The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-29
He Regards the Pending Canvass as q
RetriaI of the Questions Involved
sn the Election of 1896.
COMMENDS THE PRESIDENT
PRAISES MARK HANNA's QUALIFICA-
TIONS FOR sENATORsHIP,
And Urges the Election of Governor
Iature--SiIver and the Tariff.

WASHINGTON, OCT. 1S.-tOr the nrSt
time since the beginning or the present
campaign in Ohio. Secretary Sherman has
published his views in the shape of the
following letter addressed to L. Markbreit,
editor of the Cincinnati Volksblatt:
my Dear Sir-Your note of the 23d inst,
in which you request my view of the COM
ing election in Ohio and in Hamilton coun-
ty, is received. I have carefully observed
the progress of the canvass with increasing
interest as 1t advanced end can hardly ex-
press in language my appreciation of Its
Importance. My chief regret is that could
not personally participate in it, as by
usage carefully observed from the days Of
jefferson to this time the secretary of state
is precluded from actively sharing in polit-
ical discussion other than on foreign af-
fairs.
II look on the pending canvass in Ohio as
a retrial of the issues involved in the cleo
ton of 1896. State issues, If any, do not
seem to be the subject of debate. Naturally
the first issue now is whether the adminis-
tration of William Mckinley thus far is
approved by the people Of Ohio. On this
question there ought not to be any differ
ence of opinion. His prompt calling to-
gether of the Congress of the United States
to provide requisite revenue for the sup
port of the government and his recom-
mendation of the prompt repeal OF the fee-
BILE and indefensible tariff law known as the
Wilson-Gorman law has met with general
approval. The revival of all industries and
the commencement of prosperity in all
parts of the United States was the natural
and necessary result of the action of the
President and a Republican Congress.
THE TARIFF LAW.
'"rhe tariff laws have been the subject OF
discussion from the days of Washington to
the days of Mckinley From the time en-
tered Congress in 1855 to this hour / have,
at every election, heard both in and out OF
| Congress, of the respective merits of rev.
| enue tariff and protective tariff, and on
these questions the two great parties have
taken opposite sides. The Morrill, tariff,
passed in March, 1861, is the text of the
policy of protection to our American indus
tries, and, though greatly changed from
time to time to meet new conditions, 1t still
| forms the groundwork of the policy OF the
| Republican party in respect to the tariff.
| This act was passed at a period OF Develop
ment with light taxes and increasing popu-
lation. The average yearly expenses OF the
national government from 1910 to 1860 in
cluding the expenses OF the Mexican war,
were about $5O,OO0,OO0.
'The civil war changed all this. It's cost
has been stated as over $1,000 O0000O To
meet this enormous demand the duties on
imported goods were greatly increased, and
internal taxes in almost every form were
| levied on domestic products and on the in
| come Of individuals and corporations The
ascertained national debt at the close of the
war was $274O. 0OO.0 900, but this was greatlyI
| enlarged by claims afterwards presented
and by the most liberal pensions ever pro-
1NxyI I'M he Al
tions and expenditures, the interest of the
debt, and every year from 1866 to 1898 por-
ton Of the principal of the public debt was
paid, thus reducing it to 1861, 4S1. 766 on the
LIST of July. 1893.
I'm 1880 Congress passed what is known
as the Mckinley tariff act, which was a
careful revision of all existing revenue
laws. 1t largely reduced internal taxes and
carefully revised the tariff laws then in
force. If II had remained on the statute
book to this time the policy of protection
and debt paying would have largely re-
duced the public debt and prevented the
| severe stringency that followed it's repeal.
1t is the declared purpose of the Repub-
lican party to restore and maintain the
policy embodied in the Mckinley tariff
law and the recent tariff act known as the
Dingley tariff. 1t is unfortunate that the
beneficial provisions Of the latter act cam
not be in full operation for year or more.
owing to excessive importatlons under the
Wllson-Gorman act but / confidently be-
heVe that within year, under the present
law, the revenue of the government win be
! ample to pay not only current expenditures.
but large sum yearly in reduction OF the
public debt. To secure this desirable rasrl+
the Republican party must be sustained nor
Trnft
THE SILVER QUESTION.
Another question of public nolicv 30
equal Importance to the tariff is what ,s
Fnown as the free coinage OF silver with
out regard to its market value or the ac-
ton Of the great commercial nations Of the
world. Silver and gold have, since the
framing of the Constitution been the stand
ara COINS OF our country but the relative
market value of each has changed from
time to time. The coinage ratio of the dol
lar is the ounce of gold as the equivalent Of
sixteen ounces of silver. In the coinage OF
parts OF dollars, the ratio of silver to gold
Is lpout fourteen ounces of silver 70 one rf
gold, but the legal tender OF such rnincr
coins Is limited to ten dollars. Within the
! asI t.W.enty years the market price of sill
yer puiiion has been reduced more than ONE
half. so that one ounce of gold is now
equal in value to thirty-nine ounces of sill
YER Notwithstanding this wide diversity az
tEe market value of the two money metals
the United States and all the leading COM
mercial nations Of the world have main
tanned their silver coins without change
rms was done and could only be done by
uniting the use of the cheaper metal and
by coming only on government account
II IS now proposed as the cardinal prir-
ciple or scattered parties that the holder OF
any silver bullion without regard to its
n narket value may present IL to the mint
and have ii coined into dollars and made q
legal tender for all debts, public OF private
At present the silver In a dollar Is worth
about Al cents. 1t wcIld seem that this bold
end transparent proposition of Reputation
or more than one-half OF all debts public
and private in the United States would
shock the public sentiment of honest people
end secure It's prompt rejection. But
strange as II may seem, ii is defended by
so many that we are bound 20 consider their
reasons before we denounce IL as a fraud
1t is said that free coinage would bring
up the price Of silver bullion 10 the ratio OF
16 20 l. There is not the slightest ground
for this opinion. Silver has gone down in
price precisely as iron, tin, copper, or, in
deed. the price of all the metals except
gold. The development in the process OF
minerology has kept pace with the cheapen-
ing of nearly all the productions of skill
known as manufactures. Even gold may
decline in relative value as the result OF the
recent development OF mines in several
parts OF the earth, but from its superior
value IN the smallest space and being less