Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-05-21
A WORD TO BUSINESS MEN.


morning opens in this way:
1t would DO great thing for some
people and for tho country III they
could only get hold OF the truth that
their worry about the money question
is unfounded and wasteful. They are
gratuitously spelling business for them
selves, and for othors as far 40 they
can, by lying awake nights for fear
some, ghost may carry them off. Are
they not able to see, what many mil.
lions of the plain people" have seen
all the time, TINT the money question il
rendered harmless and empty by MAX
ing the tariff The controlling issueY'
Ii is evident from these astounding
observations that the supporters Of
Mckinley, finding the weakness Of their
candidate on the currency question
is beginning to be better and better
understood, have determined now to
turn public attention away from it. as
far as possible, and concentrate IL ON
the tariff, the restoration OF which,
they say, would of itself, without regard
to tho currency, initiate period of
great prosperity. We have over and
over shown in these columns by facts,
figures and dates, that this currency
was still in operation, and that the
condition Of the Treasury was extremely
bnd and getting worse, before the de-
feat of the Republicans in 1892 We
have also shown, aB we'll as anything
can be shown from human experience,
that this is necessary result, nearly
as certain as the tides, of two things
one is government banking with u fixed
Nss,I - ~
operation of GTesham'a law on our
stock OF gold. The notion that these
two things can be cured by high
tariff reminds one Of the belief of
people in desperate straits that some
thing will turn up" to avert GER
tain fate---a belief which is hardly
ever wanting. 1t would be difficult to
find among the most ignorant of Euro
puan peasantry AN idea more fantastic
and absurd than the idea that there
can be great deal of national pros
perity, no matter what the currency
may be, through putting high duties
on foreign imports.
Our own belief is that the nomination
of Mckinley at st. Louis will be follow
ed by period Of very great depression,
and that his election will cause ono
of the greatest panics in modern his
tory. Of course, we only prophesy
about this matter, and no one can
prophesy with absolute confidence; but
any prudent business man who docs
not act on the assumption that our
prophecy will come true, will live TO
regret it. To make us wrong, human
nature would have to be changed and
human history rolled back,
Thore are several reasons for this
One is Mckinley's own character
Tho weakness Of this is notorious
His closest friends acknowledge that
no is singularly untitled, through per-
sonal good nature and kindness, for a
great Office like the Presidency of the
United States, requiring SO much de-
termination aud selfconfidence. Not
only is his character weak, however,
but tho record shov that during tho
last 20 years of discussion on the i'm
portant questions of currency and ma.
tional credit, he has stood on both
sides OF them. lie supported ard OPP
posed free silver coinage. He advo
Gated tho silver purchase act, and gave
no support to its repeal. lie has do
clared himself bimetallist of the in
comprehensive variety, and no is at
this moment backed up both by tho
Eastern sound money men and by the
Western silver men, showing that
neither knows exactly what his posi-
tion ia, From such a man in private
life, no sensible merchant would take
any advice. lie would listen to him
about currency as matter of polite
ness, but ne would not think Tor mo-
ment Of shaping bis business ventures
by anything ho said on tho subject,
and wa should not DO at all surprised il
McKinlay's currency opinions wcra at
this moment joke in the business
circles of Cincinnati. And yet mer-
chants are asked TO give money and
vote to make this man President Of tho
United States, lin Office which during
the next four years will require two
things above all-oue is, absolutely dis
tinct and educated yiewH on tho laws
of exchange, and tho other ID great
force Of character.
Another reason Ia the nature of tho
crisis. We must bog business men 10
remember that it does not depend ON
them which question, tho currency or
the tariff, shall make itself paramount
at tho coming election. In all bust
ness, IA one may say in all civilization,
the currency is tho main question.
You can carry on business for ages
without n tariff. You cannot carry it
on in great state for ono month with
out currency which commands public
faith. The Tribune's request, there
fore, that business men will dismiss
the currency from their minds, and
think only Of the tariff, like SO many
of our journalistic utterances, suvors
rather OF the nursery than of the
market. 1t is under these circum-
stances q child's prayer. You must
think of the currency before any
thing in the world, or go out of bust
ness. You must remember, too, that
tho currency question you are treating
is not so much whether you will uso
silver or gold. 1t ia not a battle Of
the standards" simply. You are now,
by incredible exertions and quar-,
terly loans, maintaining gold standard.
A large party in this country want a
silver standard, and they do not want
silver standard at par-that is, a
silver standard as good as gold, and
involving no difference in value, only
difference in weight of the metal.
They want silver standard worth only
half the gold standard, and threatening
all wages, all debts, all deposits in
trust companies and savings banks, all
rents, all annuitos, with so per cont
reduction. Tho adoption Of such
standard would, therefore. cause such
panic AZ has not been soon in modern
commercial history except in. time of
war after an overwhelming Invasion,
and we believe it would be the easlest
thing in the world to persuade McKin-
ley to agree to it, mainly for want of
knowledge. lie would know no better.
We must finally ask husineas mon 10