Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-09-06
THE PRESIDENTS LETTER.

THE PRESIDENTS LETTER.
A Powerful and Impressive Docu-
ment-What the Republican Party
Has Done andWill Do-Protectfon,
Reciprocity, a Free and Honest
Ballot and Sound Money.
WASHINGTON, D. c., Sept. 8.
Hon. William Mckinley, jr., and others,
committee:
. Gentlemen-I now avail myself of the
first period of relief from public duties to
respond to the notification which you
brought to me on June 20 of my nomina-
tion for the Office of president of the United
States by the republican national conven-
tion recently held at Minneapolis. I ac-
cept the nomination, and am grateful for
the approval expressed by the convention
of the acts of the administration. I have
endeavored without wavering or weari-
ness, 80 far rs the direction of public af-
fairs was committed to me, to carry out the
pledges made to the people in 1888. If
the policies of the administration have
not been distinctively and pro-
gressively American and repub-
ican policies, the fault has not
been in the purpose, but in the execution.
shall speak frankly of the legislation of
congress and of the work of the executive
departments, for the credit of any sue
cesses that have been attained is in such
measure due to others, senators and repre-
sentatives, and to the efficient heads of the
several executive departments, that I may
do so without improperly. Avote of want
of confidence is asked by our adversaries,
and this challenge to review of what has
been done we promptly and gladly accept.
The great work of the Fifty-first congress
has been subjected to the revision of a
democratic house of representatives, and
the acts of the executive depart
ment to its scrutiny and investigation.
A democratic national administration
was succeeded by republican
administration. and the freshness of the
event gives unusual facilities tor fair COM
parison and Judgment. There has seldom
been a time, think, when q change from
the declared policies of the republican to
the declared policies of the democratic
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 undo will
justify this opinion.
REPUBLICAN FINANCIAL POLICY.
The republican party, during the civil
war, devised national currency consist
ing of United States notes, issued and re-
deemsble by the government, and of
national bank notes based upon
the security of United States bonds.
A tax was levied upon the Issues Of
state banks and the intended result, that
all such issues should be withdrawn, was
realized. There are men among US who
never saw a state bank note. The notes
furnished directly or indirectly by the
United States have been the only and the
safe acceptable paper currency of the peo-
pie. Bank failures have brought no fright,
delay or loss to the bill holders. The note
of an insolvent bank is as good and as cur
the United States is behind it. Our money
is all national money! might almost cay
international-for those bills are not only
equally and indiscriminately ao-
oepted at par in all the states, but
in some foreign countries. The
democratic party, If entrusted with
the control of the government is now
pledged to repeal the tax on the state bank
issues, with 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 the
years before the war experienced the in
convenience and losses attendant upon the
use of such money can appreciate what a
nation of bill was then often no indi-
cation of its value. The bank detector of
yesterday was not a safe guide to- day as
to creditor values. Merchants deposited
several times during the day, lest the hour
of bank closing should show depreci-
alton of the money taken in the morning.
The traveller could not use in journey
to the east the issues of the
most solvent banks of the west;
and in consequence money
changers Office was the familiar
neighbor of the ticket Office and the lunch
counter. The farmer and the lsborer
found the money received for their pro-
ducts or their labor deprecated when they
came to make their purchases, and the
whole business of the country was him
dered and burdened. Changes may be-
come necessary, but q national system of
currency-safe and acceptable throughout
the whole country, is the good fruit of
bitter experience, and am sure our peo-
pie will not consent to the reactionary pro-
posal made by the democratic party.
RECOVERY OF OCEAN TRADE.
Few subjects have elected more discus
sion or excited more general interest than
that of a 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 for transporta-
plies of provisions furnished by this coun-
try and for the large return of manufact-
ured products have for many years been
paid to foreign ship owners. Thousands
of immigrants annually seeking homes un-
der our flag have been denied the sight of
it until they entered Sandy Hook, while
increasing thousands of American citizens,
bent on European travel, have each year
stepped into foreign jurisdiction at the
New York docks. The merchandise bal
ance of trade, which the treasury books
show is largely reduced by the annual trib-
ute which we pay for freight and passage
monies; the great ships-the fastest upon
the ssa-which are now in peace
pro6ting by our trade, are, in a secondary
sense, wsrships of their respective govern
ments and in time of war would, under
existing contracts with those governments
speedily take on the guns fer which their
decks are already prepared and enter with
terrible efficiency upon the work of des-
| troying our commerce. The undisputed
fact is that the great steamship lines of
Europe were built up and are now in part
sustained by direct or indirect government
aid, the latter taking the form of liberal
pay for carrying the mails or of an annual
bonus given in consideration of agree
ments to construct the ships SO as to adapt
| them for carrying armament and to turn
them over to the government on demand,
| upon specified terms. It was plain to
| every intelligent American that if the
United States would have such lines
similar policy must be entered
| upon. The Fifty-frst congress enact
| ed such law; and under its benefcent
influence sixteen American steamships of
an aggregate tonnage of 81, 400 tons and
costing 81, ,400, 900 have been built or con-
tracted to be built in American ship yards.
In addition to this it is now practically
certain that We shall soon have, under the
American flag, one of the finest steam.
ship lines sailing out of New York for any
European port. This contract ill result
| in the construction in American yards of
| four new passenger steamships of 10, ,00O
tons each, costing about $4,000 and
will add to our navel reserve six steam
ships, the fastest upon the sea.
| A special interest has been taken by me
| in the establishment of lines from ouI
i A.