The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-10
He Dissects the Chicago Declarations
of Popocrats and shows Wherein
They Are Dangerous.
LOGIC OF SILVERITES BAD
SOME OF THE EVIL EFFECTS OF
FREE COINAGE MADE PLAIN.
Necessity of Revising the Tariff for
Protection and Increasing Reve-
nue. Also Pointed Out.

PATTERSON, N. j., Sept 9-Garret A.
Hobart, Republican nominee for the vice
presidency to-day replied to the notifca-
tion committee appointed by the St Louis
convention. He accepts the nomination in
| the following words:
Hon Charles w Fairbanks and Others of tho
Notification Committee OF the Republican Ma
tonal Conventions
Gentlemen-I have already, in accepting
| the nomination for the Office of the vice
| presidency rendered me by the national
| Republican convention expressed my APP
! proval OF the platform adopted by that
| body as the party basis of doctrine. In
| accordance with accepted usage beg now
| to supplement that brief statement of my
| views, by some additional reflections upon
! the questions which are in debate before
| the American people.
| Inc platform declarations in reference ia
| the money question express clearly and
urmista kably the attitude OF the ,Repubic..
subject. We stand unqualifiedly' for hon-
esty i'll finance, and the permanent adjust
| tifarious activities OF trade and commerce.
to the existing gold standard of value.
sued by the United States, whether of gold,
| silver paper. must be worth dollar
Who tolls for his daily bread in the vault
| of the savings bank which holds his de-
posits, or in the exchanges of the world.
The money standard of a great nation
| should be as fixed and permanent the
nation itself; TO secure and retain the
| minded citizen. Resting on stable foun-
dations. continuous and unvarying certain-
ty of value should be its distinguishing
Characteristic. The experience of all his
| tory confirms the truth that every coin.
made under any law, howsoever that coin
1 may be stamped. will finally command in
| the markets of the world the exact value
| of the materials which compose IL. The
! silver. should be of the full value of one
| hundred cents, and by SO much as any
| dollar Is worth less than this in the mar
ket. by precisely that sum will some one
| be defrauded,
| money value between nations as well as
| individuals has grown out OF the inter-
| ne IS relationships which have arisen among
| the peoples of the world with the enlarge
ment of human wants and the broadening
| of human interests. This necessity has
| made gold the final standard of all enlight-
ened nations. Other metals, including sill
| yer, have q recognized commercial value,
| and silver, especially, has value of great
| Importance for subsidiary coinage. In view
| of a sedulous effort by the advocates of
| free coinage to create contrary impress
| sion, it cannot be too strongly emphasized
that the IN e an and iS fapors tba
| largest possible use of this metal as actual
money that can be maintained with safety.
Not only this, 1t Will not antagonize. but
will gladly assist in promoting a double
| standard whenever it can be secured by
tions The bimetalic currency, involving
the free use of silver, which we now nave.
is cordially approved by Republicans. But
a standard and currency are vastly diff
ferent things.
JUGGLING MUST CEASE.
If we are to continue to hold our place
among the great commercial nations We
must cease juggling with this question,
and make our honesty of purpose clear to
the world No room should be left for mis-
conception as to the meaning of the Lam
guage used in the bonds of the government
not yet matured. 1t should not be possible
for any party or individual to raise ques-
ticn as to the purpose of the country to
pay all it's obligations in the best form Of
money recognized by the commercial
world. Any nation which Is worthy or
credit or confidence can afford to say ex-
plicitly on a question vital to every in
terest what it means, when such meaning
is challenged doubted. 1t is desirable
| that we should make it known at once
and authoritatively. that an honest dol
| lar means any dollar equivalent to a gold
| dollar of the present standard of weight
and fineness. The world should likewise be
assured that the standard dollar of Amer
lea is as innexible quantity as the
French Napolean, the British sovereign,
or the German twenty-mark piece.
The free coinage of silver at the ratio of
before proposed. and it is not to-day per.
mitted in any mint in tue worlu--ilot ,vSn
in Mexico 1t Is purposed 10 make ett, the
| tious ratio. fixed with no reference to in
trinsic value or pledge of ultimate redemp-
| ton. With silver at its present price OF
| less than 20 cents per ounce m the market.
such a policy means an immediate profit to
! the seller of silver for winch there Is no
return or hereafter to the people or
| the government. 1t means that for each
| dollars worth of silver bullion delivered
at the mint, practically. two dollars OF
stamped coin will be given in exchange.
For one hundred dollars worth OF bullion
nearly two hundred silver dollars will be
delivered.
Let it also be remembered that the con-
| sequences of such act would probably be
| cumulative in their effects The crop OF
silver unlike that OF hay, or wheat, or corn
! which being of yearly production can be
| regulated by the law of demand and supply
is hxed cnce tor all. The silver which has
not vet been gathered is all in the ground
! Dearth or other accident of the elements
| cannot augment diminish IL. Is Ii not
| nous premium offered for its mining the
| cupidity of man would make an over-sup-
/ of a steady depreciation as long as the sill
yer dollar could be kept in circulation at
| all? Under the laws OF finance, Which are
| as fixed as those OF any other science, the
rency ait and absolutely fiat. There is nc
| difference in principle between a dollar half
| fiat and one all fiat. The latter, as the
| cheapest under the logic of cheap mon
| ey" would surely drive the other out.
Any attempt on the part of the govern
! ment to create by it's fiat, money or fc-
| titlous value. would dishonor US in the eyes
| of other peoples, and bring Infinite re-
| proach upon the national character The
| business and financial consequences OF such
| an immoral act would be worldwide, be-
| cause our commercial relations are world
wide. All our settlements with other lands
| must be made. not the money which
! may be legally current in our own coun-
| try. but in gold the standard of all ma
! cordial and extensive. and no legislative
| enactment can free US from that inevitable
necessity. 1t Is a known fact that more