Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1900-09-26
The Financial Plank,

transportation rates.
The Financial Plank.
The platform reiterates the demand
contained in the Chicago platform for
an American financial system made
by the American people for them
selves. The purpose of such a system
is to restore and maintain bimetallic
level of prices, and in order that there
may be no uncertainty as to the meth
cd of restoring bimetallism, the specif-
ic declaration in favor of free and I'M
limited coinage at the existing ratio
of 16 to l, independent of the action
of other nations, is repeated. In 1896
the Republican party recognized the
necessity for bimetallism by pledging
the party to an earnest effort to Sc
cure an International agreement for
the free coinage of silver, and the
president. Immediately after his in
auguration, by authority of congress,
appointed commission composed of
distinguished citizens to visit Europe
and solicit foreign aid. Secretary Hay,
in letter written to Lord Alderman
In November, 1898, and afterwards pub
lfshed in England. declared that at
that time the president and majority
of his cabinet still believed in the great
desirability of an international agree
ment for the restoration of the double
standard, but that it did not seem
opportune to reopen the negotiations
Just then. The financial law enacated
less than a year ago contains. con-
Guiding section declaring that the
measure was not intended to stand in
the way of the restoration of bimetal-
lism, whenever it could be done by
cooperation with other nations. The
platform submitted to the last Repub-
lican convention with the Endorsement
of the administration again suggested
the possibility of securing foreign aid
in restoring silver.
Now the Republican party, for the
first time, openly abandons its adj
vocacy Of the double standard. and in
dorses the monetary system which it
has SO often and SO emphatically con-
demned. The Democratic party, on the
contrary, remains the steadfast adyo-
cate of the gold and silver coinage of
the constitution, and is not willing
that other nations shall determine for
us the time and manner of restoring
silver to its ancient place as a stand
ard money. The ratio of 16 to l is
not only the ratio now existing be-
tween all the gold and silver dollars in
circulation in this country, a ratio
which even the Republican admins
tration has not attempted to change,
but it is the only ratio advocated by
those who are seeking to reopen the
mints. Whether the senate, now hos
tile to bimetallism, can be changed
during this campaign or the campaign
of 1902 can only be determined after
the votes are counted. but neither the
present nor the future political COM
plexion of congress has prevented or
should prevent an announcement of
the party's position upon this subject
in unequivocal terms
The currency bill, which received the
sanction of the Executive and the Re-
publican members of the House and
Senate, justifies the warning given by
the Democratic party in 1896. 1t was
then predicted that the Republican
party would attempt to retire the
greenbacks although the party and its
leaders studiously concealed their in
tentions. That purpose is now plain
and the people must choose between
the retention of the greenbacks, issued
and controlled in volume by the gov
eminent, and national bank note cur
rency issued by banks and controlled
in their own interests. II the ma
tional bank notes are to be secured by
bonds, the currency system now sup
ported by the Republican party in
wolves permanent and increasing
debt, and, SO long as this system
stands, the financial classes will be
tempted to throw their powerful influ-
ence upon the side of any measure
which will contribute to the size and
permanency of a national debt. 1t is
hardly conceivable that the American
people will deliberately turn from the
debt-paying policy of the past. to the
dangerous doctrine of perpetual bonds.
Election of Senators by She People.
The demand for constitutional
amendment providing for the election
of Senators by direct vote of the peo-
pie, appears for the first time in
Democratic National platform. but
resolution proposing such an amend
ment, has three times passed the