Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1896-04-28

SENATOR DANIEL ON SILVER.
The following open letter from sena-
tor John W. Daniel to Mr.. W. o. Hard
away, of Roanoke, in answer TO an IN
vitation to the Senator 20 address the
Roanoke silver democrats, explains it
self:
WASHINGTON, D. c., April o. 1896.
~. o. Rardawdy, Esq Roanoke, "a:
Ny Dear Sir Permit me TO express
nv Acknowledgements and thanks for
your esteemed favor inviting me on be-
half Of the silver democrats of Roanoke
to address them on the ID OF May next.
In these closing days of Congress,
with appropriation bills pressing for
consideration, doubt lift will De pos
sible for me TO be with you upon that
occasion; butt has long been my con-
yiction that a return to the blmetallc
system which 80 long prevailed in this
country is necessary to the prosperity
of our people, and I would, therefore,
be pleased to address the meeting If ii
were practicable to do so.
If the negatived prophesies, the &C.
cumulated public debts, the paraiyzed
industries, the revenue deficits, the
commercial failures, the increased
taxes, aud the falling prices OF
land, produce and labor which
! have followed upon the gold
standard plans which the democracy
was beguiled TO adopt in company with
the republicans. If these experiences of
| the last three years have not opened the
eyes of the people to the folly of closing
their minis and destroying their constl-
| tutional money, it would seem vain to
| argue the matter. Some seem TO imag-
inc that the question whether or not we
shall have the free coinage of silver as
it existed prior to 1873 compartments
the financial issues we have to deal with,
and I do not think it is generally ap-
preciated that the silver question is the
pivotal point on which turns the whole
scheme of financial revision.
Associated with the silver question,
and more or less dependent upon it, are
the questions of enlarging to vast de-
gree our public debt, and of retiring our
greenback currency and silver certiti-
Gates. Indeed, our whole currency sys
tenn is in confusion, and this confusion
can only be corrected by restoring BIZ
metalism or by destroying existing cir
culation.
It is agreed on all hands that
we should keep our minis open to
the free coinage of gold, and that
there must be radical reform as
to other elements of our curren-
cy. The necessity for reform arises
| from the fact that we have outstanding
S348, 900 900 of greenback paper money,
payable in coin (not gold only; some
S133, 0000OO of coin certificates issued
under the Sherman act of 1880, and
some 1888 ,0OO, 900 of silver certificates
issued under the Bland-Allison act OF
1878. In all, body of 1862, 10000 Of
paper money-or half of our existing
circulation.
Unless we restore silver as money
of redemption we must retire this paper
money: and if we retire it we. must is
sue bonds to buy gold to pay it off in.
Should we retire it, there will be such
vast contraction of our present cur
rency that there will be farther and
greater fell in prices of lands and COM
modities, paralysis of trade, and an
other panic, greater than any we have
yet seen. Agriculturists, mechanics,
merchants, and banks would be in-
volyed in widespread ruin by such fur,
Their contraction of the currency, and
prosperous conditions indefinitely post
poned.
1t is easy to criticise and object.
There are great impediments and diff
ficulties to be encountered in any
and all directions; but it might be
realized that we are at the forks
of the road on this question. and
that we must go one way or the
other. Even the tentative steps to-
wards the gold standard have so re-
duced our revenues that we have
already borrowed S262, 100000 of gold,
without securing any permanent relief.
More debts and more taxes are the
only prospects on this line.
Recognizing how difficult it is to
move in any direction, but approaching
that move we must, | am of the opinion
that the most conservative and safe
movement we can make would be to
proceed according to the plan outlined
in the national democratic platform of
1892, which embodied the coinage Of
both gold and silver, without discrim-
mating against either metal, or charge
for mintage," and the removal of the
| 10 per cent. destroying tax that shuts
off State banks. This plan was unani-
mously endorsed in the democratic
convention; it had the approval of the
people in the presidential election, and
had it been pursued I do not believe
the democratic party would have met
such disastrous defeat at the polls as
that which followed its sudden turmoil
from its own declarations and toward
the gold standard,
1t is quite evident that the people
are in no mood to tolerate straddles or
other devices that look both ways. l
believe the most courageous and direct
course to be the safest course, and that
the rule of the majority is the only rule
which can tend toward harmony, and
the integrity of organization.
The State votes as unit for Presi-
dent, whether in the electoral College
or in Congress. Only the State is rec.
ognized in national conventions as a
constituent body. If the democratic
people of Virginia are for free silver, it
would seem but right and Just that they
should say 30, as they did four years
ago, and as they did in the State elec-
| t;op rubap Gnvarpor Mckinney Was