The herald., 1896-06-22
WHITNHY'S BELIEF
Free Coinage Means Silver Monometalllsm
and National Ruin

Free Coinage Means Silver Monometalllsm
and National Ruin
NEW YORK, June 21.-William G.
Whitney today made public a statement
in which he. defines the political situa-
tion. makes his position clear as regards
his decision to remain in this country
instead Of going to Europe, and con-
cludes by saying that he is not presi-
Dental possibility, that he would not
run If nominated and would not serve
If elected.
The full text of the statement is as
follows:
I find it necessary to make a public
statement embodying my views on the
| situation, to correct misconceptions and
| save time now occupied In answering
questions. Far too much Importance
has been attached to my decision to go
to Chicago.
I have been practically out Of poll
tics for four years and there is now many
eastern Democrats who can do much
more than can for the party. I shall
not assume any position of leadership.
My decision to stay was simply based on
the duty of every person who believes
in the party and its principles to stay by
and lend his aid and take his chances
when the great crisis Is upon the party.
Fundamental differences of principle ex-
ist inside the party. marked almost by
sectionalism.
The great question to my mind Is
| whether the party meets in convention
now as in 1860, with issues and differ
ences that are for the moment irrecon-
cilable. For the past fifteen years lead
ers Of public opinion in the south and
west have been advocating as the great
remedy for existing ills the free coinage
Of silver at 16 to 1, with or without the
cooperation Of other nations.
It has come to be believed in by these
quite generally and conscientiously. A
large majority of the delegates to the
coming Democratic convention have
been elected by the people for the pur-
pose of Incorporating that doctrine into
the platform Of the Democratic party.
Our people, on the other hand, freely
disagree with these views and believe
almost universally that 1t will bring
general ruin to the business and pros
perity Of the country. 1t is deemed new
doctrine when proposed to be incorporat-
ed in the platform Of the nationalDemoc-
racy. 1t Is true that in no previous
platform of the party can it specifically
be found. Consequently no party obli-
cations heretofore assumed to oblige
them to subscribe to it. Under these
circumstances If the results of the DEM
ocratic convention should be to estab-
lish an issue of their campaign. the free
coinage of silver at ratio Of 16 to 1,
of ~ fv,< hn fp.
tensity of feeling likely to arise, 1t is to
be seriously apprehended that disrup-
ton Of the party might occur. Ger
tainly no substantial following could be
secured for the doctrine among eastern
Democrats. They might not vote the
Republican ticket for other reasons (be-
lieving that the Republican party stands
for other issues that are detrimental to
the country but the Democrats in the
east would not in my opinion, vote for
it.
This movement for free coinage pur-
ports to have for its object the estab-
lishment and maintenance Of gold and
silver as the money Of the country upon
equal terms with each other and at a
parity of purchasing power.
If by the proposed measure that object
could be secured there would be no SUBJ
stantial disagreement in the party.
Every national Democratic platform
that has heretofore spoken upon the
subject has declared for both gold and
silver money. 1t is our traditional pol
icy. But the maintenance Of the double
standard at the present time is not a
question of desire; it is a question Of abil-
ity. The commercial value of silver has
declined greatly in the markets of the
world.
Whatever the causes are and whoever
is to blame. the fact is that silver has
declined. and the free coinage now at 16
to is the same as our offering for all
the silver in the world about twice what