TBE flllET LETTER
Strong Stand on Sound Money,
Protection and Reci
procity. ,
FORMAL NOTE OF ACCEPTANCE.
Mills Should be Opened to Labor—
Free Coinage Would Set No
Wheels Turning.
Canton, O.. Aug. 26—Following la tbe
formal letter of acceptance written by
MaJ McKinley, Republican nominee for
president, and made public to-night:
"Tbo Hon. John M. Thurston and Others,
Members of tbe Notification Committee of
tte Republican National Convention— Gen
tlemen: In pursuance of a promise made
to your committee when notified of my
nomination aa the Republican candidate for
president, I beg to atibmlt tbla formal ac
ceptance of that blgb honor, and to con
elder In detail question* at Issue In tbe
pending campaign. Perhaps tbla might bo
considered unnecessary In view of my rc
uiniks on tlmt occasion, nnd lliose I linvo
made to deiegatlona that have visited me
aince the St. Louis convention, but iu view
of the momentoua Importance of the proper
settlement of tbe lesue* presented on our
future prosperity, and standing aa a nation,
and considering only tbe welfare and hap
piness of our people, I would not be content
to omit again railing attention to tbe ques
tions which In my opinion vitally affect
our strength and position among the gov
crijmohU of tho world and our morality,
Integrity and patriotism as citizens of tlist I
republic which for n century past has been
the best hope of the world and tho Insplra
<lon of mankind. We must not now prove
false to our own high standards In gov
ernment, nor unmindful of tho noble ex
amplo and wise precepts of tho fathers,
or of tho confidence and trust which our
cerium In tho pa-t has always lurplred.
Tlie Danger of Free Coinage.
"If never beforo thero I* presented to the
Americans this year a clear and direct Is
sue as to our im notary ayslera, of va»t
Importance In Its edict, and upon the
light settlement of tvWeli re t largely the
financial honor and prosperity of the J
country, It la proposed by one wing of tho
Democratic parly and Its allies, the Peo
ple's and Silver parties, to Inaugurate tho
free and unlimited coinage of silver by in
dependent action c.n the part of tbe United
States at a ratio of 1« ounces of silver to
1 jtutiro of gold. The mere declaration of
JLis purpose Is a menace to our financial
id Industrial Interests and has already
eated up I versa! alarm. It Involves great
>ril to the credit and business of tho
_juntry, a peril so grave that conservative
men everywhere are breaking away from
tbe old party associations and uniting
with other patriotic citizens In emphatic
protest against tho platform of tho Demo
cratic National convention as an assault
upon the faith and honor of the govern
ment and the welfare of the people. We
liars had few questions in the lifetime of
tho republic more serious than tbe one
( which Is thus presented.
J "The character of the money which
inhail measure our values and exchangee
. * nod with tbe nation* of the world, is of
such primary importance and so far reach
ing In Its consequences an to call for the
most painstaking Investigation, and In the
•end, a Bober and unprejudiced Judgment
at the polls. We must not be misled by
phrases, nor deluded by false tbeorle*.
Free silver would not mean that silver
dollavn were to be freely had without cost
or labor. It would mean the free use
of the mints of the United states for
-tbe owners of silver bullion, but would
jnake tdlver coin no freer to the many
wbo engaged In other enterprises. It
V ,'would not make labor easier, the hours of
labor shorter or the pay better. It would
not make farming less laborious or more
•profitable. It would not start a factory
or make a demand for an additional day’s
labor. It would create no new occupa
tions. It would add nothing to the com
fort of the masses, ihc capital of the peo
ple or the wealth of tho nation. It seeks
to Introduce a new measure of value, but
•would add no value to tbe thing measured
It would not conserve values. On the
contrary, It would derange all existing
values. It would not restore business con
fidence, but Its direct effect would be to
destroy the little which yet remains.
Venning of tlie Coinage Flank.
"The meaning of tbe coinage plank adopt
ed at Chicago le that anyone may take a
quantity of silver bullion now worth 53
cents to the mints of tho United States
have It rolued at tho expenso of the go.
-eminent and uxo It far a stiver dollzi
which rhall bo legal tender for the pay
tnent of all debts, public and private. Tb.
owner of tho sliver bullion would get tbi
silver dollar. It would belong to him am
to nobody else. Other people would ge
It ouly by their labor, tbe products 01
their land, or something of value. Tht
bullion owner, on tbe baste of present va
ues. would receive tbe silver dollar f.o
G3 cents' worth of silver end other peoph
dollar In the payment of debta. Tha gov
ernmet t would grt nothing [rout the trait*
action, It would bear the etpcnae uf coin
Ing the allver aud the community wouM
•uffcr Irtea by Ita uae.
"We have coined tinea It?* more than
400.000.IMt) allver doltara which are main
tamed by the government at parity with
gold and a lull legal trader for the pay
treat uf all debt* pebtlr and private Hoe
are the allver dullara »uw la uae different
from ibeat which weuld he In uae uadet
Tree coinage? They are to be of the aatut
weight and daeaeea. They are to beat
the a*me atarnp of the government. Whj
would they act he uf tie aaate value' l
aaawer. the allver deHart new to uae wen
turned on tecewal of the government aid
wet for private account ar gala and th<
government ha* aoleaialy aareeu m
them aa gu.d aa the heat dltav we hate
The guverameut bought the Miter huMtui
at Ha tnerhet value and c.eed it igt,
allver deHart Hat ng eaeluaite onir I »i
tha mimage It only eeiaa what It eat. but.
at a perm n.lh gold. The progi repre
wealing thv giffs rattan between the eom
niervial value vf the allver built, a and I hi
fare value af the allver d tier g ea tw lb<
nt eminent fur the haaeg* ef tha people
a g veramcat bought the allver buliu
ee* tamed ta the allver dollar at vvrj
much *♦»» than it* wiuage value It paid
nut te .‘ta eredMotv and put it la virvuta
tloa among the people at He face Vet",
ef lid ceuta. «r a full dauar li reuuite
the Mupl* ta a -pi It aa legal uudei
tad to ihue awiraii* hirwad ta Mgtatgia n
at a polity alih getd. »b h wee the*, a.
«*«, lie te*~g»ieed ataadaid With *v and
the weal au.tgklaoed bail ua ef tha net Id
TPfaa gemameo* having teeu*4 and air
ewiated the •’-!** ' •>*» ‘ “.o«i * h.«..
lvruteul the holder fte.w teen Thl* e*Hg>
IMI I. b >a an la* wav.» i'v kept h«* »«()
la thafe a W*Ml ebl.4*'' •- bur Havre ta <
legal oi.Hggtdeag *vt««»v- i la puhtt* vial
gta, tw meiutat* the ptHty
•‘These dollar* In the particular* I havi
named are not (he Fame a* the dollari
which would be Isaucd under free coinage
They would be the same In form, but Ulf
ferent, in value. The government woub
have no part in the transaction except tc
coin the silver bullion Into dollar*. 1'
would share In no part of the profit. Ii
would take upon Itaelf no obligation. II
would not put the dollar* Into circulation^
It could only get them a* any citizen woub.
get them, hy glvlDg something for them
It would deliver them to thooe who de_
posited the allver and Ita connection with
the transaction there end. Sijch are tn«
•liver dollar* which would be leaned under
free colnago of allver at a ratio of 1C to 1
Who Won Id Maintain Ta'-lty.
"Who would then maintain the P»rltjr1
Wbat would keep them at par UrlW’. gold!
There would be no obligation reeling upon
the government to do It. and If thore were.
It would be powerle*a to do It. Tho elmplo
truth la we would be driven to a *"r*r
ba*fa—‘n allver monometallism. Tbeaa dol
lara, therefore, would itand upon their
real value, 17 the free and unlimited coin
age of silver at a ratio of 1* ounce* of
allver lo I ounce of gold would, a* some
of It* advocates assert. mak* M cent* In
allver worth 100 cent* *nd the *llver dollar
equal to tho gold dollar, then we would
have no cheaper money than now, and It
would be no eaalcr to get. Hut that such
would be th# result la agalnet reaaon and
la contradicted by experience In all time*
and In all lands. It meana tha debasement
of our currency to the amount of the dif
ference between the commercial and coin
value of the silver dollar which la ever
changing and the effect would be to reduce
property value*, entail untold financial
lo**, destroy confidence, Impair the obliga
tion* of existing contract*, further Impov
erl*h the laborer* and producer* of th*
country, create a panic of unparalleled
severity and Inlllot upon trade and com
merce a deadly blow. Against any auch
policy 1 am unalterably opposed.
(•old Driven Oal of Mr*loo.
"Bimetallism cannot be secured by In
dopendint action on our part. It cannot
be obtained by opening our mints to the
unlimited coinage of the sliver of the
world at a ratio of lfi ounces of sliver to
1 ounce of gold when the commercial ratio
Is more than 30 ounces of sliver to 1 ounce
of gold. Mexico and China have tried the
experiment. Mexico has free colnago of
silver end gold at a ratio slightly In ex
ecus of lfj'/i ounces of silver to 1 ounce of
gold, and while her mints are freely open
to both metals at that ratio, not a single
dollar In gold bullion Is coined and cir
culated as money. Gold has been driven
out of circulation In these countries and
they are on a silver basts alone. Until
International agrerrnent I* had, It 1* the
plain duty of the United Stale* to main
tain the gold standard. It I* tho recog
nized and ro’e standard of the great com
mercial nations of the world with which
we trade more largely than any other.
Eighty-four per cent, of our foreign trade
for the fiscal year 1895 was with gold
standard countries, and our trade with
other countries waa settled on a gold basis.
More Silver Tlmn Gold.
"Chiefly by means of legislation durln <
end slncu 1X78, there has been put in
circulation more than $G1M,000,000 of sil
ver or Its representative. This has been
done In the honest effort to give to silver,
If possible, the same bullion and coinage
value and encourago the concurrent use of
both gold and sliver as money. Prior to
that time, there had been leas than 9,000,
000 of silver dollars coined in the entire
history of the United States, a period of
eighty-nine years. This legislation secures
the largest use of silver consistent with
financial safety and the pledge to main
tain Its parity with gold. We have to
day more allver than gold. This has been
accomplished at time* wild grave peril to
the public credit. The so-called Sherman
law sought to uso all the silver product
of the United States for money at its mar
ket value. From 1890 to 1833, the gov
ernment purchased (.500.000 ounces of slU
ver a month, or 51,000,000 ounces a year.
This was one-third the product of the
world, and practically all of this country's
product. It was believed by tbo»e who
then and now favor free coinage that such
use of silver would advance Its bullion
value to It* coinage value, but this ex
pectation waa not realized. In a few
month*, notwithstanding the unprecedent
ed market for the sliver product In th<
United States, the price of silver went
down very rapidly, reaching a point towel
than ever before Then, upon the recom
mendation of President Cleveland, both
political parties united In tho repeal ol
the purchasing clause of the Sherman law
We cannot with safety engage In furtbei
experiments In thli direction.
"On the second of August, 1831, In (
public address, I raid: 'If we could havi
an International ratio which all the lead
Ing nations of tho world would adopt, am
tho true relation be fixed between the tw:
metals and all agree upon the quantit;
of silver which should constitute a dollar
then silver would be as free and unllm
lied In It* privileges of coinage as gold i
to-day. But that we have not been abb
to secure, and with tho free and uullmltei
colnigo cf silver sdopted In the Unit*
States at tho present ratio, we would b
still further removed from any Interna
tlonal agreement. We may never be abb
lo secure It if we enter upon the Isolate:
coinage of silver. The double standar
Implies equality at a ratio and that equal
lty can only be established by the concur
rent law of nation*. It was the enneurren
law of nations tbst made the double stand
iird; It will require the concurrent lat
of nations to reinstate and sustain It.'
I’nrlj Favors t'me ol Allver Money,
“The Republican party has not been *n
Is not opposed to the uee of silver mono
is Its record abundantly show*. It ha
done ell that could be done for Ita In
creased use with safety and honor by th
United States acting apart from other gov
ertiments Thete are those who think tha
It has already goa* beyond the limit o
financial prudent*. Surely we can go n
furtb r, and w* must nol permit tala
lights to lura ua across th* danger line.
Mean* Defeat of laleraalloaa
Agreeasral.
“We have much more stiver in use tha:
any country in the w. rld except India »
•Ht. Iliu.uW.IWW owra than franc*. Ituo
Mb.pou w<x* than Oarmaay, U.'Vinmim
taaa I ban Ia4la an4 III- aau.wia lot tba
l bwa I ba Haputdk an tarty hat tlwlira
la »a*oi al an mtartuUoMl <gr«aat«i>i *tn
If alaatad traatdant, li will ba my doty I
•tui-Wy alt pruyar a.aaua to yrt.m >• ti
Tha Iraa *«lua«a af »Uv«r la ibla cuuatt
a nit 14 4»<af. If nal 4*1. a! iMltruali. ual bl
lu.Llli.iu, and omit aa ia«#raatl«aal a*r».
maul van ha bad. *»»i* lat.rt.i raqttlr*
aa to HMiaUia oar praaaat tlaadar t U
4*p*a4*nt Iraa aoittaga af tllt.r at a ran
af It aamraa of *tt»ar la I attaaa af p.l
• (toll laaara ba ayaady Mtirtrtlat af tb
totaata of aa* wtm*n r li »«la 4rt.a *
tab* I l anwnsil a| (old dollar* abxh a
ana ba«a •MMMWil. I»«ta Iba irada a
Iba a. ot.tr* Ml *««tll* d* '.am war pa
*t0*la «HviiWM It •• «•*! prvpoia I b
i Iba Ha. ut*i • a» (till !• Wba ft m Iba *u
«<tU><na ntadlubt 4 Iba axubtiy any af lb
ttlxi aa aa* bata «* ib« twnttary M |
yr ,{».»ad to boat* ••• 4 «*a atltar .« «•
Ida la «t* Oban * .a tba parity a.11 * .t
b* at*<atal»i*a iha bl. ■«* af tba *..• «
ataat that alt of II •ball ba anoai u not.
Thia ba# l«« tba Hkhfu«*a p lay I in
HaydUII aa .a *» M<* III* li ba. In
a it ■ *»’ a-t haa pointy It a at http .
.muhioK a» • aa «m4 aa «ai •» t| m
f »H»»t a»4 papal motai *ht«b in »«■
alatl.4 la tip* a*rr<Mt«y *f iba nw>ii| I
wilt a. i t i> ’h»- , ■ • >• |l t ,1 i ,
«b»a a-* ** a “••• *'•' — •• b. • t
a at* 4bP* a I b t paat t i attl and i-.ao 11
t„ y«t tbu «■ «*f»t •>» a «tl«»r >ttu «h
•nbll l*»«IL' t < <a |a4»po|»4attt It
coinage at a ratio of 16 to 1. It will opposi
i the expulsion of gold from our circulation.
Dehnncsl Money Destroy* Vnlnes.
"It there ft any one thing which should
bo free from speculation and fluctuation,
it Is the money of a country. It ought
never to bs the subject of mere partisan
contention. When wo part with our labor,
our products or our property, wo should
receive In return money which la as stable
and unchanging In value a* tho Ingenuity
of bonest men can make It. Debasement
of tho currency means destruction of val
ues. No one suffers so much from cheap
money as the farmers and laborers. They
are tho first to feel Its bad effects and tho
last to recover from thrm. This has been
the uniform experience of all countries,
and here as elsewhero the poor and not
the rich are tbs greater sufferers from
every attempt to debase our money. It
would fall with alarming severity upon
Investments already made, upon Insurance
companies and their policy-holder*, upon
savings banks and their depositors, upon
building and loan association* and tholr
members, upon tbs savings of thrift,
upon pensioners and their families, and
upon wage earners and the purchasing
power of their wages.
Cheap Henry ICiperlmenta.
"The silver question Is not ths only
Issus affecting our money In the pending
contest. Not content with urging tbs fre*
colnsge of sllvsr, Its strongest champions
demand that our paper money shall hs
Issued directly by the government of tbs
United mates. This Is the Chicago Demo
cratic declaration. The Ht. Ix>ula People’s
party declaration Is that 'Our national
money shall he Issued by the general gov
ernment only without (he Intervortfon of
bs.r.ks of Issue, be full legal tends? for tho
[syment of all debt* public aid private,'
sod be distributes] ‘direct to tho people
and through lawful disbursements of the
government,' Thus. In addition to th# free
coinage of tbs world's sliver, ws are asked
to enter upon an era of unlimited Irre
deemable paper currency, The question
which was fought out from l*flfi to IS79 In
thus to be reopened with all Its cheap
money experiments of every conceivable
form foisted upon u*. This Indicates a
most startling reactionary policy, strangely
at variance with every requirement of
sound finance: but the declaration shows
tbo spirit and purpose of those who, by
combined action, sre contending for the
control of the government. Not satisfied
with the debasement of our coin which In
evitably follows tho free coinage of sliver
at 18 to 1, they would still further degrade
otir currency and threaten the public
honor bf the unlimited Issue of an irre
deemable paper currency. A grsver menace
to our financial standing and credit could
hardly be conceived, and every patriotic
citizen should be aroused to promptly meet
and effectually defeat It.
Dividing the People Into t'tnneen.
"It Is a cause for painful regret and so
licitude that an effort f* being mad" by
tho;'o high In the council* of the allied
partlos to divide the people of this coun
try into classes end create distinction#
among us which In fact do not exist and
are repugnant to our form of government.
These appeal* to the passion and prejudice
are beneath ths spirit and Intelligence of
a free people, and should be met with
stern rebuke by those they arc sought to
influence, and I believe they will be. Ev
ery attempt to array class against class,
'the classes against tbe masses.' section
against section, labor against capital, ‘tbe
poor against the rich,’ or interest against
Interest. In tho I'nlted States Is In tbe high
est degree reprehensible. It 1* opposed to
the national Instinct and Interest and should
be resisted by every citizen. We arc not
a nation of classes, but of sturdy, free. In
dependent and honorable people, decpislng
the demagogue and never capitulating to
dishonor. This ever recurring effort en
dangers popular government and l» a
menace to our liberties. It I* not a new
campaign device or party appeal. It is as
old a* government among men, but was
never more untimely and unfortunate than
now. Washington warned us against <t
and Webster said In the senate words
which I feel are singularly appropriate at
this time: ‘I admonish tbe people against
the object of outcries like these. I ad
monish every Industrious laborer of this
country to be on bis guard against such
delusion. 1 tell him the attempt Is to play
off his passion against his Interest and to
prevail on him In the name of liberty to
destroy all tbe fruit* of liberty.’
I’rotccHon of Hupreine Importance.
"Another Issue of supreme Importance
Is that cf protection. The peril of free
sliver Is a menace to be feared. We are
already experiencing the effect of partial
free trade. Tho one must be averted, the
other corrected. The Republican party Is
wedded to tho doctrine of protection and
1 was never more earnest in It# support and
advocacy than now. If argument were
: reeded to strengthen It* devotion to ’the
1 ! American aystem' or Increase the hold of
' ! that system upon the party and people. It
, | Is found In the lesson and experience of
the past three years. Men realize In their
i own daily live* what before was to many
• of them only report, history or tradition.
I They have had a trial of both systems
i and know what each has done for them.
> ’’Washington, In bis farewell address,
Sept. 17, 1796. 100 years ago. aald: ‘Aa a
> very Important source of strength and ae
I curity, cherish public credit. One method
I of preserving It I* to use It as sparingly aa
. possible; avoiding the accumulation of debt
. not only by shunning occasions of expense
l but by vigorous exertion* In time of peace
. to discharge tbe debts which unavoidable
r wars may have occasioned, not ungeuer.
ously throwing up m posterity tbe burder
which we ourselves ought to bear.’ Tt
facilitate the enforcement of the maxlnn
I which he announced, te declared : ’ft ti
, es»* title I that you should practically beai
, In mind that toward the payment of debt)
there mint re revenue: that to have race
t nue there must be taxes; that no taxes ear
be devised which ere not more or less It!
' convenient rr unpleasant; that tbe in
| trlnslc embarrassment Inseparable fruit
‘ the selection of proper objects (which li
always * choice of difficulties) ought to bt
1 t decisive in rive for a construction of lbe
conduct of th* government In making It
I and f >r * spirit of acquiescence in th<
measure* fir obtaining revenue whb h tb<
public exigencies may at any Urn* dictate
1 Preaiyl Protective l.ewtelisllwa l>*.
Maided.
"Animated by Ilk* sentiments the pc .;«h
1 of the country must now fare the coadi
i Uuna which beset them ‘The public mi
I geacy’ demand* prompt pr<>teet|v* tegiela
IMS which will Isold the an utnulatlutt u
> further dehl hy presiding adequate revs
guee for Ihe expense* of the government
> This I* loaatfsc’iy the r-qutr«m at >.| duty
■ If elected pteel4»at of the I ailed gtetws. t
• I wilt he my atm to tiger uslj promote lht,
i ’ «o|* t ge l give that ample eu> ouragwsut n
| to the or* upeinme of the American ne**ph
»I tt bit h above all else i» *■* Impavgllvvty de
I I sot lid at thl* Jin..tur* »l our nation*
* I affair*
1 | Happy t tendinosis ta IPr* to Ice r, laud
; "fa UweaMt It'd hie >teet lltmoM
, I teat hi# tael m-ss»g» • s eongrees It »•
, j aw able and sehnusM*# review of the son
, J in ton gad r timitst ef tha euttatry, |
* | #1*1*4 ear ••swell- n a* t- ■ittisii that
, | * at sure It will not ha amis* to recite he
,i dbql an! vtrtuaMff lesitmeay fher
) I sever has b*#*» a Has* la mat h story,' hi,
I he 'when a rh wee aa abundant er whet
j *agw* »#r* a* high, whether measured hj
tftha stnits l ta which they ere paid, m
■ g , . . th f $ Id #4* i'- ? I |jtf r 1*.v
t | + .Jrieftdji ► * ref IM« Yu# tlMtl ttr #J(,
37,283. During the first six months of thi
present calendar year. 135 new- factories
were built, of which 40 were cotton mills
48 knitting mills. 36 woolen mills, 15 sill
mills, 4 plush mills, and 2 linen mills, o
the forty cotton mills, twenty-one havi
been built In the Southern states.’ Thi:
fairly describes the happy condition of tb'
country In December, 1892. What has I
been since, and wbat 1* It now?
IHalil Months Inter.
"The message* of President Cleveland
from the beginning of his second admin
latratlon to the present time abound wltl
descriptions of the deplorable Industrie
and financial altuatlon of the country
While no roaort to history or official state
merit la required to advise us of the presenl
condition and that which has prevailed
during the past three years, I venture tt
quite from President Cleveland’s firs!
message, Aug. 8, 1693, addressed to tht
Fifty-third congress, which be had called
together In extraordinary session. ’Tht
existence of an alarming and extraordlnarj
buslneas situation,' aald be, ‘Involving tht
welfare and prosperity of all our people,
has constrained me to call together In
extra session the people’! representative!
In congress, to the end that through th!
wise and patriotic exercise of the legisla
tive duties with wblcb they solely are
charged, the present evils may be miti
gated and dangers threatening the future
may be averted. Our unfortunate financial
plight la not the result of untoward events,
nor of conditions related to our natural re
sources. Nor Is It traceable to aoy of tbs
afflictions which frequently check national
growth and prosperity. With plenteous
crops, with abundant promise of remun
erative production and manufacture, with
unusual levitation to aafs Investment, and
with satlafactory assurances to business
enterprises, suddenly financial distrust and
fear have sprung up on every side. Numer
ous moneyed Institutions have suspended,
because abundant assets were not Imme
diately available to meet the demands of
frightened depositors. Surviving corpora
tions and Individuals are content to keep
In hand the money they are usually
anxious to loan, and thoso engaged in
legitimate business are surprised to find
that the securities they offer for loan*,
• hough heretofore satisfactory, are no
longer accepted. Values supposed to be
fixed are fast bccomlug conjectural anl
mwn an i lanure nave mvaucu every urauiu
Ct busiue/*.'
Htartlliifs unit Sailtlrn ChP.tige.
"Whit • startling and suddc-i change
within the abort period of eight months,
from December, 1892, to Auguer, 1893!
What bad occurred? A chauge of ad
ministration; all branches of the govern
ment had been entrusted to the Democratic
party which was committed against the
protective policy that bad prevailed unin
terruptedly for more than thirty-two year*
and brought unexampled prosperity to the
country and firmly pledged to it* complete
overthrow and the substitution of a tariff
for revenue only. The change having
been decreed by tbe election* in November,
Its effect* were at once anticipated and felt.
We cannot close our eye* to these alter
ed conditions, nor would It be wise to
exclude from contemplation and Investiga
tion the causes which produced them. They
are facts which we cannot, as a people,
disregard, and we can only hope to im
prove our present condition by a etudy
of their cause*. Jn December, 1892, we
had the same currency and practically tbe
sem* volume of currency that we have
now-. It aggregated in 1832 $2,372,309,301;
In 1»7 *2,323,000,000; In 1894 *2.323,442.392,
and In December, 1893, *2,194,000,230. The
per capita of money has been practically
the same during this whole period. The
quality of tbe money has been Identical
all kept equal to gold. There I* nothing
connected with our money, therefore, to
account for this sudden and aggravated
industrial change. Whatever is to be
deprecated in our financial ryetem. It
I must everywhere be admitted that our
! money has been absolutely sound and has
j brought neither loss nor inconvenience to
Its holders. A depreciated currency has
! not existed to further vex the troubled
business situation.
Good Money Sever Made Times Hard.
“It Is a rr.cre pretense* to attribute the
hard times to tbe fact that all our cur
rency 1* on a gold basis. Good money
never male time* hard, l’nose win assert
that our present Industrial and financial
depression ie the result of the gold stand
ard have not read American history aright,
cr been careful student* of the events of
recent years. We never had greater pros
perity In this country, in every field of
employment and industry, than In the bu*y
| years from 1880 to 1892, during all of which
time this country was on a gold basis and
employed more gold money in its fiscal
and business operations tnan ever before.
We had, too, a protective tariff under
; which ample revenue* were collected for
the government and an accumulating sur
■ plus which was conatantly applied to tbe
payment of tbe public debt. Let us hold
! fa at to that which we know it good. It
j is not more money we want; what we
, want is to put tbe money we already
have at work. When money is employed,
men are employed and both have always
been steadily and remuneratively engaged
during all the years of protective tariff
legislation. When those who have money
lack- confidence In the stability of values
and Investments, they will not part with
their money. Business is stagnated—the lift
Mood of trade is checked and congested.
We cannot restore public confidence by
an act which would revolutionize all val
ues, or an act which entail* a deficit in
the public revenues. We cannot Inspire
confidence by advocating repudiation oi
practicing dishonesty. We cannot nstort
confidence, either to the treasury or tc
yhe people without a change in our present
tariff legislation.
Hell of tbe Democratic Tariff.
“Tb.* only measure of a general naturt
that affected tbe treasury and the employ
ment of our people passed by the Kifty
third congress was the General Tariff act,
which did uol receive the approval of tbt
president Whatever virtues may bt
claimed for that act. there le confessed!}
one which It dose not poises# It larki
tks essential virtue of lit creation—tbt
raising of revenue sufficient to supply th<
nee Is of the government. It has at a<
' on-la. I>ui il baa rauaad a oannant deg
eloaty la tha irtatury and a ateady da
pinion ia lha aarnliida af labor aad land
II baa eoairtbutad to aaall our nalloaa
1 dtbi Mora than ffdZ.MM «M, a k« noarl)
aa great aa iba dabt of iba guraramni'
from Waablngtaa lo ».ia >ln. turludtag al
nur foreign ware from Iba raaoluliag I*
Iba rabaljloa. Htn<a Ha oaaaaga. *«rk a
1 born* ban bean dlmialabwt: an. ea of agrl
•-iltural pr.ltirlt bat a fallen: roagdaaci
1 baa bee* arrattad. and general burin**
d*«jfali»ail'« la aoan aa *»ary baud,
failli mi IUM «m.i ia»i laalraalad
•"Tba I, la) melpia aaler the tart a*1
, af »**r. I r lb* fii*l i*#»ir i*o oi.oih
, «f Ha e*f <rv*m*al. Ir a tf-vteiaber »t*l
ia June. lira. *sr# I T.aiMH and iba *a
I n»ad» >1*4 ItM IH.Iil or a deg. leaer *
|«f WlaU Th* d*«r»*## la aur »u»ni
i at kta« «• prod Met* aad attuor* ior*t
. during iba grtl gli*a» amolbt of iba prat
i *ni tana at < >aira*t>d *>ib iba ttpnrgi
i af Iba gnl »»li*n aiualba *4 lb* lan* *
!»*». aa» 1.’.^ I lid tba meei of aa
liim ***r imp. ru dartag iba g»»i 8fw*
i arabibt at ib* U'l* at 1*9*. »ai U*l
, *Jf.W4, but only »>*.?** **» uader Iba fir*
; gf. *n « «> *>e at iba lairtf al I tat a tom
aai<> iba uiiar af fiil llUW Tb* «*
i uaa la tv* trad* t . • ■ r ■ i . *
\ gtamt ba> b*«a |M »M dot dot.ag iba Rr»
|!’f»4 i. ml lit' oporalle* t Iba UHl »|
i * a a aa i .itvarad «*ib tba gr#« rue**
M>*the of iba l»»|(f af H9* fir l«*t ba
i inn ferg # aatgul ant a*e*4y, at ib
t rat* of $13,130.000 a month, or $300,000 for
every business day of the year.
Lmlng In llutli Direction*.
"Wo La*e either been rending too much
■ money out of the country or getting too
little in, or both. We have lost steadily In
both directions. Our foreign trade has been
diminished, and our domestic trade hsa
auffered incalculable loss. Does not till*
ruggest the rauso of our present depres
sion. and Indicate It* remedy? Confidence
In home enterprise* has almost wholly dis
appeared. Our shops are closed, or run
ning on half time at reduced wage* and
■mall profit, If not actual loss. Our men at
home aro Idle, and while they are idle,
men abroad are occupied In supplying us
with good*. Our unrivaled borne market
for the farmer ha* *l»o greatly iiiffercd,
because those who constitute It—the great
army of American wage earner*—are with
out tho work and wage* they formerly had.
If they cannot earn wage* they cannot buy
product*. They cannot earn If they ha vs
no employment, and when they do not
earn the farmer's home market Is lessened
end Impaired and the loaa la felt by both
producer and consumer. The loss of earn
ing power alons In this country In the past
three year* Is sufficient to have produced
our unfortunate business situation. If our
labor waa well employed, and employed at
as remunerative wages ** In 1881, In a few
month* every farmer In tbs lend would
feel the glad change to Increased demand
for his product* and In tbs better prices
which he would receive.
Not Open Mints, bat Open Mills,
"It le not an Increase In the volume of
money which I* the need for the time, but
■n Increase In the volume of business.
Not an Increase of coin, but an Increase of
confidence. Not more coinage, but ■ more
active uso of the money coined. Not open
mint* for the unlimited coinage it the
■liver of tho world, but open mills for the
full and unrestricted labor of American
workingmen. The employment of our
mint* for the coinage of the allver of the
world would not bring tho nece»sarl*» and
comforts of life bark to our people. This
will only come with the employment of
the masses and such employment I* cer
tain to follow the reestablishment of a wise
protective policy which shall encourage
manufacturing at home, protection has
lost cone of Its virtues and importance.
Ncsv Turin I.a*v Promised,
“The first duty of the Republican party,
If restored to power In the country, will Im
me vuiiaioeux or a isrm mw wu^-u 'in
raise all tne money necessary to conduct
the government economically and honestly
administered, and so adjusted as to give
preference to home manufactures and ade
quate protection to borne labor and tho
home market. We are not committed to
any special schedules or rates of duty.
They are and should be always subject to
change to meet new conditions, Hut tho
principle upon which the rates of duty t re
imposed remains the same. Our ouiles
should always be high enough to measure
the difference between the wages paid
labor at borne and In competing countries,
and to adequately protect American invest
ments anl American enterprises.
Our Farmer* and fire Tariff.
'Our farmer* have been hurt by ths
changes in our tariff legislation as scvjrel.v
as our laborers and manufacturer;, j»ilj
as they have suffered. The Republican plat
form wisely declares in favor of nitrii en
couragement to our sugar interests as will
lead to the production on American sol!
o' all the sugar which the American peo
ple use. It promises to cur wool and
wcoltn Interests 'the m-'st ample protec
tion,' a guaranty that ought to commend
Itself to every patriotic citizen. Never
was a mo/e grlevons wrong done the
farmers of our country than that so un
justly Indicted during the past three years
upon tho wool growers of America. Al
though among our most industrious and
useful citizens, tbelr Interests have been
practically destroyed and our woolen
manufacturers Involved In similar disaster.
At no time within tha past thirty-six years,
and perhaps never during any previous
period, have so many cf our woolen fac
tories been suspended as now. The Repub
lican party can be relied upon to correct
these great wrongs, if again entrusted
with the control of congress.
Advantages of Iledprocltr
"Another declaration of the Republican
platform that has my most cordial support
Is that which favors reciprocity. The splen
did results of tne reciprocity arrangements
that were made under authority of the
tariff law of 1*90 aro striking and sug
gestive. The brief period they were In
force, In most cases only three years, was
not long enough to thoroughly test tbelr
great value, but sufficient was shown by
the trial to conclusively demonstrate tho
Importance and the wisdom of their adop
tion. Jn 1892. the export trade of the Unit
ed States attained the higheat point In our
history. Tho aggregate of our exports that
year reached the Immense sum of $1,030,
278,H8, a sum greater by $109,000,000 than
the exports of any previous year. In 1893,
owing to the threat of unfriendly tariff leg
islation, the total dropped to $347,065,194.
Our exports of domestic merchandise de
creased $189,000,000, but reciprocity still
secured us a large trade in Central and
South America, and a larger trade with
the West Indies than we had ever before
enjoyed. The increase of trade with tho
countries with which we had reciprocity
agreements was $3,560,515 over our trade
In 1892 and $16,440,721 over our trade In
1891. The only countries with which the
United State* traded that showed Increased
exports In 1393 were practically those with
which we had reciprocity arrangement*.
The reciprocity treaty between this coun
try and Spain, touching the markets of
Tuba and Puerto Rico, was announced
Sept. 1, 1891. The growth of our trade
with Tuba was pbrnomensl. In 1891, we
s< Id that country but 114.441 barrels of
flour; In 1*92. 366.175; In 1(93. 616.406. and
In 1894. 662.248. Here waa a growth of
nearly 500 per cent., while our exportations
of flour to Cuba fur the year ending June
30. 1895. the year following the repeal of
the reciprocity treaty, fell to 379,856 bar
rels. a loss of nearly half nur trad* with
that country The value of our total ex
port* of msrrhandise from lb* United
amiTi iu * uim» in iwr j**nw pnur iu
(he negotiation of Ihe reciprocity treaty -
• a. Ul.l2l.aaa: In till lU.Ml.ITtl In |M1,
l24.U7.Wt; la IIM. I20.11S.1J1. but la IMS.
after tha annulment of the reciprocity
iireeiuent. It fell to only tll.U7.MI. Many
almtlar eaamplea ratabi be given of our
laerenaed trndn under reciprocity altb
other rountrlea. bul enough baa been
ibuaa of the elbcacy nf ibe leglelallon of
UIO to Jietlfy the epeady reetorellufi of
lit reciprocity wnllMI In my Judgment
rongreee eh ul I Immediately reetore the
reciprocity re-turn of me old la* with
euch amendmenla. If any. aa time and e«.
per ten re eentiwn ee alee and proper The
underlying principle of Ihle leglelallon
t» mi. baeever. be atrlctly oKeened It
It le aSurd nee marbete for our turplne
agricultural and manufactured prodoc la
«ltb ul Wen la ibe Avarkae laborer ef a
• ingle day a *ufh that be might ulberelae
preeutt
ferelta l*Mlirallea.
"The de* latatnn *f the platform taueb>
tag foreign iiaie gtali a it ane el peculiar
11 pettye e at ibu lime, abea ear ena
Ini* rirg t-eepie are la ««rb grant d tel rare
I in In hearty tymptthy aim ibe preaeat
byte Ilium lectiaiblNg f 'feign ln.uogrni|«u
UP I Inner b e*t«a*M»n tf Ibe l«et ae
• II e> -lie Ibe I Kited lietee from ntit’tw
by lb* debaee • tad erimieial cluaeee . I Ibe
, ePi aortd While *e adhere la the p .Hi
pallet under a at * > eor c >ee'ty but re
c«t<ed greet W* I »* <4 I • -act i* I t.lit -a.
« tene eh** bare a* ic-d l- tb> •«n!tu
1 ne:-UM*ee •*d pccaer *1 Ibe eounlff. and
• Ida *e neb I* cur abwiea Ibe well
Jtageecd and ' •* *clr- tea Iwr.'t ' lot obi
. c.ilVutei by I * t- .«y eel tn»• il g««e♦
to tbs cause of free government, *t want
no Immigrant! who do net seek our shorn*
to become citizens. We should permit
none to participate In tbo advantages of
our civilization who do not sympathies
with our alma and form of government*. ,
We should receive none who come to maks
war upon our Institutions and profit hr
public disquiet and turmoil. Against all
such our gates must be tightly closed.
Justice In Old Nolillrr* and Nations.
“Tbo soldiers and sailors of the Union
should neither bo neglected nor forgotten.
The government which they served so well
must not make their lives or condition*
harder by treating them as suppliants for
relief In old ago or distress, nor regard
with disdain or contempt the earnest In
terest one comrade naturally manifests la
the welfare of another. Doubtless, tber*
has been abuses and frauds In the numer
ous claims allowed by the government, but
the policy governing the administration
of tbo Tension bureau must always b*
fair SDd liberal. No deserving applicant
should ever suffer because of a wrong per
petrated by or for another. Our soldier*
and eallors gave (be government the beet
they had. They freely offered healtb.
strength, limb and Ilfs to save the country
In the time of Its greatest peril, and tb«
government must honor them In their
need as In their service with the respeet
and gratitude due to brave, noble and self
■arrlflclng men who are Justly entitled t»
generous aid In their Increasing nccessltle*.
Our Merchant Murine and Mary.
“The declaration of the Republics*
platform In favor of the up-bulldiog of
our merchant marine has my hearty ap
proval. The policy of discriminating duties
In favor of our shipping which prevails*
in the early years of our history sboul*
be again promptly adopted by congress
and vigorously supported until our prestlg*
and supremacy on the seas Is fully attained.
We should no longer contribute directly or
indirectly to the maintenance of the colo*.
sal marine of foreign countries, but pro
vide an efficient and complete marine of
our own. Now that the American navy
is assuming a position commensurate with
our Importance as a nation, a policy f
am glad to observe the Republican platform
strongly endorses, we must supplement It
with a merchant marine that will glv*
uv Iho advantages In both our ccaetwls*
and foreign trade that wc ought naturally
oncn a matter of public policy and national
prido to r«po»»e*» tula Immense and pros
perous trade.
Civil Service Reform.
"The pledge of the Republican National
convention that our civil service laws
‘shall be sustained and thoroughly and
bonostly enforced, and extended wherever
practicable,' is In keeping with the poel
lion of the parly for the past twenty-four
yeara, and will be faithfully observed, one
opponents decry the reforms. They ap
pear willing to abandon all tbe advantages
gained, after so many years’ agitation and
effort. They encourage a return to
methods of party favoritism which both
parties have often denounced, that ex
perience has condemned, and that tbs
people repeatedly disapproved. The Re
publican party earnestly opposes this re
action and entirely unjustifiable policy. It
will take no backward step upon this <jues
tb n. It will se< k to Improve, but never
degrade the public service.
Appeal to I'alrlotlKm of tbe I'copl*.
"There arc other Important s.nd timely
declarations In tbe platform whl- c | can
not here discuss. I must content myself
with saying that they have my approval.
If, as Republicans, we have lately ad
dressed our attention, with what may
seem great stress and earnestness, to th*
new and unexpected assault upon tb*
financial Integrity of the government w*
have done It because the menace Is a*
grave as to demand especial consideration,
and because we are convinced that If th*
people arc aroused to the true understand
ing and meaning of this sliver InCatloa
movement they will avert the danger, la
doing this, v.e feel that we render the boat
service poselble to the country, and w* ap
peal to the intelligence, couscience and
patriotism of the people. Irrespective ot
party, or section, lor their earnest sup
port.
II Will Maintain l.n«v iioil Order.
"We avoid no Issues. We meet the sad
den dangerous and revolutionary assault
upon law and order, and upon Ibos* to
whom Is confid'd by the constitution and
laws tbe authority to uphold and maintain
them, which our opponents have made,
with tbo same courage that we have laced
every emergency since our organization a*
a party, more than forty years ago. Gov
ernment by law must first be assured;
everything else can wait. Tho spirit of
lawlessness must be extinguished by tb*
Are* of an unselfish and lofty patriotism.
Every attack upon tbe public faltb and
every suggestion of tbo repudiation ot
debts, public or private, must be rebuked
by all men who believe that honesty la tb*
best policy or who love their country and
would preserve unsullied Its national'
honor.
i
Sectionalism Almost Obliterated.
"Tbo country Is to be congratulated upoa
the almost total obliteration of sectional
lines, which for many years marked th*
division of tbe United States into slav*
and freo territory, and finally threatened
Its partition luto two separate govern
merits by tbe dread ordeal of civil war.
Tbe era of reconciliation, no long amt
earnestly desired by Gen. Grant and many
other groat leaders. North and South, ban
happily come, and tbe feeling of distrust
and hostility between tbo sections la ev
erywhere vanishing, let us bope never to
return. Nothing Is better calculated to
give elrengtb to tbe nation at home. In
crease our power and Influence abroad,
aud add to the peruia.ieu -y and security
of our free Instltutlous, than the restora
tion of cordial retatloue between tb* peo
ple ot all taction* and parts of our belovad
couutry. If callad by the suffrages of tb*
people to assume tbe duties of tba high
■ fill« of president of the United Stats*.
I shall count It a privilege to aid, ova*
to the slightest degree, In tbe promotion
of (he spirit of fraternal regard whtah
should animate and govern tbe cltlae**
publk. After the tape* of a century alar*
lit utleraare, let ua at length aad tur
ner hereafter heed the *dm»allt<M ad
Waablagtoa ‘There ehmtld ba a* North,
uo Mouth, no Keat, as Waal. but a raaaaaaa
eouutry.'
'll abaft be my ruaetant aim in l to prate
nary uppurluaitt to *>*«*nr* the i*ua* ad
•«ud auearamaat by prumoilaM that eplrtt
at forbear**** „*d luetk* abkb it au se>
aaattal ta our proaparllt aad bappia*** btr
)atalaa moat heartily la all proper eflurta
t* ratter* tb# relatkae ut brotherly retparl
tad aCeriMi ehl.b lb our early bitfety
there*tented all tb* p*..pl# of all lb* eiaica,
I auuld bs |U I Is t- tmNIr taaard* Mad
ia* lb Indiaiatt.lv ui.too tbe dideraal diet
tMM ad lb* r.-oatry to lea t ttoa baa*
alary li.do.amtat of ayeatatby aad UMae*
• at to acM them l.i**thar mota in ally
that, aaer I awuid rajwtaa to **a damn*.
atratad la lb* a-rid. that tha North aad
tba l ulh aad tb* heal aad tb# II eat ar*
a»t haf-itaiad or ** d*-.» r el tinnuaiari
ftepalate-1 heeaua# od aeeli. »a| at pat if dafT
f*ttn.ea Tha *.*r ha Ilf aa*.-* e«*f. '■«
are r> i h . ».i * hut IrtoeU tod a* friend*
a* oil! faubkally aad .ardtally ra. |*tal*
4 lot tbs *f‘f ’ ' !u* ft,Silt 1.1 lltoft eh, lap*
i»m far •* .Hi . < 4 tod goaded
ua I | •* I*- i - i.. r re-elry*
i.. «» a I h • t ti*p» »,, »o I «< l «rdsa,
•" 1 • * * 1 • ataaood tb*
fc sl♦*!!*«*$»?* v%V4|L
titiutk w hitter **
l*»l U +
