The National tribune. [volume] (Washington, D.C.) 1877-1917, 1896-09-03
MAJ NcKINLEY'S
LETTER
Accepting the Republican Nomination
for President.

kup. % Mai. Mckinley gave to the press his
letter accepting the Republican nomination iof
President of the United States. The larger
mart of it is devoted to the financial question,
ss to which he says:
THE FREE COINAGE OF SILVER.
For the first time since 1868, if ever before,
there is presented to the American people TINS
year clear and direct issue as to our monetary
system of vast importance in Its ehects, anu
unon the right settlement of which rests largely
the financial honor and prosperity OF the eoun-
try 1t is proposed by one wing OF the Det n.1
cratic marty and its allies the Peoples ana oii-
ya- norties 10 inaugurate the free and unlim-
tied coinage of silver by independent action on
the part of the United States at ratio OF 10
ounces of silver to one ounce of gold. Inc mere
declaration of this purpose is menace 10 our
financial and industrial interests and has al
ready created universal alarm.
1t involves great peril to the credit and ousi-
ness of the country-a peril so grave tnat coh
servative men everywhere are breaking away
from their old party associations ana uniting
with other natriotic citizens in emphatic pro-
test against the platform of The Democratic Ma
tionsl Convention as an assault upon the iaith
and honor of the Government and tie welfare
OF the people. We have had few questions in
the lifetime of the Repnblic more serious than
the one which is thus presented.
no BENEFIT TO LABOR.
The character of the money that shall meas.
ore our values and exchanges and settle our
balances with one another, and with The Ma
tions of the world, is of such primary lmpor-
tance and so far reaching in its consequences as
to call for the most painsiaking lnvestlgation'
and. in the end, sober and unprecedented Jndg'
ment at the polls We must not be mlsied oy
phrases nor deluded by false theories Free sill
Yer would not mean that silver dollars were W
be freely had without cost or labor.
1t would mean the free use OF the minus OF
the United States for the few who are owners
of silver bullion but would make silver coin
40 freer to the many who are engaged In other
enterprises. 1t would not make labor easier,
The hours of labor shorter. or the pay better III
would not make farming less laborious or more
profitable 1t would not start factory nor
make demand for an additional days LABOR.
Tt would create no new occupations. 1t wouio
add nothing to the comfort of the masses, the
CAPITAL of the people or the wealth of the Nation.
1t seeks to introduce a new measure OF value,
but would add no value to the thing measured.
Ii would not conserve values. On the contrary.
it would derange all existing values. 1t would
not restore business con fdence, but its direct
effect would be to destroy the little which ye'
remains.
WHAT IT MEANS.
The meaning of the coinage plank adopted
at Chicago is that any one may take quantity
of silver bullion now worth SO cents to thu
minis of the United States have it coined a
the expense of the Government and receive
for il a silver dollar, which shall be lega
tender for the payment of all debts, publi'
and private The owner of the silver bullion
would get the silver dollar. 1t would belong
to him and nobody else.
Other people would get it only by their labor
the products of their land. or something
value. The bullion owner, on the basis
present values, would receive the silver doilar
for So cents worth of silver. and other people
would be required to receive it as ful
dollar in the payment of debts. The GOV
eminent would get nothing from the transac
ton. 1t would bear tie expense of comm
the silver and the community would sune
loss by its use.
THE DOLLARS COMPARED.
We have coined since 1873 more than 400
100000 of silver dollars which are maintalne
by the Government at parity with gold, an
are full legal tender for the payment Q
all debts. public and private. How are th
silver dollars now in use different from thos
which would be in use under free coinage?
They are to be of the same weight and fine
ness; they are to bear the same stamp OF tn
Government. Why should they not be of tn
same value? ] answer: The silver dollars mo-
in use were coined on account of the Govern
ment and not for private account or gam, an
the Government soemnly agreed 10 keep ther
as good as the best dollars we have. The Go,
eminent bought the silver bullion at its marke
value and coined il into silver dollars. Havin
exclusive control of the mintage, it onl
coins what it can hold at parity with golt
The profit, representing difference between tn
commercial value of the silver bullion aud tn
face value of the silver dollar. goes to the Go'
eminent for the benefit of the people. Th
Government bought the silver bullion containe
in the silver dollar at very much less than i
coinage value.
IL paid il out to its creditors and put it j
circulation among the people at It's face valu
Of 100 cents. or a full dollar. 1t required I'll
people TO accept it as legal tender, and 1t
thus morally bound to maintain it at part
with gold. which was then, as now, the recof
nized standard with us, and the most enligh
ened nations of the world. The Government
having issued and circulated the silver dolla
must in honor protect the holder from los
This obligation it has so far sacredly kept. Nc
only is there moral obligation, but there
q legal obligation, expressed in public statut
to maintain the parity.
THEY COULD NOT BE KEPT AT PAR.
These dollars in the particulars / bav
named, are not the same as the dollars whic
would be issued under free coinage. The
would be the same i'm form, but different /
value. The Government would have no pal
in the transaction, except to coin the silys
bullion into dollars. 1t would share in no pal
of the profit 1t would take upon itself no ol
ligation. 1t would not put the dollars ini
circulation. 1t could only get them as an
citizen would get them. by giving somethin
for them. II would deliver them to those WI
deposited the silver, and the connection wit
the transaction there ends.
Such are the silver dollars which would
issued under free coinage of silver at a ratio
16 10 j. Who would then maintain the party
What would keep them at a par with gold
There would be no obligation resting upon ii
Government to do it, and if there were,
would be powerless to do ii. The simple trui
is, we would be driven to q silver basis
silver monometslism. These dollars, ther
fore, would stand upon their real value
the free and unlimited coinage of silver at
ratio Of I6 ounces of silver to one ounce of go
would, as some of its advocates assert, make
cents in silver worth 100 cents, and the sly
dollar equal to the gold dollar, then we won
nave no cheaper money than now, and it won
be no easier TO get.
But that such would be the result is again
reason, and is contradicted by experience
all times and in all lands. 1t means the d
basement of our currency TO the amount of q
difference between the commercial and CO
value of the silver dollar, which is ever chan
ing, and the effect would be to reduce proper
values, entail untold financial loss. destroy &C
6dence, impair the obligations of existing &C
tracts, further impoverish the laborer and p,
ducers of the country, create . panic of U
paralleled severity and infict upon trade a
rommerra n deadly blow AGAINST such