The record-union., 1896-08-16

question. everybody understands the
tariff question now, and almost every
body has become a protectionist.
1T was because of our political ex-
perience in these regards that the Re-
publican party has been triumphing by
such tremendous majorities, and it is
because the end is not yet because hard
times continue, because men are still
idle, because farmers are still dis
tressed, wage-earners still seeking en-
ployment, business paralyzed and the
Government revenues insufficient to
meet the Government expenses, that it
was seen months ago that in November,
1896, upon the old issues, the Demo-
cratic party would be overwhelmingly
defeated, and for that reason it was de-
termined that something must be done
10 give the Democracy a new chance.
In other words, If the Democratic party
had not seen its defeat ahead on it's old
issues, it would not have made this new
issue.
But what is this silver question? Is
| it true that the Democratic party, which
has been constantly and persistently on
the wrong side of every great national
question for fifty years, is at last and
for once right? No, it is not. On the
contrary, it is more wrong now than
ever before since the Union was saved
and slavery abolished Democrats
| themselves so assert Their most dis
| tinguished and trusted leaders unspar-
| ingly condemn their platform and re-
fuse to support their candidate. One
halt OF the party is now in open revolt
Almost all the leading Democratic
| ty,cy IL.
lantic to the Mississippi, have de-
nounced and refused to support this
platform or the candidates for the party
who stand upon it. In view of this. it
| Is hardly necessary to resort to argu-
1nent, and yet when great party puts
forth decision upon an important sub
Ject 1t is our duty to examine it and
! dispose of it upon it's merits
Our position is not in hostility to
silver, as has been claimed but one that
| demands such a use and treatment of
silver as will maintain it in honorable
parity with gold. We have now in use
not only gold and silver, but six diff
1erent kinds of paper money. The grand
aggregate amounts to more than ST.
oOOOO0,OOO. Speaking in round figures
S9oOOOO,OOO of this is in silver and pa
per, and only 100000, 900 in gold. and
yet all is maintained at par with gold
simply because all is redeemable in
gold
The commercial value of gold and
silver is not 16 to 1 but almost 80 to /.
IL is self-evident that a silver dollar
worth only o3 cents could not be main
tanned at par with gold unless made re-
| deemable in gold, but cardinal prin-
ciple in the doctrine of free coinage is
that neither gold nor silver shall be re-
deemable the one in the other. but
each shall stand upon it's own merits as
a money of ultimate redemption. 1t is
one thing to declare that you will re-
deem in gold and another that you will
make and keep yourself able to so re-
deem. And as it is with an individual
50, too' Is 1t with the Government. For
this reason the Republican party has
pursued the policy of limiting the obli-
cations OF the Government to amounts
conceded to be within the ability of the
| Government to pay.
| Notwithstanding all this, the Demo-
cratic party declares for the free. un-
limited and Independent coinage of sill
yer at the ratio of 16 to 1. What does
TINS declaration mean? They tell us it
means bimetallism, and they define this
to mean that silver is not only to be
freely coined, but that it is to be no
longer redeemable In gold, but is to be
itself a money Of redemption If their
policy prevails and you have a paper
dollar anG want 1t redeemed in coin. YOU
Will be compelled to accept silver if sill
yer is offered. We deny that bimetal-
iism, In the sense that both gold and sill
Yer shall circulate together as moneys
OF ultimate redemption, can be brought
about by any such methods. We, on the
contrary, assert that what the Demo-
Gratis propose will give us not bimeta1-
Nsm, put silver monometallism The
very moment that we, acting alone,
without the cooperation of other ma
tlons, enter upon policy of free coin
age OF silver at the ratio of Is to l, as
the Democrats propose, the United
states will pass to silver basis If we
I would undertake to maintain it at par
with gold by redeeming it in gold it
would be impossible for us to do it.
There would be too much of it.
But as already stated, it is not pro-
posed under free coinage to redeem sill
Yer in gold, but on the contrary that is
inconsistent with the whole idea of free
coinage. The theory of free coinage is
that silver shall be in itself money of
redemption, and, If money of redemp-
ton, there would be no more propriety
in redeeming silver in gold than there
would be in redeming gold in silver. Sill
yer, therefore, must under free coin
age, stand alone upon its own merit and
/ its value must be measured by it's in
friyD cir -o1, t.
only about one-half the intrinsic value
OF gold. We would consequently have
two metal coins of unequal value but
moneys of redemption. Gold would go
instantly to premium, and the moment
1t would go to premium it would go
out of circulation. When man has a
dollar to pay he will pay it with the
cheapest dollar at his command.
With gold out of circulation we
would have only paper and silver
money and inasmuch as all the paper
and all the bonds and other obligations
of the Government are redeemable in
coin, they would be redeemed only in
silver We would at once step down and
out from the class in which we stand
| with England France, Germany and
other great commercial nations of the
earth into the class with Japan, China
and Mexico.
TO that step the Republican party
will not contribute. So long as we con-
troll this Government the American peo-
PIE will rank with the first-class nations
of the earth. Our flag shall be every-
where respected, and our money every
where honored.
If you want a practical illustration
of what we would avoid look at the Mex