The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1896-09-05
REPUBLICAN FAITH.
Mckinley Transmits His Formal
Letter of Acceptance.
The Nominee Discusses the Financial and
TsriH Issues-Free Coinage Strongly
Denounced and Protection Pointed
to rs the Needed Relief.

|
tee. 1t is devoted principally to the
discussion of what he considers the
three great questions of the campaign
protection, honest money and reci
procity. A considerable portion of the
message is devoted to a consideration
of the free silver question. The letter
in part is as follows:
For the first time since 1893 If ever before
there Is presented to the American people this
year a clear and direct issue as to our monetary
system. of vast Importance in its effect and
upon the right settlement OF which rests large
ly the financial honor and prosperity OF the
country. 1t is proposed by one wing OF the
democratic party and its allies, the people
and silver parties. to inaugurate the free and
unlimited coinage of silver by independent ac-
ton on the part of the United States, at a ratio
OF sixteen ounces OF silver to one ounce OF
gold.
The mere declaration OF this purpase is q
menace to our financial and Industrial inter-
ests. and has already created universal alarm.
| It involves great peril to the credit and busi-
ness of the country, peril so grave that con-
Servative men everywhere are breaking away
| from their old party associations and uniting
with other patriotic citizens in emphatic pro-
test against the platform OF the democratic
national convention assault upon the
faith and honor of the government and the
| welfare OF the people. We have had few ques-
tfons in the life time OF the republic more seri-
Gus than the one which is thus presented.
| the United States for the few who are owners of
| 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 pay better. 1t
| would not make farming less laborous or more
profitable 1t would not start a factory, nor
make q demand for an additional days labor
| 1t would create no new occupations. It
! would add nothing to the comfort Of the
| masses, the capital of the people or the wealth
| of the nation. 1t seeks to introduce new
| measure of value, but would add no value to
the thing measured 1t would not conserve
| values On the contrary. IL would derange all
| existing values. 1t would not restore business
confidence. but its direct effect would be to de-
stroy the little which yet remains
| The meaning of the coinage plank adopted
| ut Chicago Is that anyone may take quantity
| OF silver bullion, now worth SO cents, to the
mints of the United States, have it coined at
| the expense of the government and receive for
| 1t silver dollar, which shall be legal tender
| for the payment OF all debts. public and prt-
| vate 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 values, would receive the
| silver dollar for SO cents worth OF silver, and
other people would be required to receive it as
| full dollar in the payment OF debts The
| government would get nothing from the trans
action. 1t would bear the expense of coming
| the silver and the community would suffer loss
| by its
Bimetallism cannot be secured by independ-
| ent action on our part. 1t cannot be obtained
| by opening our mints to the unlimited coinage
OF silver OF the world at ratio of IS ounces of
| silver to one ounce OF gold, when the CONNER
| cial ratio is more than 80 ounces OF silver to
| one ounce OF gold. Mexico and China have
tried the experiment Mexico has free coin
age of silver and gold ut a ratio slightly In ex-
| cess of I6tz ounces OF silver to ounce
of gold. and while her mints are freely
| open to both metals ut that ratio
| not single dollar in gold bullion is
| coined and circulated as money. Gold has been
/ driven out Of circulation In these countries,
and they are on a silver basis alone. Until in
| ternational agreement is had 1t is the plain
| duty of the United States to maintain the gold
| standard. 1t is the recognized and sole stand
| ard OF the great commercial nations OF the
world with which we trade more largely than
| any other country. Etghty-four per cent. of our
| foreign trade for the fiscal year 1895 was with
| gold standard countries, and our trade with
other countries was settled on a gold basis.
| The republican party has not BEEN and is
| not now opposed to the use of silver money.
| its record abundantly shows 1t has done all
that could be done for its increased use, with
| safety and honor by the United States, acting
| apart from other governments.
| We have much more silver in use than any
| country in the world except India China
$500, 100000 more than Great Britain, 50OO0 900
more than France, f4O,O0o, 900 more than Ger
many, S315 600. 600 less than India and Sl25 0O0,
| 900 less than China
| The republican party has declared in favor
| OF an international agreement, and II elected
| president 1t Will be my duty to employ all
| proper means to promote it. The free coinage
OF silver in this country would defer, II not de-
feat. International bimetallism and. until an in
ternational agreement can be had, every interest
| requires us to maintain our present standard.
Independent free coinage of silver at q ratio OF
| sixteen ounces Of silver to one ounce OF
| gold would insure the speedy contraction
| of the volume OF our currency 1t would
| drv ut NJ OOl yphf oh
| we now have, permanently from the trade OF the
| country and greatly decrease our per capita
| circulation. 1t is not proposed by the repub-
| lican party to take from the circulating
| medium of the country any of the silver
now have. On the contrary. IL is proposed
keep all OF the silver money now in circulation
on O parity with gold by maintaining the
pledge OF the government that all OF 1t shall be
equal to gold
| This has been the unbroken policy of the re-
publican party since 1879 It has inaugurated
no new policy. 1t will keep in circulation and
as good as gold all OF the silver and paper
| money which is now included in the currency
| of the country. 1t will maintain their parity
| 1t will preserve their equality in the future
it has always done in the past It will not
consent to put this country on a silver basis,
which would inevitably follow independent
| free coinage at a ratio of sixteen to one. 1t
| will oppose the expulsion of gold from our cir
culation
The ex-governor then goes on to say:
The silver question Is not the only issue al
| fecting our money in the pending contest Not
content with urging the free coinage of silver,
| its strongest champions demand that our pa
per money shall be issued directly by the gov
| ernment OF the United States. The ST. Louis
people, party declaration is that our national
money shall be issued by the general govern
ment only. without the Intervention of banks
OF issue, be full legal tender for the payment
OF all debts, public and private and be distrib-
uted direct to the people and through lawful
disbursements OF the government"
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 1885
to 1873 is thus to be reopened with oil Its cheap
money experiments OF every conceivable form
foisted upon us. This indicates most
startling reactionary policy strangely at
variance with every requirement OF
sound finance: but the declara-
tion shows the spirit and purpose
of those who by combined action are contend
ing for the control OF the government. Not
satisfied with the debasement OF our coin.
which inevitably follows the free coinage of
silver at sixteen to one, they would Still fur-
ther degrade our currency and threaten the
public honor by the unlimited Issue OF an ire
deemable paper currency a graver menace
TO financial standing and credit could
hardly be conceived und every patriotic citizen
should be aroused to promptly meet and effec-
tuaIly defeat It
Concerning protection, Mnj. McKin-
ley says:
An issue OF supreme Importance is that OF
protection The peril of free silver is men
ace TO be feared We are already experiencing
the effect of partial free trade. The one must
be aVerted, the other corrected The repub-
lican party is welded TO the doctrine of pro-
lection. and was never more earnest IN It's sup
port and advocacy than now. II argument
were needed to strengthen its devotion to tine |
American system" or Increase the hold OF TINT |
system upon the party and people, 1t is found |
in the lesson and exnerience OF the past three |
years Men realize in their own daily lives |
what before to many OF them only report |
history or tradition. They have had n trial OF |
both systems and know what each has done |
for them.
1t is mere pretense 10 attribute the hard |
times to the fact that all our currency Is on |
gold basis Those who assert that our present |
Industrial and financial depression is the re- |
suit of the gold standard, have not read Amer |
lean history Alright, or been careful students |
of the events OF recent years. We never had |
greater prosperity in this country. in every |
field OF employing ment and industry than in the |
busy wears from 1880 to 1892, during all OF which |
time this country was ON gold basis and en- |
ployed more gold money in its fiscal and busi- |
ness operations than before. We had. |
too a protective tnrin under which ample rev. |
enues were collected for the government and |
an accumulating surplus which Was constantly !