Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1896-09-15
THE M'KINLEY LETTER
Strong Stand on Sound Money,
Protection and Reel
prooity,
FORMAL NOTE OF ACCEPTANCE
Mills Should be Opened to Labor
Free Coinage Would Set No
Wheels Tuning.

MAJ. mckinley, Republican nominee fol-
president, and made public tonight:
The Hon. John NJ. Thurs.on and Others,
Members of the Notification Committee OF
The Republican National Cenvention-Gen-
tlemen: In pursuance of a promise made
TO your committee when notified of my
nomination as the Republican candidate for
president, beg to submit this formal ac-
ceptance of that high honor, and to con-
sider in detail questions at issue in the
pending campaign. Perhaps this might be
considered unnecessary in view of my re-
marks on that occasion, and those l have
made to delegations that have visited 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 hap
piness of our people, would not be content
to omit again calling attention to the ques-
items which in my opinion vitality affect
our strength and position among the gov
ernments of the world and our morality.
tntegrity and patriotism as citizens of that
republic which for a century past has been
the best hope Of the world and the inspira-
ton of mankind. We must not now prove
false to our own high standards in gov
eminent, nor unmndful of the noble ex-
ample and wise precepts of the fathers,
or of the confidence and trust which our
conduct in the past has always inspired.
The Danger of Free Coinage.
'If never before there is presented to the
Americans this year clear and direct is
sue as to our monetary system, of vas.
Importance in it's effect, and upon the
right settlement of which rest largely the
financial honor and prosperity of the
country, It is proposed by one wing of the
Democratic party and its allies, the Peo-
pies and Silver parties, to inaugurate the
free and unlimited coinage of silver by in
dependent action on the part Of the United
States at a ratio of 16 ounces of silver to
j ounce Of gold. The mere declaration Of
this purpose is a menace to our financial
and industrial interests and has already
created universal alarm. 1t involves great
peril to the credit and business of the
country, peril so grave that conservative
men everywhere are breaking away from
the old party associations and uniting
with other patriotic citizens in emphatic
protest against the platform OF the Demo-
cratic National convention as an assault
AseDt and the welfare of the people. We
have had few questions in the lifetime Of
the republic more serious than the one
which is thus presented.
'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 reach
ing in its consequences as to call for the
most painstaking investigation. and in the
end, a sober and unprejudiced judgment
at the polls. We must not be misled by
phrases, nor deluded by false theories.
Free silver would not mean that silver
dollars were to be freely had without cost
or labor. 1t would mean the free use
of the minis of the United States for
the owners of silver bullion, but would
make silver coin no freer to the many
who engaged in other enterprises. 1t
would not make labor easier, the hours Of
labor shorter or the pay better. 1t would
not make farming less laborious or more
profitable. II would not start a factory
or make demand for an additional day IS
labor. 1t would create no new occupa-
lions. II would add nothing to the COM
fort OF the masses, the capital Of the peo-
pie or the wealth of the nation. 1t seeks
to introduce a new measure of value, but
would add no value to the thing measured.
1t would not conserve values. On the
contrary, 1t would derange all existing
values. IL would not restore business con-
fidence. but it's direct effect would be to
destroy the little which yet remains.
Meaning of the Coinage Plank.
'The meaning OF the coinage plank adopt
ed at Chicago is that anyone may take a
quantity Of silver bullion now worth SO
cents to the minis of the United States,
have it coined at the expense Of the gov
eminent and use it for 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
1t only by their labor, the products of
their land, or something OF value The
bullion owner, on the basis of present val
ues, would receive the silver dollar for
SO cents worth OF silver and other people
would be required to receive II as a full
dollar in the payment Of debts. The gov
ernmert would get nothing from the trans
action. 1t would bear the expense of coin
ing the silver and the community would
suffer loss by It's use.
I'VE have coined since 1878 more than
400, 600 silver dollars which are main
tanned by the government at parity with
gold and full legal 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
free coinage? They are to be Of the same
weight and fineness. They are to bear
the same stamp OF the government. Why
would they not be Of the same value? /
answer, the silver dollars now in use were
coined on account Of the government and
not for private account or gain. and the
government has solemnly agreed 10 keen
them as good as the best dollars we have.
The government bought the silver bullion
at its market value and coined It into
the mintage 1t only coins what 1t can hold
at a parity with gold. The profit repre-
senting the difference between the COM
mercial value of the silver bullion and the
face value of the silver dollar goes to the
government for the benefit Of the people.
The government bought the silver bullion
contained In the silver dollar at very
much less than its coinage value. IL paid ii
out to its creditors and put it in crcula-
ton among the people at its face value
of 100 cents, or full dollar. IL required
the people to accept IL as legal tender,
and Is thus morally bound TO maintain Il
at parity with gold, which was then, as
now, the recognized standard with us and
the most enlightened nations Of the world.
s'The government having issued and cir
culated the silver dollar, ii must in honor
protect the holder from loss. This obliga-
ton it has so far sacredly kept. Not only
Is there a moral obligation, but there is a
legal obligation. expressed in public stat
ute, to maintain the parity.