The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-27
REPUBLICAN NOMINATION FORMAL
LY ACCEPTED BY THE LITTLE
CANTON NAPOLEON.
THREE DOMINANT ISSUES
SILVER, PROTECTION AND reel
PROCITY ARE THE PROBLEMS
TO BE SOLVED.
COINAGE GIVEN PLACE OF HoNoF
One-Third of the Long Formal Let
ter Devoted to the FOlIies of
Silver.

CANTON, o., Aug. 26.-Maj. McKin-
ley's letter Of acceptance was issued
today. 1t is as follows:
Hon. John M. Thurston and others Mem
bers Of the Notification Committee of the Re-
publican National Convention-Ge In
pursuance Of the promise made to your com.
mittee when notified Of my nomination as the
Republican candidate for president / beg tc
submit this formal acceptance of that high
honor, and to consider in detail the questions
at issue IN the pending campaign. Perhaps
this might be considered unnecessary, in view
OF my remarks on that occasion, and those
have made to the delegations that have visit
ed me since the St. Louis convention but In
view OF the momentous Importance Of the
proper settlement Of the issues presented on
our future prosperity and standing a ma
tion, and considering only the welfare and
happiness OF our people, | should not be con-
tent to omit again calling attention to the
things that in my opinion, vitally affect our
strength and position among the governments
Of the world and our morality, integrity and
patriotism as citizens Of that republic, which
for century past, has been the best hope
Of the world and the inspiration Of mankind
We must not now prove false to our own
high standards in government, nor unmind-
full OF the noble example and wise precepts oi
which our conduct in the past has always in
spired
THE FREE COINAGE OF SILVER.
There Is presented to the American people
this year a clear and direct issue as to ouI
monetary system, of vast Importance in its ef-
fects, and, upon the right settlement OF
which rests largely the financial honor and
prosperity Of the country. 1t is proposed by
one wing of the Democratic party and it's al
lies, the Peoples and Silver parties, to in
augurate the free and unlimited coinage of sill
yer by Independent action on the part OF
the United States at a ratio of 16 ounces oi
silver to l ounce of gold. The mere declara-
tion OF this purpose Is a menace to our fnan-
created universal alarm 1t involves great
peril to the credit and business of the country
a peril so grave that conservative men every
where are breaking away from their old
party associations and uniting with other
patriotic citizens in emphatic protest against
the platform of the Democratic national con-
vention as an assault upon the faith and
honor of the government and the welfare OF
the people. We have had few issues in the
lifetime the republic more serious than the
one which is thus presented.
NO BENEFIT TO LABOR.
The character of the money which shall
measure our values and exchanges and set.
tie our balances with one another and with
the nations OF the world is of such primary
Importance and so far reaching in its conse-
quences as to call for the most painstakine
investigation, and at the end sober and ar
unpreJud1ced judgment at the polls We must
not be misled by phrases nor deluded by
false theories. Free silver would not mear
that silver dollars were to be freely had with.
out cost or labor. 1t would mean the fres
use Of the mints of the United States for tht
few who are owners of silver bullion bui
would make silver coin no freer to the many
VINO are engaged In other enterprises. Il
would not make labor easier, the hours OF
labor shorter or the pay better. 1t would not
make farming less laborious or more profit.
able 1t would not start factory or make
a demand for an additional days labor II
+
add nothing to the comfort of the masses. the
capital of the people, the wealth of the
natlon. IL seeks to introduce new measure
OF value, but will add no value to the thina
measured. 1t would not conserve values. Or
the contrary, 1t would derange all existins
values 1t would not revive business confid-
ence, but its direct effect would be to de-
stroy the little which yet remains.
WHAT 1T MEANS.
The meaning of the coinage plank adopted
at Chicago is that any one may take a ouan.
tity of silver bullion, now worth So cents tc
the mfnts of the United States, have it coined
az the expense OF the government and receive
for it silver dollar, which shall be lega
tender for the payment of all debts, public
and private. The owner Of the silver bull
non would get the silver dollar. 1t would
peiong to him and nobody else. Other people
would get 1t only by their labor. the products
OF their land or something Of value The bull.
lion owner, on the basis of present values
would receive the silver dollar for "a cents
worth Of silver and other people would be re.
qulred to receive it as full dollar in the
payment Of debts. The government would rei
no neosnlng from the transaction. 1t would beal
the expense of coming the silver and the
community would suffer loss by it's use.
THE DOLLARS COMPARED.
We have coined since 1876 more than fou,
hundred millions of silver dollars which are
maintained by the government at parity with
gold and are full legal tender for the pay
ment OF al debts. public and private. How
mo In,
from those which would be in use under free
coinage! They are to be Of the same weight
and hneness; they are to bear the same stamu
OF the government. Why would they not be
OF the same value? l answer: The silver
dollars now in use were coined on account Of
the government, and not for private account
or gain, and the government has solemnly
agreed to keep them as good as the hest dol
lars we have. The government bought the
silver bullion at it's market value and coined
It into silver Having exclusive control OF
the mintage it coins only what it can hold
at q parity with gold. The profit representing
the difference between the Commercial value
OF the silver bullion and the face value OF
the silver dollar goes to the government for
the benefit of the people, The government
bought the silver bullion contained in the
silver dollar at very much less than its coin
age value. 1t paid 1t out to its creditors and
put it in circulation among the people at its
face value of hundred cents or a full
dollar 1t required the people to accept 1t as
legal tender, and is thus morally bound to
then, as now, the recognized standard with
( us and the most enlightened nations Of the
world The government having issued and
circulated the silver dollar, it must in honor
protect the holder from loss. This obliga-
ton It has so far sacredly kept Not only is
there a moral obligation. but there is a legal
obligation, expressed in public statute to
maintain the parity.
THEY COULD NOT BE KEPT AT PAR.
These dollars in the particulars have
n ffa dN1I T. IxfnI,
would be issued under free coinage They
would be the same In form bit different in
value. The government would have no part
In the transaction except to coin the silver
bullion into dollars 1t would share in NO
part of the profit. 1t would take upon itself
no obligation. 1t would not put the dollars
any citizen could get them. by giving some
thing for them 1t would deliver them to
those who deposited the silver and it's con-
nection with the transaction would there end.
Such are the silver dollars which would be
issued under free coinage of silver at q ratio
of 16 to l. Who would then maintain the
gold? There would be no obligation resting
upon the government to do it, and there
were, it would be powerless to do 1t. The
simple truth is we would be driven to a sill
yer basis-to silver monometallism. These
dollars, therefore, would stand upon their
real value. If the free and unlimited coinage
of silver, at ratio of sixteen ounces of silver
to one ounce Of gold, would as some Of its
advocates assert, make So cents in silver
worth 100 cents and the silver dollar equal to
the gold dollar then we would have no cheap
er money than now, and it would be no east
er to get. But that such would be the re-
suit is against reason and is contradcted BY
experience in ali times and in all lands II
means that debasemeDt of our currency to
the amount of the difference between the
commercial and coin value Of the silver dol
lar, which is ever changing, and the effect
untold financial loss. destroy confidence, i'm
pair the obligations Of existing contracts.
further impoverish the Iaborers and producers
II the country create a panic Of unparalleled
severity and infict upon trade and commerce