Delaware gazette and state journal., 1896-03-26
THE M'KINLEy BOOM.
New Yorl. EyenIng Pos,. Mnren ls.

q olaAt tuhb al Htuplc hlu Npilbuu W
take notice Of il and reckon with it.
1t is not difficult to see what has given
il this start. After the Mckinley tariff
was passed, the Republican party met
the most disastrous and crushing defeat
in its history in tho elections Of 1880.
This defeat was repeated in 1892
Mckinley lost his own reelection in
the former year and tho State of Ohio
really voted for Cleveland in the latter,
but owing to confusion caused by the
adoption Of tho Australian ballot only
the first clector on the Democratic
ticket received majority. The other
electors on the Harrison ticket received
about ! GOO majority. These two stun
ming disasters were due to Mckinley
edged Curses not loud but deep filled
all tho Republican channels OF commu-
nication for three years.
In 1893 one of those frequently recur-
ring accidents which set at taught all
political calculations took place. The
country had been for Is years pouring
fiat money into the circulating medium
in the shape of silver dollars, and lat
terN under the Sherman act) at the
rate Of :Ji, 900, 600 per year. a panic
resulting from this financial debauch-
cry had beon predicted by those most
experienced in such matters. 1t was
long deferred, but it came at last. In
the early summer of 1893 the hour
arrived, the clock struck, the doom of
silver and fiat money had come. The
Mckinley tariff was still in force. Ii
tariffs had anything to do with it, tho
| Mckinley tariff was tho only Que to
| which it could have been charged, but
| the Republicans said that it was due to
| the expectations of change Of tariff
under Cleveland, and they actually
made the country believe it. Under
the impulse of this delusion, aided no
doubt by the Democratic dissensionH
over the Wilson bill, the verdict of
1880 was reversed in the elections of
| 1894. 1t is this sodlen delusion that
makes Mckinley strong now and which
causes him to be called the logical
candidate" of his party in 1896.
Whether a demunstrahle error of this
kind will outwear the searching discus
sion of campaign in which that will
be the chief issue ought to be duly
considered by those who have the in
forests OF the party more at heart than
those of any particular candidate.
Silver having been the real cause of
the panic of 1893, il behooves all men
of intelligence to see what sort of figure
it is likely to cut if Mckinley reaches
the goal of his ambition. Yesterday
the Ohio Republican convention, at
which his 'boom" received all the i'm
pulse that could be given to il by a
single State, passed resolution which
was evidently drawn or dictated by
Mckinley himself. We infer this from
the fact that it is in close agreement
with speech made by him at Chicago
on the 18th of February last. 1t is the
following:
I'VE contend for honest money, for
a currency of gold, silver and paper
with which to measure our exchanges
that shall be as sound as the govern
ment and as untarnished as it's honor
and to that end we favor bimetallism
and demand the use of both gold and
silver as standard money, either in ac-
coTdance with ratio to be fixed by an
international agreement tif that can
be obtained) or under such restric-
tions and such provisions to be determ-
ined by legislation as will secure tie
maintenance of the PARTIES of values
uf the two metals, so that the purchas
ing and debt paying power Of the dol
lar, whother Of silver gold, or paper,
shall be at all times equal. y
A first sight this looks like a mere
repetition of the old juggles with words
that have disgraced both parties dur
ing the whole period of the silver and
liat agitation, but in order to under
stand il we must look at the course oi
events, at the repeal of the Sherman
act and at the new demands which the
silver men themselves have made since
shat act was repealed. What is meant
10y favoring binIetallism2 Two alterna.
tlyoa under which it is proposed arc
mentioned. One Is by international
agreement This is intelliqiDle, al
though remote, and as we think unat-
tainable The other method Of reach
ing bimetalliam is "under such re.
strictions, and such provisions, to be
determined by legislation" Ii. e., moi
to be interrupted by the veto power !,
rs VIII secure the maintenance of the
PARTIES value Of the two metals, - Ne.
Those provisions now exist and are
sufficient for the purpose if admins
tered by an executive who is detorm-
mod TO maintain the gold standard nj
all hazards aud under all circum
stances, and is known to be Ho w,
I l
the main question, the chief issue, il
American politics now in whether ",
shall have such an executive during
tho four years succeeding Mr.. Cleve
lands term
: Making all allowance for humbul
and cheating in platforms, wo do no
consider either the platform adopted
by Mr.. Mckinley's rrionds in Ohio o
the utteranccs of Mr.. Mckinley HIM
self any such guarantee. Ii there is t,
Z he any more nuying and coming Of sill
: YER under parity clauses, ''to be de
! termined by legislation, . there will In
) another panic, and il may be one whicl
. no executive could stem. The resolu
: ton does not propose any more buyin
q and coming of silver, it is true, bu
II encourages the silver men to expect il
II holds out to them Il hope by whicl
their support is to be gained IL posi-
bic, and it leaves the next and futur
J Congresses as much in doubt as tn
present ono is concerning tho true in
tent and meaning Of tho Republica
9 platform, and thus leaves the iinanria
: question in the air, as it is now.
Il Some light may he thrown upon til
situation by the silver men themselvc
9 when the national convention meets
+ a plan of procedure on their part
@ 5ketched in the Trbune's Washingto
dispatches. According to this pla
they viii go 10 St. Louis with prone
sition for the free coinage Of silver 9
the ratio Of IL to l. by the Unite
( States alone, without reference [
- foreign countries, and If this ia ne
= adopted, they will wall, out of tho cor
yention. such action would prolabl
r deprive the Republicans of the eectori