The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-06-22
NO PRESIDENCY FOR HIM.
HE UTTERs SOME VIGOROUS AND
CLEAR CRITICISMS OF THE
SILVER CRAZE.
MEANS PARTY AND NATIONAL RUIN
He Believes the Powers Are Rapidly
Coming to the More Desirable
Double Standard.


ment in which he defines the political
situation, makes his position clear as
regards his decision to remain in this
country instead of going to Europe,
and concludes by saying that he is not
presidential possibility; that he
would not run if nominated and would
not serve If elected"
The full text of the statement Is as
follows:.
II find 1t necessary to make pub
lie statement embodying my views on
the situation, to correct misconceptions
and save time now occupied in an
swering questions. Far too much i'm
portanie has been attached to my de-
cision to go to the Chicago convention.
i have been practically out of poll
tics for four years and there are now
many Eastern Democrats who can do
much more that l can for the party.
shall not assume any position of
leadership. My decision to stay was
simply based on the duty Of every
person who believes in the party for
its principles, to stay by and lend his
aid and take his chances when the
great crisis is upon the Democratic
party. Fundamental differences of
principle exist inside the party, marked
almost by sectional lines.
lie great question, TO my nina, IS
whether the party is to meet in con-
vention now as in 1860, with issues and
differences that are for the moment
frreconcilable. For the past fifteen
years leaders of pubic opinion in the
South and West have been advocating
as the great remedy for existing ills
the free coinage of silver at 16 to 1,
with or without the cooperation of
other nations
eff has como m ba ha1iavad In tbara
quite generally and conscientiously A
large majority of the delegates to the
coming Democratic convention have
been elected by the people for the pur-
pose of Incorporating that doctrine into
the platform of the Democratic party.
Our people, on the other hand, en-
tirely disagree with these views, and
believe almost universally that 1t will.
BRING GENERAL RUIN
to the business and prosperity of the
country. 1t is deemed a new doctrine
when 1t Is proposed to be incorporated
into the platform of the national De-
mocracy. 1t is true that in no previous
platform of the party can 1t be specifl-
cally found. Consequently no party
obligations heretofore assumed oblige
them to subscribe to 1t. Under these
circumstances, If the results of the
Democratic convention should be to es-s
tablish as the issue of this campaign
the free coinage Of silver at ratio of
16 to l independent of other nations,
in the intensity of feeling likely to arise,
1t Is to be seriously apprehended that
disruption of the Democratic party
might occur. Certainly, no substan-
tial following could be secured for the
doctrine among Eastern Democrats.
They might not vote the Republican
that ticket for other reasons believing
that the Republican party stands for
other issues that are detrimental to the
country but Democrats In the East
would not, in my opinion, vote for It,
"This movement for free coinage pur-
ports to have for its object the estab-
lishment and maintenance of gold and
silver as the money Of the country
upon equal terms with each other and
with parity Of purchasing power. If
by the proposed measure that object
could be secured, there would not be
substantial disagreement in the party.
Every national democratic platform
that has heretofore spoken upon the
subject has declared for both gold and
silver money 1t Is our traditional
policy. But the maintenance of the
double standard at the present time Is
not a question of desire; it Is a question:
of ability. The commercial value Of sill
yer has declined greatly in the markets
Of the world.
whatever the causes are and who
ever Is to blame, the fact is that silver
has declined, and free coinage now at
16 to l is the same as our Offering for
all the silver in the world about twice
what 1T is selling for in the market.
International exchanges have to be
paid in gold, and 1t would seem plain
that II we, under these conditions, open
our mints to the free coinage of silver
q N or.t,fi iva
value which is largely at variance with
the commercial value of the two metals,
we must take the
ENTIRE SILVER SURPLUS
ourselves, maintain It's parity with
gold, or else we shall go to a silver
basis.
France in 1873 closed her mints
against silver and abandoned this ex-
pertinent, deeming herself unequal to
the task alone and at that time 1t was
much less difficult, for silver was then
at par with gold at the ratio in use
and even England's mints in India
were open to the free coinage of silver.
If the experiment Of maintaining the
parity of the two metals at a coinage
standard was difficult then, 1t would
seem to be positively hopeless now with
out international agreement. Germany,
France. Belgium, Italy and Austria
sire to establish 1t, but no one, two or
three Of them deem themselves able
to maintain the double standard, even
with the cooperation of the United
States. If the result of the measures
proposed would be to carry us to a
silver basis, 1t is not felt here that such
a proposal would be in line with the
principles of the Democratic party 1t
Is not the joint standard with the pur-
chasing power of the dollar at parity
with each other, but 1t Is changing
from one standard to another, and that
change being due to deprecated coin.
And 1T is also felt, aside from the
absence of any Democratic principle to
sustain 1t, that you cannot have such a
disturbance of value as would come
from changing from a gold to a silver
basis, without such a
SHOCK TO CONFIDENCE,
the boarding of gold and contraction of
your valuable circulating medium as
would bring, in the opinion-of our peo-
ple the worst panic and distress we
have ever seen in this country. The
creditor classes are prepared for 1t. The
obligations mortgages. railroad and
otherwise, are quite generally payable
in gold Debts would still have to be
paid In gold but wages in silver. The
sufferers, as usual, would be the poorer
classes.
This movement purporting to be in