The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-29

supplied nearly all the wants of the
American people. We prefer to tax
foreign production rather than our
own. We believe that the policy of
! protection should be extended to all
| productions impartially, TO labor on
the farm as well as in the workshop.
We are opposed TO the Democratic
policy Of protecting wooden manufac-
turers and admitting wool free OF
duty.
Draws the Long Bow.
! We denounce a scheme of taxation
which annually increases the public
! debt more than $50, 100000. This is the
result Of Democratic ascendency. The
| tariff law Of the last Congress is partly
a copy of the Mckinley law, and gen
orally a failure. All that is good of it
was taken from the Mckinley tariff,
| and the rest Of it is confesSedly a
! hotchpotch. The Supreme Court has
| already disposed of part of it. All of
the productions Of the south, from
peanuts to whisky, are carefully pro-
tected, while the duties on the great
staple industries Of the north are
largely reduced, and on some articles,
like wool, are entirely repealed. We
demand a reform in the tariff, not to
promote sectional interests, but to
secure ample revenue and impartial
protection to domestic industry. This
we can have only by the election of a
Republican president. We want a
change, and for this change we will
have the hearty support of a large
portion of the Democratic party.
Sound" Money.
We are in favor of a sound national
currency, always redeemable in coin.
All forms of money should be Of equal
purchasing power. For fourteen years
after the resumption Of specie pay
ments, while the Republican party
was in power, we had such a currency.
We had gold, silver and paper money,
all bearing the stamp and sanction of
the United States of unQueStioned
credit and Of equal value, passing cur
rent not only within the United States
but in all parts of the commercial
world.
Both gold and silver are indispensa-
bic for use in the varied wants Of man
kind. Gold is now, and has been for
ages, the chief measure of value in in
ternational commerce and the larger
transactions of domestic exchange.
Silver, from its bulk and weight, is not
available for large payments, either at
home or abroad, but it is indespensa-
BILE for the minor wants Of mankind.
Gold, from its greatly superior value,
cannot be utilized for such purposes.
Therefore, it is that both metals have
been coined into money at a fixed
ratio.
Silver Production.
The enormous increase of production
of silver in the United States, Mexico
and Australia has disturbed this ratio.
and has lowered the market value of
silver precisely as a like increase of
production has lowered the price Of
other commodities. 1t is a universal
law that price or value is measured
by quantity. Under these conditions,
the rational and proper course would
be change of ratio, but this can only
be effected as to these two metals by a
concert of action among commercial
nations. Until this can be accomplish
ed, the only logical way is for each ma
ton to coin both metals and main
tain the coinage of the cheaper metal
at par by limitation Of amount and
redemption when in excess of the de-
mand for it. Such is now the policy of
the United States and of every great
commercial nation, including every
country in Europe. Other nations adopt
choice, but from poverty.
l believe that the policy of the United
States, adopted in 1858, of coming frac-
tional silver coins in limited quantities
from silver bullion purchased at the
market price and making them legal
tender for small sums, is the only way
to preserve the parity of gold and sill
yer coins at a fixed ratio. This is prop
erly called bimetallic money. I hope
and believe that the common interest
of commercial nations will lead them,
through an international commission,
to either adopt a new ratio based on
marked value of the metals to coin
them and maintain them, as we do,
at their present ratio.
Cheap Money.
The policy now urged by the produc-
ers Of silver, and by men who wish to
pay their debts in cheaper money than
they promised to pay, is the free coin
age of silver. This means the single
standard of silver and the demonetiza-
ton of gold. This is the only mono
metallic system. 1t is the degradation
of our dollar to so cents. If applied to our
national bonds it is a reputation of
one-half of the public debt. 1t is the
reputation of all debts. 1t confers no
favors on producers of any kind,
whether of the farm, the workshop or
the mine, for if they get nominally
more dollars for their production,
their additional dollar would have only
one-haf the purchasing power of a gold
dollar. The great hardship of this pol
icy would fall upon worl1ingmen, skill
ed or unskilled, whose daily wage
measured by the present standard is
higher than in any country in the
world. Their wages will purchase more
of the necessities of life than the wages
paid for similar labor anywhere out
side of the United States. 1t is a false
pretense that the cheapening of money
will be beneficial to them. The Repub-
lican party in it's national platform of
1892, demanded good money of equal
purchasing power, whether coined of
silver or gold or composed of United
States notes and national bank notes,
based on the credit of the United
States maintained at par with coin.
This is the bimetallic policy. There we
stand today. I hope and trust there
we will stand forever. We will seek the
cooperation of all nations and of all
parties in maintaining the parity of
gold and silver coins. If they will not
cooperate with US in this policy, the
Republican party can and, hope will,
do it alone. Good money and plenty of
it is as important to all our people as
equality Of rights and privileges.
Let US, then, with firm reliance up
on the principles, policy and wisdom of
the great party to which we belong,
nominate our candidate and declare
our platform, and then make our ap-
peal to the intelligence of the people
of Ohio.
Do What is Right.
In all the great issues made in the
last forty years the Republican party
of Ohio has had the courage to propose