The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-06-25

! Of the party faith for a century, the
wisdom Of Thomas Jefferson, who said:
THE monetary unit must stand for
both metals"
The action Of the Republican congress
and Republican president deprived sill
yer Of its equality with gold for the
| money and currency of the nation. From
this act (for which the Democratic party
| was in no wise responsibility and from the
action of other nations following in the
| same course, it has resulted that silvre
has greatly declined in commercial val
lie and there EXISTS wide departure
| of the two metals from coinage standard
| of value-bringing disturbance to the
| financial systems of European countries
as well as to our own and awakening
there, as here, the earnest apprehension
Of statesmen and financiers.
The restoration of the equilibrium of
the two metals thus disturbed is a
problem. the solution Of which is of the
greatest consequence to the prosperity
of both this country and Europe, but Is
wholly beyond our power without the
cooperation of other Mathis. Such CO.
operation by the united efforts Of states
men and wage earners here and else
where Is believed to be near at hand and
to b possible to secure by earnest and
we'll directed efforts. Free coinage of
silver, now a deprecated metal, will re-
tard. perhaps destroy forever, the sue
cess of the movement now general
throughout the civilized countries, for
the restoration Of free bimetallic coinage
in the principal mines of the world. The
proposition to separate ourselves from
the great nations of the world and adopt
the monetary standard Of Mexico and
China does not comport with the pride
and financial dignity or the state Of New
York or the United States. It should be
resisted with the fervor of both partis-
anship and patriotism by Democrats
everywhere, when the adoption of such
course threatens, as it does, untold
evils to our nations commerce and in
dustry.
For these reasons and with these con-
victions the Democrats of New York in
convention assembled. make the follow
ing declaration Of their principles and
appeal to the Democrats of other states
to join them in incorporating these prin-
ciples in the party pla torn to be adopted
at Chicago.
First-We favor gold and silver as the
standard money Of the country. We are
opposed, as permanent financial pol
icy, to gold monometllism on one hand
or to silver monometallism n the Their
hand. The pledge cntained in the re-
peal of the Sherman law, which repeal
was passed by Democratic congress
nd pproved by a Democrtic president,
should be faithfully carried out, wherein
1t was declared that 1.-THE efforts of the
government should be steadily directed
to the establishment of such safe sys-
tenn of bimetallism as will maintain at
ii times the equl power of every dollar
coined or issued by the United States
in the markets and in payment of debts"
eW believe such bimetallism to which
the nation is solemnly pledged con only
be secured and permanently maintained
through the concurrent aid of the lead
ing nations of the world
Neither this country nor any other
country, independent ad aloe, is able to
maintain 1t. and it would be folly to at
tempt it. Being so convinced, we are
opposed othe free and unlimited coin
age of silver in the absence of the CO.
operation of Their great Mathis.
We declare our belief that any at
tempt of the United States to enter upon
the experiment of free silver coinage
would not only prove disastrous to our
finance. but would retard or entirely
prevent the establishment Of interna-
tional bimetallism.
Until international cooperation for
bimetallism can be secured-to which all
our efforts as a government and as a
people should be in good faith directed
we favor the rigid maintenance of the
present gold standard essential to the
preservation of our national credit, the
redemption of our public pledges and the
keeping inviolate of our country's honor
We insist that all our paper and silver
currency shall be kept at parity with
gold.
Second-The Democrtic party has ever
been and is still the hard money party
and it will preserve that record. 1t is
opposed to legal tender paper money as
part of our financial system. and 1t re-
fuses to sanctio any paper currency in
controvertible with coin. The United
States notes and treasury notes being
in fact debts of the government should
be gradually paid off, retired and can
celled. This should and must be done in
such manner as to cause no contrac-
ton of the circulating money of the
country. So long as they exist. however,
and are permitted to circulate as money
they should be redeemable at all times
upon demand in the standard money of
the country.
The Democratic party is pledged to the
resolute maintenance o fthe public cred
it at all times and under all circum-
stances, and it is therefore opposed to the
repeal of any existing statute which en-
ables the secretary of the treasury by
the issue of bonds or otherwise to pro-
vide an adequate fund for the redemp- |
ton in gold Of our paper obligations |
whenever necessary.
Third-We reiterate our adherence to |
the principle of tariff for revenue only. |
We are opposed to government partner |
ship with the protected monopolies and |
we demand that import duties like other |
taxes should be impartially laid, and |
their imposition limited to the neces- i
sites of the government, economically |
Federal taxation should |
not be imposed to benefit individual in