The broad ax., 1896-06-27

William P. st. John is president oi
the Mercantile Bank Of New York
Three years ago he began to study the
financial question from an unselnsn
standpoint Now he Is crazy, as the
Chicago Tribune owned in England
would say. He has drawn up a plat
form for free coinage, which II as fol-
lows:
Leaving the domestic affairs Of the
several states to those party organiza-
lions already occupied Herewith. and
believing that the senate Of the United
States is quick to respond to the clearly
expressed will of the people, we confine
our present attempt to the election OF
the president, vice-president, and rep
resentatives in congress on the follow
ing demands:
First (a) That the minis of the Unit
ed States shall be reopened to equally
unrestricted coinage for gold and silver
into the unlimited legal tender money
Of the United States; the gold to issue
in the present standard gold coins, and
the silver to issue in the present stand
/ ard silver dollars. (b) Depositors Of the
! gold or silver at the mint to receive in
: lieu Of coin, il they prefer, at the coin
ing value thereof, coin certificates
! which shall be redeemed on demand in
/ gold or silver at the mint to receive in
according to the convenience Of the
United States. (c) And as a safeguard
against panic and money stringency the
secretary of the treasury shall be en-
powered to issue such coin certificates
additionally against deposits Of in
terest-bearing bonds of the United
States, the interest accruing on the
bonds to inure to the United States
pending their re-exchange for the coin
certificates, which coin certificates
when returned shall be cancelled; pro-
vided that such additional issues Of
coin certificates shall not reduce the per
centage of coin and bullion reserved for
coin certificates and silver certificates
below sixty per cent OF the aggregate
sum Of coin certificates and silver certi-
fcates outstanding. The now outstand-
ing silver certificates, gold certificates
and treasury notes Of 1890 to be retired
as they come into the treasury.
This (a) is free coinage at 16 to /, the
convenient coin certificate (b) to take
the place Of gold certificates, silver GER
tilcates and treasury notes of 1890. The |
safeguard (c) would provide for a tenn
porary increase of $500, zoo, 900 Of paper |
money against the silver on hand in the |
treasury April LIST.
Second The threatened competition |
with our southern cotton mills Of those
Of China and Japan, the increasing i'm
portations Of long stapled Egyptian in
competition with our Sea Island cot
ton, and the i'll effects of the abrogation
Of the tariff on wooden manufactures,
combine to evidence the fact that the
time has not arrived to abandon an
adequate protective tariff system in
vain pursuit Of the phantom of free
trade.
The effect of the wool schedule Of the
Wilson bill has been to enrich the
European manufacturer at the expense
of our domestic manufacturer, and en-
large the European market for foreign
woods while lessening our home market
for our domestic woods, occasioning an
advance OF two cents a pound for Port
Phillip australian wool in London,
while unwashed Ohio wool has declined
IL cents a pound in Boston and New
York; and producing such a depression
Of our home manufacturers as has
caused reduction in wages Of opera
tives and threatens to throw this branch
NJ dnrnaofin 10 hnr ~ oil |
ment.
We are, therefore, opposed to opening
Dur home markets of seventy millions
Of consumers to the foreigner on any
pretense Of procuring thereby foreign |
market for the productions Of the Unit
ed States. But we shall exact of our
that they accord to lab
DR. liberal and more continuously GER 1
tain share Of the protection accorded
hem; and that the tariff devised shall
AFFORD also protection to the farmer
and the planter, and provide sufficient
revenues for the necessary expendi- {
.ures Of government
This second demand meets the re- [
luirement Of the great mass Of Ameri- ,
Sah AoDOAs " threatens
become the embodiment of the protec-
i've tariff. While my reports from all
sections, including the new south, are
in favor of protection,
few manufacturers favor
he restoration of the Mckinley tariff. ,
Third.-We demand the application g
4 the principle defined as the initiative ,
nd referendum, to all national legisla- T
ion which involves any radical change
n public policy. \
A test Of this principle, thus restrict Q
d to any radical change in public n
olicy, seems warranted by the practice
Z Switzerland. The test may commend
broadening Of the restriction, II found
Should the great trunk Z
mes Of railway become a possession of r
be government" would seem to be q
UGH q radical change in public policy
3 might wisely be referred to the peo- u
lie. \