Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1896-09-18

%S ~A N
=" ARRET A. HOBART, Republi-
y can nominee for Vice President of
VI the United States, has given out
his letter of acceptance. 1t is an en-
phatic declaration for sound money and
contains pointed facts in favor of tariff
to develop and to protect the industries
of the country. The statements in regard
to the benefits of reciprocity are also
cOgent and logical. Following is the full
text of Mr.. Hobart's letter:
The Hon. Charles w. Fairbanks and
Others of the Notification Committee of
the Republican National Convention
Gentlemen: have already, in accepting
the nomination for the office of the vice
presidency rendered me by the national
Republican convention, expressed by ap-
proval of the platform adopted by that
body us the party basis of doctrine. In
accordance with accepted usage 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 unmistakably the attitude of the Re
publican party as to this supremeiy lm-
portant subject. We stand unQualifiedly
for honesty in finance and the permanent
adjustment of our monetary system, in
the multifarious activities of trade and
commerce. to the existing gold standard
of value. We hold that every dollar of
whether of gold. silver, or paper,
must he worth Il 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 deposit, or in the exchanges of
the world
Money Must BE Sound.
The money standard of n great nation
should he as fixed and permanent us the
nation itself. To secure and retain the
best should be the desire of every right
minded citizen. Resting on stable fOun-
dations. continuous and unvarying GER
tainty of value should be its distinguish
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 it. The
dollar of our country: whether of gold or
cents, and by so much as any dollar is
worth less than this in the market by pre-
csely that sum will some one be de-
frauded.
The necessity of n certain and fixed
money value between nations as well as
change of commodities. the trade and
business relationships which have arisen
among the peoples of the world, with the
enlargement of human wants and the
broadening of human interests. This ne
cessity has made gold the final standard
including silver, have recognized COM
mercial value, and silver especially has a
value of great Importance for subsidiary
coinage. In view of a sedulous effort by
the advocates of free coinage to create a
contrary impression, it cannot be too
strongly emphasized that the Republican
party in its platform affirms this value in
silver and favors the largest possible use
of this metal as actual money that can
be maintained with safety. Not only this
it will not antagonize, but will gladly as.
sist in promoting double standard
whenever it can be secured by agreement
aud cooperation among the nations. The
bimetallic currency, involving the free
use of silver. which we now have, is cor
daily approved by Republicans. But a
ferent things.
No Time for Juggling.
If we are to continue to hold our place
among the great commercial nations we
must cease Juggling with this question
and make our honesty of purpose clear
to the world. No room should be left for
misconception as to the meaning of the
language used in the bonds of the Gov
crnment not yet matured. 1t should not
be possible for any party or individual to
raise 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
to say explicitly. on question so vital
such meaning is challenged or doubted.
1t is desirable that we should make it
known at once and authoritatively that an
''honest dollar" means any dollar equiv
alent to gold dollar of the present stan
dard of weight and fineness; The world
dard dollar of America is as infexible a
quantity as the French Napoleon, the
British sovereign or the German 90 mark
piece.
The free coinage of silver at the ratio
of 16 to is policy. which no nation has
permitted in any mint in the world-not
even in Mexico. 1t is proposed to make
the coinage unlimited, at an absolutely
fictitious ratio, fixed with no reference to
intrinsic value or pledge of ultimate re-
dsmption. With vi silver at its present price
ket, such policy means an immediate
profit to the seller of silver for which
there is no return now or hereafter to the
people or the Government. 1t means that
for each dollars worth of silver bullion
delivered at the mint practically SO of
stamped coin will be given in exchange.
For 500 worth of bullion nearly 200 sill
yer dollars will be delivered.
Consequences Would BE Cumulative.
Let it also be remembered that the con-
sequences Of such an act would probably
be cumulative in their effects. The crop
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 vet been gathered
is all in the ground. Dearth or other
accident of the elements cannot augment
or diminish it. Is it not more than prob
able that with the enormous premium
offered for its mining, the cupidity of man
would make an oversupply continuous,
with the necessary result Of steady de.
probation as long as the silver dollar
could be kept in circulation at all? Under
the laws of finance, which are as fixed as
those of any other science, the inevitable
result would finally be currency ali and