Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-09-08
M'KINLEY'S LETTER.
REPUBLICAN, NOMINEE FORMAL
LY ACCEPTS NOMINATION..


supported
Canton, o., Aug. 2S.-Maj. McKin-
,eys letter of acceptance was issued
Wednesday. Its salient points are as
follows:
For the first time since 1868, if ever
before, there is presented to the Ameri-
can this year clear and direct issue
portance in its effects, and upon the
right settlement of which rests largely
the financial honor and prosperity of
:he country. 1t is proposed by one
wing of the democratic party and it's
allies, the peoples and the silver par
ties, to inaugurate the free and un-
limited coinage of silver by independ-
ent action on the part Of the United
States at ratio of sixteen ounces Of
silver to one ounce of gold. The mere
declaration of this purpose is menace
TO our financial and industrial inter-
ests. and has already created universal
alarm. 1t involves great peril to the
CT edit and business Of the country, a
peril so grave that conservative men
everywhere are breaking away from
their old party associations and unit
ing with other patriotic citizens in en-
phatic protest against the platform of
the democratic national convention as
an assault upon the faith and honor
OF the government and the welfare Of
the people We have had few questions
in the lifetime of the republic more
serious than the one which is thus pre-
sented.
THE character of the money which
shall measure cur values and exchanges
and settle our balances with one an
other and with the nations of the
world is of such primary Importance
and so far reaching in it's consequences
as to call for the most painstaking in
vestigation, and in the end sober and
unprecedented judgment at the polls. We
must not be misled by phrases nor de-
iuded by false theories. Free silver
vOuld not mean that silver dollars
were to be freely had without cost or
labor. 1t would mean the free use OF
the minis of the United States for the
few who are owners OF silver bullion,
but would make silver coin no freer to
the many who are engaged in other en-
terprises. 1t would not make labor
easier. the hours OF labor shorter or
the pay better. 1t would not make
farming less laborous or more profit
able. 1t would not start factory or
make demand for an additional days
labor. 1t would create no new occupa-
tons. 1t would add nothing to the
comfort Of the masses, the capital OF
the people or the wealth of the nation.
1t seeks to introduce new measure OF
thing measured. 1t would not conserve
values. On the contrary, 1t would de-
range all existing values. 1t would not
restore business confidence, but its di-
rect effect would be to destroy the little
which yet remains.
1--WE have coined since 1873 more
than than 400, 000, 600 of silver dollars,
which are maintained by the govern
ment at parity with gold, and are full
legal tender for the payment 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? / 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 it's market value and coined it into
silver. Having exclusive control of the
mintage it only coins what it can hold
at parity with gold. The profit repre-
senting the difference between the
commercial value of the silver bullion
and the face value of the silver dollar
goes to the government for the bene-
fit 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
it's creditors and put it in circulation
among the people at its face value of
100 cents, or full dollar. 1t required
the people to accept it as a 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 ma
tons of the world. The government
having issued and circulated the silver
dollar, 1t must in honor protect the
holder from loss. This obligation it
has so far sacrediy kept. Not only is
there a moral obligation, but there is
a legal obligation, expressed in public
statute, to maintain 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
gov eminent would have no part in the
transaction, except to coin the silver
bullion into dollars. 1. would share in
no part of the profit. It would take
upon itself no obligation. 1t would not
put the dollars into circulation. 1t
could only get them as any citizen
would get them. by giving something