The record-union., 1896-09-10
Garret A. HObart'S Formal Ac-
ceptanee Of the Nomination.
Public Honor Demands That Free Silver
Coinage be Rejected.
The Chicago Democratic Platform a Revolu-
tionary Propaganda.

PATERSON On. J.), Sept. 9.-Garret
"A. Hobart, the Republican nominee for
Vice President, this evening gave to the
press his letter formally accepting the
nomination Of the ST. Louis Convention.
The full text follows:
Hon Charles w. Fairbanks and 9TH
ers Of the Notification Committee of the
Republican Convention-Gentlem
have already. in accepting the nomina-
ton for the Office of the Vice Presidency
rendered me by the National Republican
Convention, expressed my approval OF
the platform adopted by that body as
the party basis of doctrine. In accord
ance with accepted usage, beg now to
supplement that brief statement of my
views by some additional reflections up
Oh the questions which are in debate
before the American people.
THE platform declarations in refer
ence to the money question express
clearly and Enthusiastically the attitude
of the Republican party as to this su-
premely important subject. We stand
unqualifiedly for honesty in finance and
the permanent adjustment of our mon
etary system in the multifarious activ-
tiles of trade and commerce to the ex-
listing gold standard of value. We hold
that every dollar of currency issued by
the United States, whether Of gold, sill
yer or paper, must be worth a dollar
in gold, whether in the pocket Of the
man who tolls for his daily bread, in
the vault of the savings bank which
holds his deposits, or in the exchanges
of the world.
MONEY STANDARD.
THE money standard of great ma
ton should be as fixed and permanent
as the nation itself. To secure and re-
tain the best should be the desire of
every right-minded citizen. Resting on
stable foundations, continuous and un-
varying certainty Of value should be
its distinguishing characteristics. The
necessity of a certain and fixed money
value between nations, as well as indi-
viduals, has grown out of the inter-
change of commodities. the trade and
business relationships which have aris.
en- among the people of the world, with
the enlargement Of human interests
This necessity has made gold the stand
ard Of all enlightened nations. Other
metals, including silver, have recog-
ni2ed commercial value. and silver es-
pecially has a value of great Importance
for subsidiary coinage.
I'm view of sedulous effort of the
advocates of free coinage to create a
contrary impression, it cannot be too
strongly emphasized that the Republi-
can party in its platform afFirms this
value in silver, and favors the largest
possible use Of this MEAL as actual
money that can be maintained with
safety. Not only this, it will not an
tagonize, but viii gladly assist in pro-
1noting a double standard whenever it
can be secured by agreement and CO.
operation among the nations. The BIZ
metallic currency, involving the free
use of silver which we now have, is
cordially approved by Republicans.
But a standard and a currency are
vastly different things. If we are to
continue to hold our place among the
grea commercial nations, we must
cease Juggling with this question and
make our honesty Of purpose clear to the
world. No room should be left for mis-
conception as to the meaning Of the
language used in the bonds of the Gov
ernment not yet matured. 1t should not
be possible for any party or individual
to raise question as to the purpose Of
the country to pay all its obligations in
the best form Of money recognized by
the commercial world.
FREE COINAGE.
1.-THE free coinage Of silver at the ratio
of 16 to 1 is a policy which no nation
has ever before proposed, and it is not
to-day permitted in any mint in the
world-not even in Mexico. 1t is pro-
posed to make the coinage unlimited at
an absolutely fictitious ratio, fixed with
no relation to intrinsic value or pledge
to ultimate redemption. With silver at
its present price of less than 20 cents per
ounce in the market, such a policy
means an immediate profit to the seller
OF silver for which there is no return
now or hereafter to the people of our
Government 1t means that for each
dollars worth of silver bullion delivered
at the mint. practically two dollars OF
slammed coin will be given in exchange.
For 800 worth Of bullion nearly 200
silver dollars will be delivered.
LET ii also be remembered that the
consequences Of such an act would
probably be cumulative in their effects.
The crop of silver. unlike that Of hay, or
wheat, or corn--which being OF yearly
production. can be regulated by the law
OF supply and demands fixed once Tor
all. The silver, which has not yet been
gathered, is all in the ground. Drouth
or other accident of the elements can
not augment or diminish IT, 1t Is not
more than probable that with the enor-
nous premium offered for its mining,
the cupidity of man would make an
over-supply continuous, with the neces-
sary result Of a steady depreciation as
long as the silver dollar could be kept
in circulation at all. Under the laws
OF finance. which are as fixed as those
of any other science. the inevitable re-
suit would finally be currency all ana
absolutely fiat.
There is no difference in principle be-
tween a dollar half fiat and one all nat
The latter, as the cheapest under the
logic of cheap money would surely
drive the other out. Any attempt on
the part OF the Government to create
by its fiat money fictitious value would
dishonor us in the eyes of other people
and bring infinite reproach upon the
national character. The business and
financial consequences of such an I'M
moral act would be world wide, be-
cause our commercial relations are