TOWS
Ho Formally Acoopts tho Nomina
tion for tho Prosidonoy.
Iqsuob of tho Campaign Plainly
and Forcibly Prosontod,
Convincing Reasons Why Free Coin
age of Silver Should Not
Obtain.
I'rotrctlon iiml Jloclprorlty of Hnpromo
Importance to tho Wolfiiro itf
thu Country.
HIS VIJ5AVH ON OTIIKK TOPICS.
Canton, O., Aug. 27.-MnJ. MeKlnlcy gavo
his lottor of acceptance to tho press as
iioclutlons Wednesday afternoon, having
llnlHlied his last rending and revision of
It at 12:30 o'clock. Tho letter touches upon
till of tho Important plunks In tho repub
lican national platform, but tho first half
of It Is dovotod to an inolalvo discussion of
tho money queatlon. Tho letter Id aa fol
lows: "lion. John M. Thurston, and others,
inomhcrH of tho notification coinmltteo of
tho republican national conveutlon-Uon-tlomcn:
In pursuance of the promise made
to your committee, when notified of my
nomination as the republican candidate, for
president, 1 beg to submit tills formal ac
ceptance of that high honor, and to con
hitler in detail questions at issue in the
ponding campaign. Perhaps tills might
ho consldoteu unnecessary In view or my
tcmarku on that occasion and tlioso J
a
WILLIAM M'KINLEY.
havo
mado to delegations who havo vis
ited mo since tho St. Louis convention,
but In view of the momentous importance
of tho proper settlement of tho issues
presented on our future prosperity and
standing as a nation, and considering only
tho welfare and happiness of our people,
I could not bo content to omit agiiln call
ing attention to tho questions which, In
inv opinion, vitally affect our strength and
position among the governments of tho
world, and our morality, integrity and
patriotism as citizens of that republic,
which for a century ptiBt has boon tho
best hope of tho world and the Inspiration
of, mankind. Wo must not now provo false
to our own high standard in government,
nor unmindful of tho noblo example and
wlso precepts of tho fathers, or of tho
conlldence and trust which our con
duct in tho past has always Inspired.
The lproo Coinage of Silver.
"For tho llrat time slnco 1SC8, if over bo
foro, there is presented to tho American
people this year a clear and direct issue as
to our monetary system, of vast importunce
In lta effects, and upon tho right settle
ment of which rests largely tho llnanclal
honor and prosperity of tho country, It
Is proposed by one wing of tho democratic
party and ita allies, tho people's and sil
ver parties, to inatigurato the free and un
limited coinage of silver by Independent uc
tlon on tho part of tho United States at a
ratio of sixteen ounces of silver to one
ounce of gold. Tho mere declaration of this
purposo Is a menuco to our llnanclal and
industrial interests and lias already cro
ated universal alarm. It Involves great
peril to tho credit and business of tho coun
try, a peril so grave that conservative men
overywhero are breaking away from their
old party associations and uniting with
other patriotic citizens In emphatic protest
against tho platform of the democratic
national convention us an assault upon the
faitli and honor of the government and the
welfare of tho people. Wo havo had fow
questions In tho lifetime of tho republic
more serious thun tho one whluh lu thus
presented.
No Ilonoflt to rubor.
"Tho character of tho nionoy which shall
measure our values and exchanges and
settle our balances with ono another and
with the nations of tho world, Is of such
primary importance and so far-reaching
In Its consequences as to can lor me most
palnstuklng investigation, and, in tho end,
n sober and unprejudiced Judgment at the
polls. Wo must not bo misled by phrases
nor deluded by false theories. Free silver
would not mean that silver dollars were
to bo freely had without cost or labor. II
would mean tho freo uso of tho mints of
tho United States for tho fow who are
owners of silver bullion, but would make
Bllver coin no freer to many who are en
gaged In other enterprises. It would not
malto labor easier, tho hours of labor
Bhorter or tho pay hotter. It would not
make farming less laborious or more
profitable. It would not start a factory
or niako a demand for an additional day's
labor. It would create no now occupations
It would add nothing to tho comfort of the
masses, tho capital of the people or tho
wealth of the nation. It scobs to Introduce
a new moaouro or vaiue, out wouiq nun
no value to tho thing measured. It would
not conservo values. On tho contrary, It
would derange all existing values. It would
not restore buslnoss conlldence, but its
direct effect would bo to destroy the little
which yet remains.
Whut It Moan,
"Tho meaning of the colnago planlt
adopted at Chicngo is that nnyoni may
take a quantity of silver bullion now worth
53 cents to tho mints of tho United States,
have it coined at tho expense of tho govern
ment and receive for It a silver dollar,
which shnll bo logal tepder for the pay
mont of all debts, public iml private. Tho
owner of tho Bllvor bullion would gH the
sliver dollar. It would belong to him and
to nobody else. Other people wouid get,
It only by their labor, tho products of tholr
fond or something of valuo. Tho bullion
owner qn the basts of present values, would
receive the sllvor dollar for 53 cents' worth
of silver, and other people would bo re
quired to recelvo it as a full dollar In the
j.ayment oi ueois. i no government wouki
get nothing from tho transaction. It would
bear tho expense of coining tho stiver and
tho community would suffer loss by lis uso.
Tho Dollars Coiupnretl.
"Wo havo coined slnoo 1878 more than
400,000,000 of silver dollars, which aro main
tained by tho government at parity with
gold, and are a full legal tender for tho pay
ment of all debts, public and private. How
nro tho sliver dollars now In use different
from thoso which would bo In uso under
free coinage? They aro to be of the samo
weight and fineness; they aro to hour tho
Biune stamp of tho government. Why
would they not bo of the same valuo"
"I answer: Tho silver dollars now In
jw
tt& . - , " of
uso wero coined on account of tho govern
ment, and not for prlvato account or rain,
and tho government has solemnly r.rrced
to kcop them as good as tho best doll its wo
have. Tho government bought tho silver
bullion at its market value and coined It
Into sllvor dollars. Having exclusive con
trol of tho mintage, It only coins what it
can hold at a purity with gold. Tho profit,
reptesentlng the dlfferenco between the
commercial valuo of tho silver bullion and
tho face vnluo of the silver dollar, gors to
tho government for tho benollt of the peo
ple. Tho government bought tho bullion
In tho silver dollar at very much less than
its coinngo vaiuc. it nam u out to us cred
itors anil put It In circulation among tho
people at its faco vnluo of 1C0 centa, or a
full dollar. It required tho people to ac
cept it as a legal tender, and Is thus morally
bound to maintain it at a parity with gold,
which was then, as now. tho recocnlzed
standard with us, and tho most enlightened
nations of tho world. Tho government
having Issued and circulated the silver dol
lar, It must In honor protect tho holder
from Iohs. This obligation It has so far
sacredly kept. Not only Is there a
moral obligation, but there Is a legal obli
gation, expressed In public statute, to
maintain tho pnrlty.
They Could Nut lie Kept at I'ur.
"Theuo dollars, In the particulars I havo
named, nro not the same as the dollais
which would bo Issued under free coinage.
They would bo tho samo In form, but dif
ferent In valuo. The government would
havo no part In tiio transaction, except to
coin the silver bullion Into dollars. It
would take upon itself no obligation. It
would not put the dollars Into elieuhitlon.
It could only get them, as any citizen would
get tlicm, ny giving sometning ror mom.
It would deliver them to tlioso who de
posited the silver, and its connection with
tho transaction there end. Such aro tho
Hllvor dollars which would lie Issued under
freo coinage of silver at a ratio of slxteon
to one. Wiio would then maintain tho
parity? What would keep them at par
with gold? There would bo no obligation
resting fipon tho government to do It, and If
there were, it would bo powerless to do it.
Tho slinplo truth Is wo would bo driven to
a silver basis to sliver monometallism.
These dollars, therefore, would stand upon
their real value. If the free and unlimit
ed colnago of silver at a ratio of sixteen
ounces of silver to one ounce of gold would,
as some of Its advocates assert, mako 63
cents lu sliver worth 100 cents, and tho
silver dollar equal to the gold dollar, then
wo would have no cheaper money than now,
and It would be no coaler to get. Hut that
such would lio tho result is against reason
and is contradicted by experience lu all
times and In all hinds. It means the de
basement of our currency to the amount of
the dlfferenco between tho commercial and
coin valuo of the sliver dollar, which is ever
changing, and tho effect would be to re
duce moucrty values, entail untold finan
cial loss, destroy confidence, impnlr tho
obligations of existing contracts, further
Impoverish tho laborers and producers of
tho country, create a panic of unparalleled
severity and Inflict upon trado nnd com
liifrpn ii dcndlv blow. AtraliiHt any such
policy, I am unalterably opposed.
jtliiiolikUlHin.
"Dlmotnlllam cannot bo secured by In
dependent action on our part. It cannot
bo obtained by opening our mints to tho
unlimited colnago of tho silver of tho
orld, at tho ratio of sixteen ounces of
silver to ono ounce of gold, when tho
commercial ratio Is more thun thirty ounces
ot sliver to ono ounce of gold. Mexico and
China have tried tho experiment. Mexico
lias freo coinage of silver and gold at a
ratio slightly In excess of sixteen nnd one
half ounces of Bllver to ono ounce of gold,
and wlillo lier mints aro freely open to
both metals at that ratio, not a single dol
lar In gold bullion Is coined and circulated
as money. Wold lias been driven out of
circulation In theso countries, and they
aro on a sliver basis alone. Until Interna
tional agreement Is had, it is the plain
duty of tho United States to maintain the
gold standard. It Is tho recognized and
sole stundard of tho great commercial na
tions of the world, with which wo trado
more largely than any other. Eighty
four per cent, of our foreign trade for tho
fiscal year 1893 was with gold Btandard
countries, and our trado with other coun
tries was settled on a gold basis.
Wn Now Havo More Sliver Thun Gold.
"Chiefly by means of legislation during
nnd slnco 1878 thoro has been put in circu
lation moro than 621,000,000 of silver, or
Its representative. This has been done in
tho honest elfort to givo to silver, if pos
sible, tho same bullion and colnago value,
nnd oiipourniro tho concurrent uso of both
gold and silver as money. Trior to that
tlmo thoro had been leas than 0,000,000 of
silver dollars coined In tho entire history
of tho United States, a period of S9 years.
"This legislation secured tho largest use
of silver consistent with financial safety,
and tho iiledgo to maintain Its pnrlty with
gold. Wo havo to-day moro stiver than
gold. This has been accomplished at times
with grave peril to tho public credit. Tho
so-called Sherman law sought to uso all
tho silver product of tho United States for
money at ita market value. From 1S90 to
1803 tho government purchased 4,500,000
ounces of sllvor a month, or 54,000.000 ounces
a year. Tills was one-third of the product
of tho world and practically all of this
country's product. It was believed by
tho30 who then and now favor freo colli'
ago that such uso of sllvor would advance
Its bullion valuo to Its colnago value, but
this expectation was not realized. In a
few months, notwithstanding tho unprece
dented market for the silver produced in
tho United States, the price of silver went
down very rapidly, reaching a lowor point
than evor beforo. Then, upon tho rec
ommendation of President Cleveland, both
parties united In the repeal of tho pur
chasing clauso of tho Sherman law. Wo
cannot with safety engage In further ex
periments In this direction.
Tim Double .Standard.
"On tho 22d of August, 1S91. In n public
address, I said: 'If wo could havo an In
ternational ratio, which all tho leading
nations of tho world would adopt, nnd tho
truo relation bo llxcd between tho two
metals, and all agree upon tho quantity of
silver which should constitute a dollar,
then sllvor would bo as freo and unlimited
In Its privileges of coinage as gold la to
day. But that wo have not been ablo to
secure, and with the freo and unlimited
colnago of silver adopted In tho United
States at tho present ratio we would bo
still further removed from any interna
tional agreement. Wo may never bo able
to secure It If wo enter upon tho Isolated
colnago of silver. Tho double standard
Implies equality at a ratio, nnd that equal
ity can omy on uauiunsiiuu uy mo concur
rent law of nations. It was the concurrent
Inw of nations that mado the double stand
ard: It will requlro the concurrent law of
nations to reinstate anu sustain it.'
fuvorx tho ITku of .Silver Money.
"Tho lopubllcan party lias not been, and
Is not now, opposed to tho use of silver
money, as its record abundantly show?. It
has done all that could be dono for its In
creased use, with safety and honor, by tho
United States acting apart from other gov
ernments. Thero aro thoso who think that
it has already gono beyond tho limit of
llnanclal prudenco. Surely wo can go no
further, and wo must not permit falso
lights to luro us acrosa tho danger lino.
"Wo have much moro silver lu uso than
any country In tho world except India or
China $500,000,000 moro than Great Uritaln:
fl5U,00(),Q9O more tnan I'Tunco: shuu.wkj.wo
moro than Germany: 325,000,000 less than
India and 125.000.000 less than China.
"Tho republican party has declared In
favor of an international agreemont and if
elected president It will bo my duty to
employ all proper means to nromoto It.
Tho free coinage of silver In this country
would defer, If not dofeat, International bi
metallism, and until an international
agreement can bo had every interest re
quires us to maintain our present standard.
Independent freo colnago of sliver at a
ratio of sixteen ounces of silver to ono
ounco of gold would Insure the speedy con
traction of tho volume of our currency. It
would dilvo at least 500.0C0.OOO of gold,
which wo now have, permanently from tho
trado of tho country, and greatly decrenso
our per capita circulation,
"It is not proposed by tho republican
party to tako from the circulating medium
of the country any of the silver we now
have. On tho contrary it Is proposed to
keep all of tho sliver money now In circu
lation on a parity with gold by maintaining
no pieugo or tno government mat an oi u
shall be co.ua! to gold. This has been the
unbroken policy of tho republican party
slnco 1578. It has Inaugurated no now
policy. It will keep In circulation nnd as
good as gold nil of tho silver and paper
money which aro now Included In the cur
rency of tho country. It will maintain tholr
parity. It will preservo their equality In
tho future as it has always dono In the past.
It will not consent to put ibis country on
a sliver basis which would Inevitably fol
low independent free coinage at a ratio of
sixteen to one. It will oppose tho expul
sion of gold from our circulation.
I'uriuorn and Laborer Ml Her Mont.
"If there is any ono thing which should
bo free from speculation and fluctuation
it Is tho money of a country. It ought never
to bo the subject of mere partisan conten
tion. When we part with our labor, our
products, or our property, we should ic
celvo In return money which Is a? stablo
and unchanging in value as tho ingenuity
of honest men can make it. Debasement
of tho currency means destruction of val
ues. No ono suffers uo much from cheap
money as tho farmers and laborers. They
are the first to feel Its bad effects and the
last to recover from them. Tills lins been
thu uniform experience of nil countries
nnd hero, as elsewhere, the poor, and not
the rich, arc always tho greatest sufferers
from every attemnt to debase our moncv.
It would fall with alarming severity unon
Investments already mado; upon Insur
ance companies anu meir poiioy-noitiers;
upon savings banks and their depositors',
upon building and loan associations and
their members: upon tho savings of thrift:
upon pensioners and their families, and
upon wage-earners and tho purchasing
power of their wages.
Utllimilotl jrriMliMjiiiiuuu minr iinraoy
"Tim Bllver question Is not tho only issuo
affecting our money In tho pending con
fat. Not content with urging tho freo
colnago of silver, its strongest champions
demand thnt our paper money shall bo
issued directly by tho government, of tho
United Slates. This la tho t'lilcago demo
cratic declaration. Tho St. Louis peoplo's
declaration is that 'our national money
shall bo Issued by tho general government
only, without the intervention of banks
of Issue, bo full legal tender for tho pay
ment of nil debts, public and private,' and
bo distributed 'direct to tho people, nnd
through lawful disbursements of the gov
ernment.' Thus, In addition to tho free
colnago of the world's silver, we nro asked
lo enter upon an era of unlimited irre
deemable paper currency.
"Tho question which was fought out from
18G5 to 1S79 Is thus to lie reopened, with all
Its uncertainties and cheap money oxperl
ments of every conceivable form foisted
upon us. This Indicates a mos startling
reactionary policy, strangely at variance
with every requirement of sound finance:
but tho declaration shows tho spirit and
purpose of those who, by combined action,
nro contending for iho control of the gov
ernment. Not satlsllcd with tho d?ba.ic
ment of our coinage, which would inev
itably follow tin freo coinage of slU'iv nt
sixteen to one, tHy would ctlll further de
grade our currency and threaten the, pub
lic honor by tho unlimited Issue of n lr
icdecmable pnper currency. A graver
monncc to our financial standing and credit
could hardly lie conceived, and every patri
otic citizen should be aroused to promptly
meet and effectually detect it.
In till) llichcsl Degree KoprtdicilHlhte.
"It Is a cause for painful regret nnd so
llcltudo that an effort Is being made by
thoso high In the counsels of tho allied
nnrlloil to fllvldf' the t)POI)le Of tills COUIltrV
Into classes nnd create distinctions among
us, which, In fact, do not exist, nnd are
repugnant to our form of government.
Theso appeals to passion and prejudice
nro beneath the spirit and Intelligence of a
freo people, and should bo met with stern
rebuko by thoso they aro sought to Influ
ence, and I believe they will be. Every
attempt to urray class against class, the
classes against tho masses, section against
section, labor against capital, the poor
against tho rich, or Interest against inter
est in tho United States, is in tho highest
degree reprehensible. It is opposed to tho
national Instinct and Interest and should
bo resisted by every citizen.
"Wo aro not a nation of classes, but ot
sturdy, free, independent and honorable
people, despising tho demagogue, and never
capitulating to dishonor. This ever-rccur-rlng
effort endangers popular government
and Is a menace to our liberties. It is not
n new. campaign device or party appeal.
It Is as old as government among men.
but was never moro untimely and unfor
tunato than now. Washington warued us
against it, and Webster said in tho sonate,
in words which I feel aro singularly ap
propriate at this time: 'I admonish tho
people against tho object ot outcries llko
these. I admonish every lnuustrious la
borer of this country to be on his guard
against such delusion. I tell him tho at
tempt Is to play off his passion against his
Interest, anil to prevail on him in the name
of liberty, to destroy all tho fruits of
liberty.'
Protection of Supremo Importnncc.
"Another Issuo of supremo Importance
Is that of protection. The peril of freo sil
ver is a menace to bo feared; wo are already
experiencing tlto effect of partial freo
trade Tiie ono rntuit be averted: the other
corrected. The republican party Is wedded
to tho doctrine of protection and was never
more earnest in iti support than now. If
argument wero needed to strengthen de
votion to 'the American system' or
to increase tho hold of that system
on tho party and people it Is found
in tho lesson and experience of tho past
threo years. Men realize in their own
daily lives what beforo was to many of
them only report, history or tradition.
They linvo had a trial of both systems
und know what each has done for them.
Domitniluil by 1'iibllo Kxlgeneles.
"Washington In his farowell address,
Ssptember 17, 1790, 100 years ago, said: As
a very important sourco of stiength and bo
curitv, cherish public credit. Ono method
of 'preserving it Is to uso It as sparingly aa
possibly; avoiding the accumulation of
debt, not only by shunning occasions of ex
pense, nut ny vigorous exertions m timo
oi! peace to discharge tho dobta which un
avoidable wars may havo occasioned, not
ungenerously throwing upon posterity tho
burden which wo ourselves ought to bear.'
"To facilltato tho enforcement of the
maxims which lie announced he declared:
'It is essential that you should practically
hear in mind thnt towards the payment of
debts theio must lie revenue; that to havo
rovenuo thero must bo taxes; thnt no taxes
can be devised which aro not more or les3
inconvenient or unpleasant; that tho in
trinsic embarrassment inseparable from
the selection of tho nroner objects (which
Is always a choice of dllllcultles) ought to
bo a doclslvo motlvo for a candid construc
tion of tho conduct of tho government In
making It; and lor a spirit of acquiescence
In the measures for obtaining revenue
which the public exigencies may at any
time dictate'
"Animated by like sentiments the peoplo
of tho country must now faco tho condi
tions which beset them. The 'public ex
igencies' demand prompt protective legis
lation which will avoid the accumulation
of further debt by providing adequate rev
enues for tho expenses of tno government.
This Is manifestly the requirement of duty.
If elected nresldent of tho United States
It will bo my aim to vigorously promote
this object und glvo that ample encourago
mont to the occupations of the American
peoplo which above nil else ia so Impera
tively demanded at tills juncture of our na
tional anuirs.
Our Condition In Uccomhor. 1HD2.
"In December, 1S92, President Harrison
sent Ills last message to congress. It wns
an nble and exhaustive) review of tho con
dition and resources of tho country It
stated uiir situation so accuiately that I
tun sure it will not bo nmlss to recite his
oltlclal and valuable testimony. 'There
never has been a tlmo in our history,' said ho
'when work was bo abundant, or when
wages were bo high, whether measured by
tho currency in which they are paid, or
by their power to supply tho necessaries
and comforts of llfo. The general averugo
of prices has been bucIi ns to givo agri
culture a fuir participation in the general
prosperity. The new Industrial plants es
tablished slnco October 0, 1S90, nnd
up to October 22, 1S92, number 315,
and the extension of existing plants,
108. Tho now capital Invested amounts to
10,110,050, and the number of additional em
ployes, 37,'.8.). During tho llrst six months
of tho present calendar year, 135 now fac
tories wore built, of which -10 were cotton
mills, 4S knitting mills, 20 woolon mills. 15
faille mills, 4 plush mills und 2 linen mills.
Of the 40 cotton mills, 21 havo "been built
in the southern states.' This fairly de
scribes tho happy condition of tho country
lu December, 1892.
Our Condition Since and Now.
"Tho messages of President Cleveland
from tho beginning of his second adminis
tration to the present time nbound with
descriptions of tho deplorable Industrial
and llnanclal situation of tho country.
While no resort to history or official state
ment Is required to iuIvIho us of the present
condition and that which has prevailed
during the past threo years, I venture to
quote from President Cleveland's first mes
sage, August 8, 1S93, addressed to the Fifty
third congress, which he had called to
gether in extraordinary session. 'The ex
istence of nn alarming and extraordinary
business situation,' said he, 'Involving the
welfaro and prosperity of all our people,
has constrained me to call together In ex
tra session tho people's representatives in
congress, to the end and that through tho
wlso and patriotic exercise of tho legisla
tive duties with which they solely uro
charged tho present ovlls may be miti
gated nnd dangers threatening tho future
mnv lip averted. Our unfortunate flnnnnlnl
plight Is not the result of untoward events
nor of conditions related to our natural re
sources. Nor Is It traceable to any of tho
afflictions which frequently check national
growth and prosperity. With plenteous
crops, with abundant promise of remuner
ative production and manufacture, with
unusual Invitation to safe investment and
wltli satisfactory assurances to business
enterprises, puddenlv financial distrust and
fear nave sprung up on every sldo. Nu
merous moneyed Institutions hr.vo sus
pended, because abnndnnt assets were not
immediately available to meet tho de
mands of frightened depositors. Surviving
corporations nnd Individuals are content
to keep in bond the money they are usually
anxious to loan, and thoso engaged In
legitimate business are surprised to find
that the securities they offer for loans,
though heretofore satisfactory, aro no
longer accepted. Values supposed to lie
fixed aro fast becoming conjectural, nnd
loss nnd failure havo invaded every branch
of business.'
Cause of tho Change.
"What a startling nnd sudden chnngo
within tho short period of eight months,
from December, 1892, to August. 1893. What
had occurred? A change of administra
tion: nil branches or the government had
been entrusted to tho democratic party,
whlcli was committed atrnlnstth" protective
policy that bod prevailed unlntcn'urtedly
for moro than 22 years nnd brought un
exampled prosperity to the country, nnd
llrnilv pledged to its complete overthrow
and the substitution of n tariff for revenue
only. The char.go having been decreed by
tho' elections In November. Its effects wero
ut onco anticipated and felt
"Wo cannot close our eves to theso al
tered conditions, nor would it be wise to
exclude from contemplation and investiga
tion tho cauuea which produced them.
Tbe3 are. tacts which wo cannot as a peo
ple dhi.'ciard, end wo can only hope :o im
prove our present condition by a study of
thir causes. In December. 1892. we nnd
the samo currency and practically the
samo volume of currency that we have
now. It aggregated In 1SS2. $2,372,593,501:
in 1893. $2,323,000,000: in J89i, 2.323,442.3fi2: and
In December, 1895, 2,191,000,230. The per
cnI,ta of money, too, lias been practically
tj10 tmmo during this whole period. Tho
quality of the money has been identical
connected with our money, therefore, to
nc-o'int for this sudden and aggravated
industrial change. Whatever Is to be depre
cated in our llnanclal system. It must overy
whero bo admitted that our money has
been absolutely good and has brought
neither loss nor inconvenience t.i its
holders. A depreciated currency hns not
existed to further vex tho troubled business
situation.
Good Monoy Never Muilo Times Hard.
"It is mcio pretense to uttributo tho
hard times to tho fact that all our cur
rency is on a gold basis. Tlioso who as
sort that our present Industrial and llnan
clal depression is tho result of tho gold
niniiflard liavo not read American history
aright, or been careful students of tho
ovonts of recent years. Wo never had
greater prosperity in tills country, in
every fl&ld of employment and industry,
than In tho buay years fiom 1880 to 1S92,
during all of which time this countiy was
on a gold basis and employed mora gold
money in Us llscal and business operations
than over beforo. We had, too, a protective
tarlli unuer which ampio revenues were
collected Jtor thfi government nnd nn ac
cumulating surplus which was constantly
applied to the payment of the public debt.
"Let us hold last to tliut which we know
Is good. It Is not mora money wo want;
what wo want la to put the money we al
ready have at work. When money is em
ployed, men are employed. Doth have al
ways been steadily and remuneratively en
gaged during all tho years of protective
tarJCf legislation. When thoso who havo
money lack confidence in tho stability of
values and investments, they will not part
with their monoy. 13usines3 is stagnated
tho life-blood of trado is checked and
congested. We cunnot restoro tho pub
lic confidence by an act which would rev
olutionize nil values, or an act which on
t till n doflclunov in the nubile revenues.
We cannot Umpire confldonco by advocat
ing repudiation or practicing dishonesty.
Wo cannot restoro confidence, cither to tho
treasury or to tho people, without a change
in our present tariff legislation.
The Vurlff of 1H04.
"Tho only measuro of a general nature
that affected tho ti easury and tho employ
ments of our peoplo passed by the Fifty
third congress was the general tarlu act,
which did not receive the approval of the
president. Whatever virtues may bo
claimed for that act there is confessedly
ono which It does not possess. It lacks the
essential vlrtuo of Its creation the raising
of revenue sulllcient to supply the neodaof
tho government, ll mis at no timo pro
vided enouuh revenue for such needs, but
'it nus caused a constant ucficlency in the
treasury and a steauy depletion m mo earn
ings of labor and land. It has contributed
to swell our nutlonal debt moro than $202,
000,000, u sum neatly as great aa tho debt
of tho government from Washington to
Lincoln, including all our foreign wars
from tho revolution to the robelllon. Slnco
Its passage work at homo lias been dimin
ished; prices of agricultural products havo
fallen; confidence has been arrested and
general business demoralization is seen on
every hand.
Turin of 1800 mill 180 4 Contrasted.
"Tho total receipts under tho tariff act
of 1891 for tho first 22 mouths of ito enforce
ment rrom aeptemoer, ioji, wjuhi;, iJ.'r
and manufactures during tno nrst as
months of the present tariff, ns contrasted
with the exports of the first 15 months of
the tariff of 1890, was I220.S53.320. Tho ex
cess of exports over imports during tho
llrst 15 months of tho tariff of 1890 was
213.972.9GS, but only $5G,76S,023 under the
llrst 15 months of the tarift of 1891, a loss
under the latter of $157,214,315. The net loss
In tho trade balance of the United States
has been $190,982,607 during the first 15
months ot tho operation of the tariff of
1891, as compared with tho first 15 months
of tho tariff of 1890. Tho loss baa been largo,
constant and steady, at tho rate of $13.
130.000 per month, or $500,000 for every busi
ness day of tills year. ....,, .,
"Wo have lost Bteadlly lr. both directions.
Our foreign trado has been diminished and
our domestic traue nas suuurisu inuuium
nblo loss. Does not this suggest the cnuso
of our present depression, and indicato Jt3
remedy? Confidence In homo enterprises
has almost wholly disappeared, pur shops
nro closed, or running on half tlmo at re
duced wages and Btmill profit, if not actual
loss Our men at homo nre idle and while
they are idle men abroad aro occupied In
supplying us with goods. Our unrivalled
homo market for the farmer has also great
ly suffered because those who constltuto
It the great army of American wage-earners
nro without tho work and wages they
formerly had. If they cannot earn wages
they cannot buy products. They cannot
earn If they havo no employment, and when
they do not earn tho farmer's homo markot
In lessened and Impaired, and tho loss Is
felt by both producer and consumer. Tho
loss of earning power alono In this country
In tho past threo years Is sufficient to have
produced our unfortunate business situa
tion. If our labor was well employed, and
employed nt ns remunerative wages ns In.'
1892, In a few months every larmer In tho
land would feel tho glad chango in tho in
crascd demand for bis products and in tho
hotter prices which he would receive
bboultl Open Mills, Not Mint.
"It Is not an Increase in tho volumo of
money which is tho need of tho time, but
an increase in tho volumo of business. Not
an increaso or coin, but an increase of
confidence. Not moro coinage, but a moro
active uso of tho money coined. Not onen
mints for, the unlimited colnago of tho
silver of tho world, but open mills for tho
full nnd unrestricted labor of American
workingmen. Tho opening to tho world
of our mints for the colnago of silver would
not bring tho ncccssarlea and comforts of
llfo back to our people. This will only
como with tho employment of tho masses
and such employment Is certain to follow
the rcestnbllshment of a wlso protective
folfby which shall encourage inunufuctur
ng ut homo.
The l'arty's First Duty.
"Protection has lost none of Its virtue antl
Importance. Tho first duty of tho repub
lican party If restored to power in tha
country, will bo tho enactment of a tariff
law which will raise all tho money neces
sary to conduct tho government, econom
ically and honestly udmlnlstcred, and so
adjusted as to glvo preference to homo
manufacturers and adequate protection to
liomo labor and tho homo market. Wo
are not committed to any special schedule!!
or rates of duty. They aro und should bo
always subject to chango to meet new
conditions, but tho principle upon which
rates of duty aro Imposed remains) tho
same. Our duties should always be high
enough to measuro tho dlfferenco between
tho wages paid labor at homo and In com
peting countries, nnd to adequately protect
American investments und American en
terprises. Our Fitnuors mid tho TurlfT.
"Our farmers have been hurt by tha
changes in our tariff legislation us severe
ly as our laborers and manufacturers,
badly as they have suffered. The republic
an platform wisely declares in favor of
bucIi encouragement to our sugar interests
as win icau to tno production on Ameri
can soil or all the sugar which tho Ameri
can peoplo use.' It promises to our wool
and woolen interests 'tho most ample pro
tection,' a guaranty that ought to com
mend Itself to every patriotic citizen.
Never was a moro grievous wiong dono
tho farmers of our country than that so
unjustly inflicted during tho past threo
years upon tho wool growers of America.
Although among our moat industrious and
useful citizena tholr Interests have been
practically destroyed and our woolen man
ufucturers involved In similar disaster. At
no tlmo within tho pnst 30 years, and per
haps never during any previous period,
havo so many of our woolen fuctorlea been
suspended us now. Tho republican party
can be relied upon to correct theso greut
wrongs, if again entrusted with tho con
trol of congicss.
Iteclproclty.
"Another declaration of the republican
platform that bus my most cordial support
is tliut which favors reciprocity. Tho splen
did results of the reciprocity arrangements
tliut wero made under tho tariff law of 1890
aro striking and suggestive. Tho brief po
rlod they were In force, in most cases only
three years, was not long enough to thor
oughly test their great value, but sufficient
wua shown by tho trlnl to concluaively
demonstrate tho importance and tho wis
dom of tholr adoption. In 1892 tho export
trado of the United States attained the
highest point in our history. Tho aggre
gate of our exports that year reached tho
Immense sum of $1,030,278,148, a sum greater
by $100,000,000 thun uny previous yenr. In
1S93, owing to tho threat of unfriendly
tariff legislation, tho total dropped to $817,
005,191. Our exports of domestic mer
chandise decreased 189,000,000, but reci
procity still secured us a largo trade in
Central and South America and a larger
trade with the West Indies than wo had
ever beforo enjoyed.
"The increase or trado with the countries
with which wo had reciprocity agreements
was $3,5G0,515 over our trade in 1892. and-
$10,410,721 over our trado in 1S91. The only
countries with which tho United States
traded that showed increased exports In i
1893 were practically thoso with which wa4
had reciprocity arrangements. Tho reel- '
proclty treaty betweon tills country and
Spain, touching the markets of Cuba ana
Puerto Rico, was announced September
1, 1891. Tho growth of our trado with Cuba
was phenomonal. In 1891 wo sold that
country but 114,411 barrels of flour; In 1892,
306,175; In 1893, C10.40C, and in 1894, 6G2.218.
Here was a growth of nearly 500 per cent.,
while our exportutions of flour to Cuba for
tho year ending Juno 30,1895 tho year fol
lowing tha repeul of the reciprocity trenty
fell to 379.S5G barrels, a loss of nearly half
our trude with that country. Tho value of
our trado exports of merchandise in tho
United States to Cuba in 1891 tho year
prior to the negotiation of the reciprocity
treaty was $12,221,888; In 1892, $17,933,579; in
1893, 52-J.157.C9S: in 1891, $20,125,321; but in 1895,
after tho unnulment of tho reciprocity
ugreoment, it fell to only $12,SS7,0G1. Many
similar examples might be given of our in
creased trado under reciprocity with other
countries, but enough has been shown of
tho eiilclacy of tho legislation of 1890 to Jus
tify tho speedy restoration of its reciprocity
provisions.
"in my Judgment, congress should Imme
diately restoro tho reciprocity sections ot
tho old law, with bucIi amendments, it
any, as timo and experience sanction ns
wise and proper. Tho underlying principle
of thia legislation must, however, bo strict
ly observed. It is to afford now markets
for our surplus agricultural and manu
factured products, without loss to the
American laborer of a single day's work
that ho might otherwise procure.
l'orelgn Immigration.
"The declaration of tho platform touch
ing fordign immigration is ono of peculiar
Importance at this time, when our own la
boring peoplo are in such great distress.
I am In hearty sympathy with the present
legislation restricting foreign Immigration
und fuvor sucli extension of tho laws as
will secure tho United StuteB from In
vasion by tho debased and criminal classes
of tho old world, wniio we ndhere to the 1
public policy under which our country liajV -I
ICCeiVCU Ktuu-k uuuiua ui iiuiic-ni, urn uail luug
citizens, who have added to tho wealth,
progress and power of the country, and
while wo welcome to our shores the well
disposed nnd Industrious immigrant who
contributes by his energy and intelligence
to tho cause of freo government, wo want
no immigrants who do not seek our shores
to become citizens, wo snoiiiu permit nona
to participate In tho advantages of our
civilization who do not sympatlilzo with
our uims and form of government. Wo
should recelvo nono who come to mako war
upon our Institutions and profit by publio
disquiet nnd turmoil. Against all such our
gates must bo tightly closed.
Our Soldiers mill Sailors. '
"The soldiers and sailors of tho union
should neither bo neglected nor forgotten.
Tho government which they served o well
must not make their lives or condition
harder by treating them an supplicants for
relief In old ago or distress, nor regard with
disdain nor contempt tho earnest interest
ono comrade naturally manifests In tho
welfaro of another. Doubtless there havo
been pension abuses and frauds In tho
numerous clnlms nllowed by tho govern
ment, but the policy governing the ndmln
istrntlon of tho pension burenu must al
ways bo fair and liberal. No deserving ap
plicant should ever suffer because of a
wrong perpotrnted by or for another. Our
soldiers and sailors gave tho best they had.
Thoy freely offered health, strength, limb
and llfo to save the country In the tlmo of
Its greatest peril, and the government must
honor them In their need as In their servlco
with tho respect and gratitude uuo to brave,
nonio anu Bcir-sacriucing men wno nro
justly entitled to generous aid In their In
creasing necessities.
Our Merchant Marine nnd Nuvv.
"Tho declaration of the republican plat
form In favor of the upbuilding of our mer
chant marine has my hearty approval.
The policy of discriminating duties hh
favor of our shipping which prevailed nr
the early yearH of our history should bo
again promptly ndopted by congress and
viKorously supported until our nrestico.
and supremacy on tho seas is fully at-L
talned. Wo should no longer contrlbut'
uirepiiy or inuireciiy to mo maintenance ot
the colossal marine of foreign countries,
but provldo an efllclent and complete
1
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