Birmingham state herald., 1896-09-30
Governor-Elect Johnston on Re-
 suits of the Election.
GOLD STANDARD IS DOOMED
If Mckinley Wus-0n the Other Hand, if Bryan is the Man, Prosperity
 is Assured.

history Of this town. People for miles around fiocked in to hear two great speeches-one by Governor elect John ston and the other by Hon. George w. Taylor, nominee for congress from this district Close attention was given to both speakers, and each received liberal applause. Much enthusiasm was aroused.
 Colonel Taylor's speech was forceful and eloquent and left no doubt as to the wisdom of his choice as the standard bearer of the First district.
 Following are excerpts from the speech of Captain Johnston, which was up to the mark of his best effort:
 do not understand how gentlemen. who participated in the primaries last April can now put themselves in opposi- ton to the legitimate issues of that pri- mary-issues well known and foreseen. and that separated us as we then sup posed into friendly contest inside the ranks of our party. Would it have been fair for any one of them to have been admitted to the primaries had he de- clared that he would abide the result only in case his theories should prevail. But I shall leave every man to settle these questions for himself. We should not, however, lose sight of the fact that sound party morals are almost as important as sound money, and honest political action as honest dollars.
 McKinley's Election Fatal to the Gold
 Standard.
 But however we may differ on the question of gold and silver I am per suaded that if MT. Mckinley should be elected that it will be fatal to the gold standard, and my reasons are these: There is not a business man or banker or manufacturer who does not know that bn ata1 rCta ury policies would, if continued, be fatal to any standard.
 So long as it is necessary to maintain gold reserve of $100, ,000;000, and so long as that reserve can be wiped out any day by the concurrent action of a few wealthy men, so long will business be paralyzed and healthy conditions be impossible.
 We have now pressing upon that re- serve in greenbacks and Sherman cer- tificates about 500,000,000 of notes that may demand gold. In addition to that all the national bank notes are them selves redeemable by the government in greenbacks and indirectly those make the grand total with the other demand paper of about $700, ,000,0 ,000 of paper money outstanding against the $100, 900 re- serve. For the successful maintainance of the gold standard 1t is absolutely es- sential that this enormous pressure upon the gold reserve should be wiped out. 2 If MT. Mckinley should be elected and congress fail to retire these notes, now according to the gold men redeemable in gold either by an issue of bonds or in adopting some substitute for them. the country would go on during his term un- der the same difficulties that we have eX- perienced for the past three years. No increase of taxation or reduction of ex- penseS would make smoother sailing, for even if the treasury should have a sur plus of $200, coo, 600 of paper money in it's vaults there would still be an enormous volume of paper money outstanding that could any day deplete the gold reserve. No one will deny to any democrat the right to his convictions on any public question, and no one has the right to coerce his neighbor or abuse him for maintaining his convictions. I have be- lieved all the time that all these great questions should be fought out inside the ranks of the democratic party, because that party was esential to the preserva- tion of the rights of the states and the liberty of the citizen. I was criticised by some extreme silver men for uphold ing these views year ago. I think now that many who criticized me then are now assured of the wisdom of my course. What we have a right to object to I think is that our friends should come into the primaries, measure strength with us and then deliberately refuse to acquiesce in the result. The issue was squarely made in Alabama. It was forced on me by the distinguished gentleman who opposed my nomination and the leading papers that supported his cause in many instances took part against me, not because of per- sonal objection to my nomination but be- cause it would strengthen the silver cause in the national conflict.
 No business can prosper under such conditions, as none has for several years. No business man can feel secure when he must keep one eye on the gold reserve and the other on his bank account all the time.
 The question, then, is whether Mr. Me Kinley could secure the legislation essen- tial to give the gold standard a fair chance to show that it is even good for bankers, manufacturers and merchants.
 There is but one answer to this. If Mir. Mckinley should secure the house, which is not probable, it is well known that the senate is now largely against him, and that 1t will continue against his policies for at least two years, and probably four. The small states of the Pacific slope, without regard to party, will continue to elect silver senators, and that body stands pledged now-and will stand pledged at least until March, 1S99-against the gold standard, and they will refuse to pass any tariff laws or currency laws until coupled with free coinage.
 The consequence will be that even should Mckinley go in he will be ham pered by these conditions and be com pelled to sell bonds to keep up the reserve, and all business interests and all manu- featuring enterprises will still be hamper ed by the distressing and intolerable con- ditions of the recent past for years to come.
 The first issue of bonds by Mckinley would not only damn his administration, but destroy the gold standard. The peo- pie will not look behind that fact for causes, however plausible, but will over turn any system that requires constant ly increasing mortgage upon their earn dngs to sustain 1t.
 On the other hand should MT. Bryan be elected and house with him, free coinage law would be enacted at once. and if it did not bring the relief promised by it's advocates it would be wiped out at the next presidential election and the sil- yer cause destroyed for generation.
 The friends of the gold standard say that the only reason it has not proven prosperous to the country Is the constant agitation of the silver lunatics. Can any standard be good that flourishes only in the absence of criticism or opposition? :? But, waiving that question, does any gold advocate believe that agitation will cease and the honest advocates of independent himpf l1iaO Slirran6ar bos.a1ca MoKi,, law