The broad ax., 1896-06-27
DEMOCRATIC PARTY.
VOICE OF OUR PRESS IN DE-
TENSE OF OUR PRINCIPLES.
The Candidacy of Mckinley on . High
Tariff and . wobbly Money Platform
The Hope of True Jsnsrsonian De-
mocraey.

policy OF protection anu RECIPROCITY
steadily decreased the bonded debt, re
sumed specie payments, maintained
the public credit, kept unimpaired thu
gold reserve" and did some other great
things.
Commenting upon this preposterous
claim that the republicans did all these
things under a wise policy of protec.
ton and reciprocity" The Chronicle
ventured to ask who created the bonded
debt, suspended specie payments
brought low the public credit and made
it necessary to accumulate a gold re-
serve for resumption purposes. 1t also
ventured to ask who sent the gold re-
serve flying in 1890 and brought it so
low that the last republican secretary
Of the treasury, Charles Foster, had
made preparation for replenishing 1t
by an issue of bonds before the end of
the Harrison administration.
Thereupon the Tribune climbed up
among the thunder caps that veil the
summit Of the high mount of patriot
ism and proclaimed that such questions
could only have been asked by IAN ex-
rebel or copperhead or the son of one"
1t declares that the war debt was Who'll
ly the work of southern secessionists
and northern copperheads, the former
Of whom plunged the country into war,
while the latter prolonged it and in
creased its cost.
The Chronicle was not inquiring who
struck Billy Patterson and it has no
apology to make for either secession
lists or copperheads. 1t was inquiring
who increased the debt and impaired
the public credit by pursuing a bad
financial policy, and whether the repub-
licans had wrought such wonders as
they claimed by their policy of PRO
lection and reciprocity"
1t was necessary to borrow much
money to meet the cost of the war for
the preservation of the union. For that
very reason it was necessary to pursue
a course with respect to the currency
wise enough and conservative enough
to inspire confidence in the minds of
people who had money to lend. But
this is exactly what the republican
party did not do. 1t pursued a course
calculated to destroy confidence, i'm
pair the public credit and vastly in
crease the final cost Of the war.
Contrary to the advice Of the ablest
financiers, a republican congress au-
thorized the issue Of $3.50, zoo, 900 of
circulating notes and made
them legal tender. Five months later
1t authorized another issue of the same
The depreciation which would |
have resulted naturally from such enor- |
nous issues was checked by provision |
Of the law directing the secretary to |
give 6 per cent coin bonds in exchange
for the note upon demand of holders OF |
the latter. But by an act passed less
than thirteen months after the first |
issue Of these notes was authorized this /
promise to give bonds for the notes was
fatty repudiated.
At the same time another $3.50, zoo. 900
Of notes was authorized. As a conse-
luence Of this enormous expansion &C
companying reputation of the original
contract the notes greatly deprecated.
AS 1t was necessary to sell bonds at par
in these notes in order to keep them
from becoming entirely worthless, the
bonds were in reality sold far below
par, the average price probably not ex-
,eeding two-thirds of their face. Thus
he whole amount of the bonded debt
;ame to be nearly or quite one-half
greater than 1t would have been but
or the depreciation of the currency
iue to imitation and reputation.
This degradation Of the currency and
Increase in the Understanding debt
vas not the work of secessiouists or
'opperheads. 1t was republican finan-
'ial policy and the necessary conse-
Iuences thereof. Neither secessionists
Tor copperheads prevented the renewal
4 the promise to give bonds for green
'acks and the fulflllment of the promise
Vhen renewed. 1t was not necessary
prolong the suspension nearly four
cen years after the close of the war.
III this was republican policy. The re-
ult was disastrous panic in 1873 and
pretty complete Generalization of the
ublic mind on the subject of the cur
ency.
After that we had the republican sill
er legislation Of 1878 and 1890. result
ag In 1893 in another widespread and {
panic. And ever since that {
vent the republican firebugs, though l
-ightened at first into a half admission I
the truth, have been accusing the ]
emocratic firemen Of incendiarism. II I
an old trick of theirs. It is at once a
Characteristic and indecent of the Til
une, which supported the vicious
policy of the war and which
as conspicuous among the silver in 7
.ndiaries in 1878, to scream copper C
cad! at anyone who ventures to crit I
Use the wretched financial policy of 4
he republican party and to recall its n
nredeemed pledges Of tariff reform. '
he organ Of the perfdious panic party a
N fnd no better argument. .,