Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-08-28
CANTON STATESMAN ACCEPTS
Major Mckinley Has Finally Mus
tered Up Courage to Issue Letter
of Acceptance.
VIGOROUSLY COMBATS FREE COINAGE
Bimetallism Can Not Be Secured by In
dependent American Action-Must
Maintain Gold Standard Until
Europe Accepts Silver.

Canton, Ohio, Aug. 28.-Major McKin
ley's letter of acceptance has been issued
1t recognizes the paramount Importance
of the financial question and vigorously
combats the free coinage idea, saying,
among other things:
"Bimetallism can not be secured by in.
dependant action on our part. 1t can.
not be obtained by the opening of our
mints to the unlimited coinage of silver
Until international agreement is had, il
is the plain duty of the United States to
maintain the gold standard"
Mckinley then refers to the Sherman
law as an evidence of the sincerity of the
Republican party in trying to secure the
greatest possible use of silver. He then
quotes from the speech he made August
22, 1891, to show that his position in re-
gard to free coinage was the same then
las now. Mckinley further says:
"The independent free coinage of silver
atthe ratio of sixteen ounces of silver to
one ounce of gold would insure the speedy
contraction of the volume of our cur
rency. 1t would drive at least 100000
600 gold dollars which we now have per-
manently from the trade ofthe country and
greatly decrease our per capita circula-
tion.
"No one suffers 80 much from cheap
money as the farmer and the laborer.
They are the first to feel its bad effects
and the last to recover from them. This
has been the uniform experience of all
countries, and here, as elsewhere, the
poor and not the rich are the greater suf-
ferers from every attem pit to debase our
money. l. would fell with alarming Sc
verify upon Investments already made,
upon insurance companies and their pol
icy holders, upon savings banks and their
depositors, upon building and loan asso-
Citations and their members, upon the
savings of thrift, upon pensioners and
their families, and upon the wage earners
and the purchasing power of their wages.
"The silver question is not the only is
sue affecting our money I'M he pending
contest. Not content with urging the
free coinage OF silver, its strongest cham
pions demand that our paper money
shall be issued directly by the govern
ment of the United States. This is the
Chicago Democratic declaration.
"The St. Louis Peoples declaration is
that our national money shall be issued
by the general government only, without
the Intervention of banks of issue, to be
full legal tender for the payment of all
debts, public and private, and be dis
trlbuted direct to the people, and through
the lawful disbursements of the govern
Ement."
"Thus, in addition to the free coinage
of the worlds silver, we are asked to enter
upon an era of unlimited irredeemable
paper currency. The question which was
fought out from 1865 to 1875 is thus to
be reopened with all its cheap money ex-
periments of every conceivable form
foisted upon us. This indicates most
startling reactionary policy, strangely at
variance with every requirement. of sound
finance, but the declaration shows the
spirit and purpose of those who by COM
bined action are contending for the con-
troll of the government. Not satisfied
with the 6ebasement of our coin, which
inevitably follows the free coinage of
silver at 16 to 1, they would further de-
grade our currency and threaten the pub
lie honor by the unlimited issue of an
irredeemable paper currency. A graver
menace to our financial standing and
credit could hardly be conceived and
every patriotic citizen should be aroused
to promptly meet and eftectually defeat
it,"
Mckinley condemns as in the highest
degree reprehensible "all efforts to array
class against class, the GLASSES against the
masses, section against section, labor
against capital, poor against rich, or in
terest against interest" He considers
protection as an issue of supreme i'm
portance and observes that while the
speril Of free silver is menace to be
feared, we are already experiencing the
effect of partial free. trade" One, he
would avert, the other correct. He recon-
mends the immediate restoration by con
gress of the reciprocity sections of tht
tariff law of 1890 with such amendments
if any, as time and experience sanction
as wise and proper. The underlying prin
oiple of thislegislation, he declares, should
be strictly observed. This, he explains
is to s'afford new markets for our surplut
agricultural and manufactured products
without the loss to the American laborel
of single days work that he might other
wise procure" He discusses foreign i'm
migration briefly; commends Legislation
that will prevent the coming here of al
who "make war upon our institutions,
or profit by public disqu quiet and turmoil
He favors liberal pensions for soldier
and sailors.
Convention National Democratic
Party. (Hold DemOcrOcy) In
diananNlfA. Ind. Sen.