The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1896-09-11
McKinley's Letter of Acceptance.

|
ance of the nomination as republican
candidate for president was issued last
week. 1t is an able paper, and dis
cusses the money, tariff: protection
reciprocity, immigration, pension and
shipping questions, in a mastery man
ner. The letter is lengthy, occupying
eight columns and we have space only
for excerpts relating to discussion Of
the dominant issue.
THE FREE COINAGE OF SILVER.
For the first time since 1868, if ever
before, there is presented to American
people this year clear and direct
issue as to our monetary system, of
vastimportance in its effects, and upon
the right settlement of which rests
largely the financial honor and pros
perity of the country. 1t is proposed
by one wing of the democratic party
and its allies, the peoples and silver
parties, to inaugurate the free and
unlimited coinage of silver by indie
pendent action on the part of the
United States, at a ratio of Is ounces
Of silver to l ounce of gold. The mere
declaration of this purpose is a men
ance to our financial and industrial
interests, and has already created
universal alarm. It involves great
peril to the credit and business of the
country; peril so grave that conserva-
tive men everywhere are breaking
away from their old party associations
and uniting with other patriotic citi-
zens in emphatic protest against the
platform of tie democratic national
convention as an insult upon the faith
and honor of the government and the
welfare of the people. We have had
few questions in life time of the repub-
lie more serious than the one which is
thus presented.
NO BENEFIT TO LABOR.
The character of the money which
shall measure our values and exchange
and settle our balance with one another
and with the nations of the world is of
such primary Importance and so far
reaching in its consequences as to call
for the most painstaking investigation,
and in the end sober and unpre-
JUDGED judgment at the polls. We
must not be mislad by phrases nor
deluded by false theories. Free silver
would not mean that silver dollars
were to be freely had without cost of
labor. 1t would mean the free use of
the mints 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
enterprises. 1t would not make labor
easier, the hours of labor shorter or
the pay better. 1t would not make
farming less laborious or more profita-
be. 1t would not start factory, nor
make demand for an additional days
labor 1t would create no new occupa-
tions. 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 value, but would add no value to
the thing measured. It would not
conserve values. On the contrary, it
would derange all existing values. 1t
would not restore business confidence,
but its direct effect would be to destroy
that little which yet remains.
WHAT 1T MEANS.
The meaning OF the coinage plank
adopted at Chicago is that any one
may take quantity of silver bullion.
now worth So cents, to the minis of
the United States, have it coined at
the expense OF the government, and re-
ceive foHit silver dollar, which shall
be legal tender for the payment of all
debts, pubic and private. The owner
of the bullion would get the silver
dollar. 1t belongs to him and nobody
else. Other people would get it only
by their labor, the products of their
land or something of value. The
bullion owner, on the basis of the pres
ent values, would receive the silver
dollar for So cents worth of silver, and
other people would be required to re-
ceive it as a full dollar in the payment
of debts,
The government would get nothing
from the transaction. It would bear
the expense OF coming the silver, and
the community would suffer loss by
its use.
THE DOLLARS COMPARED.
We have coined since 1878 more than
400, 100000 of silver dollars, which are
maintained by the government at a
parity with gold and are full legal
tender for the payment of all debts,
public and private. How are the sill
yer 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 govern
ment. 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 govern
ment bought the silver bnllion at its
market value and coined it. Having
exclusive control of the mintage, it
only coins what it can hold a. aparity
with gold
The profit representing the differ
ence between the commercial value o1
the silver bullion and the face value oi
the silver dollar goes to the govern
ment 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. It paid it out to its creditors
and put it in circulation among the
/ people at It's face value of 100 cents, OF
| a fI1Il dollar II ronl1ired the nn0Y,le