The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1896-09-18
HOBART WRITES 4 LETTER.
BE Accepts the Republican domination for
Yioe-Prssiaent
Devoted Mainly to Discussion Of Finance
Friendly to Silver, bat Opposes Free
COinage-Thinzs Free Coinage
Would Bling Disaster,

Paterson, n. j., Sept 1.-THE let
ter of Garrett A. Hobart, accepting the
republican nomination Tor vice presi-
dent, was made public yesterday. Con-
eerning the financial problem he says;
The money standard Of great nation should
be as fixed and permanent as the nation itself
To secure and retain the best should be the de-
sire Of every right-minded citizen Resting on
stable foundations, continuous and unvaTying
certainty Of value should be its distinguished
characteristic. The experience Of all history
confirms the truth that every coin, made under
any law, hoWsoever that coin may be stamped,
viii finally command iE the markets o! the
world the exact value OF tie materials which
compose It. The dollar OF cur 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 precisely that
sum will some one be defFauded.
The free coinage Of silver st the ratio Of six
teen to one, is policy which no nation has
ever before proposed, anditts not to-day per-
mltted in any mint in tins WoFld-nOt even Ia
Mexico. It Is proposed 20 make the coinage
unlimited, at an absolutely fictitious ratio,
fixed with no reference to Intrinsic value 0.
pledge Of ultimate redemption With silver
a. its present price OF less than 70 cents per
ounce IN the market, such q policy means an
immediate profit so the seller Of silver for
which there is no return now or hereafter to
the people or the government It means that
for each dollars worth Of silver bullion de-
hvered at the mint, practically Two dollars Of
stamped coin will be given Ia exchange. For
500 worth Of bullion nearly 200 silver dollars
will be delivered
Auu kFaro,F an fJ,o v,o-k kbo rerrorrv,,,vt
to create, by its fiat, money OF a fictitious
value, would dishonor US in the eyes Of other
peoples and bring infinite reproach upon the
national character. The business and inah-
eial 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 ali
nations with which our relations are most cor
dial and extensive, and no legislative enact
ment can free US from that inevitable neees-
sity. It is known fact that more than so per
cent, Of the commerce Of the world is settled in
gold OF on gold basis,
Mr.. Hobart then goes on to tell of
the effect he thinks free coinage would
have on various interests:
There are now on deposit in the savings
banks Of SO states and territories OF this union
the vast sum Of $4,000, 100000. These are the
savings Of almost 5,OOO,OO3 depositors. In many
cases they represent the labor and economies
Of years. ANY depreciation In the value Of the
dollar would defTaud every man, woman ana
child to whom every savings belong, Every
dollar Of their earnings when deposited was
worth 100 cents in gold CT the present standard
az nTohf Inn Arn nE
to receive in full, with interest, all they have
so deposited2 ANY legislation that would re-
duce it by the value Of q single dime would be
an intoIerable wrong to each deposition. Every
bank or banker who has accepted the earnings
Of these millions Of dollars to the credit Of our
citizens must be required to pay them back in
money not one whit less valuable than that
which these banks and bankers received in
trust,
There are, in this country, nearly 5000 build
ing and loan associations, with shareholders
to the number Of 100000 and with assets
amounting to more than $500, 600 Their ave
erage Of holdings is nearly 500 per capita, and
in many cases they represent the savings Of
men and women who have denied themselves
the comforts Of life in the hope Of being able to
accumulate enough to buy or build homes Of
their OWL They have aided in the erection
Of over 1,0OJ,O)O of houses, which are now
affording comfort and shelter for 100000 OF
our thrifty people.
Free coinage at the arbitrary rate Of sixteen
ounces Of silver to one OF gold would be equiv
alent to the conhscation Of nearly half the saw
ings that these people have invested. Itwould
be tantamOunt to a war upon American home
makers, 1t would be an invasion OF 1.-THE
homes Of the provident" and tend directly to
"destroy the stimulus to endeaVor and the
compensation Of honest toll"