The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1896-09-16
Mr.. Hobarts Letter of Acceptance,

Hon. Carrot a. Hobart has made
public his letter of acceptance of his
nomination by the republican national
convention to the Office of vice-presi-
dent. After expressing bis approval
of the whole of the platform adopted,
he devotes the letter chiefly to dis
cussion of "the financial questions
which are in debate before the Ameri-
can people," Only the salient points
can here be given, as follows:
The platform declarations in refer
ence to the money question express
clearly and Enthusiastically the attitude
of the republican party as to this su-
premely important subject. We stand
unqualifedly for honesty in finance,
and the permanent adjustment of our
monetary system, in the multfarious
activities of trade and commerce, to
the existing gold standard of value.
We hold that every dollar of currency
issued by the United States, whether
OF gold, silver or paper, must be worth
dollar in gold, whether in the pocket
of the man who tolls for his daily bread.
IN the vault Of the savings bank which
holds his deposits, or in the exchanges
of the world
The money standard of a great ma
ton should be as fixed and permanent
as the nation itself. To secure and re-
tain the best should be the desire Of
every right-minded citizen. Resting
on stable foundations, continuous and
unvarying certainty of value should be
its distinguishing Characteristic. The
experience of all history confirms the
truth that every coin, made under any
law, howsoever that coin may be
stamped, will finally command in the
markets of the world the exact value of
the materials which compose it. The
dollar OF our country, whether of gold
or silver, should be of the full value of
one hundred cents, and by 30 much as
any dollar is worth less than this in
the market, by precisely that sum will
some one be defrauded.
The necessity of certain and fixed
money value between nations as well
as individuals has grown out of the in
terchange OF commodities, the trade
and business relationships which have
arisen among the peoples of the world.
with the enlargement of human wants
and the broadening of human interests.
This necessity has made gold the final
standard of all enlightened nations.
Other metals, including silver, have
recognized commercial value, and sill
yer, especially, has a value of great i'm.
portance for subsidiary coinage.
In view of sedulous effort by the
advocates of free coinage TO create a
contrary impression, it cannot be too
strongly emphasized that the repub-
lican party in its platform affirms this
value in silver, and favors the largest
possible use of this metal as actual
money that can be maintained with
safety. Not only this, it will not an
tagonize, but will gladly assist in pro-
noting, a double standard whenever il
can be secured by agreement and co.
operation among the nations. The BIZ
metallic currency, involving the free
use OF silver, which we now have. is
cordially approved by republicans. But
n standard and currency are vastly
different things.
III we are to continue 10 hold our
place among the great commercial ma
tions, we must cease juggling with this
question and make our honesty of pur-
pose clear to the world No room
should be left for misconception as to
the meaning of the language used in
the bonds OF the government not yet
1t should not be possible for
any party or individuals to raise cues
ton AS to the purpose of the country to
pay all its obligations in the best form
OF money recognized by the commercial
world. Any nation which is worthy of
credit or confidence can afford to say
explicitly, on question so vital 10
every interest, what it means, when
such meaning is challenged or doubted.
1t is desirable that we should make
1t known, al once and authoritatively,
that an honest dollar" 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
America is as inhexible a quantity as
the French Napoleon, the British SOW
erelgn, or German twenty-mark piece.
The free coinage of silver at the
ratio of sixteen to one is a policy which
no nation has ever before proposed,
and it is not to-day permitted in any
mint in the world-not even in Mex
leo. 1t is purposed to make the coin
age unlimited at an absolutely fictitious
ratio, fixed with no reference to intrin-
sic value or pledge of ultimate redemp-
ton.
With silver at its present price of
less than seventy cents per ounce in
market, such policy means an imme-
date profit to the seller of silver for
which there is no return, now or here
after, 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 de.
livered.
n n
Any attempt on the part of the gov.
eminent to create by its fiat money of
a fictitious value would dishonor us in
the eyes of other peoples and bring in