The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-29
SILVER AND THE TARIFF WILL
BE THE ISSUES IN 1900
Sherman Says That Politics May Shift and
the Republican Party be Compelled to
Look to the South and West for
its Votes Next Time.

ter to the editor of the Cincinnati
Voksblat, about the Importance Of the
political contest now raging in Ohio, in
the course of which he says:
my chief regret is that / can not
personally participate in the campaign,
as by a usage carefully observed from
the days of Jefferson to this time the
Secretary of State is precluded from ac-
lively sharing in political discussion 9th
err than on foreign affairs.
Il look upon the pending canvass in
| Ohio as a retrial of the issues involved
in the election of 1896. State issues,
IL any. do not seem to be the subject of
debate. Naturally the first issue now is
whether the administration of William
Mckinley thus far is approved by the
people of Ohio. Upon this question there
ought not to be any difference of opinion.
His prompt calling together of the Con-
gress of the United States to provide
requisite revenue for the support of the
government and his recommendations of
the prompt repeal of the feeble and in
defensible tariff law known as the Will
SOM German law, has met with general
approval. The revival of all industries
all parts of the United States, was the
natural and necessary result of the ac-
ton of the President and a Republican
Congress. 1t is unfortunate that the
beneficial provisions of the Dingley act
cannot be in full operation for year or
more owing to excessive importations I'M
der the Wilson Gorman act, but | conf
IDENTITY believe that within a year, under
J. ], 10 @I1o - ha
eminent will be ample to pay not only
| current expenditures, but a large sum
yearly in reduction of the public debt. To
secure this desirable result the Republi-
can party must be sustained not only in
Ohio but in the United States.
Another question of public policy of
equal Importance to the tariff is what IS
known as the free coinage of silver,
without regard to its market value or the
| action of the great commercial nations
of the world Silver and gold have since
the framing of the constitution been the
standard coins of our country-but the
relative market value Of each has chang
ed from time to time. The coinage ratio
of the dollar is one ounce of gold as the
equivalent of sixteen ounces of silver
Within the past twenty years the mar
ket price of silver bullion has been re-
duced more than one-half, so that one
ounce of gold is now equal in value to
80 ounces of silver. Notwithstanding
| this wide diversity Of the market value
of the two money metals, the United
| States and all the leading commercial
nations Of the world have maintained
| their silver coins without any change.
| This was done, and could only be done
| by limiting the use Of the cheaper metal
and by coming only on government ac-
count
1T is now proposed as the cardinal
principal of scattered parties that the
/ holder of any silver bullion without re-
gard TO it's market value may present
| it to the mint and have it coined into dol
lars and made legal tender for all
debts public and private. At present the
silver in a dollar is worth about forty
one cents. 1t would seem that this bold
and transparent proposition and repudia-
/ ton of more than one-haif Of all debts,
public and private, in the United States
would shock the public sentiment OF
honest people and secure its prompt re-
lection. But, strange as it may seem,
it is defended by so many that We are
bound to consider their reasons before
| we denounce 1t as fraud
| 1T is said that free coinage would
bring up the price of silver bullion to
the ratio of 16 to l. There is not the
| slightest ground for this opinion Sill
yer has gone down in price precisely rs
iron, tin, copper or indeed the price OF
all the metals except gold. The develop
ment in the process of mineralogy has
kept pace with the cheapening OF nearly
all the productions of skill known as
manufacturers. Even gold may decline
IN relative value as the result Of the re-
cent development Of mines in several
parts of the earth, but from its superior
value in the smallest space and beirte
less affected by corrosion than any other
money metal, it is now and will continue
to be the standard Of value in the chief
nations of the world. Silver will no
largely used in all countries for minor
coins-and if limited in amount and re-
deemed at its coinage value, or made a
legal tender for limited sums, it will be
largely absorbed for minor transactions
but free coinage for all who demand it
would at once make it the sole coin
in circulation, prevent the coinage of
gold and place our great and powerful
country in financial operations among
the minor and poorer nations OF the
world. This is the issue that will large
~ control the vote of Ohio next week.
Aside from this important measure the
people Of Ohio should bear in mind
that one Of the most eminent citizens of
/ the State is now President Of the Uni
! ted States. He is especially entitled
| to your kind and considerable favor and
deserves praise for the careful selection
and appointment of officers Of the Uni
ted States. There has been no abrupt
haste in making changes, and while
from the nature of things he could not
appoint all who applied for office, yet the
changes he did make met with and de-
served the approval Of the Republican
party. It is impossible for any excel