New-York tribune., 1896-08-25

SOME Sf.EDGE HAMMER BLOWS AT THE POLICY
AND ADVOCATES OF REPUDrArIoN-HE WILL
VOTE FOR MKINI.EY AND THE REPUBrL-
CAN CANDIDATE FOR GOVERNOR
burlington. VT Aug 24-"The free Press"
will print tomorrow the following letter from
Edward j. Phelps ex-Mlnister to England. 10
c. G.. Benedict:
Newport. r. l.. August % 1896
Hon @. G. Benedict
My Dear Sir: You are right In supposlng that under
existing conditions there ties OF party and no
difference OF opinion upon question OF mere policy
that will deter me for a moment from giving my vos
ard my voice efectually as ca In opposition to
the Chicago nomination and platform. | cheertuly
comply with your suggestion that / should state my
view Of the subject
regard the pending Presidential election as pre-
senting the most dangerous crisis that this country
has ever encountered Ii does not. In my judgment.
involve any political controversy any question OF
the supremacy Of party for such considerations are
lost sight Of in the far greater gravity Of the stua-
tion. The real issue Is upon which all patriotic
men and all who interested in the prosperity and
welfare OF the country should find themselves upon
one side and opposed common enemy. The at
tack that have resist is not upon the policy, but
upon the life Of the Nation For they woIll take lis
life who destroy the by which ii lves-the
business of many thousands and the industry OF mill
ions. On these all. whether rich or poor.
high or low. alike dependent Those who are !nde-
pendeny rich very few in proportion to he TO-.
cU.COO Of American people. the majority OF whom
gain their living by some form other OF useful en-
ployment Even the rich dependent upon the
business Of the country for their wealth chiefly con-
sists IN investments in its various Industries and must
speedily perish when they are extlngulshed
That there should be prosperity in some OF these
employments and not In others. or among one class
Of people and not among others, Is impossible. For
they all rest upon common foundation. and are az
fected by the same considerations. business" Is
generic term and comprehends all lawful industries.
Il represents entire and ndivisibe system. In
separately linked together. which prosper or Lam
guish a whole. When II Is stimulated all profit.
when II is depressed all suffer No part Of the body
escape the effect OF general paralysis or .ail TO
get the benefit OF general good health And the only
difference. If there is any between business and labor
IS that the the necessary and principal employer
OF the other When business fourshes the laborer Is
in demand; when It declines he stands idle in the
market place.
Business OF whatever sort in country like ours.
rich in resources full OF energy and vitality with all
harvests everywhere ready for the sickle rests
chiefly upon two factors-public confidence and
sound and stable currency. When either is and much
more when both re impaired or even gravely threat
ened. business suffers general depression comes.
labor declines md the wolf approaches many door.
Without confidence there can be no credit no enter
prise: apa is boarded sent abroad or Hes Idle and
all Industries diminish cease. and the way
the world has 10 destroy confidence is 70
dehsse the ency and to make 1t uncertain from
day 10 day how mach a dollar Is worth and how
much 1t is COINS to cou1 for in the future: to
take away. Is now proposed. half its value TO
begin with and 10 the other half to fuctuatng TO
indefinite extent with tho rising and the setting
OF the and the approach OF every storm. Through
such medium exchange II is impossible DO
legitimate business. since sound money and siablo
values are It's life blood. Without them II becomes
only an uncertain and hazardous speculation
There s therefore. in my judgment
criminal or who Is worse public enemy than he who
engages In countenances that Infamous and de-
structive attempt. Ard ne Is tenfold criminal who
seeks success in II by playing upon the prejudces
and the pa ssons OF the less intelligent and s,nuat
ing warfare OF classes that most desolatlng conflict
that comes upon any nation. Well knowing, for he
has all the experience OF the world 70 teach him. that
ne Is comprising the destruction OF one class,
but OF both. since those whom he dupes into serving
his purpose must inevitably be the earliest and the
worst sufferers by its consequences because the less
a man has or the less he earns. the more necessary
Il Is 10 him that the value of that little should be
maintained ard made sure. and that the few dollars
In his pocket should be good dollars there
As well might the steerage passengers In vessel In
midocean weary OF their privatons. be melted by
some mischief maker to scutte the ship In order 10
drown the inmates OF the luxurious cabins.
conscious that they themselves must be equally the
victims OF the common calamity
Aside from the financial delusons OF the Chicago
platform. its other features almost equally OBJ
jecona BILE II proposes repudate in great part the
National debt 10 the distress Of the thousands whose
small resources intrusted 10 the faith OF the
Nation and dishOnOr OF country in the eyes
OF the world: destroy the protection we enjoy
under the Supreme Court OF the United States. the
iact ,bo
sary institution have; TO restrain the arm OF the
National Executive from the repression Of awless
violence and from the preservation OF the very
agencies or the Government Itself 10 violate the
obligation and sancity OF existing contracts and to
restrict the freedom OF private in the future
II seeks in short break down the dykes which the
Constitution and the la Of the land have with long
and laborous ass.duy raised for the defence Of the
common Interests and welfare and 70 let In upon
the seeihing and polluted food OF communism mob
law. bankruptcy reputation and anarchy. which 1t
Is the chief object of all civilized Governments
clude.
Can sensible men contemplate these proposals
without perceivng ,he destruction they involve;
or without asking themselves what must be the
character of the cause that needs to make friends
with the worst elements Of mankind?
The only men who profit by the success Of
this crusade are the rlutocrat silver mine owners.
already rich almost beyond the dream OF avarice.
who ha We set IT on foot and diligently propagated
II; and their followers who, II II prevails. will get
into office by its means. The rest OF us will be
common sufferers In the general ruin The argu-
ment by which they support their financial proposals
is Jargon OF stock phrases and vague statements,
OF false promises and conclusions not related 10
them vociferously asserted but which no man
can M derstand not even the most ignorant.
II Is upon such grounds that It Is proposed 10
abandon the old. cool-headed financial principles
that have been established by the experience OF
all civilized countries. by which all considerable
ma ions firmly abide. and under which this country
has attained It's unexampled growth and prosperity;
and to substitute in their place these newly dis
covered theories that have conducted the few
small countries that have experimental with them
into hoIeless embarrassment OF finance and busl-
ness | do not believe there Is any whose