The Republican journal., 1896-09-03

iabOrerS anu producers U1 the country, Gre
ate panic of unparalleled severity and in
blow Against any such policy | am I'M
acknowledgement.
BIMETALLISM, ETC.
clearly that bimetalism cannot be secured
by independent action on our part. 1t can
not be obta ned by opening our mlnts to the
unlimited coinage of silver OF the world at
ratio of 10 ounces OF silver to one ounce OF
gold, when the commercial ratio is more
than so ounces of silver to one ounce of gold
Other countries have tried the experiment
and failed. The double standard can only
be reinstated and sustained by the concur
rent law of nations. The declaration for a
gold standard does not mean the abandon
ment of silver money. On this point Mr.. Nc
Kinley says
The Republican party has not been and is
not now, opposed to the use of silver money
as it records abundantly shows. 1t has done
all that could be done for its increased use,
with safety and honor, by the United States,
acting apart from other governments. There
are those who think that it has already gone
beyond the limit of financial prudence.
Surely we can go no further, and We must
not permit false lights to lure us across the
danger line.
BIMETALLISM.
We have much more silver in use than
any country in the world except India or
China-S500 900 900 more than Great Britain !,
S150,000000 more than France, S40O,00O,0CO
more than Germany, 1926, 100000 less than
India and 1925 100000 less than China.
The Republican party has declared in favor
Of an international agreement, and if elected
president it will be my duty TO employ all
proper means to promote it. The free coin
age of silver in this country would defer, if
not defeat. international bimetallism, and
until an international agreement can be had
every interest requires us 10 MAINTAIN our
present standard.
independent free coinage of silver at a
ratio of Is ounces Of silver to one ounce of
gold would insure the speedy contraction OF
the volume of our currency.
1t would drive at least 50000o,000 of gold
dollars, which we now have, permanently
from the trade of the country, aid greatly
decrease our per capita circulation 1t IS
not proposed by the Republican party to take
from the circulating medium OF the country
any of the silver We now have.
On the contrary, 1t is proposed to keep all
of the silver money now in circulation On a
parity with gold by maintaining the pledge
of the government that all of it shall be
equal to gold This has been the unhroken
policy OF the Republican party since 1878. 1t
las inaugurated 10 new policy.
1t will keep IN circulation and as good as
gold all of the silver and paper money which
are HOW uCltttttl III lIle currency VI lUt tOill-
try. 1t will maintain their parity. 1t Will
preserve their equality in the future as it has
always done i'll the past. Ii will not consent
TO put this country ON silver basis, which
would inevitably follow independent free
coinage at ratio of Is to /. 1t viii oppose
the expulsion of gold from opi circulation.
FARMERS AND LABoRERs SUFFER MOST.
If there is any che thing which should be
free from speculation and tluctuation it is
Al II Il.
he the subject of mere partisan contention.
When we part with our labor, our products,
or our property, We should receive in return
money which is as stable and unchanging in
value as the ingenuity of honest men can
make it.
Debasement of the currency means de-
structiOn of values. No one suffers 50 much
from cheap money AS the farmers and labor
ers. They are the first TO feel its bad effects
and the last to recover from them. This has
been the uniform experience of all countries
and here, as elsewhere, the poor and not the
rich are always the greatest sufferers from
every attempt to debase our money.
1t would fall with alarming severity upon
investments already made; upon insurance
companies aud their policy holders; upon
savings banks and their depositors; upon
building and loan associations members
upon the savings of thrift: upon pensioners
and their families, and upon wage earners
AID the purchasing pow er of their wages.
Mr.. Mckinley then refers to the fact that
the Chicago platform also looks to the issue
of unlimited rredeemabe paper money,
which would still further degrade our cur
rency and threaten the public honor. He
deplores the effort being made by the DEM
Pops to divide the people of this country
into classes, by appeals to passion and pred
judice, and quotes the warnings of Washing
ton and Webster against it.
PROTECTION OF SUPREME IMPORTANCE.
The issue of protection is then taken up
and dealt with in forceful and impressive
language. 1t IS shown that this policy is
demanded 10y the public eNegencies. Our
condition in December, 1892 when I'M
bounded prosperity prevailed is compared
with that in August, 1856, and the cause of
the startling and sudden change within this
short period Of eight months IS shown to
have been q change of administrations. Nc
kiniey says:
All branches of the government had been
entrusted to the Democratic party, which
was committed against the protective policy
that had prevailed uninterruptedly for more
than 30 yea and brought unexampled
prosperity to the country, and firmly pledg-
ed TO its complete overthrow and the sub
stitution of tariff for revenue only. The
change having been decreed by the elections
in November, its effects We're a. once antlci-
pated and felt
Of the tariff OF 1894 Mr.. Mckinley saws
Since its passage, work at home has been
diminished prices of agricultural products
have fallen; confidence has been arrested,
and general business decentralization is on
every hand" He contrasts the tariffs of
1890 and 1894 and says We have either
been sending too much money out of the
country getting too little in, or both We
have lost steadily in both directions Our
foreign trade has been diminished and our
domestic trade has suffered ncalculable loss
Does not this suggest the cause of our
present depression and indicate its remedy?
Confidence IN home enterprises has almost
wholly disappeared Our shops are closed
or running on half time at reduced wages
and small profit if not actual loss. Our
men at home are idle, and while they are
idle men abroad are occupied in supplying
us with goods
Our unrivaied home market for the farmer
has also greatly suffered because those who
constitute the great army of American wage
earners are without the work and wages
they formerly had.
Ii they cannot earn wages, they cannot
buy products They cannot earn if they
have no employment, and when they do not
earn the farmers home market is lessened
and impaired and the loss is felt by both
producer and consumer The loss of earn
ing power alone in this country in the past
three years is sufficient to have produced
our unfortunate business situation.
If our labor was we'll employed and en-
plOyed at remunerative wages as in 1892,
III a few months every farmer in the land
would feel the glad change in the increased