The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-07-01
Defines His Position on the
Currency Question.
ANSWERS some QUERIES
In Full Accord With the South
and the West.
THINKS WE CAN GO 1T ALONE
Takes No Stock in the Theory That
Free c oinage of Silver Would
Cause Shrinkage of Values and
Produce a Panic.

Waterloo, Ia, June 27.-To the Edi-
tor of the World:-I have re-
| ceived from the World series of ques-
tons, with a request for answers, re-
garding my views on the currency. As
my name will be presented to the DEM
ocratic National convention by the
delegation from Iowa as candidate
for President, l would prefer to be ex-
cused from further publication of my
personal convictions on questions of
public interest.
/ am, however, impressed with the
apparent sincerity of The World in
submitting the questions proposed, and
as citizen am most anxious that the
real sentiments of those who believe
with me on the financial question
shall be correctly understood in the
East. | am, therefore, induced to an
swer as well as / can the questions pro-
pounded, as follows:
First-Do you really wish to alien
ate permanently from the Democratic
party New York, New Jersey, Connec-
ticut, Delaware and Maryland?
| have no desire, neither am | dis
turbed by such fear. The interests
of the masses in the States named are
identical with the wishes of the mass
es in the West and South, and when the
financial question is as fully discussed
in the Eastsas it has been in the South
and West / believe that, with the sim
gle exception of the influence that
may properly be said to be dominat
ed by Wall street, the great mass of
the Democratic party in the States
named will be as unanimously in favor
of the restoration of the South and
West at the present time.
Second-What States not hitherto
Democratic do you believe can be car
ried on the free-silver, 16-to-1, platform
to replace the certain loss of sixty-two
electoral votes in the Eastern States
mentioned?
/ do not consider it certain that the
Democratic party will lose 62 electoral
votes in the Eastern States mentioned
by reason of a plank in its platform
in favor of free coinage of silver AT 10
to / with gold.
1t is impossible to predict with GER
tainty that in the absence of such a
plank on any issue that can otherwise
be presented all of the Eastern States
referred to would be carried by the
Democratic party, or that all of them
would be lost if such plank were
| adopted. i do, however, say that in
certain States, some of which, in the
| absence of free-silver plank, are
clearly Republican, and others of
which, with or without such a plank,
NAV be classed as doubtful, the Demo-
cratic party, on an unequivocal 10 to
| 1 platform, will gain more electoral
| votes In the West than it will lose by
reason of that platform in the East.
| The list of States from which, in
| my judgment, such votes would come
| includes Ohio, Michigan, Indiana, ILL
| nois, Wisconsin, Iowa, Minnesota, Kan
sas, Nebraska, Washington, Wyoming,
| Oregon and California.
| Third-Do you really believe the
| United States able, if free coinage
| were adopted, to maintain our cur
reney at par with gold unaided by
| any other nation?
| / do not profess to be able to state
| with absolute certainty whether it
| would or would not. The great mass
| of the friends of silver in the South
y
| son thus: Coinage laws fix the com
| mercial value of gold by providing
| an unlimited demand for it at given
| price Like laws would fix the price of
silver, provided only that the demand
| should remain unlimited for all that
| would reach our mints.
The silver of the world would not
| come there, as sensationalists argue.
More than two-thirds of the people
| of the world are now on a single silver
basis. They must continue to have
silver for their use. The gold standard
countries use silver largely as token
money. They cannot spare what they
have or curtail their necessities for
more.
Silver is extensively used in the arts.
Much of its value in this case is in
the labor bestowed upon it. To send
it to our minis is to destroy this. 1t
will not come, but instead of this sill
yer bullion will continue in the flu
ture as in the past to be largely used
for that purpose. The silver mines of
the world outside of our own are in
sufficient to supply the demands of
the nations other than ours for these
purposes. large percentage of our
own produce will continue to be used
in the arts in our own country, and
much of it must go to other countries.
1t is, therefore, the surplus product
alone of the mines of the world after
all other demands are supplied, that
can possibly come to our mints. For
this we will furnish an unlimited de-
mand for an indefinite period, if not
for all time. To make room for it we
can, if necessary, retire every nation
al bank note, every greenback and
Treasury note, and supply their places
with silver certificates, a non-inter-
est instead of an Understanding cur
rency, so far as national bank notes
are concerned.
Before we Will have filed this void
silver Will have reached a commercial
value equal to gold at 10 to !; other
nations will have opened their minis,
and the trouble will be over. Person
ally. | believe Webster and many other
of the most eminent of American
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