Crawford avalanche. (Grayling, Mich.) 1879-19??, 1896-09-17

the otutcS, gwen Out
his letter of acceptance. 1t is an en-
phatic declaration for sound money and
contains pointed facts in favor OF tariff
to develop and to protect the industries
of the country. The statements in regard
to the benefits Of reciprocity are also
cogent and logical. Following Is the full
text of Mr.. Hobart's letter:
The Hon. Charles w. Fairbanks and
Others of the Notification Committee OF
the Republican National Convention
Gentlemen: have already. in accepting
the nomination for the office or the vice
presidency rendered me by the national
Republican convention, expressed by APP
proval of the platform adopted by that
bc ~ as the party basis OF doctrine. In
accordance with accepted usage beg
now 10 supplement that brief statement OF
my views by some additional reflections
upon the questions which are in debate
before the American people
The platform declarations in reference
to the money question express clearly
and Enthusiastically the attitude of the Re
publican party as to this supremacy I'M
portant subject. We standlunqualihedly
for honesty in finance and the permanent
adjustment of our monetary system. in
the multifarious 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 a dollar in. gold,
whether in the pocket of the
man who tolls for his daily bread, in
the vanlt of the savings bank which
holds his deposit, or in the exchanges OF
the world.
Money Must BE Sound.
The money standard of a great nation
should he rs fixed and permanent rs the
nation itself. To secure and retain the
best should be the desire of every right
minded citizen. Resting on stable foun-
dations, continuous and unyarying GER
tanty OF value should be its distinguish
Ing 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 100
cents, and by so much as any dollar is
worth less than this in the market by pre-
cisely that sum will some one be de-
frauded.
The necessity Of a certain and fixed
money value between nations as well as
individuals has grown out of the inter-
change 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 me-
cessity has made gold the final standard
of all enlightened nations. Other metals,
including silver, have 4 recognized COM
merc;al value, and silver especially has
value of great Importance for subsidiary
coinage. In view of q sedulous effort by
the advocates of free coinage to create
contrary impression, it cannot be too
strongly emphasized that the Republican
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
lit will not antagoniZe, but viii gladly as
sist in promoting double standard
whenever it can be secured by agreement
and cooperation among the nations. The
bimetallic currency, involving the free,
use of silver, which we now have, is cor
daily approved by Republicans. But
standard and currency are vastly diff
fercnt things.
No Time for Juggling.
II VIC 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
misconception as - the meaning of the
language used in the bonds of the Gov
ernment not yet matured. 1t should not
be possible for any party or individual TO
raise "a question as TO the purpose OF the
country to pay ali its obligations in the
best form of money recognized by the
commercial world. Any nation which is
worthy of credit or confidence can afford
70 every interest, what IL means when
such meaning is challenged or doubted
1t is desirable that we should make 1t
known at once ard authoritatively that an
s.honest dollar" means any dollar equiv
alent to gold dollar of the present stan
dard Of weight and fineness. The world
should likewise be assured that the stan
dard dollar of America is as inflexible
quantity ms the French Napoleon, the
British sovereign or the German 20 mark
piece.
The free coinage of silver at the ratio
of lC 10 1 is a policy which no nation has
ever before proposed, and it Is not to-day
permitted in any mint In the worid--not
even in Mexico. 1t IS proposed TO make
the coinage Unlimited, at an absolutely
fictitious ratio, fixed with no reference to
intrinsic value or pledge of ultimate re-
demption. With silver at its present price
of less than 40 cents IN ounce in the mar
ket. such policy means an immediate
profit TO the seller of silver for which
there Is no return now or hereafter to the
people or the Government. 1t means that
for each dollars worth of silver bullion
delivered at the mint practically 81 Of
stamped coin will be given in exchange.
For 500 worth of bullion nearly 200 sill
yer dollars will be delivered.
consequences Would Be Cumulative.
Let il also be remembered that the con-
sentences of such an 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 fixed once for all Ihe
silver which has not yet been gathered
IL all in the ground. Dearth or other
accident of the elements cannot augment
or diminish it. Is it not more than prob
able that with the enormous premium
offered for its mining the cupidity of man
would make an oversupply continuous,
with the necessary result of steady de-
probation as long as the silver dollar
could be kept in circulation at all? Under
the laws of finance, which are as fixed as
those Of any other science, the inevitable
result would finally be a currency all and
absolutely fiat. There is no difference in
principle between a dollar habitat and
ono all fat The latter as the cheapest,
under the logic of Cheap money" would
surely drive the other out.
Any attempt on the part of the Gov
eminent TO create by its fat, money of n
fictitious value, would dishonor us in the
eyes of other peoples, and bring infinite
reproach upon the national character. The
business and financial consequences Of
such an immoral act would be world wide,
because our commercial relations are
world wide. All our settlements with
other lands must be made, not with the
money which may be legally current In
our own country, but In gold, the standard
of all nations with which our relations are
most cordial and extensive, and ne legis-
lntive enactmcntcan free rs from that in