The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-09-10
A WISE CHOICE.
Garret A. Hobart's Nomination For
Vice President.
HIS LETTER OF ACCEPTANCE CON
FIRMS THIS.
The Document Given to the Public Yes
terday-The Silver Question Discussed
in Thorough and statesmanlike


terday-The Silver Question Discussed
in Thorough and statesmanlike
Manner.
Newark, N. j., September 9.-Hon.
Garrett A. Hobart, Republican candi-
date for Weep resident made public his
letter of acceptance tonight
1t is in substance as follows,
The platform declarations in reference
to the money question express clearly
and Enthusiastically the attitude OF the
Republican party as to this supremely
1mportart subject. We stand unquali-
fedly for honesty in finance, and the per-
manent adjustment of our monetary sys-
tenn, in the multifarious activities OF
trade and commerce, to the existing gold
standard of value. We hold that every
dollar OF currency issued by the United
must be worth dollar in gold. whether
In the pocket of the man who tolls for
his daily bread, In the vault Of the saw
ings bank which holds his deposits, lor
In the exchanges of the world.
The money standard Uf q great nation
should be as fixed and permanent as the
nation itself. The experience of all his
tory confirms the truth that every coin,
made under any law, howsoeyer that
coin may be stamped, will finally oom-
mand in the markets OF the world the
exact value of the materials which COM
pose 1t. The dollar Of our country,
whether of gold or silver, should be of
the full value of one hundred cents, and
by SO much as any dollar is worth less
than this in the market, by precisely
that sum will some one be defrnuded.
The necessity of certain and fixed
money value between nations al well as
Individuals has grown out of the inter-
change of commodities, the trade and
business relationships which have arisen
among the peoples of the world, with
the broadening of human interests. This
necessity has made gold tho final stand
ard Of all enlightened nations. Other
metals, including silver, have recog-
nized commercial value. and silver, es-
pecially, has value of great Importance
for subsidiary coinage. In view Of a
sedulous effort by ths advocates of free
coinage to create contrary impression
it cannot be too strongly emphasized
that the Republican party In it's platform
affirms this value in silver, and favors
actual money that can be maintained
with safety. Not only this, it will not
antaRonize, but will gladly assist In
promoting a double standard whenever
it can be secured by agreement and CO.
operation among the nations. The H.
metallic. currency, involving the free use
of silver, which we now have, Is cordial
lv approved by Republioans. But a
standard and currency are vastly differ
emit things.
II we are to continue to hold our place
among the great commercial nations, we
must cease juggling with this question,
and make our honesty of purpose clear to
the world. Nc room should he lefs for
misconception as to the meaning of the
language used In the bonds OF the gov
ernment not yet matured. The world
should likewise be assured that the
standa rd dollar of A Amerioa Is as inf1ex-
ible a q uantity al the French napoleon,
the British sovereign, or the German
twenty mark piece.
The free coinage of silver at the ratio
sixteen to one, is y policy which no ma
tlon has ever before proposed, and it Is
not today permitted in any mint in the
world-not even ia Mexico 1t is pur-
posed to make the coinage unlimited, at
an absolutely fictitious ratio. fixed with
no reference to intrinsic value or pledge
of ultimate REDEMPTION. With silver at
Its present price of less than seventy
cents per ounce in the market, such q
policy means an immediate profit to the
seller of silver for which there il no re-
turn now or hereafter to the people or
the government. It means that for each
dollars worth of silver bullion delivered
at the mint, practically two dollars OF
stamped coin will be given In exchange.
For one hundred dollars worth of bull
lion nearly two hundred silver dollars
will be delivered.
Let it also be remembered that the con-
sequences of suoh an act would probably
be cumulative in their effects The crop
of silver unlike that of hay, or wheat, OF
corn-whioh being Of yearly production
can be regulated by the law Of demand
and supply-is fixed once for all. The
silver which has not yet been gathered
is all In the ground. Dearth or other
accident of the elements cannot augment
or diminish it. Is it not more than prob
able that with the enormous premium
offered for its mining the cupidity OF
man would mako an over-supply contin-
uous, with the necessary result Of a
steRdy depreciation as long az the silver
dollar could be kept In circulation at
allP Under the laws of finance, which
are as fixed as those of any other science.
the inevitable result would finally be a
currency all and absolutely fiat. There
dollar half fiat and one all fat. The lat
ter, as the cheapest, under the logic OF
"oheap money" would surely drive the
other out
Any attempt on the part of the govern
ment to create hy its fiat, money Of a t1c-
titious value would dishonor us in the
eyes of other peoples, and bring infinite
reproach upon the national character.
such free coinage legislation, II ever
oonsummated, would discriminate
against every producer of wheat. cotton
corn or rye-who should in Justice be
equally entitled, with the silver owner,
to sell bis products to the United States.
Treasury. at profit fixed by the govern
ment-and against all producers Of iron,
steel, zinc or copper, who might properly
claim to Ehave their metals made into
current ooin. 1t would as well, be a
fraud upon all persons forced to accept
currency thus stimulated and at the
same time degraded.
In every aspect the proposed policy Is
partial and one-sided. because IT is only
wien a profit can be made by a mine
owner or dealer, that he takes his silver
to the mint for coinage. The govern
ment is always at the losing end.
Those who contend for the free and
unlimited coinage Of silver may believe
in all honesty that while' the present
ratio of silver to gold Is ~ shirty to one
(not sixteen to one) silver win rise above
the existing market value. II IT doss
60 rise the effect will he to make tho loss
TO all the people go much less, but such
an opinion Is but hazardous conjecture
&-z