The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-07-08
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result? How could we redeem at par in
gold with the silver, which stood for its
security, deprecated? Holders of our Sc
curities across the water saw the inevi-
| table and presented their securities for
| redemption, which accounts largely for
| the increae in exports of gold and the
depletion of our treasury They tell us
| that we must have an honest currency
worth one hundred cents on the dollar.
| and yet they floated millions of money
| worth only sixty-hve cents. When the
| bill TO repeal the Sherman silver law was
under discussion in the Senate Mr.. Sher-
man said that the condition of financial
depression which then existed was charg-
able largely 20 the effect of that law. Mr..
| Hepburn, the Republican comptroller Of
| the currency. agreed with him in that
| conclusion. Chauncey Depew gave ex-
preston to the same conviction and even
| the Chicago Tribune in a lucid interval,
admitted that the financial troubles were
caused by this silver legislation.
| STORM BROKE IN LAST DEMOCRATIC
ADMINISTRATION
In the early part OF May, after the in
| auguration Of the last Democratic ad-
| ministration. before a short two months
| had permitted the President to formu-
| late policies, aye, scarcely to organize his
| cabinet and certainly before any act had
| been performed to preciptate the result,
| the storm came, but it did not reach the
| height of it's intensity until the following
months Of June, July, August and Septcm-
| ber Three fourths of the railways OF
| the country passed into the hands of re-
ceivers. commercial institutions whose
rating had given guarantee of conhdehce'
| manufacturing and industries employing
| their thousands of laboring hanIs, bank-
| ing houses whose stability had stood ABOVE
question. business men whose paper had
always been met promptly at maturity
all went down in the maelstrom of ide-
struction.
HERITAGE BEQUEATHED BY REPUB-
LICAN ADMINISTRATION.
What a beautiful heritage was be-
oueathed to the Democratic administra-
ton that took office in the spring of 1898.
Bequeathed by the party which, in its ar
rogance undertakes to install itself as the
champion of morals, the intelligence and
the conscience of the nation. depleted
treasurv. insufficient revenues, eXorbi-
tant expenses, a stringent money market,
reduced exports of products, increased
| exports of gold and currency floating
through the channels Of trade, bearing
the imprint of the dollar, but secured
| by deposit worth only 65 cents-a token
| of the honest money of the Republican
party This was the heritage.
THE CONVENTION OF 1896.
THE national Democratic convention OF
| 1896. found in the personnel OF its menu
| bership new blood new life, new hope.
new ambition and a new integrity, that
was needed TO lead the party to supre-
macy and to maintain it in its high sta
tion. The fires that had been smolderng
under the debris of errors. mistakes and
mismanagement, famed by the winds of
popular desire to correct abuses. re-
habilitate truth and reform conditions
that had degenerated from principles
which had defined the limits of party
faith since the time of our party organi-
zaton. leaped forth in consuming ferocity
and, out Of the ashes the party arose,
purified by the cruCible. cleaned OF its
impurities and reinstated in all the glory
of it's traditions it's tenets AMI it's faith.
| The grand old ship of Democracy has
| been cleared of her barnacles and out
| from the dry docks of the coliseum she
was launched upon the ocean of popular
suffrage with a new admiral upon the
| bridge.
THE CAMPAIGN OF 1896.
THE history of that campaign is fa-
miliar to every American. All the powers
| of greed and gold, fraud and deception,
instrumentation, coercion and false pre-
tense were combined in one solid phalanx
! to defeat the triumph of truth, the truth
| that had lived as an inspiration in the
| hearts Of the people and found embodi
| ment in the fearless declarations of the
platform adopted by that convention.
| six and one half millions of free voters
of this nation, unawed by fear. undaunted
| by threat, unyielding to coercion. invul-
nerablc to fraud and defying deception
| and Misrepresentation, cast their ballots
| in token of their faith in our party creed.
| Six and one-half millions of voters,
| placing conscience before mammon, with
stand the terrible cruciation. As they
/ sincerely believed in the divinity of God
they believed in the righteousness of BIZ
metallism and that there might be no
! misunderstanding IN their definition. o.
| bime etalliSm they expressly declared their
| faith in the principles of bimetallism at
the ratio of 16 to /. They saw the hypo-
cracy in the pledge of bimetallism by
international agreement. They knew that
| so long as England remained creditor
nation she never would become party
to international contract which was made
essential to international bimetallism.
They had tasted of the bitter fruits OF
government by injunction. and they real
lied that Federal interference in local
affairs meant ultimate disruption OF the
body rolitic and the destruction OF the
sovereign rights that belonged exclusive
ly to the several States. They regarded
the Sugar trust and the Standard OIL
trust as forerunners of the great. power
full, 1emoralizing trust organizations that
have since absorbed the industries of our
country Organizations that s;a!ked
through the aisles of the Philadelphia
convention. lisguished in sleeps clothing,
encouraged. hattered and courted BY the
bell-wether OF deception and hypocricy.
the chairman of the Republican National
Committee. To them the declaration OF
independence has lost none of it's sancti-
IL. nor has the Chicago platform lost any
CT its virtues
Employment was denied the laborer.
credit was refused the borrower, AMI
every instrument of oppression, every
1 tt.fsD for