River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1896-09-03
THE ISSUES.
Discussed by Mr.. Mckinley in His
Letter of Acceptance.
He Takes q Strong Stand In Favor OF
ssound Money" Protection and Reci-
procity-Nation Needs Open Mills.
Not Open Minis.

pfOtity-NhtiOn Nceus open Mills
Not Open MINIS
Canton. o.. Aug 27.-Maj Mckinley gave
his letter OF acceptance TO the press as
sociations Wednesday afternoon. having
finished his last reading and revision OF
II al y 30 O'Clock. The letter touches upon
all OF the important planks In the repub-
lican national platform, but the first hall
OF II is devoted TO an incisive discussion OF
the money question. The latter 10 in part
as follows:
THE character of the money which shall
measure our values and exchanges and
settle our balances with one another and
with the nations of the world, is OF such
primary Importance and SO far-reaching
In its consequences as to call for the most
painstaling Investigation, and, In the end,
a sober and unprecedented judgment at the
polls. We must not be misled by phrases
nor deluded by false theories Free silver
would not mean that silver dollars were
TO be freely had without cost o. labor. IL
would mean the free use of the minis OF
the United States for the few who are
owners of silver bullion, but would make
silver coin no freer to many who are en-
gagged IN other enterprises. 1t would not
make labor easier, the hours of labor
shorter or the pay better: 1t would not
make farming less laborious or more
profitable. Ii would not start a factory
or make a demand Tor an additional day.
labor. II would create no new occupations.
masses, the capital of the people or the
wealth of the nation. 1t seeks to introduce
a new measure OF value, but would add
not conserve values. On the contrary, II
would derange all existing values II would
not restore business confidence, but its
direct effect would be to destroy the little
what IL Means.
1.-THE meaning of the coinage plank
adopted at Chicago Is that anyons may
take quantity Of silver bullion now worth
have II coined at the expense of the govern
ment and receive for II a silver dollar.
which shall be legal tender for the pay
ment OF al debts, pubic and private The
silver dollar. II would belong to him and
TO nobody else. Other people would get
II Only by their labor. the products OF their
land or something of value. The bullion
owner on the basis of present values. would
receive the silver dollar for 50 cents worth
Of silver. and other people would Re re-
quired to receive II as a full dollar I'm the
payment OF debts. The government would
get nothing from the trans9c elton. II would
bear the expense of coming the silver and
the community would suffer loss by its use
The Dollars Compared.
1--WE have coined since 1878 more than
400 o00,0 900 of silver dollars. which are main
tanned by the government al partly with
gold. and are a fun legal tender for the pay
ment of all debts, public and private. How
are the silver dollars now I'm use different
from those which would be In use unde,
free coinage? They are 20 he of the same
weight and fineness; they are to bear the
same stamp of the government. Why
would they not be of the same value?
II answer; The silver dollars now in
Use were coined on account of the govern
ment, and not for private account or gain,
and the government has solemnly agreed
TO keep them as good as the best dollarg we
have The government bought the silver
bullion at its market value and coined II
into silver dollars. Having exclusive con-
troll of the mintage, II only coins what II
90 hold Of n a~ff II oil 4.
representing the difference between the
commercial value of the silver bullion and
the face value of the silver dollar, goes to
the government for the benefit OF the peo-
pie. The government bought the bullion
In the silver dollar at very much less than
its coinage value. 1t paid 1t out TO It's cred
people at It's face value of 100 cents, or a
full dollar. IL required the people to ac-
cept II as a legal tender, and lie thus morally
bound TO maintain II at a parity with gold,
which was then, as now. the recognized
standard with us, and the most enlightened
nations of the world. The government
lar, IL must In honor protect the holder
from loss. This obligation II has SO far
sacredly kept. Not only is there a
moral obligation. but there is a legal obli-
cation, expressed In public statute, 70
maintain the parity.
They Could Not he Kept at Par.
"These dollars. in the particulars have
named, are not the same as the dollars
MllCn WOuiO De ISSUED unuer Tree coinage
They would be the same In form, but diff
ferent In value. The government would
have no part in the transaction, except to
coin the silver bn iln1p into dollars. i
would not put the dollars into circulation.
II could only get them, rs any citizen would
get them. by giving something Tor them.
Il would deliver them to those who de-
posted the silver. and its connection with
the transaction there end. Such are the
silver dollars which would be issued under
Df "a n of al ~ re- an
to one. Who would then maintain the
parity2 What would keep them al par
with gold2 There would be no obligation
resting upon the government to do 1t, and If
there were. IL would be powerless to do IL.
The simple truth is we would be driven to
silver basis-to silver monometallism.
These dollars, therefore, would stand upon
their real value. If the free and unlimit-
ed coinage of silver at ratio of sixteen
ounces of siive.' to one ounce of gold would,
as some of its advocates assert, make Sd
cents in silver worth 100 cents, and the
silver dollar equai to the gold dollar, then
we would have no cheaper money than now,
and Ii would be no easier 20 get. But that
such would be the result is againsl reason
and is contradicted by experience in all
times and in all lands. 1t means the de-
basement of our currency to the amount OF
the difference between the commercial and
coin value OF the silver dollar, which is ever
changing, and the effect would be TO re-
duce property values, entail untold finan-
cial loss, destroy confidence, impair the
obligations of existing contracts, further
the country, create panic of unparalleled
severity and inti!ct upon trade and COM
merce a deadly blow. Against any such
policy. am unalterably opposed.
Bimetallism.
"Bimetallism cannot be secured by in
dependent action on our part. Ii cannot
be obtained by opening our mints to the
unlimited coinage Of the silver of the
silver to one ounce of gold, when the
commercial ratio is more than thirty ounces
China have tried the experiment. Mexico
has free coinage of silver and gold at a
ratio slightly IN excess of sixteen and one
half ounces OF silver to one ounce of gold.
and while her mints are freely open to
both metals at that ratio. not a single dol
lar in gold bullion is coined and circulated
as money. Gold has been driven out OF
circulation in these countries, and they
are on a silver basis alone. Until interna-
tional agreement is had. 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
more largely than any other. Eighty
four per cent. of our foreign trade for the
fiscal year 1895 was with gold standard
countries, and our trade with other coun-
tries was settled on gold basis.
Mr.. Mckinley declares that the legisla-
ton during and since 1873 has secured the
largest use of silver consistent with flnan-
cial safety and the pledge TO maintain its
parity with gold. We have to-day more
silver than gold.
FavCrs the Use OF silver Money.
1.-THE republican party has not been, and
10 not now, opposed to the use of silver
money, as its record abundantly shows. 1t
has done all that could be done for It's in
creased use, with safety and honor, by the
United states acting apart from other gov
ernments. There are those who think tha I
It has already gone beyond the limit of
further, and we must not permit false
lights to lure us across the danger line.
I'VE have much more silver I'm use than
any country I'm the world except India or
$3.50. 900 900 more than France: s400, 900 900
more than Germany: 1925 000, 900 less than
India and 5000. 600 less than China.
THE republican party has declared IN
favor of an International agreement and II
elected president II Will be my duty to
employ all proper means TO promote IT.
The letter declares that 1t Is not pro-
posed by the republican party TO take from
the circulating medium OF the country any
of the silver we now have. On the con-
trary, IL is proposed to keep all of the sill
yer we now have in circulation on parity
with gold by maintaining the pledge OF
the government that all of IL shall be equal
to gold.
Farmers and Laborers suffer Most.
IF there is any one thing which should
be free from speculation and fiuctuation
II is the money of a country. 1t ought never
to be the subject of mere partisan conten-
ton. When we part with our labor, our
products, or our property, We should re-
seive In return money which Is as stable
and unchanginR IN value as the ingenuity
of the currency means destruction of val
ues. No one suffers so much from Cheap
money as the farmers and laborers. They
are the first to feel its bad effects and the
the uniform experience of all countries
md here as elsewhere, the poor, and not