The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-09-02
Dermont @attbman.
Major McKinley's Letter Of
Acceptance.

Major Mckinley has published his
letter of acceptance. The document is
very long, touching upon every plank
of the republican platform, and dis
cussing at length the silver and tariff
questions.
Major Mckinley shows that the free
coinage of silver would be no benefit to
the laborer:
1t would mean the free use of the
minis 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 enter
prises. 1t would not make labor easier,
the hours of labor shorter, or the pay
better. 1t would not start factory or
make q demand for an additional days
labor. 1t would create no new occupa-
tons. 1t would add nothing to the
comfort of the masses, the capital of
the people or the wealth of the nation.
Comparing the silver dollar, under linn
tied coinage by the government itself,
with the silver dollar under free coinage,
Ino cauuluhle says.
How are the silver dollars now in use
different from those which would be in
use under free coinage2 They are to
be of the same weight and fineness;
they are to bear the same stamp of the
government. Why would they not be
of the same value? l answer: The
silver dollars now in use were coined on
account of the government and not for
private account or gain, and the govern
ment has solemnly 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 mintage, it
only coins what it can hold at a parity
with gold. The profit, representing
the difference between the commercial
value of the silver bullion and the face
value of the silver dollar, goes to the
government for the benefit of the peo-
pie. The government bought the sill
yer bullion contained in the silver dol
lar at very much less tian it's Coinage
value. 1t paid it out to its creditors and
put it in circulation among the people
at its face value of one hundred cents, or
full dollar. 1t required the people
to accept it as legal tender and is thus
morally bound to maintain it at parity
with gold, which was then, as now,
the recognized standard with us, and
the most enlightened nations of the
world The government having issued
and circulated the silver dollar, it must
in honor protect the holder from loss.
This obligation it has so far sacredly
Rnnf Not nnlv ia fhara oh
cation, but there is a legal obligation,
expressed in public statute, to maintain
the parity.
have named, are not the same as the
free coinage. They would be the same
in form, but different in value. The
government would have no part in the
transaction except to coin the silver
bullion into dollars. 1t would share in
no part of the profit. 1t would take
upon itself no obligation. 1t would not
put the dollars into circulation. 1t
could only get them, as any citizen
would get them, by giving something
for them. 1t would deliver them to
those who deposited the silver, and its
connection with the transaction would
there end. Such are the silver dollars
which would be issued under free coin
age of silver at ratio of sixteen to one.
Who would then maintain the parity !?
What would keep them at par with
gold? There would be no obligation
resting upon the government to do it,
and if there were it would be power.
less to do it. The simple truth is we
would be driven to silver basis--to
silver monometalism. These dollars,
therefore, would stand upon their real
value. II the free and unlimited coin
age OF silver at ratio of sixteen
ounces of silver to one of gold would,
as some of its advocates assert, make
fifty-three cents in silver worth one
hundred cents and the silver dollar
equal to the gold dollar, then we would
have no cheaper money than now and
it would be no easier to get. But that
such would be the result is against rea-
son and is contradicted by experience
in all times and in all lands.
Major Mckinley maintains, and
proves by the example of Mexico and
China, that bimetallism cannot be OBJ
tanned by opening the minis of the
United States to the unlimited coinage
of the silver of the world at the ratio of
16 to l.. This country has in circula.
ton more than 1924, 900 900 of silver
or its representatives. sum larger than
the gold circulation. Prior to 1873 less
than nine million silver dollars had
been coined. The law of 1878, and the
Sherman act of 1890, it was believed
would bring the bullion value of silver
up to its coinage value. The latter act
provided for the monthly purchase Of
4,500,0 900 ounces of silver bullion at the
market price, an amount equivalent tc
the entire product of the American
mines. The expectation of those who
favored free coinage was not realized
Notwithstanding the unprecedented
demand this act created, silver wen
down very rapidly, reaching a lower