New-York tribune., 1896-04-21
THE REPUBLICAN RECORD.

The mcaneSt or untrutnS Is tne ulslorllon Ut
partial statement OF dishonest Interpretation OF
facts A vast amount of such stun has lately
appeared regarding the record Of Governor Nc
Kinley on the silver question. which may mis-
lead those who have not clear recollection OF
events. AS no candidate ought to be nominated
or defeated by Misrepresentation. and the whole
truth can only hurt those who ought 10 be hurt.
IT Is well that the record itself. to which Mr.
Mckinley always appeals, is sufficient TO inform
those who examine IT,
1t may be assumed that, In common with most
Republicans Of the West, Major Mckinley at
first believed that free coinage OF silver, as II
had existed without opposition from 1874 to
1873, was both safe and wise; that the sudden
increase In American production OF silver after
1872, which had not begun and was not imag-
ined by anybody when the act OF 1878 was
passed. would prove but temporary, and that
the decline IN silver bullion, which was only
about per cent when the Bland bill was first
passed. November ,. 1877, would be- followed by
speedy recovery II the United States should ne
open It's mInts. He certainly represented the
almost universal opinion of his constituents,
and presumably his own opinion. In voting for
that measure at that time II could not have
been known then, and did not become known
until the next February. by the issue OF the
Wes-Fargo report after the Bland-Allison bill
had finally passed both houses. that the produc-
ton of silver had increased In 1877 10 Si5.SiG.-
100 against $50. .202 .a24 in 1876 and less than
S2OOOOOOO In each Of the years 1871 and 1872.
The Senate was forced 10 choose. about three
months later, In February, 1873, between a full
free-coinage bill and one giving larger but yet
subsidiary use 10 silver by restricted coinage
II passed the Allison BILL under which coinage
was in fact limited TO S2.0OO,OoO per month. in
the belief that this would at least Ia harmless,
whereas unless such measure was passed free
coinage would pass both houses over veto. In
the House Major Mckinley voted with most
other Republicans, February 2l for this bill
also, and the vote stood 2O4 10 - In It's favor.
This measure marked the second stage Of Re
publican opinion namely that reconciliation
Of silver should be sought by international agree
ment, and meanwhile the use Of silver In this
country should be increased so far ms II could
be- without endangcring the soundness Of the
currency or the maintenance Of the gold stand
ard established in 1873 The immediate effect
was to raise the price Of silver In London .
cents In a week, from 53.S7 pence per ounce 10
Is pence which had been the price when the
Bland bill first passed the House In November
But the increase In silver production continued
and the price declined 10 per cent more before
the end Of that year.
For twelve years the Allison bill remained In
force, and the s0undness Of the currency was at
no time seriously doubted by anybody. II Is
proof enough that 4 per cent registered bonds
Of 1907, worth 1O1 February I, 1878, were worth
1882 February /, 1890, and In the month be-
fore the Mckinley act went into effect Govern
ment had to pay 1876 for about $l7.OOOOOO OF
them. The silver act Of 1890 originated In It's
essential features with Secretary Window, who
prepared the bill reported and passed in the
House. The frec-colnage majority in the Sen
ate by a vote OF 81 Democrats and - Rcpub
licans, against 90 Republicans and Democrats
passed a free-coinage bill instead. A conference
committee then reported the substitute which
embodied Secretary WINDOWS plan OF Issuing
notes against only the bullion value of silver
received, stopped silver coinage, and pledged
the public faith to maintenance Of the parity
Of gold and other forms OF currency. This bill
passed with 100 Republicans in favor and 90
Democrats against It, Under 1t the price Of sill
yer rose August 90 to 1207j and ut London TO
5462 pence per ounce, the highest point 1t had
touched in twelve years. Many began to be
that the metal might be raised to par with gold
by the United States alone. Yet the trial re-
suited In complete failure and in lower prices
than ever, and nothing else has ever done so
much to sweep from the minds Of men the sill
yer fanatlcism as has been done by this prac-
tical test
1t Is not necessary to go beyond the public
record which proves that free coinage was twice
defeated by the united action Of Republicans.
first in 1878 with the vote OF Major Mckinley
when restricted coinage was voted, and again
when all coinage was stopped in 1890 by the
act which required a gold dollars worth Of
bullion behind every note issued. and pledged
the maintenance Of the gold standard of value
For thirty years the Democratic party has been
casting a heavy majority for free coinage on
every occasion in Congress. and has been aided
by fraction Of the Republicans. thus often OBJ