The morning times., 1896-09-10
Garrett A. Hobart Accepts Vice
Presidential Nomination.
APPEALS TO PATRIOTISM
He Characterizes Free Silver as Il
nounces the Revolutionary Planks
of Chicago Platform-Exposes Eff
Tects OF Debased Coinage.

VI Tue St- lbulS CoHNtulACh
the Vice Presidential candidate OF the Re-
publican party, is in the hands OF the nou-
rication committee of tina t convention.
The key note OF the letter is the hope
expressed that Americans will prove wise
enough to understand the issues OF the
campaign and patriotic enough to apply
the remedy, namely, that all men or what
ever party who believe in law and have
''some regard Tor the sacredness OF indi-
vdual nd institutional rights, must unite
in defense of the endangered interests of
the nation"
-Tbree-fourths of the letter, which is
throughout dignified in tone, concise in
language, orderly in thought, is occupied
with the discussion OF the financial qucs-
ton, which, he says, is now Of primary i'm
portance, owing to the agitation OF recent
years. lie presents also the tariff issue at
sufficient length and adverts tosthe Chi
ca 80 platform in term of sharp criticism.
HE DEFINES THE ISSUES.
Defining the attitude of the Republican
party on finance. Mr.. Hobart says:
We stand unqualifiedly for honesty in
finance, and the permanent adjustment OF
our monetary system, in The multiiarious
activities of trade and commerce, to tie
existing gold standard of value. We hold
that every dollar of currency issued 10y
the United States. whether of gold. silver
nr paper must be worth u dollar in gold.
whether in the pocket of the man who tolls
for his daily bread, in the vault of the
savings bank witch holds his deposits, or
in the exchanges of the world.
TIE money standard Of a great nation
should be as fixed and permanent as tie
ton in.
volving the free use of silver, which we
now Rave, is cordially approved by Rcpub-
licans. But a standard and n currency are
vastly different things
II we are To continue to hold our place
among the great commercial nations, we
must cease juggling with tlis question. and
make our honesty of purpose clear 20 tie
world.
II is desirable that we should make it
knowa at cncc and aUt L oritatively that an
''hoDcS dollar" meansany dollar &c uivalent
to a gold dollar OF the present Standa ri
of weight ard iincness. The world should
likewise re assured tfat tie standard Grl-
lar OF America is Gs iIiltxible n quantity
as French Napoleon, the Eritishs oyereign
OF the German twenty mark piece.
The free coinage of silver at the ratio
of 16 70 l is q lCicy witch TO nation
has ever before proposed. and it is rot
today permitted in any mint in the world.
no. even in Mexico.
DISHONOR AND DISGRACE.
ANY attempt on tie part oi the govern
meuJ'Io create 10y it's iiat. money OF "a iitu-
tious value, would dishonor US in the eyes
OF other peoples, and bring infinite re-
proarh upon The national character. The
business and financial Cosequenccs OF SUcl.
an IMMORAL act wouldbe t-orid wide because
our commercial relations are world wide.
frn, if.t.rt ls.pI "a
constIIilin.s ted woniu discriminate against
every producer or wheat, cotton, com, or
rye-who should in' justice be equally en-
| titled. with the silver owner, TO sell his
| products to the United States Treasury
| at a profit fixed by the rovernment-aRd
against all producers of iron. steel, zinc oil
copper, who might properly claim To have
their metals made into current coin.
In every aspect the proposed policy is
| partial and one sided. because it is only y
| when a profit can be made by mine
| owner or dealer that lie takes his silver Ia
| the mint for coinage.
When silver bCllion. worth little more
| than 50 cents, is made into legal tender
| dollar, driving out one having purcla s.
ing and debt-payins power of 100 cents
| it will clearly be done at the expense and
| injury OF every class of the community.
| Those who contend for the free and un-
| limited coinage OF silver nay Relieve in
| all honesty that while the present ratio of
| silver to gold is as thirty II one mot six
| teen to onel, silver will Iise above the eX-
| istiDg market value. If 1t does so rise the
effect will be to make the loss to all the
people SO much less, but such an opinion
| is but Il hazardous conjecture at best, and
| is not Justified by experience. Within
! tue last twenty years this government
has bought about 46G millions Of ounces
| Of silver from which it has coined approx
/ IN
| ard issued l3O millions or collars in silver
| certificates, and the price Of the metal
has steadily decreased from S1.15 per
| ounce TO 6S cents per ounce. What will
| IL the decline when the supply is aug
mentcd by the offerings of all the world?
| The loss upon these silver purchases to the
| people of this country has now been nearly
$50 millions of dollars.
| DOLLARS OF OUR DADDIEs.
| The d, llar of our fathers, about which
| so much is said, was an honest dollar.
| silver maintaining full parity Of intrin-
| sic value with gold. The fathers wOuld
| have spurncd and ndiculeG I, PROPOSITION
| to make a silver dollar wogth only fifty
4 three cents, stand Of equal value with a
| gold ore wortha hundred cents.
| 1t may be instructive to consider a
/ moment how the free aud unlimited coin
age of silver would affect few great
| interests:
| There are now on deposit in the So wings
banks of thrty-thre States and Territories
! of this Union, the vast SUM of So 1000
| 900 900. These are the savings OF almost
| 5 900 900 depositors. In many cases they
represent the labor and economies of years.
Any depreciation in the value of the dol
| lar would defraud every man. woman. and
child to whom these savings belong. Every
! dollar OF their earnings when deposited
1 was worth one hundred cents in gold of
| the present standard of weight and fine
| ness. Are they not entitled to receive in
| full. with interest, all they have SO de
4 posted? Any legislation that would reduce
| it by the value of a single dime would
| be an intolerable wrong TO each depositor.
| There are, in this country. nearly 5000
| building and loan associations, with share
| holders TO the number of 10000 and
| with assets amounting to more than $500, :
| 600 900. Their average of holdings is
| nearly $500 per capita. and in Many cases
| they represent the. savings OF men and
| women who have denied themselves the
| comforts of life in the hope OF being able
| to accumulate enough to bu or build home s
| of their own. They have aided in the
| erection OF over million of houses, which
are now affording comfort and shelter for
5000 600 of our thrifty people.
Free coinage at the arbitrary rate Of
sixteen ounces of silver to one OF gold
| would be equivalent to the confiscation
| OF nearly half the savings that these people
have invested. 1t would be tantamount
| to a war upon American home makers
WHAT IS THREATENED.
The magnitude OF the disaster which
would overtake these and cognate inter