The Republican. [volume] (Oakland, Md.) 1877-current, 1896-09-17
HOBART'S LETTER.
Pungent Paragraphs from A Long De-
HVerance.

HVerance.
Garrett a. Hobart, the Republican
candidate for Vice President has writ
ten a letter accepting the nomination
entirely too long for newspaper
publication, but some of the points
are so well put that they are here
given in abbreviated form:
ONE HUNDRED CENTS.
The money standard of a great ma
ton should be as fixed and permanent
as the nation itself. To secure and
retain the best should be the desire of
every right minded citizen. Resting
on stable foundations, continued and
unvarying certainty of value should
be its distinguishing characteristic.
The experience of all history confirms
the truth that every coin, made under
any law, hoWsoeVer that coin NAV be
stamped, will finally command in the
markets of the world the exact value
of the materials which compose it.
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
a HUNDRED PER CENT. PROFIT.
"The free coinage of silver at the
ratio of IS to I, is a policy which no
nation has ever before proposed. and
it is not to-day permitted in any mint
in the wOrld-nOt even in Mexico. 1t
is purpOsed to make the coinage I'M
limited, at an absolutely fictitious
ratio, fixed with no reference to in
trinsic value or pledge of ultimate re-
demption. With silver at its present
price of less than 20 cents per ounce
in the market, such policy means an
immediate profit TO the seller Of silver
for which there is no return now OF
hereafter to The people Or the Govern
ment. 1t means that for each dollars
worth Of silver bullion delivered at
the mint, practically two dollars of
stamped coin will be given in eX-
change. For 500 worth of bullion
nearly 200 silver dollars will be de-
livered.
MINING WOULD BE STIMULATED.
Let it also be remembered that the
consequences Of such an act would
probably be cumulative in their eff
fects. The crop OF silver. unlike that
of haV, OF wheat. or cOrn-Which.
being of yearly production, can be
regulated by the law of demand and
supply-is fixed once for all. The sill
yer which has not vet been gathered
is all in the ground. Dearth or other
accident Of the clements cannot aug
ment or diminish it. Is it not more
than probable that with the enOr-
nous premium offered for its mining
the cupiditV of man would make an
over SIIpuIV continuous with tho noe
essary result of a steady deDreciation
as long as the silver dollar could be
kent in circulation at all? Under the
laws of finance, which are as fixed as
those of any other science, the newt
able result would finally be a currency
all and absolutely fiat.
THE DOLLAR OF OUR FATHERS.
1.-THE dollar of our fathers, about
which 50 much is said. was an honest
dollar. silver maintaining full parity
of intrinsic value with cold. The
fathers would have sDurned and ridi-
culed a proposition to make silver
dollar worth only fifty-three cents
stand of equal value with a cold one
worth a hundred cents. The exper-
fence of all nations proves that anv
depreciation, however slight, of
another standard from the parity of
gold, has driven the more valuable
one out of circulation, and such ex-
perience in a matter of this kind is
worth much more than mere inter
ested speculative opinion. The fact
that few gold coins are seen in ordi-
nary circulation for domestic uses is
no proof at all that the metal is not
DerfOrmino a most imDOrtant function