San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-06-16

Against such democratic inauciering the
republican party enters its emphatic
protest.
Having attemOted TO reverse the tariff
policy of the United States with such
lamentable results, the democratic party
now proposes to reverse the currency
policy. 1t turns to the currency as the
parent OF our ills. Its effort TO shift the
responsibility will fool no one. Its attack
on the tariff, its enmity and insincerity is
a part Of the unfortunate history OF the
republic. The present currency system
Is the result Of republican wisdom. II
has been adequate to all past necessities,
and il uncorrupted will meet our future
requirements. Our greatest prosperity
was attained when republican laws were
10 full operation. When the republican
party was In power, our currency was
good, 1t was made as good as any on the
globe. We made sound money and we
gave an honest protection to go with II.
Sound money and an honest protective
tariff go hand in hand; not alone, but to.
gether. II the ~peopledoubt the responsible
ity of the treasury they will question the
s%oundneSS of the government. The re-
publican party always provided ample
revenue for the treasury. when In the
last half century Of our history did the
democratic party advocate a financial
policy that was in the interests OF the
people? Look at its antebellum record;
consider its hostility to the currency rem
dered necessary by the exigencles OF war;
and latter used its efforts to initiate the
currency In a time Of peace by the issue o.
~greenbacks, Witness its opposition to the
efforts Of the republican party to resume
specie payments. But four short years
ago it declared for a return to the old dis
credited bank currency, The republican
party has not been untriendly TO the
proper use OF silver. 1t has always IA
vored and favors today the nsePf silver
as our circulating medium. But 1t fayors
that use under such provisions and safe
guards as shall not imperil our present
national standard. The policy OF
the republican party Is to re-
a part OF our circulating medium, while
the policy Of free coinage OF silver leads
to certain silver monometalism. 1t Is an
irrefutable law that two metals OF I'M
equal ratio. when circulated together,
the poorer always drives ont the better.
The republican party desiring fairly to
secure a larger use Of silver pledged itself
to an international agreement. Harrison,
true to the pledges Of the party, took the
initial step and invited a monetary con-
ference az Brussels at which the subject
Of an international coinage agreement
was ably and proftably discussed. The
democratic party was also committed TO
international bimetalism, but when IL
came into power, the work that had been
50 auspIciously begun by the republican
party was abandoned. 1t was so engaged
in its effort t. take down the Mckinley
law and empty the treasury, that 1T had
no time TO spend With international
bimetalism.
Those who believe that this government
can independently of the other great COM
mercial powers open It's minis to the free
and indanandant ppinaua nf eilyar ut n
ratio Of l6 to l, when the commercial ratio
in all the great markets is 30 to !, and at
the same time not drive every dollar or
gold out of circulation, but deceive them
selves.
Great and splendid and powerful as IL
government is, II cannot accomp.
lish the impossible. 1t cannot
create value. II has not the alchemists
subtle are OF transmitting unlimited silver
into gold, nor can 1t by o~mnipotent nat
make 50 cents worth 100 cents. As we'll
undertake by a resolution OF congress to
suspend the law Of gravitation, as to at
tempt to compel an unlimited number oil
50-cent dollars to circulate with lOO-cent
dollars at a parity with each other.
An attempt to compel unequal dollars
OF such values to circulate at a
parity is bad in morals and is vicious in
policy. Sound thin erS upon the great
question of currency have known from
the beginning Of the experiment how
miserably 1t would fail. We would again,
be thrown upon the sea OF uncertainty
and the specter of want would continue
to haunt us for years to come. Upon
opening our minis TO the independent
coinage of silver, foreign credits would
be withdrawn and domestic credits would
be greatly curtailed. More than this
there would be a certain and sudden con-
traction Of our currency by the expulsion
- 5000 mn nnn - w4l1 and AnT ma nor MI
silver currency would instantly ana
greatly depreciate In currency value. But
one result would ensue. Enterprises.
would be further embarrassed, business
decentralization would be Inflicted upon
the laborers, the farmers aud merchants,
all those whose welfare depends upon a
wholesome commerce.
A change from the present standard to
the low silver standard would cut down
the recompense Of labor, reduce the value
of the savings banks and buildings and
loan associations, wages would shrink,
pensions would be cut In two, benetciar-
les of life insurance would suffer, In fact
the injury would be so far reaching that
such a radical change can only be con-
templated with grave apprehension. A
sound currency is one of the essential in
situations in developing our commerce. 1t
is the intention Of the republican party not
only to develop our domestic trade but u
extend our into the uttermoSt
parts of the earth. We should not begin
our, contest for commercial supremacy by
DESTROYING our currency standard. All
the leading powers with which we must
compete suspended the free coinage OF
silver when the increased production OF
silver forced silver above the
coinage ratio to gold. Shall we
ignore their, ripened experience? Shall
we attempt what they have found utter
10 fmpnesihIaO Shall IL hn said that our
standard is below theirs? You cannot
build prosperity, upon a debased or 1uctur'
ating currency. As well undertake to
built upon the changing sands OF the sea.
A sound currency defrauds no one. 1t Is
good alike in the hands Of the employe
and employers, the laborer and the
capitalists. Upon faith in It's worth, It's
stability we go forward planning for the
future. The capitalist erects his factory,
employs his mechanics-and laborers. He