The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1896-09-04
M'KINLEY'S LETTER.
He Formally Accepts the Nomina-
ton for the Presidency.
Issues Of the Campaign Plainly
and Forcibly Presented
Convincing Reasons Why Free Coin
age of1Silver Should Not
Obtain.
Protection and Reciprocity of Supreme
Importance to the Welfare of
the Country.
HIS VIEWS ON OTHER TOPICS.

y
it at 1890 o'clock. The letter touches upon
all of the important planks in the repub-
lican national platform, but the first half
of it is devoted to an incisive discussion of
the money question. The letter is as fol-
lows:
Hon. John NJ. Thurston, and others,
members of the notification committee o.
the republican national convention-Gen-
tlemen; In pursuance of the promise made
to your committee, when notified of my
nomination as the republican candidate for
president, 1 beg to submit this formal ac-
ceptance of that high honor, and to con-
slider in detail questions at issue in the
pending campaign. perhaps this might
he considered unnecessary in view OF my
remarks on that occasion and those
have made to delegations Who have Wis
tied me since the st. Louis convention,
but in view of the momentouS Importance
of the proper settlement of the issues
presented on our future prosperity and
standing as a nation, and considering only
the welfare and happiness OF our people,
l could not be content to omit again call
ing attention to the questions which, in
my opinion, vitality affect our strength and
position among the governments of the
world, and our morality, integrity and
patriotism as citizens of that republic,
which for a century past has been the
of mankind. We must not now prove false
to our own high standard in government,
nor unmindful of the noble example and
wise precepts of the fathers, or of the
confidence and trust which our con-
duct in the past has always inspired.
The Free Coinage of Silver.
For the first time since 1868, if ever be-
fore, there is presented TO the American
people this year a clear and direct issue as
to our monetary system, of vast Importance
in It's effects, ana upon the right settle
ment of which rests largely the financial
honor and prosperity OF the country. IL
is proposed by one wing of the democratic
party and its allies, the peoples and Sill
yer parties, to inaugurate the free and I'M
limited coinage of SILVER by independent ac-
ton on the part of the United States at
ratio of sixteen ounces of silver to one
ounce of gold. The mere declaration OF this
purpose is a menace to our financial and
industrial interests and has already Gre
ated universal alarm. 1t involves great
peril to the credit and business of the coun-
try, a peril so grave that conservative men
everywhere are breaking away from their
old party associations and uniting with
other patriotic citizens in emphatic protest
against the platform of the democratic
national convention as an assault upon the
faith and honor of the government and the
welfare of the people. We have had rev
questions in the lifetime OF the repuplc
more serious than the one which is thus
presented.
No Benefit to Labor.
THE character of the money which shall
measure our values and exchanges and
settle our balances with one another and
with the nations of the world, is of such
primary Importance and so far-reachlng
in its consequences 5 to call for the most
DalQStdklng lnNeSIl8aIlOn. anu, III Tile emu
a sober and unprejudiced Judgment at the
polls. We must not be mlsled by phrases
nor deluded by false theories. Free silver
would not mean that silver dollars were
to be freely had without cost or labor. II
would mean the free use of the mints of
the United States for the few who are
owners of silver bullion, but would make
silver coin no freer to many who are en-
gagged in other enterprises. 1t would not
make labor easier, the hours of labor
make farming less laborious or more
profitable. II would not start a factory
or make a demand for an additional days
It would add nothing to the comfort of the
masses, the capital of the people or the
wealth Of the nation. II seeks to introduce
no value to the thing measured. It would
not conserve values. On the contrary, It
would derange all existing values It would
direct effect would be to destroy the little
which yet remains.
What 1t Means.
THE meaning of the coinage plank
adopted at Chicago is that ANYONE may
take a quantity of silver bullion now worth
50 cents to the minis of the United States,
have il coined at the expense of the govern
ment and -receEe for it a silver dollar,
which shall be'legal tender for the pay
ment of all debts, public and private. The
owner of the silver bullion would get the
silver dollar. 1t would belong to him and
TO nobody else Other people would get
it only by their labor, the products of their
land or something of value. The bullion
owner on the basis of present values. would
receive the silver dollar for So cents worth
Of silver and other people would he re-
quired to receive it as a full dollar in the
payment of debts. The government would
get nothing from the transaction. II would
bear the expense of coming the silver and
the community would suffer loss by Its use.
The Dollars Compared.
I'VE have coined since 1878 moro than
900, 600 900 Of silver dollars, which are MAIN
tanned by the government at parity with
gold and are a ulllegal tender for the pay
ment of all debts, public and private How
are the silver dollars now in use different
from those which would be in use under
weight and fineness; they are to bear the
same stamp of the government. Why
would they not be of the same value?
'I answer: The silver dollars now in
use were coined on account of the govern
ment, 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 government bought the silver
bullion at its market value and coined II
into silver dollars. Having exclusive con-
troll of the mintage, 1t only coins what 1t
can hold at a parity with gold. The profit
representing the difference between the
commercial value of the silver bullion and
the face value Of the silver dollar goes to
the government for the benefit of the peo-
pie. The government bought the bullion
in the silver dollar at very much less than
its coinage value 1t paid IT out to ITS cred
people at its face value of 100 cents, or
full dollar. 1t required the people to &C
cept 1t as a legal tender. and is thus morally
bound to maintain ii at parity with gold.
which was then, as now. the recognized
standard with US, and the most enlightened
nations of the world. The government
having issued and circulated the silver dol
lar, it must in honor protect the holder
from loss. This obligation 1t has SO far
sacredly kept. Not only is there q
moral obligation, but there is a legal obli-
cation, expressed in public statute, to
maintain the parity.
They Could Not Be Kept at Par.
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 DIFF
ferent in value. The government would
have no part in the transaction, except to
coin the silver bullion into dollars. 1t
would take upon itself no obligation. It
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 de-
posted 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 sixteen
to one. 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 il, and II
there were. II would be powerless TO do it.
The simple truth is we would be driven to
a silver basis-to silver monometallism.
These dollars, therefore, would stand upon