The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-09-10

PATERSON. N. J.. Sept s.-Following
is the letter of acceptance of Garrett a.
Hobart
Hon. Charles W. Fairbanks and Others
OF the Notification Committee OF the Re-
publican National Committee:
Gentlenen-I have already in accepting
the nomination for 1no Office of vice-presi-
dency rendered Inc by the national Repub-
ican convention expressed my approval
Of the platform adopted by that body as
the party basis of doctrine. In accordance
with accepted usage 1 beg now to supple
ment that brief statement of my views
by some additional reflections upon the
questions which are in debate before the
American people.
The platform declarations in reference
10 the money question express clearly and
Enthusiastically the attitude of the Repub-
lican party as to this supremely important
subiect. We stand unqualifedly for
HONESTY IN FINANCE
and the permanent adjustment of our
monetary system in the muitifarious
activities OF trade and commerce to the
existing gold standard of value. We hold
that every dollar of currency issued by
the United States, whether OF gold, silver
or paper, must be worth a dollar in gold,
whether in the pocket of the man who
tolls for his daily bread, in the vault Of
the savings bank which holds his de-
posts, or in the exchanges OF the world.
The money standard OF great nation
should be as fixed and permanent as the
nation Itself. IC secure and ret in the
best, should be the desire OF every right
minded citizen. Resting on stable founda-
IRONS; continuous and unvarylng certainty
OF value should be Its distinguishing char
acteristic.
The necessity of a certain and fixed
money value between nations, as well as
individuals, has grown out of the inter
change OF commodities, the trade and bus
mess relationships which have arisen
among the people Of the world, with the
enlargement of human interests. This
necessity has made
GOLD THE FINAL STANDARD
OF all enlightened nations, Other metals,
including silver, have a recognized cur
rency value and silver especially has d
value of great Importance for subsidiary
coinage. In view of a SedulouS effort
of the advocates of free coinage to create
a contrary impression, it cannot be TOO
strongly emphasized that the Republican
party in its platform afirms this value IN
silver and faVorS the largest possible use
of this metal as actual money that can
be maintained with safety. Not only this,
it viii not antagonize but will gladly as
ever ii can be secured by
AGREEMENT AND COOPERATION
among the nations The bimetaIlic cur
rency involving the free use Of silver
which we now have, is cordially approved ]
by Republicans But a standard and a
currency are vastly different things.
If we are TO continue to hold our place !
among the great commercial nations we
must cease Juggling with this question I
and make our honesty of purpose clear to
the world. No room should be LEFT for
Inlscoreeption as TO the meaning of the /,
language used in the bonds OF the govern I
fnenL not yet matured. II should not be /
possible for any party or individual to /
raise a question as TO the purpose of the |
country to pay all its obligations in the /
best form OF money recognized by the I
financial world The free coinage of silver I
at the ratio of 10 TO / is policy which no /
nation has ever before proposed and it is /
not today permitted in any mint in the |
world--not even in Mexico. 1t is purposed |
to make the coinage unlimited at an alb
solutely fictitious ratio f1xed with no re-
lation to intrinsic value or pledge to
ULTIMATE REDEMPTION.
With silver at its present price of less
than seventy cents per ounce in the I
market, such a policy means an immediate /
profit TO the seller of silver for which /
there is no return now or hereafter TO the (
people of our government. 1t means that /
Tor each dollars worth of silver bullion /
delivered at the mint practically TWO (
collars OF stamped com VIII De given IN I
exchange. For one hundred dollars worth /
of bullion nearly two hundred silver dol /
lars will be delivered.
Let it also be remer .bered that the con-
sequences of such an act would probably !
be cumulative in their effects. The crop /
OF silver unlike that of hay or wheat or |
corn-which being of yearly production, |
can be regulated by the law of supply ana |
demand--is 6xed once for all. The silver |
which has not yet hean gathered, is ali /
in ti.e ground. DroE.h or other accident
OF the elements, cannot augment or dimin-
ish it 1t is more than probable that
with the enormous premium offered for its .
mining the cupidity of man would make /
an over supply continuous, with the neces-
eary result of a steady depreciation as
long as the silver dollar could be kept in
circulation at all Under
THE LAWS OF FINANCE.
which are as fixed as those of any other
science the inevitable result would finally
be g currency all and absolutely fat
There is no difference in principle between
q dollar halI nat and one all fat The
latter as the cheapest, under the logic Of (
s'cheap money" would surely drive the
other out. Any attempt on the part OF
the government 10 create by its fiat money
OF :. fictitious value would dishonor US
in the eyes of other people and bring in
finite reproach upon the national char
acter. The business and financial conse-
quences of such an immoral act would
be worldwide because our circulations are
Worldwide. 1t is e known fact that mora
fna0 80 per cent. OF the commerce of the
world is settled In gold or on a gold basis
Such free coinage legislation if ever
contaminated would discriminate against
every producer of wheat, cotton, corn or
rye-who should in justice be equally
entitled with the silver owner to sell his
products to the United States treasury at
q. profit fixed by the government-and
against all producers Of iron. Steel zinc
or copper, VINO might properly claim to
have their metals made into current coin.
1t would as we'll be a fraud upon all per-
sons forced to accept currency that
stimulated and at the same time de-
graded. In every aspect the
PROPOSED POLICY Is PARTIAL
and one-sioed, because it is only when
profit can be MADE by a mine owner or
dealer that he takes his silver TO the
mint for coinage. The government IS
always at the losing end. Stamp such fic-
iitiouS value upon silver ore and a dis
made against every form OF industry
When silver bullion, worth a little more
than 90 cents, is made into a LEGAL tender
dollar driving out one having purchasing
and debt paying power of 100 cents it will
be clearly done at the expense and injury
of every class of the community
Those who contend for the free and IN
limited coinage of silver may believe in
all honesty that while the present ratio
Of silver to gold is as 80 to 1 mot Is to II
silver will rise above the existing market
value. If it does so, the effect will be to
make the loss to all the people so much |
less, but such an opinion is but a hazard
GUS conjecture and is not justified by ex-
sperience Within the last twenty years
this government mas. bought about $50, co.,
00e ounces of silver, from which it has
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