The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1896-09-16
PLEA FOR SOUND MONEY.
Garrett A. Hobart Makes It In His
Letter
Formally Accepting the Republican Nomi-
nation for the Vice Presidency-Ne-
cesslty for Higher Tariff Also
Urged in Strong Terms

ing is the letter of acceptance of Gar
ret A. Hobart:
Hon, Charles W. Fairbanks and others OF the
notification committee Of the republican
national conventions
| Gentlemen-I have already, IN accepting the
| nomination for the Office OF the vice presidency
rendered me by the national republican con-
vention, expressed my approval OF the plat
form adopted by that body as the party basis
I Of doctrine. In accordance with accepted usage
l beg now TO supplement that brief statement
of my views by some additional reflections
upon the questions which are in debate before
the American people.
The platform declarations In reference TO
the money question express clearly and unmis-
! takably the attitude Of the republican party as
| TO this supremely important subject We stand
unqualhedly for honesty in finance, and the
| permanent adjustment OF our monetary sys-
TEN, IN the multifarious activities of trade and
| commerce, 10 the existing gold STANDARD OF
value. We hold that every dollar of currency
issued by the United States, whether Of gold,
silver or paper, must be worth dollar In gold,
whether in the pocket of the man who tolls for
! his daily bread in the vault Of the savings
bank which holds his deposits, or in the'eX-
changes Of the world
1ele money standard OF great nation should
| be as fixed and permanent as the nation itself.
To secure and retain the best should be the de-
sire Of every right-minded citizen Resting on
stable foundations, continuous and unvarying
certainty Of value should be its distinguishing
Characteristic The experience of oil history
confirms the truth that every coin made under
any law, howsoever that coin may be stamped
will finally command in the markets Of the
world the exact value Of the materials which
compose 1t. The dollar OF our country, whether
Of gold or silver, should be Of the full value OF
100 cents, and by SO much as any dollar Is worth
less than this in the market, by precisely that
sum will some one be defrauded.
The necessity of certain and fixed money
value between nations as well as individuals
has grown out OF the interchange Of commodi
ties, the trade and business relationships which
have arisen among the peoples Of the world,
with the enlargement OF human wants aud the
broadening of human interests. This necessity
has made gold the final standard Of all enlight-
ened nations. Other metals, including silver,
have recognized commercial value, and sill
yer, especially, has value OF great Importance
for subsidiary coinage. In view Of a Sedulous
effort by the advocates OF free coinage to ere
ate contrary impression, 1t cannot be too
| strongly emphasized that the republican party
in its platform affrms this value in silver, and
fayors the largest possible use Of this metal as
actual money that can be maintained with
|
but will gladly assist in promoting double
standard whenever 1t can be secured by agree
ment and cooperation among the nations. The
bimetallic currency. involving the free use of.
silver, which We now have is cordially ap-
proved by republicans. But standard and a
currency are vastly different things.
If we areto continue to hold our place among
the great commercial nations we must cease
Juggling With this question, and make our hon
n .nlA. sl,. Az
should be left for misconception as to the mean
ing OF the language used In the bonds of the
government not yet matured 1t should not be
possible Tor any party or Individual to raise q
question as TO the purpose of the country to
pay all its obligations in the best form of money
recognized by the commercial world Any
nation which is worthy Of credit or confidence
can afford 20 say explicitly, on a question SO
vital to every interest, what 1t means when
such meaning Is challenged or doubted. 1t Is
desirable thGt we should make it known at
once and authoritatively, that an honest dol
lar" means any dollar equivalent to a gold dol
lar OF the present standard Of weight and fne-
ness. The world should likewise be assured
that the standard dolG- Of America is as in
flexible quantity as the French Napoleon, the
British sovereign, or the German twenty mark
piece
The free coinage OF silver at the ratio Of l6 TO
fs policy which no nation has ever before
proposed, and 1t is not today permitted in any
mint In the world-not even in Mexico 1t is
purposed 10 make the coinage unlimited, at an
absolutely fictitious ratio, fixed with no refer
ence to intrinsic value or pledge OF ultimate
redemption. With silver ut its present price
'uf less than 70 cents per ounce in the market,
such policy means an immediate profit to the
seller OF silver for which there Is no return now
or hereafter 10 the people or the govdrnment.
1t means that for each dollars worth OF silver
bullion delivered ut the mint practically two
dollars OF stamped coin will be given IN eX-
change. For SOD worth OF bullion nearly 200
silver dollars will be delivered.
Let 1t also be remembered that the conse-
quences OF such an act would probably be
cumulative in their effects, The crop Of silver,
unlike that of hay, or wheat, or corn-which
being OF yearly production can be regulated by
the law of demand and supply-is fixed once
for all The silver which has not yet been
gathered is all in the ground. Dearth or other
accident Of the elements cannot augment or
diminish II. Is II not more than probable that
with the enormous premium offered isr its
mining the cupidity Of man would make an
'Wer-supply continuous, with the necessary re-
suit OF a steady depreciation us long US the
silver dollar could be kept in circulation ut all;
Under the laws OF finance, which are as fixed
as those OF any other science, the inevitable
result would finally be currency all and ahso-
lutely fiat There is no difference in principle
between dollar half fla: and one all fat The
latter, as the cheapest nnder the logic of
''cheap money" would surely drive the other
out
Any attempt on the part OF the government
to create by its fiat money OF fictitious
value would dishonor us in the eyes OF other
peoples, and bring infinite reproach upon the
national character The business and financial
consequences OF such an immoral act would be
world wide, because our commercial relations
are wDrld wide. All our settlements with other
lands must be made, not with the money which
may be legally current In our own country but
in gold, the standard Of all nations with which
our relations are most cordial and extensive,
and no legislative enactment can free us from
that inevitable necessity. 1t is a known fact
that more than 80 per cent Of the commerce OF
the world is settled in gold or on gold basis.
Such free coinage legislation, II ever consum-
mated, would discriminate against every pro-
Queer Of wheat cotton, corn or rye-who should
In justice be equally entitled, with the silver
owner to sell his products to the United States
treasury at profit fixed by The government
and against all producers OF iron STEEL zinc OF
| copper, who might properly claim to have their
| metals made into current coin. 1t would, as
WE'LL be a fraud upon oil persons forced so ac-
| cOpt currency JnuS stlmulhteu anu III Lne
same time degraded,
In every aspect the proposed policy is par tial
and one-sided, because II is only when profit
can be made by mine owner or dealer, that
he takes his silver to the mint for coinage.
The government is always at the losing end
Stamp such fictitious value upon silver ore and
| dishonest and unjust Discrimination win be
made against every other form Of industry.
When silver bullion, worth little more than
fifty cents is made into legal tender dollar.
driving out one having purchasing and debt
| 1,nulnn nn,rnr OF 100 nents IL will cearlY be