The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-04

| be expected to advocate hnahclaL syS
| tenn which will stop the appreciation or
money?
The advocates Of free coinage have
| asserted that the gold standard Is It CON
/ spiracy organized by the great fnanciers
| of the world to lessen the volume Of the
| worlds standard money for the double
| purpose, first, Of raising the purchasing
1 power of given quantity of money,
| and. second, Of making it easier to corner
| the supply Of standard money. The
| advocates of free coinage believed the
i charge when they made it, and they
1 believe it still, Inspired by the convic-
| ton that hey are labOring in behalf or
large majority Of the people, not only
here but throughout the world, they VIII
continue their fight confident that four
more years of experience will convince
many who have thus far resisted orgu
ment.
'Those who regard this election as
a conclusive settlement OF the question
at issue should recall the recent political
history Of the United States. The eX-
act vote cannot be given ut the time TINS
article is written, but it is so close that
change of less than thirty thousand
votes, properly distributed over several
States, would overcome the Republican
vote was so nearly even in Kentucky,
South Dakota, and Wyoming that a
change of one thousand votes either way
would change twenty electoral votes. On
the basis Of the electoral vote, therefore,
there is nothing to guarantee perma-
nence in the victory for the gold standard.
But even il the Republican triumph was
more sweeping than the figures at present
indicate, it would not settle the next
campaign. In the past, parties have
often recovered quickly from what seem
ed overwhelming defeat In 1872 Mr..
Greely was defeated and yet in 1876
Mr.. Tiden was believed by the Demo
Gratis to have been elected Mr.. Blaine
was defeated in 1884, and yet Mr.. liar
rison was elected in 1888. The Republic
can victory Of 1888 was quickly followed
by the Democratic victory of 1890 and
the election of President Cleveland two
years later The election OF President
Cleveland by a lagre majority i'll 1897
was followed two years later by an
enormous Republican victory. The
! changes which have taken place in the
past indicate the possibilities of the flu
ture. There is only one prophecy which
can be made with certainty of fulfill
| ment, and that is, that the American
people will study a subject until they
| understand it and will then settle it.
Changes of opinion win go ON until the
best solution of every question is found.
Our form of government is based upon
the theory that the people are capable
| of self government. This theory is, in
| my judgment, well founded. The peo-
| pie have both the intelligence and the
patriotism to select and to secure for
| themselves those policies which are best.
They are now engaged in an effort to
| discover and secure a satisfactory finan-
| cial policy, and it would be a reflection
upon them to say that they would per-
| manently accept an unsatisfactory policy.
| Experience plays an important part in
| the settlement of public questions. That
| financial and industrial conditions are
| unsatisfactory at this time, no one de-
MES. The advocates of free coinage have
| insisted that these conditions are largely
| due to the gold standard. They insist
| that falling prices are but an evidence
| that gold is rising, and they assert that
| the rise in the purchasing power of IN
| ounce Of gold is due to legislation which
| has increased the demand for gold. The
| Republicans, on the other hand, have
blamed the Wilson bill for the present
hard times and have promised to restore
- 4
next four years will determine whether
the Republican promises can be fulfilled.
I'm 1890 in a report which accompan-
| led his tariff bill Mr.. Mckinley said:
That there is Widespread depression in
| this industry agricultural to-day can
not be doubted This admission was
made after the country had had thirty
years Of protective tariff This depression
| in agriculture is more widespread and
acute to-day than it was six years ago.
| In the same report Mr.. Mckinley said:
| This great industry agriculture is fore
most in magnitude and Importance in
our country. It's success and prosperity
are vital to the nation. No prosperity
| is possible to other industries if agricul-
| ture anguish He was correct in as
| sorting that prosperity must begin with
| the farm. The farmer has suffered be-
| cause the price Of agricultural products
| has fallen, while taxes, debts, and many
other fixed charges have not fallen in the
| same proportion. His total income has de-
creased while his necessary expenditures
| have stubbornly refused to decrease, and
| he has been compelled to economic in
/ his living expenses.
'"The contest for financial independence
| will 90 on. AN American financial
policy for the American people will still
be the motto OF those who have in this
campaign advocated the free coinage Of
silver on equal terms with gold. We en-
| tered the contest with n disorganized
army; we emerge from it a united and
disciplined force without the loss of a
soldier. We are ready for another con
test. We shall watch legislation, discuss
every movement made by the enemy and
keep before the public the principles for
which we contend. We believe that we
are right, and, believing that right will
| finally triumph, we face the future firm
in the belief that bi-metallism will be
restored"
WHY THE BOOM is DELAYED.