The Yale expositor., 1896-09-04
Another issue or supreme import

history Alright, or been careful students
OF the events OF recent years. We never
had greater prosperity in this COZ airy,
in every field of employment and in
, dustry, than in the busy years from
1880 to 1892, during all of which time
| this country was on a gold basis and
employed more gold money in Its fiscal
and business operations than ever be-
/ fore. We had, too, protective tariff,
under which ample revenues were col
lected for the government, and an &C
cumulating surplus which was con-
stantly applied to the payment of the
public debt.
'"Bimetallism cannot be secured by
Independent action oil our part. 1t
cannot be obtained by opening our
minis to the unlimited coinage OF the
silver of the world at a ratio OF six
teen ounces of silver to one ounce OF
gold, when the commercial ratio Is
more than thirty ounces of silver to
one of gold. Until international agree
ment is hal 1t is the plain duty OF
the United States to maintain the gold
standard. II Is the recognized and sole
standard of the great commercial ma
tions of the world, with which we trade
more largely than any other. Eighty
! four per cent of our foreign trade for
the fiscal year 1895 VAS with gold
standard countries, and OUR trade with
other coutries was settled on gold
basis.
Chiefly by means Of legislation dur
! ing and since 1873 there has been put
in circulation more than 1924, 100000 OF
silver, or it's representative. Prior to
that time there had been less than g.
100000 of silver dollars coined in the
entire history of the United States, a
period of eighty-nine years. We have
today more silver than gold.
TIE so-calied Sherman law sought
to use all the silver product OF the
United States for money at its market
value. From 1890 to 1893 the govern
ment purchased 100000 ounces of sill
yer a month, or 54,000,000 ounces a
year. This was ore-third of the pro-
duct of the world, and practically all
of this country% product. 1t was be-
lieved by those who then and now fav-
or free coinage that such use of silver
would advance it's bullion value to it's
coinage value, but this expectation was
not realized. In a few months, not
withstanding the unprecedented mar
ket for silver produced in the United
States, the price of silver went down
very rapidly, reaching a lower point
than ever before. Then, upon the rec
ommendation of President Cleveland,
/ both ~ zeal parties united in the re-
e? the purchasing clause of the
= law. We cannot with safety
e" gage in further experiments in this
/ direction.
The first duty of the republican par
ty, If restored to power in the country,
will be the enactment o. tariff law
which will raise all the money neces-
sary to conduct the government, eco
nomically and honestly administered,
and SO adjusted as TO give preference
to home manufactures and adequate
protection TO home labor and the home
market. We are not committed to any
special schedules or rates of duty.
They are, and should be always, sub
ject to change to meet new conditions,
duty are imposed remains the same.
Our duties should always be high
enough to measure the difference be-
tween the wages paid labor at home
and in competing countries, and to ade-
quately protect American investments
and American enterprises.
Another declaration OF the republic
can platform that has my most cordial
support is that which favors reciproc-
lity. In my judgment congress should
Immediately restore the reciprocity Sec
ton OF the old law, with such amend
mends, if any, as time and experience
sanction as wise and proper. The I'M
DERIVING principle of this legislation
must, however. be strictly observed.
1t is to afford new markets for our
surplus -~-icultural and manufactured
products without loss to the American
laborer of single days work that he
might otherwise procure.
Il am in hearty sympathy with the
present legislation restraining foreign
immigration, and favor such extension
OF the laws as will secure the United
States from invasion by the debased
and criminal classes of the old world.
We should permit none to participate
in the advantages of our civilization
who do not sympathize with our aims
and form of government. We should
receive none who evme to make war
upon our institutions and profit by
public disquiet and turmoil. Against
all such our gates must be tightly
closed.
The declaration OF the republican
platform in favor of the up-building of
cur merchant marine has my hearty
approval. We should no longer con-
tribute directly or Indirectly to the
maintenance of the colossal marine
OF foreign countries, but provide an eff
ficlent and complete marine or our
own.
THE pledge of the republican ma
tional convention that our civil-service
laws shall be sustained and thoroughly
and honestly enforced, and extended
wherever practicable
There are other important and