Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1896-09-04
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Z MCKINLEYS LETTER OF h66EPThN6E. 3
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Mai. McKinley's letter OF acceptance
vas issued Wednesday. Its salient
points are as follows:
For the first time since 1868, II ever
before, there is presented to the Amerl-
can this year a clear and direct issue
as to our monetary system of vast I'M
portance in it's effects, and upon the
right settlement of which rests largely
the financial honor and prosperity OF
The country. 1t is proposed by one
wing of the democratic party ana lts
allies, the peoples and the silver par
ties, TO inaugurate the free and UNI
limited coinage of silver by independ-
cnt action on the part OF the Unlteu
States at a ratio of sixteen ounces or
silver to one ounce of gold. The mere
declaration of this purpose is menace
to our financial and industrial inter
ests and has already created unlYersal
alarm. 1t involves great peril 10 tue
credit and business Of the country,
peril SO grave that conservative men
everywhere are breaking away from
their old party associations and unit
Ing with other patriotic citizens n en-
phatic protest against the plaeform OF
the democratic national convention as
an assault upon the faith and honor
OF the government and the welfare OF
the people. We have had few questions
in the lifetime OF the republic more
serious than the one which is thus pre-
sented.
"The character of the money which
shall measure our values and exchanges
and settle our balances with one an
other 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 painstak1nS IN
vestigation. and in the end sober and
unprecedented Judgment at the polls. we
must not be misled by phrases nor de-
luded by false theories. Free silver
ould not mean that silver doliars
were to be freely had without cost OF
labor. 1t 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
the many who are engaged in other en-
terprises. 1t would not make labor
easier the hours Of labor shorter or
the paw better 1t would not make
farming less laborous or more pfoIt-
able Ii would not start factory or
make demand for an additional days
labor. 1t would create no new occupa-
lions 1t would add nothing to the
comfort of the masses, the capltai u
the people or the wealth OF the nation.
It seeks to introduce new measure OF
value. but would add no value to the
thing measured 1t would not conserve
values. On the contrary, 1t would ue-
range all existing values. 1t would not
restore business confidence, but It's al
rect effect would be to destroy the li.tle
which yet remains
I'VE have coined since 1878 more
than than 400, 900 900 of silver dollars,
which are maintained by the govern
ment at parity with gold, and are fuli
legal tender for the payment OF all
debts public and private. How are tue
silver dollars now In use diHereDt rom
those which would be in use unuer tree
coinage? They are to be OF the same
weight and fineness; they are to pear
the same stamp of the government.
Why would they not be OF the same
yale? I answer: The silver dollars
now in use were coined on account OF
the government and not for private
account or gain, and the government
has solemnly agreed to keep them as
good as the best dollars we have Inc
government bought the silver Duillon
at its market value and coined IL INTO
silver. Having exclusive control OF the
mintaga it only coins what it can hold
at parity with gold. The profit repre-
senting the difference between the
commercial value of the silver bullion
and the face value of the silver dollar
goes 10 the government for the bene-
At of the people. The government
bought the silver bullion contained IN
the silver dollar at very much less
than its coinage value. 1t paid it out to
it's creditors and put it in circulation
among the people at its face value OF
100 cents, or a full dollar. 1t required
the people 10 accept it as legal tender,
and is thus morally bound to maintain
1t at a parity with gold, which was
then, as now, the recognized standard
with us and the most enlightened ma
tons of the world. The government
having issued and circulated the silver
dollar, it must in honor protect the
holder from loss This obligation it
has so far sacredly kept. Not only is
there a moral obligation, but there is
a legal obligation, expressed in public
statute, to maintain the parity
sThese dollars in the particulars
have named are not the same as the
dollars which would be issued under
free coinage. They would be the same
in form, but different in value. The
goy eminent would have no part in the
transaction, except to coin the silver
bullion into dollars 1t would share in