The San Francisco call., 1896-08-16

OsNNS~
will take its place among the nations OF the
earth as bankrupt, closing its business at SO
cents on the dollar.
There is another element OF meanness In
this free coinage of silver. The United States
has always paid its bons in gold coin or Its
equivalent In the darkest hour OF the Civil
War we stipulated to pay our bonds, principal
and interest in gold or its equivalent. All OF
the war debt has been paid in this way. por-
ton OF it was paid by the sale OF bonds bearing
lower rate of interest, but we exacted OF the
purchasers of these bonds gold coin or its
equivalent even while our notes>wer below
par in coin. About $347. 900, 900 of these Sc
curities are now outstanding, of which $262,-
OOO,O was sold by this administration and
paid for In gold coin. 1t is one of the objects
OF those who advocate the free coinage OF sill
yer to force the Government to pay these
bonds in silver coin reduced in value. I can
not regard this in any other light, but as both
fraud and robbery and all the worse if COM
m1tted by great rich and free people.
The matter of the free coinage of silver and
the degradation of the standard of value in
wolves not only questions of money but of
honor and good faith. When their honor is
involved the people never fail to respond
They have complied with every promise and
paid every debt contracted since the organiZa-
tion of the Government as it became due
They have paid four-fifths of the debts con-
tracted during the Civil War and the prospect
was hopeful that all of it would be paid before
the close of this century, but this reversing
our standard of value has, like the firebell at
night, startled and alarmed our people. Let
us settle it by following the action of Wash
ington, Hamilton, Jefferson, Benton, Hunter
Lincoln and Grant Let us maintain silver
and gold at par with each other at the legal
ratio OF 10 to until conference among ma
lions can prescribe common standards of
value. In the meantime let no act be done,
no policy be adopted, no exped1ent resorted to
that will tarnish the honor of this great re-
public.
When Senator Sherman finished Gov
ernor Bushnell introduced Senator-elect
]. B. Foraker. The cheering which greeted
him lasted two or three minutes. When
he mentioned Nc Klnley's name in his
opening remarks the scene which followed
was for short time like the memorable
one in The st. Louis convention when he
named Mckinley in his nominating
speech.
Mr.. Foraker said:
Mr.. Chairman and Fellow Citizens: For
three years in succession Republican major
tiles, in this State and throughout the coun-
try, have been overwhelming; 1893, 1894
and S95 show an increasing strength for Re-
publicanism and corresponding losses for
Democracy These election verdcs have been
| the peoples condemnation of Democratic NAL
admins tration in National affairs.
What has happened since the elections OF
last year TO change the verdict OF the people as
then recorded? In administration, nothing.
Mr.. Cleveland or anybody else has done any
thing to redeem Democracy from the faults
for which It was condemned last year. Why
then should there be a contest for supremacy
this year? Why should it be necessary to hold
this meeting, or any other meeting, Tor the
purpose OF debating whether we shall vote the
Republican or Democratic ticket?
Why should there be any effort to secure the
election of a Republican President? Why
| does aot the verdict of last year stand good
| for this? The answer is, there is a new issue.
The money question has been brought to the
| front and we are to determine whether or not
we shall have free silver. Why has this new
| issue been made? What is the nature of it?
What is the right of it? 1t has been born of
Democratic desperation on the tariff question,
which has been the issue for years. They
were Overwhelmingly, defeated before the
! fight commenced. Their victory in 1892
| proved to them q great misfortune. 1t gave
| them an opportunity to present an object
| lesson to the American people. Coming into
power on the plea OF opposition to protection,
II was necessary for them to legislate accord
] ingly. They did so and that has worked their
| ruin. Before 1892 the tariff was debatable
| question. Everybody understands the tariff
| question now and almost everybody has be-
| come protectionist.
! 1t was because of our political experience in
| these regards that the Republican party has
been triumphing by such tremendous majori-
! ties and it is because the end is not yet, be-
| cause hard times continue, because men are
| still idle, because farmers are still distressed,
wage-earners still seeking employment, busi-
| ness paralyzed and the Government revenues
| insufficient TO meet the Government expenses
! that it was seen months ago that in November
| 1896, upon the old issues the Democratic
! party would be Overwhelmingly defeated, and
| for that reason it was determined that some
thing must be done to give the Democracy q
new chance. In other words, If the Demo
| cratic party had not seen its defeat ahead on
its old issues it would not have made this new
| issue.
But what is this silver question? Is it true
! that the Democratic party, which has beer
| constantly and persistenty on the wrong side
| of every great National question for fifty years
is at last and for once right? No. it is not. Or
| the contrary, 1t is more wrong now than evel
! before, since the Union was saved and slavery
| abolished. Democrats themselves assert
| Their most distinguished and trusted leaders
unsparingly condemn their platform and re
| fuse to support their candidate. Half of the
party is now in open revolt. Almost all the
leading Democratic Of the North
nounced and refused to support this platform
or the candidates of the party who stant
upon it.
In view of this it is hardly necessary to re
sort to argument, and yet when great party
puts forth decision upon an important sub
ject 1t is our duty TO examine it and dispose O.
| any question we must know exactly what tha
question is. This is particularly true in the
present case, for much effort is being m ade te
cause it to appear that the Republican party
has changed its position. That is not true II
stands exactly where it has been standing
heretofore. Its st. Louis platform is but 3
| repetition of all Its previous declarations on
the currency question. 1t is not so explicit
but in substance and effect it is precisely iden
tical. Briefly and simply stated our position
is that we propose 10 maintain what we have
until we can get something better. What we
have is the single gold standard, with the use
of the largest quaint ty OF both silver and paper
that can be maintained on par with gold
/ What We want is the double, or bime tallic
! standard, under which we can have not only
| the free coinage OF both metals, but the actual
use of both metals as we now have, with the
additional use of silver for redemption pur.
| poses. We propose to secure this by interna
| tional agreement-the only possible way in
! our judgment, that has yet been DO nted out
Our position is not, therefore, in hostility to
| silver, as has been claimed, but one that de.
| mands such use and treatment of silver as
! will maintain 1t in honorable parity with
| gold. We have now in use not only gold and
| silver, but six different kinds OF paper money.
J The grand aggregate amounts 10 more than
! 81, SOC, 100000. Speaking in round figures,
! $500, 5000 of this is in silver and paper and
only $500, ,000, 600 in gold. and yet all is MAIN
tanned at pal. with gold, simply because all
| is redeemable in gold.
| The commercial valua of gold ond ci1var ;u