Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-09-03
MeKlnlsy,. Le,.sr d Aeesplanee.

OF acceptance Is at last before the pub
lie, and there will be general feeling
of relief in the fact that at last he de.
clares himself, positively, and I'M
equivocally, against the free coinage
of silver.
Mr.. McKinley's letter is SO long that
many people will not read it through.
They are cure to skip his dreary,
drawn-nut tariff platitudes, but in
this they will be wise. Chief interest
centres in what he says about the
financial question. Contrary to ex-
pectation, he gives this first place in
his letter, and here is what he says
about it,
For the first time since 1868. il 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
effects, and upon the right settlement
of which rests largely the financial
honor and prosperity of the country.
1t is PROPOSED by one wing of the
Democratic party, and its allies, the
Peoples and Silver parties, to inaugu-
rate the free and unlimited coinage Of
silver by independent action on the
part of tho United States at ratio of
Hounces of silver to one ounce of gold.
1.-The mere declaration OF this purpose
iH a menace to our financial and indus
trial interests and has already
created universal alarm. 1t in
wolves great peril TO the credit and
business of the country. peril so
Tint
where are breaking away from their
old party associations and uniting with
4 other patriotic citizens in emphatic
protest against the platform of the
Democratic National Convention as an
assault upon the faith and honor Of
the government and the welfare of the
people. We have had few questions
in the lifetime of the Republic more
serious than the one which is thus pre-.
scented.
The character of the money which
shall measure our values and ex-
changes. and settle our balances with
one another and with the nations of
the world, is of such primary import
atlce and SO far reaching in its con-
sequences as to call for the most
palnstaking investigation, and, in the
end, a sober and unprejudiced judg-
ment at the polls. We must not be
mislead 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 of silver bullion, but would
make silver coin no freer to the many
who are engaged in other ENTERPRISES,
It would not make labor easier, the
hours of labor shorter, or the pay bet
ter. 1t would not make farming less
laborious or more profitable. 1t would
not start factory or make demand
for an additional days labor. 1t would
I. create no new occupations. 1t would
add nothing TO tine comfort of the
masses, the capital of the people or
the wealth of the nation. 1t seeks 10
Introduce a new measure OF value, bu,
would add no value TO the thing
measured. 1t would not conserve
values. On the contrary, it would
derange all existing values. 1t would
) not restore business confidence; bul
= its direct effect would be to destroy
the little which yet remains.
Nv The meaning of the coinage plank
J adopted at Chicago is that any one
may take q quantity of silver bullion
now worth 50 cents to the mints of tht
United States, have it coined at tn,
expense of the government, and receive
for it silver dollar which shall bt
legal tender for the payment of al
debts, public and private. The nwnel
of the silver bullion would get thu
,l5silver dollar 1t would belong to hin
and to nobody else. Other people,
would get it only by their labor, thu
prodrets Of their land, or something O
value. The bullion owner, on tn
Z basis of present values, would receivr
y the silver dollar for IS cents worth o
silver, and other people would be re
3 quired to receive it as full dollar il
! the payment of debts. The goyernmen
I. would get nothing for the transaction
1t would bear the expense of coinin,
the silver and the community woult
suffer loss by its use.
We have coined since 1875 NOR
than 400, COO, 600 silver dollars, whicl
are maintained by the government a
parity with gold, and are a full lega
Z teuder for thu payment of all debts
PUBLIC and private. How are the silye
dollars new in use different from thos
which would be in use under fire.
coinage? They are to be of the sam
weight and tineness; they arc to bea
the Same stamp of the government.
Why would they not be of the sam
Y yaluef / answer: The silver dollar
now in uga were coined on account G
the government, and not for pfiyat
account or gain, and the government
has solemnly agreed to keep them a
good as the best dollars we have. TIL
government bought the silver bullio
at its market value and coined it int
silver dollars. Having exclusive con
troi.of the mintage, it only coins wha
1t can hold at parity with gold. TIL
profit, representing the difference be
tween the commercial value of tn
silver bullion and the lace value c
the silver dollar, goes to the govern
ment for the benefit of the people.
The government bought the silve
bullion contained in the silver dol!a
at very much less than its cuinag
value. 1t raid it out to its creditor
and put it in circulation among tn
people at its face value OF ono hundre
cents, or foil dollar. Ii required til
people to accept it as legal tender
and is thus morally bound to mainta
it at parity with gold, which wa
then, as now, the recognized etandar
with us, and the most enlightene
( nations of the world.
The government having issued an
I. circulated the silver, it must in homo
protect the holder from loss Thi
obligation it has SO far sacrediy kent
Not only is there a moral obligation
but there is legal obligation, OK
tufl tfa 80, tnt