New-York tribune., 1896-04-07
REPUBLICAN FINANCE.
MR. BELMONT'S sOLICITUDE ABOUT THE
COINAGE PLANK.
1T IS SHOWN TO BE NEEDLESS bl MN N"'
FROM THE RECORD OF THE PARTY
LEADERS,


AND ITS LEADERS.
To the Editor of The Tribune.
Sir: The immense importance to New-fork ana
to the country Of correct decision or the penuihe
coinage and currency issues will. hope. success
fully plead with you my excuses Tor anotneI Icpy @
to Mr. Horr w1o vindicates the McNi"iey O"''
platform 49,. oor
An explanation Of all the reasons why the con-
dtions Of 1892 when the two partles constt uc.ru
their National platforms. are not the ~ ~
1896 would be wearsome. Three VIII suice' III
1892 the odOus Sherman law was unrepedieu'
the cruel and relentless panic 1t caused had not
begun; our business men had not seen the causes
and consequences Of that panic as now tney 40,
7 do NOT question the ,rcuracy Of Mr. HOrr g IN
sigh, into milestone and knowledge OF wha' wy
Republican leaders must and will do at ST LOUIS
in regard to more silver coinage and greenpacKs'
In the early part of his letter he says: Il
predict that the Republican convention Will be
nearly solid against the free coinage OF si'e!
upon the ratio of l6 to !. or upon any rati9 iiot
agreed upon By the commercial nations OF the
world" "
In a later part ne varies tho statement 80 that
it reads in this wise: l alsl repeat on lmo'
there is really no difference among the members oi
tho Republican party outside of few mountain
States upon this money question. We are sonar!
against the free coinage OF silver upon any Iai,"
which will destroy the parity 81 NaIue Det"ech t'
dollars that circulate as currency IN lhe Ohiteu
States"
Mr. Horr invites my attention to the opening
again Of our mints by Secretary Carlisle to the
coinage into more silver dollars of the useless oui-
lion bought under the Sherman law II the unre-
pealed part of that niqu;ous law requires suon
coinage the country must endure IT, nave never
hcen able to ntorpret definition into tnat
"makeshift" legislation. and 50 cannot say WHAT
its coming requirements are.
Mr. Uorr announces In reply TO my question
third and quite novel gloss OF the Mckinley OHIO
platform He aftirms. This one fact is clearly
laid down in the Ohio platform. That there shaii
be no further coinage of silver which VIII Jeopar-
dizo the ability Of the Government to keep every
dollar of our circulating medium equal IN value
equal In purchasing and debt-paying power WIN
each and every other dollar Tnat one principe
honestly followed will solve this whole proolem
and keep our National finances upon sound and
honest basis.
That Ohio Republican idea of tho gold stan
dard" it's requirements and obligations. Is that
Congress shall not only be free. but encouraged.
10 coin as many more ifty-cent silver dollars. ana
emit as many new greenbacks with when 70 pa!
for purch sed silver bullion as the treasury can
under an unlimited power 10 issue Dohus Win
which to purchase gold for redemption. keep on A
parity with our gold dollar in our own country
only.
sound and homes; than. solitary and alone. open
Ing our mints t. free silver coinage ana tneil
selling bonds In unlimited quantities for goa
whereby to keep our silver dollars ana silver
certificate dollars Dn parity" with each ana
cvery other dollar?
hone New-York will have nothing to do with
either plan but 10 condemn II -
PERRY BELMONT.
New-York March 81 1896.
The Tribune gives space TO this additional
letter from ex-Congressmar Belmont with great
checrrulness. The anxiety Of Mr.. Remont as to
h,st what tn, platform of the Republican party
shall this year contain ia on his part very COM
mendnble Ills anxiety is easily accounted for
only upo. .hc theory that he il fully convinced
tha, the country is about to be placed again
I'm the hands o, the Republican party. and hence
ne attaches To their utterances the gravest i'm
portapce
Tho Tribune shares with him the opinion that
The Republicans are sure tn win. and agrees
10 cqral him in attaching the gravesr Importance
- the doctrines they snail adopt this year. and
II We refuse to initiate his feverish anxiety cn
that subject IL may be because Of our long ex-
pericnce with the doctrines OF that party and
on accoun. OF our more intimate acquaintance
with the leading men In the party The Trb-
une has fun confidence that exactly the right
thing will be done and said at the right time
Th, absolute absence from Mr Belmonts letter
Il any attempt to tell us I'm what respect he
anticipates that the Democratic platform Will he
superior 10 the one which will be- formulated and
adoptcd at St Louis is highly to bc commended
He no doubt recognizes the fact that no man
an predict wha: ;he Democratic platform will
be- until he learns which wing" Of the party
is in control at Chicago: and then. perhaps he
also realizes the fact that II makes little differ
cnce what the Chicago Convention says or does.
because of the sure defeat Of the Democratic
party this year.
Mr. Belmont gives three reasons why the condi-
tions which confront us to-day differ from those
which confronted us in 1892 when the two parties
formulated the platforms # that year. His
three reasons could have been condensed into
one and the one would have told the whole
story more accurately than did the three. Al
that time the Democratic party had not for
thirty-ivc years had full control of all branches
of the Government. and they had rot shown to
the country the ruin their incapacity could work
That covers the whole case.
The oIious sherman law" had been in full
operation for two years under Republican rule.
no RELENTLESS panic had taken place. and the
business men had been active and prosperous.
The lack Of confidence Of our financial managers
in the aims and principles Of the Democratic
party. that and nothing else caused the general
distrust which ended in the panic. II such il not
the fact. why did not the repeal of the sherman
law bring us back 10 our former prosperity?
But admit all that Mr.. Belmont claims; what
Is there in his new conditions that should make
either party any more IN favor Of or adverse 10
the free coinage of silver on the ratio Of l6 to /?
In 1892 neither party adopted platform in
favor Of such coinage nor has the Ohio platform
one word I'm II in favor Of such coinage out its
every uterance is opposed to the coinage of silver
upon any ratio not adopted by the commercial
nations Of the world.
But wait a moment Mr.. Belmont forgets that
in lS93 when the "odious sherman law" was
being repealed. when the relentless panic was
at it's worst. when business men were in the
IN n he
wrought by the panic. the sound-money men of
both parties attached to the repeating clause a
declaration Of the financial policy to be
followed by this Nation. Every sound-money
member Of Congress. Democratc and Republican
alike aKrnnl N ihaI le,la "a tlnn II was SUD-