The Yale expositor., 1896-09-04
M'K1NLEY'S LETTER.
REPUBLICAN, NOMINEE FORMAL
LY ACCEPTS NOMINATION..
extensive Criticism of tho Democratic
National Platform Tho Gold Standard,
Profection, and Reciprocity Strongly
supported.

supported
Canton, o., Aug. 2S.-Maj. McKin-
ey's letter of acceptance was issued
Z Wednesday. It's salient points are as
olows:
For the first time since 1868, If ever
efcre. there is presented to the Ameri-
an this year clear and direct issue
Is to our monetary system of vast i'm
portance in its effects, and upon the
ight settlement Of which rests largely
he financial honor and prosperity OF
he country. 1t is proposed by one
wing of the democratic party and its
allies, the peoples and the silver par
ties, to inaugurate the free and I'M
limited coinage OF silver by independ-
mt action on the part of the United
liver to one ounce OF gold. The mere
declaration OF this purpose Is menace
20 our financial and industrial inter-
9sts, and has already created universal
alarm. It involves great peril to the
CT edit and business of the country, a
everywhere are breaking away from
their old party associations and unit
ing with other patriotic citizens in en-
phatic protest against the platform OF
the democratic national convention as
an assault upon the faith and honor
of the government and the welfare or
the people. We have had few questions
in the lifetime of the republic more
serious than the one which is thus pre-
sented.
1--WE have coined since 1873 more
than than 100000 00 of silver dollars,
which are maintained by the govern
ment at parity with gold, and are full
legal tender for the payment of all
debts, public and private. How are the
silver dollars now in use different from
those which would be in use under free
coinage? They are TO be Of the same
weight and fineness; they are to bear
the same stamp of the government.
Why would they not be Of the same
value? / answer: The silver dollars
now in use were coined on account of
the government and not for private
account or gain, and the government
has solemnly agreed to keep them as
good as the best dollars we have. The
at it's market value and coined it into
silver. Having exclusive control Of the
mintage it only coins what 1t can hold
at parity with gold. The profit repre-
senting the difference between the
commercial value of the silver bullion
and the face value of the silver dollar
goes to the government for the bene-
fit of the people. The government
bought the silver bullion contained in
the silver dollar at very much less
than its coinage value. 1t paid 1t out to
its creditors and put 1t in circulation
among the people at its face value or
100 cents, or full dollar. 1t required
the people 10 accept it as legal tender,
and is thus morally bound to maintain
it at a parity with gold. which was
then, as now, the recognized standard
with us and the most enlightened ma
tions of the world. The government
having issued and circulated the silver
dollar, it must in honor protect the
holder from loss. This obligation ii
has so far sacredly kept. Not only is
there a moral obligation, but there is
legal obligation. expressed in public
statute, to maintain the parity.
These dollars in the particulars I
have named are not the same as the
dollars which would be issued under
free coinage. They would be the same
in form. but different in value. The
cvernment would have no part in the
transaction, except TO coin the silver
bullion into dollars. IL would share in
no part Of the profit. 1t would take
upon itself no obligation. II would not
put the dollars into circulation. 1t
could only get them as any citizen
would get them, by giving something
for them. 1t would deliver them to
those who deposited the silver, and its
connection with the transaction there
end. Such are the silver dollars which
would be issued under free coinage of
silver at ratio of 16 to /. Who would
then maintain the parity? What would
keep them at par with gold? There
would be no obligation resting upon
the government to do it, and IL there
were, it would be powerless to do it.
The simple truth is, we would be driv-
en- to silver basis-to silver Mono
netallism. These dollars, therefore,
would stand upon their real value.
IL the free and unlimited coinage OF
silver at ratio of sixteen ounces OF
silver to an ounce of gold would. as
some of its advocates assert, make fif-
ty-three cents in silver worth 100 cents
and the silver dollar equal to the gold
dollar, then We would have no cheaper
money than now and ii would be no
easier to get. But that such would be
the result is against reason and Is con-
tradicted by experience in all times
and in all lands. 1t means the debase-
ment of our currency to the amount
Of the difference between the CONNER
cial and coin value of the silver dollar,
which is ever changing. and the effect
would be to reduce property values,
entail untold financial loss, destroy
confidence. impair the obligations Of
existing contracts, further impoverish
The lah0rera and nroducare NJ the oouu-