The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-06
The Pledges OF the Republican Party.

It is as certain as anything can be. that
no legislation affecting the currency will
be seriously attempted by Congress this
winter. The President, indeed, will, in his
message. recommend certain currency
measures; the Secretary Of the Treasury,
in his report, will recommend certain
other currency measures bills may be in
troduced In the House Of Representatives
In accordance with these recommendations;
and debate upon them may arise but that
will be all. Even II a currency bill should
be passed by. the House it could not, as
everybody knows, get through the Senate
without being loaded with q free silver
amendment. and that would end 1t.
In the face of this fact, the Times yester-
day made a plsintiye appeal on moral
grounds to the Republican party todo some
thing in the way of currency reform. With
an unblushing disregard of morality on its
own part. 1t asserted that Gin the am
paign of last year the Republican party
leaders, and Mr.. MCKINLEY the fore
most, did not confine themselves to the
mere promise of the maintenance of the
gold standard. They pledged themselves to
reform the currency so as to make IL both
safe and elastic" This is untrue, and If it
were true. it would not justify the charge
Of bad faith which the Times makes against
the Republican party. The pledges Of
the party are embodied in the declara-
tion Of the ST. Louis Convention, and no
speeches Of its leaders could add to them.
In that declaration there is not one
word about reforming the currency in any
WANNA ,-Ara- -NA~ -rlrp4f-- H.
free coinage Of silver by international
agreement. Upon no other currency pledges
were votes for MCKINLEY asked for,
and If the non-Republicans who voted for
him expected more, they did so without
any reason except their w hopes and de-
sires. The financial issue of the campaign
was, VIGOROUSLY, between MCKINLEY and
the gold standard on one side and BRYAN
and free silver on the other; and on this
issue MCKINLEY was elected.
The Republican party pledged itself at
st. Louis to maintain all our silver and
paper currency at parity with gold, and,
thus far, it has fully kept the pledge. The
Times asserts, however, that it will be
unable to do SO in future, with de-
mand notes perpetually reissued and
no adequate and continual provision
for their redemption in gold" The
Times forgets that in the Resumption
act of 1875 President CLEVELAND found
adequate provision for redeeming the Gov
eminent demand notes in gold, and was
applauded by it for his action. If need
arises, President MCKINLEY can do what
President CLEVELAND did. and the Times
cannot consistently condemn him for it.
There is a pledge, however. which the
Republican party made at st. Louis, and
which it has, as yet, failed to redeem. That
pledge was, to provide a Government rev
enue adequate to the Government expenses.
This is required, under any conditions, by
the common obligations of honesty, and il
the requirement Is complied with, currency
reform may be allowed to wait until
1t is more peremptorily demanded than
1t is by the people. With an adequate
revenue there need be no reissue of
redeemed Government notes except against
deposits of gold, and their continued parity
with gold will be as well assured as il a
special act were passed forbidding such re-
issue. To make the assurance doubly sure,
the further issue of bank currency should
be stopped, SO as to leave the field entirely
to the Government notes, but that, too, must
wait until the nation Is ready for it.