Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-09-10

dtttiSoiis ~ sept. 1U.-Ine FOL
lowing is the letter of acceptance of
Hon Garrett a. Hobart of New Jersey.
| Republican candidate for the Vice
| Presidency:
Paterson. n. j.. Sept 10, 1896
| Hon. Charles W. Fairbanks ana others
of the Notification Committee of the
| Republican National Convention:
| Gentlemen: | have already in accent
| ing the nomination for the Office OF The
vice presidency rendered me by the ma
| tional Republican convention cxnrcssod
| my approval of the platform adopted by
| That body as the party basis OF doctrine
| In accordance with accepted usage 1 beg
now to supplement that brief statement
| Of my Views, by some additional reilcc-
| lions upon the questions which are in
debate before the American people
The platform declarations in reference
| To the money question express clearly
md Enthusiastically the attitude Of the Re
| publican party as to this supremacy inn
| portant subject. W. stand unqualiiiedly
| Tor honesty IN finance, ANA the permanent
| adjustment of our monetary system. ia
| the multiIarious activities Of trade aud
commerce to tho existing gold standard
Of value. We hold that every dollar Of
| currency issued by the United States.
whether OF gold. silver or paper. must br
worth dollar IN gold. whether In the
rocket OF the man who tolls for his daily
| bread, In the vault of the savings bank
which holds his deposits. or ln the eX-
changes OF the world
The money standard Of a great nation
should be as fixed and permanent as the
nation itst IF. To secure and retain the
best should be the desire Of every right
minded citzcn. Resting on stable found-
s;iouS, continuous and unVaryiug Ger
iaiutN Of value should tc its distinguish
Ing characteristic. The experience Of al
history confirms the truth that every
coin. made under any law howsoeVer
mat coin may be stamped. viii finally
command in the markets Of The world
The exact value of tn" materials which
tompoS" il. The dollar of our country.
whether Of gold or silver should be OF
+ ne fun value of one hundred cents and
by 50 much as any dollar is worth less
nan this in he market ~ precisely that
sum viii some one be defrauded-
The necessity Of Il certain aUd fixed
money value between nations us we'll as
Individuals has grown out Of the inter-
change Of commodities, the trade and
business relationships which have arisen
smang the peoples of the world with the
enlargement of human wants ANA the
broadening of human interests. This
necessity has made gold the final stand
Irl of all enlightened nations. Other
metals. including silver. have II recog
lized commercial value. ana silver es-
pecially has value Of great Importance
for subsidiary coinage. In view Of
~edulouS effort by the advocates OF free
coinage 10 create contrary impression,
Il cannot he toe strongly emphasized that
the Republican party III its platform af-
firms this value in silver and faVorS the
argvst possible use of this metal as act
nal money that can be maintained with
safety. Not only this il will not antag-
onize. but will gladly assist in promoting
a double standard whenever it can he
cured by agreement and cooperation
among the nations. The bimetallic cur
rcncY. involving the free use of silver
which We now have, Is cordially approved
by Republicans. But 4 standard ana Il
urrcncy are vastly different things
II We are 10 continue to hold our place
,mons the great commercial nations. We
must cease Juggling with this question.
ana make our honesty Of purpose clear TO
the world. No room should he left for
miscouccption ms to the meaning of the
language used in the bonds of the gov
'rnmcnt not Vet maturcd. Ii should not
be possible Tor any party or individual to
raise question as to the purpose of the
ountrY to pay all its obligations in the
best form Of money recognized hy the
commercial world. ANY nation which is
worthy of credit or confidence can afford
70 say explicitly. on q question so vital
70 every interest. what it means. when
such meaning is challenged or doubted.
Il Is desirable that we should make it
Known at once ana authoritatively. that
"a honest dollar means any dollar
Equivalent to a gold dollar of the present
standard Of weight and tincncSs. III" |
world should likewise I've assured that the |
standard dollar of America is rs inIleX !
ihle a quantity as the French Napoleon |
the British sovereign. or the German |
twenty mark piece.
The free coinage Of silver at the ratio
of sixteen to one. is q policy which no |
IA iibii mas ever IiffNEt proposed ana IL -
not today permitted in any mint in the |
Wnrld-not even in Mexico. 1t is pur- |
posed TO make the coinage unlimited. a |
an absolutely fictitious ratio. fixed with |
no reference to intrinsic value or pledge |
Ut ultimate redemption. With silver at
It's present price of less than seventy |
cents per ounce in the market. such a
policy means an immediate profit TO the
seller of silver for which there is no re-
turn now or hereafter to the people or
The government. It means that for each
al .f L.
ut the mint, practically two dollars of
stamped coin will he given in exchange.
For one hundred dollars worth of bullion
nearly two hundred silver dollars viii be
Let ii also bc remembered that the con
sequences of such an act would probably
Of silver unlike that of hay. or wheat or
corn-whch being of yearly productions
can be regulated by the law of demand
and supply-is fixed once for all The sill
yer which has not vet been gathered is
III in the ground. Dearth or other ac-
cidcnt of the elements cannot augment
or diminish 1t. Is il not more than prob
able that with the enormous premium
offered for its mining the cupidity of |
man would make an overSuppy contin-
Gous; with the necessary result of a
dollar could be kept in circulation at all?
nder the laws of finance. which are as
fixed as those of any other science. the
Inevitable result woald finally be Il cur
rency. al and absolutely fiat. There is
no difference in principle between dol
Tar half fiat and one all fiat The latter
rs the cheapest, under the logic of Cheap
would surely drive the other
Dut.
Any attempt on the part of the govern
nent to create by its fiat money of a
fictitious value would dishonor us in tho
yes OF other peoples. and bring infinite
reproach upon the national character
The business and financial consequences
IF such an immoral act would be world
wi0c. because our commercial relations
re world wide. All our settlements with
other lands must be made. not with the
money which may be legally current in
,ur own country. but in gold. the stand
ard OF all nations with which our rela-
ions are most cordial and extensive and
10 legislative enactment can free us
rem that inevitable necessity. 1T is Il
SHOWN TACT that more than eighty per
'ent Ct the commerce of the world is
settled in gold or on a gold basis.
Such free coinage legislation if ever
would discriminate against
very producer of wheat. cotton. corn or
should in justice he equally
untitled. with the silver owner. to sell
lis products to the United States treas
Try. ut a profit fixed by the government
md against all producers of iron. steel
inc or copper, who might properly claim ]
o have their metals made into current
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