Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-27

Gold Bugs.
Canton, O., August 26.-Major Nc
Kinley's letter of acceptance was issued
to-day. Il is in part as follows:
Canton, O., August 26, 1896.
ITO Hon. John NJ. Thurston. and other
members of the Notification Commit
tee of the Republican National Con-
vention.
"Gentlemen:-In pursuance Of the
promise made to your committee when
notified of my nomination as the Re
publican candidate for President, l beg
TO submit this formal acceptance of that
high honor"
After brief Introductory statement,
Mr.. Mckinley takes up the financial
question.
1t is proposed by one wing of the
Democratic party and its allies, the Peo
plss and Silver parties, TO inaugurate
the free and unlimited coinage of silver
by independent action on the part of
the United States at a ratio of 16 ounces
of silver TO one ounce of gold. The
mere declaration of this purpose is a
menace to our financial and industrial
interests and has already created uni
versal alarm.
We have had few questions in the life
time of the republic more serious than
the one which is thus presented.
The character OF the money which
shall measure our values and exchanges
and settle our balances with one another
and with the nations of the world, is of
such primary importance and so far
reaching in its consequences as to call
for the most pa.nscaking investigation,
and in the end a sober and unprejudiced
judgment at the polls. Free silver
would mean the free use Of the mints
Of the United States for the few who are
owners Of silver bullion, but would
make silver coin no freer to the many
who are engaged in other enterprises.
1t would nou make labor easier, the
hours of labor shorter, or the pay bet
ter. Il would not make farming less
laborious or more profitable. 1t would
not start a factory or make a demand
for an additional days labor. 1t would
not restore business confidence, but its
direct effec, would be to destroy the lit
tie which yet remains.
The meaning is that any one may
take a quantity of silver bullion, now
worth 53 cents, 10 the m,nts OF the
United States. and have it coined at the
expense of the government and receive
for 1t a silver dollar which shall be le-
gal tender for the payment Of all debts,
public and private. 1t would belong
to him and to nobody else. Other peo-
pie would get it only by their labor, the
products OF their land or something Of
value. The bullion owner on the basis
of present values, would receive the sill
yer dollar for SO cents worth Of silver,
and other people would be required TO
receive ii as a full dollar in the payment
of debts. The government would get
nothing from the transaction. 1t would
bear the expense of coming the silver
and the community would suffer loss
by its use.
We have coined since 1878 more than
400 600 coo of silver dollars. which are
maintained by the government at par
ity with gold and are a full legal tender
for the payment of all debts, public and
private. How are the silver dollars
now in use different from those which
would be in use under free coinage?
answer The silver dollars now in use
were coined on account of the govern
ment, and the government has solemn
ly agreed to keep them as good as the
best dollars we have. The government
| bought the silver bullion at its market
value and coined it into silver dollars.
Having exclusive control of the mint
age. il only CONS what ii can hold at a
parity with gold.
These dollars. in rhe PARTICULARS
have nmaed. are not the same as the dol
lars which would be issued under free
coinage. The government would have
no part in the transaction, except TO
coin the silver bullion into dollars.
These dollars therefore would stand up
on their real value.
Against any such policy l am unal-
terably opposed.
Bimetallism cannot be secured by n
dependent action on our part. 1t can
not be obtained by opening our mints
to the unlimited coinage OF the silver
Of the world at the ratio Of lG ounces OF
silver to one ounce of gold. when the
commercial ratio S more than 80 ounces
Of silver 10 one ounce of gold. Mexico
and China have tried the experiment
Until international agreement is had, it
is the plain du,y OF the United States
to maintain the gold standard. II S the
recognized and sole standard OF the
great commercial nations OF the world,
with which we trade more largely than
with any other.
Fighty-four per cent of our foreign
trade for the fisca. year 1895 was with
the gold standard countries, and our
trade with other countries was settled
on a gold basis.
Chiefly by means Of legislation dur
ing and since 1878 there has been put
in circulation more than S624.OOO,OOO Oh
silver. or its representative. ms mas
been done in the honest effort 10 give
silver. if possible the same bullion ana
coinage value. and encouragement OF
tho concurrent use of both gold and sill
yer q. money. Prior TO that time there
had been less than 100000 Of silver
dollars coined in the entire history Of
the United States, period OF 80 years.
This legislation secures the largest use
of silver consistent with financial safe
" and the pledge to maintain rs parity
with gold. The so-caHed Sherman law
sought TO use all the silver product or
the United States for money at its mar
k. value. From 1890 10 1898 the gov
ernment purchased 100000 ounces Of
silver g month. In a few months the
price of silver went down very rapidly,
reaching a lower point than ever be-