The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-09-10
ENCROACHES ON MIR. BRYAN's PAR
CEPTS A NOMINATION.
RUNNING FOR The PLACE.
NAMED AT ST. LOUIS FOR VICE
PRESIDENT AS MAY BE RE-
MEMBERED.
PLATFORM MUCH TO HIS LIKING
Could Hardly Have Done Better Had
He Been Given the Building of
1t Himself,

PATERSON, N. J., Sept 9.-Hon
Garret A. Hobart, today gave out his
letter accepting the nomination for vice
president, rendered him by the Re-
publican party. The text of the letter
is as follows:
| have already, in accepting the nomination
! for the Office of the vice presidency, rendered
me by the national Republican convention,
expressed my approval of the platform adopt
| ed by that body as a party basis of doctrine.
In accordance with accepted usage, beg now
| to supplement that brief statement of my
| views, by some additional reflections upon
the questions which are in debate before the
American people.
| The platform declarations in reference to
the money question express clearly and un-
mistakably the attitude of the Republican
| party as to this supremely important subject.
| We stand unquali1edly for honesty In finance,
| and the permanent adjustment of our mon
etary system, in the mutifarious activities
| OF trade and commerce, to the existing gold
| standard of value. We hold that every dol
| lar of currency issued by the United States
| whether of gold or silver or paper, must be
worth dollar in gold, whether in the pocket
! OF the man who tolls for his daily bread, in
| the vault Of the savings bank, which holds
| his deposits, or in the exchanges Of the world.
The money standard of great nation should
| be as fixed and permanent the nation it.
| self. To secure and retain the best should be
| the desire of every right-minded citizen.
Resting on stable foundations, continuous
| It's distinguishing characteristi3 The exper-
! ience of all history confirms the truth that
| every coin, made under any law, howsoever
| that coin may be stamped. will finally COM
mand in the markets of the world the exact
value of the materials which compose it. The
dollar OF our country, whether of gold or
silver, should be of the full value of one
hundred cents and by much as any dol
lar is worth less than this in the market, by
precisely that sum will some one be de-
| frauded.
The naoessitv NJ q cartaip and fyed roonav
| value between nations as well as individuals
has grown out Of the interchange Of commod-
tiles, the trade and business relationships
which have arisen among the peoples Of the
world, with the enlargement of human wants
and the broadening of human interests. This
necessity has made gold the final standard of
all enlightened nations. Other metals, in
cluding silver, have recognized commercial
value, and silver especially has a value of
great Importance for subsidiary coinage. In
| view of sedulous effort by the advocates Of
| free coinage to create contrary impression,
1t cannot be too strongly emphasized that
the Republican party in its platform af-
| firms this value in silver, and favors the
largest possible of this metal as actual
money that can be maintained with safety.
Not only this, it will not antagonize, but
will gladly assist in promoting a double
standard wherever it can be secured by
agreement and cooperation among the ma
tions The bimetallic currency, involving
the free of silver, which we now have
is cordially approved by Republicans. But a
standard and currency are vastly different
things.
If we are to continue to hold our place
among the great commercial nations, we
must cease Juggling with this question, and
make our honesty Of purpose clear to the
world. No room should be left for miscon-
ception as to the meaning of the language
used in the bonds of the government not yet
matured. 1t should not be possible for any
party or individual to raise question as to
the purpose of the country to pay all it's
obligations in the best form of money recog-
nized by the commercial world. Any nation
which is worthy of credit or confidence can
afford to say explicitly, on a question vital
to every interest what 1t means, when such
meaning is challenged doubted. 1t is de-
sirable that we should make it known at
once and authoritatively, that honest
dollar means any dollar equivalent to
gold dollar of the present standard of weight
and fneness. The world should likewise be
assured that the standard dollar of America
is as inaexible quantity as the French
Napoleon, the British sovereign, or the Ger
man twenty-mark piece.
FREE SILVER
The free coinage of silver at the ratio of
16 to l is a policy which no nation has ever
before proposed and it is not today permit
Mexico. 1t is purposed to make the coinage
unlimited, at an absolutely fictitious ratio,
fixed with no reference to intrinsic value or
pledge of ultimate redemption. With silver
at its present price of less than 20 cents per
ounce in the market, such a policy means
immediate profit to the seller of silver
to the people or the government. 1t means
that for each dollars worth of silver bullion
delivered at the mint, practically two dollars
of stamped coin will be given in exchange.
For 800 worth of bullion nearly 200 silver dol
lars will be delivered.
Let 1t also be remembered that the con-
sequences of such an act would probably be
cumulative in their effects. The crop of sill
yer, unlike that of hay, or wheat, or corn
which being of yearly production can be
regulated by the law of demand and supply
is fixed once for all. The silver which has
not yet been gathered is all in the ground.
Dearth or other accident of the elements
cannot augment or diminish it. Is it not
more than probable that with the enormous
premium offered for its mining the cupidity
! of man would make an over-supply continu-
! Gus, with the necessary result of a steady
depreciation as long the silver dollar could
/ be kept in circulation at all? Under the
laws Of finance, which are fixed as those
! OF any other science, the inevitable result
would finally be currency all and absolute
| ly fat There is no difference in principle
between dollar half fiat and one all fat
! The latter, as the cheapest, under the logic
! of Cheap money" would surely drive the
/ other out.
Any attempt the part of the government
to create, by its fat money of a fictitious
value. would dishonor us in the eyes of other
/ peoples, and bring infinite reproach upon
| the national character. The business and
financial m. ai,s seonseguences Of such an immoral
mercial relations are worldwide. All our
settlements with other lands must be made
HUI Will the money Wnlcn may be legally
current in our own country, but in gold, the
standard of all nations with which our rela-
! tions are most cordial and extensive, and no
/ legislative enactment can free us from that
/ inevitable necessity. 1t is known fact that
more than eighty per cent Of the commerce
of the world is settled in gold or on a gold
basis.
Such free coinage legislation, IL ever con-
summated. would discriminate against every
/ producer of wheat, cotton, corn or rye-who
should in justice be equally entitled with the
/ silver owner, to sell his products to the United
States treasury, at a profit fxed by the gov
! ernment-and against all producers of iron.
! STEEL zinc or copper, who might properly
claim to have their metals made into current
| coin. 1t would. as WELL be fraud upon all
persons forced to accept a currency thus
/ stimulated and at the same time degraded.
In every aspect the proposed policy is par
tial and one-sided, because 1t is only when
a proht can be made by mine-owner or
dealer that he takes his silver to the mint
for coinage. The government is aiways at
the losing end. Stamp such a fictitious value
upon silver ore and a dishonest and unjust
discrimination will be made aginst every
other form of industry. When silver bullion
worth little more than fifty cents is made
into legal tender dollar, driving out one
having a purchasing and debt-payfng power
! of one hundred cents, it will clearly be done
at the expense and injury of every class of
/ the community.
QUESTION OF RATIO.
Those who contend for the free and nm
! limited coinage of silver may believe in ali
honesty, that while the present ratio Of silver
| to gold is thirty to one (net sixteen to
one), silver will rise above the existing market
vatue. Ii IT does so rise the effect will be
to make the loss to all the people so much
| less, but such an opinion is but hazardous
conjecture at best, and is not justified by ex-
persence Within the last twenty years this
government has bought about AGO millions
OF ounces Of silver. from which it has coined