Evening journal., 1892-10-01
Tho currener I..ne.


tt Is not an unusual device for a sharp
lawyer with poor case 10 ignore. and
try to make The jury ignore. the chief
point at issue by spending a great deal
of time and energy upon minor point.
The device is equally prevalent in
politics The friends of the present ad-
ministration are resorting TO it in this
campaign with reference 90 the fnanciul
issues. They are laying great stress on
the resolution passed by the Democratic
convention Recommending that tho
prohihtory 10 per cent tax on state
bank issues be repealed but they have
nothing whatever TO say about the DC
nunciation by that convention of the
silver purchase act of 1890 Yet the
latter is clearly .much more Important
than the former The state bank Ques-
tion is not urgent, or likely to become
so We are not prepared 90 accept the
naked repeal of the no per cent tax.
though very many conservative hnan-
ciers, whose authority we are bound
90 respect, not only have no fears of
the consequences of such repeal, but
believe that 10 would be beneficial But
even it the tax We're unconditioullly re-
moved, 10 is perfectly certain that nn
such state bank issues as the worst of
those known before the war could be re-
vived, for the simple reason that no one
would take them. while as TO the best of
ihem there have never been any better
I'm this c0untry-uOt even the national
bank notes Apart from this question,
the financial issue between the two par
Ties is confined entirely 90 the Act of
1880. Tho Democrats declare for tho
''use OF both gold and silver as the stand
ard money of the country with such
conditions as shall insure the mainte-
nance of the party of the two meats and
the equal power of every dollar at ul
times in the markets and Ia payment of
debts. and demand that all paper cur
rcncy which, of course includes the
state bank ISSUES shall Doe kept at par
with and redoemablc in such coin. The
/ Republicans demand "the use of both
gold and silver as standard money. with
such restrictions and under such pr0vis
ions. 90 be determined by legislation. as
/ VIII secure the maintenance of the parity
/ of values between the two metals.
so that the purchasing and debipaying
/ power of the dollar, whether
of silver, gold, or paper, shall be at all
/ times equal IL will be seen that these
I two statements are almost Identical and
are substantially equivalent. 10 Is not
likely that any sensible man would De
influenced n his vote one way or the
other by any difference that can be dis.
covered between them. Both. to the well.
/ informed student of finance. are not
much better than indications of senti
meni on the part of their writer's Both
demand the impracticable. and the
only virtue OF either is that it propose.
the use of silver as standard money
under conditions that can never be full.
filled. But such as each of them is. 20 is
in no essential degree different from the
/ other. But, while what we have quoted
from the platform of the Republicans i.
substantially al that they have TO say h
regard TO finance, the Democrats hav,
something else. and something very sub
stantial to say The Democratic resolu
tion begins as follows. "Wc denuunc,
the Republican legislation known as th,
Sherman act of 1880 as % cownrdly make
shift. fraught with possibilities of dan
ger In the future which should make al
It's supporters as well as its author
anxious for its speedy repeal. So fal
ms the reasons for the action propose,
are concerned this resolution Is ambigu
Gus. 10 does not say what the kepubl
cans were afraid of in their "cowardly
course or whether the law denounce,
as "makeshift" was meant L,
avoid free coinage or to avoid homes
money The friends of both policies
might unite i'm such a denunciation. az
senator Hill and Senator Sherman ha'
already done But the action proposed
is perfectly defnite-the speedy repeal
OF the law of 1890 and it Is this prop0
aition that distinguishes the Democrati
from the Republican resolution regard
ing finance lt is this that makes all In
ssue there is between the two parties
We do not wish to eXaggerate. W
would like TO believe that the Demo
cratic party is fully committed 90 th'
simple repeal of the act OF 1890. aui
would not undertake TO attach an
mischievous conditions to IT, But W
are not at all sure of that, thoug
we are quite sure that no mis-
ebievous conditions would receive n
approval of Mr. Cleveland On Ia
other hand, there is no reason TO expec
the repeal, conditional or not, from tn