The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-09-06
Srecial to the REcoRD-UNIoN.

Special to the RECORD-UNIoN.
WASHINGTON, Sept. 5.-President Har-
rison to-day formally accepted the nom
ination of President Of the United States
at the hands of the National Republican
Convention which met in June last. The
letter of acceptance in full is as follows:
Hon. ". Mckinley, J9'., and others Of
the iHee-GENTLEMEN: l now avail
myself of the first period of relief from
public duties TO respond to the notllca-
tion which you brought me on June 10Th
of my nomination for the office OF Presl-
dent of the United States by the Repub-
lican National Convention. L accept the
nomination and am grateful for the APP
prevail expressed by the convention OF
the acts of the Administration. l have
endeavored, without wavering or Wearl-
ness, as far as the direction OF public
affairs was committed to me, to carry out
the pledges made to the people IN 1883. II
the policies OF the Administration have
not been distinctively and progressively
American and republican, the fault has
not been III purpose. but in execution.
! shall speak frankly of the legislation
of Congress, and of the work of the Exec
UtiVe Departments, for the credit of any
success that has been attained is IN such
measure due to otherS-SenatOrS and Rep
IGSelJallNGS anu 10 we OilCl6nG uehuS VI
the several Executive Departments. A
vote of want of confidence is asked by our
adversaTies, and this challenge TO re-
view of what has been done we promptly
and gladly accept.
The great work Of tie Fifty-first Con-
gress has been subjected to the revision
Of the Democratic House of Representa-
tives, and the acts of the Executive De-
partment TO its scrutiny and inveStiga-
ton. 4 Democratic National Admins
tration was succeeded by q Republican
administration, and the freshness of
events gives the usual facilities for q fair
comparison and judgment. There has
seldom been time, / think, when a
change from declared policies of the Re-
publican 10 declared policies of the Demo-
cratic party involved such serious results
to the business interests OF the country. a
brief review Of what has been done, and
of what the Democratic party proposes to
do, will justify this opinion.
THE CURRENCY.
The Republican party during the civil
war devised the national currency, con-
sisting Of United States notes issued and
redeemable by the Government, and of
national bank notes based on security of
United States bonds. y tax was levied
upon the issues of state banks, and the
intended result, that all such issues
should be withdrawn, was realized.
saw a State bank note. Notes furnished
directly or indirectly by the United States
have been the only safe and acceptable
paper currency OF the people. Bank
failures have brought no fright, delay or
loss to bilI-hOIders. The note of an in
solvent bank is as good and current as a
Treasury note, for the credit of the
United States is behind it. Our money is
all national money. | might almost say
international, for these bills are not only
equally and indiscriminately accepted at
par in all States, but in some foreign
countries.
The Democratic party, if intrusted with
the control OF the Government, is now
pledged to repeal the tax on State bank
issues, with a view to putting into cir
culatiOn again, under such diverse legiS-
lation as the States may adopt, a flood OF
local bank issues. Only those who in
years before the war experienced lncOn-
Nenience and losses attendant upon the
Use of such money can appreciate what a
return to that system involves. Tho
termination of q bill was thereafter no
indication of its value. The bank de-
teCtOr of yesterday was not a sale guide
to-day as To the credit Of values. Mer-
chants deposited several times during the
day lest the hour of the bank closing
should show depreciation of the money
taken in in the morning. \ traveller
could not use III journey to the East
Inc
W est, and III consequence the money
changers Office was d familiar neighbor
OF the ticket office and lunch counter.
The farmer and the labOrer found that
money received for their products or
their labor deprecated when they came
to make their purchases, and the whole
business of the country was hlndered
and burdened.
Changes may become necessary, but the
national system of currency, safe and ac-
ceptaDle through the whole country, is
the fruit Of bitter experience, and l am
sure our people will not consent to the
reactiOnary proposal made by the Demo
cratic party.
OCEAN CARRYING TRADE.
Few subjects have elected more dis
cuSsion or exhibited more general inter
est than that of the recovery by the
United States of its appropriate share OF
the ocean carrying trade. This subject
touches not only our pockets, but our
national pride. Practically all the
freights transported to Europe, the
enormous annual supplies of provisions
furnished by this country, and for the
large return OF manufactured products.
Tor many years, have been paid to for
eign ship-OWners. Thousands of immi-
grants annually seeking homes under
our Tag have been denied the sight OF il
until they have entered Sandy Hook,
can citizens, bent on European travel,
have each year stepped into foreign juris-
diction at the New York docks
The merchandise balance of trade,
which the Treasury books show, is large
Iy reduced by the annual tribute which
We pay for freight and passage money.
Great ships, the fastest upon the sea,
which are now i'll peace protting by our
trade, are, in a secondary sense, warships
OF their respective Governments, and in
time Of war would, under existing con-
tracts with those Governments, speedily
take on guns, for which their decks are
already prepared, and enter with terrible
efficiency upon the work OF destroying
our commerce. The undisputed fact Is
that the great steamship lines OF Europe
were built up and are now in part sus-
tanned by direct or indirect Government
aid, the latter taking the form OF liberal
pay for carrying mails, or of an annual
bonus given III consideration OF agree
ments to construct ships so as TO adapt
them for carrying armament and turn
them over TO the Government, on de-
mand, upon specified terms.
Ii was plain TO every Intelligent Amer
lean that il the United States would have
such lines a similar policy must be en-
tered upon. The tifty-first Congress en-
acted such law, and under its beneficent
influence sixteen American steamships
OF an aggregate tonnage of 81 400 tons.
and costing 100000, have been built or
contracted in American shipyards. In
addition to this, it is now practically GER