The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-09-09

WILLIAM NJ 'KINLEY.
In one portion OF the letter he shows the
condition of the country in 1892 and since by
the testimony OF Presidents Harrison aud
Cleveland. The purpose Is to show that the
currency question aud the tariff issue are in
separable, and that but for our deficient
revenues the money question would not now
be before the public.
The letter, IN part, is as follows: "Hon.
John NJ. rhuraton, and others, Members OF
the Notification Committee OF the Republ1-
can National Convention.
"Gentlemen: In pursuance Of the promise
made to your committee when notified OF my
nomination as the Republican candidate for
President, I beg to submit this formal ac-
ceptance Of that high honor, and to consider
In detail questions at issue in the pending
campaign"
After diating on the Importance Of the
present issues he says:
The Free Coinage OF Silver.
"For the first time since 1868, II ever be-
fore. there Is presented to the American peo-
ple this year q clear and direct issue as to
eur monetary system Of vast importance In
It's effects, and upon the right settlement OF
which rests largely the financial honor and
prosperity OF the country. tits proposed by
allies, the Peoples and Silver parties. to In
augurate the free and unlimited coinage OF
silver by independent action on the part OF
tho United States at ratio OF sixteen ounces
Of silver to one ounce OF gold.
1.-The mere declaration Of this purpose Is q
menace to cur financial and industrial in
forests and has already created universal
alarm. It involves grea: peril to the credit
and business Of the country, peril 80 grave
that conservative men everywhere are break
ING away from their old party associations
and uniting with other patriotic citizens in
emphatic protest against the platform OF the
Democratic National Convention as an as
sault upon the faith and honor Of the Gov
ornment and the welfare OF the people. We
have had few questions In the lifetime OF the
Republic more sesious than the one which Is
thus presented"
No Benefit to Labor.
Continuing he declares that I'VE must not
Se 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 mints OF the United States for the few
Who are owners g. silver bullion, but would
make silver coin no freer to the many who
are engaged in other enterprises. 1t would
not make labor easier, the hours Of labor
shorter, or the pay better. 1t would not
mako farming less laborious, or more
profitable. 1t would not start factory, or
make demand for an additional
days labor. 1t would create no new occu-
pations. 1t would add nothing to the COM
fort OF the masses, the capital OF the people,
or the wealth Of the Nation. 1t seeks to in-
troduce Il new measure OF value. but would
add no value to the thing measured. 1t
woui1 not conserve values. On the contrary,
IT would de-; ;2Se all existing values. II
would not restore business confidence. but
It's direct effect would b. to destroy the little
which yet remains.
What 1t Means.
"The meaning OF the coinage plank adop-
ted at Chicago is that any one may take q
quantity ofsilver bullion, now worth SO cents
to the mints Of the United States, have,it
eoinsl at the expense OF the Government
aud receive for It a silver dollar, which
shall lie legal tender for the payment
Of all debts, public and private. The
own-r Of the silver bullion would get the sill
yer dollar. 1t would belong to him and to
nobody Else. Other people would get it only
by their labor, the products OF their land, or
something OF value. The bullion owner, on
the basis Of present va, ues, would receive the
silver dollar for ffty-three cents worth Of
silver and other people would be required to
receive it as full dollar in the payment OF
QeDtS. lu6 uOScEulucul WuulN Scl uOluluS
from tho transaction. 1t would bear the eX-
pense Of coming the silver. and the commu-
nifty would suffer loss by its use."
Silver Standard Would Result.
Discussing the probable result Of free coin
age he declares:
THE simple truth Is we would be driven
to Il silver basis-to silver monometallism.
These dollars. therefore, would stand upon
their real value. If the free and unlimited
coinage of silver at ratio OF six
teen ounces OF silver to one ounce OF
gold would, as some OF its advocates
assert, make flity-three cents in silver worth
one hundred cents and the silver dollar equal
TO the gold dollar then we would have no
cheaper money than now and 1t would be
NO easier TO get. But that such would be
til, result is against reason and Is con-
tn !icted by experience in all times
anil In all lands. It means the debGse-
ment OF our currency 20 the amount OF the
difference between the commercial and coin
value Of theSilvsr olar, which is ever chang
inS. AMI the elfec: would be to reduce prop
erty vaues, entail untold financial loss, de-
stroy confidence, impair the OBJ igatious Of
existing contracts. further impoverish the
hborer and pro iucers OF the country, create
panic Of unparalleled severity and inf ct
upon trade and commerce a deadly blow.
Against any such policy an unalterably
opposed
What ;:mp Allisin Means.
..B n!ctali5m cannot b9 secured by indie
pen cent action on our part. II cannot be
obtained by opening our mints to the unlim-
i,ei coinage OF the silver Of the world. at a
ratio Of 16 ounces Of silver to ounce Of golG.
when the commercial ratio Is more than 80
ounce OF silver 10 l ounce OF gold.
Mexico and China have tried the
experiment. Mexico has free coinage
OF silver aud gold at ratio slightly in ex-
cess of l615 ounces Of silver to ounce Of
gold, and while her mints are freely open 10
both metals at that ratio not u single dollar
In gold bullion is coined and circulated as
money. Gold has been driven out OF circu-
Iation il these countries, aud they are on q
silver basis a.one.