Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1892-10-13
THE CURRENCY ISSUE.
An Explanation OF tho Financial Issue
Between tho Two Parties.
New York Tilnea

An Explanation OF tho Financial Issue
Between tho Two Parties.
New York Times.
1t is not an unusual device for sharp
lawyer with a poor case to ignore, and
to try to make the jury ignore, the chief
point at issue by spending a great deal
OF time and energy upon a minor point.
The device is equally prevalent in poll
tics The friends of the present admin
istration are resorting to it in this cam
paign with reference to the financial
issue. They are laying great stress on
the resolution passed by the Democratic
convention Recommending that the
prohibitory 10 per cent tax on state bank
issues be repealed" but they have moth
ing whatever to say about the deunca-
ton by that convention of the silver
purchase act of 1890. Yet the latter is
clearly much more important than the
former. The state bank question is not
urgent or likely to become so. We are
not prepared to accept the naked repeal
OF the 10 per cent tax, though very
many conservative financiers, whose
authority We are bound to respect. not
only have no fears of the consequences
OF such repeal, but believe that it
would be beneficial. But even If the
tax were Internationally removed,
1t IS perfectly certain that no
such state bank isues as the worst of
those known before the war could be
revived, Cor the simple reason that no
one would take them, while MS to the
best of them, there have never been any
better in this country-not even the
national bank notes.
Apart from this question, the financial
issue between the two parties is confined
entirely to the act of 1890. The Demo-
Gratis declare for the fuse of both gold
and silver as the standard money of the
country" with such conditions us "shall
insure the maintenance of the parity of
the two metals and the equal power OF
every dollar at all times in the markets
and in the payment Of debts" and "de-
nand that all paper currency (Which, of
course, includes the state bank issues)
shall be kept al par with and redeem
able in such coin" The Republicans
demand "the use Of both gold and silver
as standard money, with such restric-
tons and under such provisions, to be
determined by legislation, as will secure
the maintenance of the parity of values
between the two metals, so that the pur-
chasing and debt-paying power of the
dollar, whether of silver, gold, or paper,
shall be at all times cqual.h 1t will be
seen that these two statements are
almost identical and are substantially
equivalent. 1t is not likely that any
sensible man would be influenced in his
| vote ono way or the other by any diff
terence that can be discovered between
them. Both, to the well-informed
student Of finance, are not much better
than Indications of sentiment on the
part of their writers. Both "demand"
the lnpractlcable, and the only virtue of
either is that II proposes the use of sill.
yer as STANDARD money" under condi.
tons that can never be fulfilled. But,
such as each of them is, it is in no essen
degree different from the other. But,
while what We have quoted from the
platform of the Republicans is sub
stantially all that they have to say in
regard TO finance, the Democrats have
something else, and something very sub
stantial, to say.
| The Democratic resolution begins as
follows 1--WE denounce the Republican
legislation known as the Sherman act
of 1890 as a cowardly makeshift, fraught
with possibilities of danger in the future
which should make all its supporters, rs
well as Its author, anxious for its speedy
repeal. So far as the reasons for the
action proposed are concerned this reso-
luton is ambiguous. 1t does not say
what the Republicans were afraid of in
thcit "cowardly" course, or whether the
law denounced as "makeshlft" was
meant to avoid free coinage or to avoid
honest money. The friends of both
policies might unite in such adenuncia.
ton, as senator Hill and Senator Shcr-
man had already done. But tile action
proposed is perfectly defnite-the
speedy" repeal Of the law of 1896, and
1t is this proposition that distinguishes
the Democratic from the Republican
resolution regarding finance. II is this
that makes all the issue there is between
the two parties. We do not wish to eX.
aggerate. We should like to believe
that the Democratic party is fully com
mitted to the simple repeal Of the act of
1880 and would not undertake to attach
any mlschievous conditions to it. But
we are not at all sure of that, though we
are quite sure that no mischieyous con
d!tions would receive the approval of
Mr. Cleveland. On the other hand
there Is no reason to expect the repeal,
conditional or not, from the Republ.
cans, whose course ON this whole sub
ject has been to the last degree evasive,
juggling, and injurious. What it is
perfectly fair to say is, that on the con
ventiOn declarations of the two parties
the attitude of the Democrats Is more
conservative and more safe than that Of
the Republicans, and that so far as any
intelligent voter is determined by this
l NNt l.,f 1,.it ,.I, Al. u.