of the currency
out OF the field OF political struggle IN
the national elections of next year.
Since both republicans. and democrats
have resolved that every dollar issued
by the government shall be as good as
.very other dollar, there is nothing in
the direction OF further currency lcgis-
lation for them to dispute about.
| The position of the republicans in
every state in the east where they still
have any leaders of probity and com
| mon sense was already fixed for them.
| MIR. Harrison, with great courage and
firmness, and with admirable precision
and completeness of statement, hadsl
down the doctrine which they were
bound by every consideration of party
expediency and by honor to adopt.
Anything different, and certainly any
thing less, would have been on the one
hand an open or covert declaration of
hostility toward the administration,
and on the other hand would have
riven the party in two. The deliberate
| and grave words of Mr. Harrison at AL
bany were the official leader of the
| republican party to the mischievous
and senseless utterances of the repub-
lean conventions in Ohio and Pennsy!.
vania. Until they were spoken no one
could say what would be- the course OF
the party on this question. Men were
found saying that the next congress
would pass free-coinage bill and
President Harrison would sign it. But
when Mr.. Harrison had once declared
with all the weight of his authority in
the party and in the government that
"every dollar issued by the govern.
nent, whether paper or coin, should be
as good as every other dollar" the pol
icy of his party was irrevocably. set
tied.
Very different was the situation OF
the democrats of New York. The great
boly of the representatives OF thai
party in the last congress, and most o1
it's senators, had voted for a free coin
age bill. The democratic convention
Of Ohio and that of Kentucky had de
clared in favor of free coinage. These
acts were sound evidence of strong
sentiment in the party. Against then
were to be set the firm and simple dec
laration of the late democratic presi
dent, Mr.. Cleveland, and the knowr
sentiment of the business men of thu
state of New York. 1t is not surpris
ing that policy of evasion and com
promise should have suggested itscl
Al -
cate in such leader rs Gov. Hill. Iti
to the credit of the sagacity of thu
leaders of the New York sdemocrac,
that in n situation of this sort they.sav
at once the duty and the advantage Of
policy absolutely beyond misundcr
standing. Referring to the past, the,
say: 1--WE now, as then, steadfastly ad
here to principles Of sound finance
we are against the coinage of any dol
lar which is not of the intrinsi,
value of every other dollar o
the United States" And, as if they
were resolved that there should be ne
chance for any such trickery as that OF
the Fifty first congress, they proceed
to denounce the Sherman silver law
'undcr which one-tenth of our golt
stock has been exported and all our sill
yer output is damned up at home"
1t is impossible to exaggerate the eff
feet of this declaration. 1t banishe
the free coinage issue. not only from
the campaign in this state this year
but practically from the presidential
campaign of next year. It leaves tn.
| field clear for an honest fight on tn
question Of tariff reform and remove
the most serious obstacle to the tri
umph of that reform. And, above all
it gives assurance to the business mer
and the workingmen of the countr,
that the harvest of prosperity now ap
parently awaiting them shall not b
blighted by financial folly.-N. Y
1