The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1896-08-29
MCKINLEY'S
ACCEPTANCE.
SOUND MONEY, PROTECTION AND
RECIPROCITY.
The Republican Candidate Strongly Out
lines the Position of the Party
He Leads.

He Leads.
Major McKinleys letter Of acceptance was
issued on Wednesday, and is an able declara-
tion OF the principles and policies of the Re-
publican party. 1t is devoted principally to
the discussion of what he considers the three
great questions of the campaign--hoEest
money, protection and reciprocity. We are
only able to publish portion of the letter
which is as follows:
WHAT FREE COINAGE MEANS
The meaning of the coinage plank adopted
at Chicago is that anyone may take guam
tity OF silver bullion. now worth So cents, to
the mints of the United States. have it coined
at the expense of the Government. and re-
ceive for it a silver dollar. which shall be
legal tender for the payment of all debts,
public and private.
The owner of the silver bullion would get
the silver dollar 1t would belong to him,
and to nobody else. Other people would get
it only by their hard labor, the products of
their land, or something of value The bull
lion owner, on the basis Of present values
would receive the silver dollar for So cents
worth of silver, and other people would be
required to receive it as Il full dollar in the
payment of debts.
The Government would get nothing from
the transaction. 1t would bear the expense
of coming the silver and the community
would suffer loss by its use
THE TWO DOLLARS COMPARED.
We have coined since 1878 more than four
hundred millions of silver dollars. which are
maintained by the Government at parity with
gold, and are full legal tender for the pay
ment of all debts. public and private. How
are the silver dollars now in use different
from those which would be in use under free
coinage? 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?
In answer: The silver dollars now in use
were coined on account of the government,
and not for private account, or gain, and the
Government 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
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 people.
The Government bought the silver bullion
contained in the silver dollar at very much
less than its 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 circu-
lated the silver dollar it must in honor pro-
tect the holder from loss. This obligation it
has so far sacredly kept. Not only is there
moral obligation but there is a legal obli-
CATION. expressed in public statute to main
tain the parity.
These dollars, in the particulars I have
named, are not the same as the dollars which
would be issued under 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 circula-
tion 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 coinage Of silver at ratio of 16 to
l. Who would then maintain the party?
What would keep item at par with gold?
There would be no obligation resting upon
the Government to do it, and if there were
it would be poweress to do it. The simple
truth is we would be driven to silver basis
to silver monometallism. These dollars
therefore. would stand upon their real value.
If the free and unlimited coinage of silver
at the ratio of 16 ounces of silver to l ounce
of gold would, us some of its advocates assert
make SO cents in silver worth 100 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.
1t means the debasement of our currency
to the amount of the difference between the
commercial and coin value Of the silver
dollar, which is ever changing, and the effect
would be to reduce property values, entail
untold financial loss, destroy confidence.
impair the obligations of existing contracts,
further impoverish the laborers and pro-
ducers of the country, create a panic OF un-
paralleled severity, and infiict upon trade
and commerce deadly blow. Against any
such policy am unalterably opposed.
THE BIMETALLIC THEORY.
Bimetallism can not be secured by indepen-
dent action on our part. 1t can not be Oh
tanned by opening our mints to the unlimited
coinage of the silver OF the world, at a ratio
of 16 ounces of silver to l ounce Of gold,
.~hor tba oommerrial ratio ia more than 30