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4:' 4:' & 4' 4:>'t' 't' 'fe $ jf; ̂ ̂ •$& $ )f< $ 'tt% 4'. & $ifr V ..-.• • ••--"•. « \ ' ••,- • , x ' ->£ • '.! ••"••"••'* 1 - ' *>• ::'„• •" ' -. *•' T 'I . ' , rN ' \ ' ' ..' .. »; (•••?! ' - ->•., ;v" >>., •.. '•...'•' . J;..- .. *j .„!, w ik y i»\ V i. /if I In and »i A AJ« WILLIAM M IvINTwKY S dollar, then wo woCild have no cheaper money than now andsit would be no easier to get. But that such would, be the re­ sult is against reason and is contradicted by experience in pll times and in all lands. I means the debasement of our currency to the amount of the difference between the commercial and coin value of the sil­ ver dollar. which is ever changing, and the effect would be to reduce property values, entail untold financial loss, destroy confidence, impair the obligations of ex­ isting contracts, further impoverish the laborers and producers of the country, creaie a panic of unparalleled severity and inflict upon trade' and commerce a deadly blow. Against and such policy 1 am unalterably opposed Bimetallism, Bimetallism cannot be secured by inde­ pendent action on our part: It cannot •j"> obtained by opening our mints to th-3 unlimited coinage of the silver of the world-at a ratio of . sixteen ounces of sil­ ver to one ounce of gold, when the com­ mercial ratio is more than thirty ounces of silver to one ounce of gold. Mexico and China have tried the • experiment. Mexico-has free coinage of silver and gold at a. ratio slightly in excess of sixteen and one-half ounces of silver to one ounce of gold, and while her mints are freely open tOv both nietals at that ratio not a single •dollar.in gold bullion is coined and circu­ lated as_ money. Gold has been driven out of circulation in these countries and they are on a silver basis alone.' Until international agreement is had it- is the plain duty of the United States to main­ tain the gold standard. It is the recog­ nized and sole standard of the great com­ mercial nations of the world with which we trade more largely than any ottisr. Eighty-four per cent of our foreign ttsule tor the fiscal year 1895 was with gold standard countries and our trade with other countries was settled on a gold brtSlS. We Have More Silver than Gold, Chiefly by means of legislation during .nd siuce 1878 there has been put in cir­ culation more than $624,000,000 of silver, or its representative. This has been done in the honest effort to give to silver, if possible, the same bullion and coinage value, and encourage the concurrent use of both gold and silver as money. Prior to that time, there had been less than '.•,000,000 of silver dollars coined in the entire history of the United States--a ptriod oi eighty-nine years This legis­ lation secures the largest use of silver consistent with financial safety and the pledge to maintain its- parity with gold. We have to-day more silver than gold. This lias been accomplished at times with grave peril to the public credit. The so- called Sherman law sought to use all the silver product of the United States for money at its market value. From 1890 to 1893 the Government purchased 4.500,000 ounces of silver a month, or 54,000,000 ounces a year. This was one-third of the product of the world and practically all this country's product. It Was believed by those who then and now favor free coinage that such use of silver would advance its bullion value to its Coinage value, but this expectation was not real­ ized. In a few months, notwithstanding tlie unprecedented market for the silver produced in the United States, the price of silver went down very rapidly, reach- a lower point than ever before. Then. M letter accepting the. Republic an nomination for President of the United States is as follows: John M. Thurston and Others. Mem­ bers of the Notification Committee of the Republican Natioual Convention--Gentle- men; In pursuance of the promise made to your committee when notified of my liqui­ dation as. th% Republican candidate for President, I beg to, submit this formal acceptance of that high honor and to con­ sider, in detail questions at. issue in the pending campaign. Perhaps this might be considered unnecessary in view of my remarks on that occasion and those I have u13.de to delegations that have vis­ ited me®since the St. Louis Convention, but in view of the momentous importance -of the proper settlement of the issues pre­ sented on our future prosperity and stand­ ing as a nation, and considering only the welfare and happiness of our people. 1 could riot be content to omit again calling attention to the questions which in my opinion vitally affect our strength and position among the governments of the World,and our mtfraiity, integrity and pat­ riotism as citizens of that ^republic which for a century past has been the, best hope of the world and the inspiration, of man­ kind. We must not now proVC false to our own high standards in government nor unmindful of the noble example and wise precepts' of the fathers or of the confidence and trust which our conduct hi the-past has always inspired. Free Co ink ere of Silver. For the first time pince 1868, if ever before, there is presented, to the Ameri­ can this year a clear and direct issue as to our monetary system, of vast impor­ tant' in its effects and upon the right set­ tlement of which rests largely the linan- < al honor and prosperity of the country. It h proposed by one wing of the Demo­ cratic ^party and its allies, the people's and silver parties, to inaugurate the free and unlimited coinage of silver by inde­ pendent action on the part of the United States at a ratio of sixteen ounces of sil­ ver to one ounce of gold. The mere dec­ laration of this purpose is a menace to our financial and industrial interests and has already created universal alarm. It in­ volves great peri! to the credit and busi­ ness of the country--a peril so grave that conservative men everywhere are break­ ing away from their old party associations «:ul uniting with other patriotic citizens in emphatic protest against the platform of the Democratic national convention as an assault upon the faith and honor of the Government and the welfare of the peo­ ple. We have had few questions in the lifetime of the republic more serious than the one which is thus presented. The character of the money which shall measure our values and exchanges and Kettle our balances with one another, and wilh tlx* nations of the world, is of such primary importance, and so far reaching in its consequences, as to call fir the most painstaking investigation, and in the end a sober and unprejudiced judgment at the polls. We must not b > misled by phrases, r deluded by false theories. Free silver would not mean that silver dollars were to lie freely had without cost or labor. It would mean the free use of the mints of 1 lie United States for the few who are owners of silver bullion, but would make a silver coin 110 freer to the mayy who are -engaged in other-enterprises.--It would not make labor easier, the hours of labor shorter or the pay better It would not iirtke farming less laborious or more pro­ bable. It would not start a factory or make a demand for an additional day's labor. It would create 110 new occupa-' tions. It would add nothing to the com­ fort of the masses, the capital of the peo­ ple of the wealth of the nation. It seeks to introduce a new measure of value, buc would add 110 value to the 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. What It Means. The meaning of the coinage plank adopt- el in Chicago is that anyone may take a quantity of silver bullion now worth 53 e nt.s to the mints of the United States, l.ave it coined at the expense of the Gov­ ernment, and receive for it a silver dollar which shall be legal tender for the pay­ ment of all debts public and private. The owner of the silver bullion would get the silver dollar. It would belong to him and to nobody else. Other people would get ir only by their labor, the products of their land or something of value. The bullion owner on flie basis of present values would receive the silver dollar for 53 cents' worth of silver, and other people would be required to receive it as a full dollar in the payment of debts. This Government would get nothing from the transaction. It would bear the expense of coining the silver and the community would suffer loss by its use. The iJnllars Compared, "UV have coined since 1878 more than -MX1.000.000 of silver dollars, which are maintained by the Government at parity witit gold, and are a full'legal tender for 1hc payment of all debts, public and pri­ vate. I low are. the silver dollars now in •.isc different from those which would be in use ynder free coinageV They are to be of the same weight and fineness; they are to bear the same stamp of the Gov­ ernment. Why would they not be of the same value? 1 answer: The silver dollars now in use were coined on account of the Government, and not for private ac­ count or gain, and the Government has solemnly agreed to keep them good as the best dollars we have. The Govern­ ment bought the silver bullion at its mar­ ket value and coined it .nto silver. Hav­ ing exclusive control of the mintage it only coins what, it can hold at a parity with gold. The profit representing the difference between th > commercial value of the silver bullion and the face value of the silver dollar goes tortile Government f ,r the benefit, of the people. 1 he G eminent bought the silver bullion con­ tained in the silver dollar at very much less than its coinage value. It paid it out to its creditors or put it in circulation among the people sit. its face value of KM) oouts, or a full dollar. It required the peo­ ple to accept it as a legal tender, and is ll»us morally bound to maintain it at a parity with gold, wliicn was i as now. the recognized standard with us, and the most enlightened nations of the world. The Government, having issued and circu­ lated the silver dollar, it must in honor protect the holder from loss. This obli­ gation it has so far sacredly kept. Not only is there a moral obligation, but-there is a legal obligation, expressed in public s'ntute, to maintain the parity. - Could Not He Kept at Par. These dollars in the particulars I have named are not the same as the dollars which would be issued under free coin­ age. They would be the same in form, but different in value. The Government would have no part in the transaction, except to coin the silver bullion into dol­ lars. It would share in no part of the profit. It would take upon itself no^ob- li gat ion. It would not put > :e dollars into circulation. It could"oulv get them as any citizen would get them, by giving something for them. It would deliver them to those 'who deposited the silver and its connection with the transaction there end. Such are the silver dollars which would be issued under free coin­ age of silver at the ratio of 1(5 to l. Who . would then maintain the parity? Wli.' t would keep them at par with gold? There would be no obligation resting upon the Government to do it, and if there were it would be powerless to do it. The simple truth is we would be driven to a silver basif--to silver ^monometallism. Thess dollars, therefore, would stand upon their real value. . If the free and unlimited coinage of silver at-a ratio of sixteen ounces of silver to oneounce of gold would, as some of its advocates assert, make 53 cents in silver worth 100 eentsi UAXU the silver dollar. equal to the gold upon the recommendation of President Cleveland, both political parties united in the repeal of the purchasing clause of the Sherman law. We cannot with safety engage in further experiments in this di­ rection. The Double Standard. On Aug. 22, 1891. in a public address, I said: "If we could have an international ratio, which all the leading nations oUthe world would adopt, and the true relation be fixed between the two metals, fihd all a "Tee upon the quantity .of., silver which should constitute a dollar, then silver would be 11s free and unlimited in its priv> ileges of coinage as gold is to-day. But that we have not been able to secure, and with the free and unlimited coinage of silver adopted in the United States, at the present ratio, we would be still further removed from any international agree­ ment. We may never be able to secure it if we enter upon the isolated coinage of silver. The double standard implies equality at a ratio, and that equality can only be established by the concurrent law of nations, it was the concurrent law of nations that made the double standard; it will require the concurrent law of na­ tions to reinstate and sustain it." The Republican party has not been, and i not now, opposed to the use of silver r. money, as its record abundantly shows. It has done all that could be done for i':-, increased use, with safety and honor. Dy the United States acting apart from other governments. There tire those who think that it has already gone beyond the limit of financial prudence. Surely we can go 110 further, and we must not per­ mit false lights to lure us across ttie dan­ ger line. We have much more silver in use than anv country in the world except India or t 'hina--$500,000,000 more than Great Britain, $150,000,000 more than France, $100,000,000 more than Germany, $325.- 1100,000 less than India and $125,000,000 less than China. The Republican party has declared in favor of international agreement, and if elected President it will be my duty to employ all proper means to promote it. The free coinage of salver in this country would defer, if not defeat, international bimetallism, and un­ til an international agreement can be had every interest requires us to maintain our present standard. Independent free coin­ age of silver at a ratio of sixteen ounces of silver to one ounce of gold would in­ sure the speedy contraction of the volume of our currency. It would drive at least r-OO,000.000 of gold dollars, which we now have, permanently from the trade of the country, and greatly decrease our per capita circulation. It ,s not proposed by the Republican party to take from the c5r- ,culating medium of the country any of the silver we now have. On the contrary, it is proposed to keep ali of the silver money now in circulation on a parity with gold by maintaining the pledge of the Government that all of" it shall be equal to gold. This has been the unbroken policy of the Republican party since 1878. It has inaugurated no new policy. It wi'.l keep in circulation and as good as ngold •ill of the silver and paper money which are now included in the currency of the country. It will maintain their parity It will preserve their equality in the fu­ ture as it has always done in the past. It will not consent to put this country on a silver basis, which would inevitably follow independent free coinage at a ratio of 16 to 1. It will oppose the expulsion, of gold from our circulation. Farmers and Laborers Suffer. If there is any ofie thing which should be free from speculation and fluctuation it is the money of a country. It ought nevi r to be the subject of mere partisan •ontention. When we part with our la­ bor, our products.,, or ou$ property wa should receive in yturn lifojney -which is as stable an#"tthetf£nging£BPralue as the ingenuity of "no-nest men carfanake it. De­ basement of the currency, means destruc­ tion of values. No one.'stiffers so much from clieap '-nioney as the farmers and la­ borers. They are the first to feel its bad effects and the last to recover from them. This has been the uniform experience of al! countries, and here, as elsewhere, the poor and not the rich are the greater sufferers from every attempt to debase oar money. It "would fall wfth alarming severity upon investments already made; upon insurance companies and their pol-, i„-y holders; upon savings banks and their depositors; upon building and loan asso­ ciations' and their members; upon the sav­ ings of thrift; upon pensioners and their famikss, and upon wage earners and the purchasing power of their wages. Irredeemable Paper Money. The silver question is not the only issue affecting our money, in the pending con- Republican Presidential Candidate Takes a Bold and Manly Stand. test. Not content with urging the free coinage of silver, its strongest champions demand that our paper money shall be issued directly by the Government of the ; nited States. This is the Chicago Dem­ ocratic declaration. The St. Louis peo­ ple's declaration is that "Our national money shall be issued by the general gov­ ernment only, without the intervention of banks of issue, be full legal tender for tiie payment of all debts, public,a mi pri­ vate," and be distributed "direct to the people, and through lawful disbursements of the Government." Tims, in addition to the free coinage of the world's silver, we are asked to enter upon an era of unlimited irredeemable paper currency. The question which was fought out from 18tC> to 1870 is thus to be reopened and all its cheap money ex- ; eriinents of every conceivable form foist­ ed upon us. This indicates a most start- lirifl reactionary policy, stta.ilgely at va- rianc'e with every requirement 'ot sound finance: but the declaration shows the spirit and purpose of those who by com­ bined action are contending for the con­ trol of the Government. Not satisfied villi the debasement of our coin which would inevitably follow the free coinage of silver at 16 to 1. they would still fur­ ther degrade our currency and threaten the public honor by the unUinjted issue of an irredeemable paper curiVmy. A grav­ er menace to our financial standing and credit could hardly be conceived and ev- "ry patriotic citizen should be aroused to promptly meet and effectually defeat it. It is a cause for painful regret and so- icitude that an effort is being made by • hose high in the counsels of the allied parties to divide the people of this coun­ try into classes and create distinctions among us which, in fact, do not exist and are repugnant to our form of government. These appeals to passion and prejudice are beneath the spirit and intelligence of a free people, and should be met with stern rebuke by those they are sought to influence and 1 believe they will be. Ev­ ery attempt t« array class against class, "the classes against the masses." section .".gainst section, labor against capital, "the poor against the rich," or interest against Interest in the United States is in the highest degree reprehensible. It is op­ posed to the national instinct and interest and should be resisted by every citizen. We are not a nation of classes, but .Jturdy, free, independent and honorable lieople, despising the demagogue, and never capitulating to dishonor. This ever- recurring effort endangers popular gov­ ernment and is a menace to our liberties. It is not a new campaign device or party appeal. It is as old as government among men. but was never more untimely and unfortunate than now. Washington warned us against it and Webster said 111 the Senate, in words which I feel are singularly appropriate tit this time: "I ad­ monish the people against the object of outcries like these. 1 admonish every industrious laborer of this country to be on his guard against such delusion. I tell him the attempt is to play off his passion against his interest and to prevail on him. ia the name of liberty, to destroy all the truits of liberty." nations of the American people which above all else is so imperatively demanded at this juncture of our national affairs. Conditions in 1892, In December. 1892, President Harri­ son sent his last message to Congress. It was an able and exhaustive review of the condition and resources of the country. It stated our situation so accurately that I am sure it will not be amiss to recite his official and valuable test'niony. "There has never been a time in our history,' said he. "when work was so abundant, or when wages were so high, whether measured by the currency in which they arc paid or by their power to : apply the necessaries and comforts of life. The general average of prices has been such as to give to agriculture a fair participation in the general prosperity. The new industrial plants established since Oct/6, 1890, and up to Oct. 22. 1892, number 345. and the extensions of exist^- ing plants, 108. The new capital invest­ ed amounts to $40,446,060 and the 1111111- Per of additional employes 37,285. Dur­ ing the first six months of the present calendar year 135 new factories were built, of which 40 were cotton mills, 48 knitting mills, 26 woolen mills. 15 silk mills. 4 plush mills and 2 linen mills. Of the 4(t cotton mills, 21 have been built in the Southern States." This fairly describes the happy condi­ tion of the country in December, 1892. What has it been since and what is it payment of the public debt. Let us hold fast to that which we know Is good. It is not more money we want; what we want is to put the money we already have at work. When money is employed men are employed. Both have always been steadily and remu­ neratively employed during all the years of protective tariff legislation. AVhen those who have moiiey lack confidence Ih 'the sta­ bility-of vafties and investments they will not part with their money. Business is stagr nated--the life blood of trade is checked and congested. We cannot restore public confi­ dence by an act which" tfottld revolutionize all values or an act which entails deficiency in the public revenues. \ve can riot inspire confidence by advocating ' repudiation or practicing dishonesty. We cannot restore confidence, either to the treasury or to the people, without a change i^i our present tariff legislation. - ' ' -? - > The Tariff of 1S04. The only measure of a general nature that affected the treasury and the employment of our popple passed by the Fifty-third Con­ gress was the -general tariff act, which did not receive the approval of the President. Whatever virtues may be elaliued for the act there is confessedly one which it does not possess. It lacks the essential virtue, of its creation--the raising of revenue sufficient to supply the needs of the' Gjovernmeut. It has at no time provided enough revenue for such needs, but It has caused a constant de­ ficiency in the treasury and a steady deple­ tion In the earnings of labor and land. It lias '(Contributed t<j swell our national debt more than' $262,,000^000, a sum neariy as great as the debt, from Washington to Lincoln, in­ cluding all o\ir foreign wars from -the reVo? lution to the rebellion. Since its passage work at home lias been diminished, prices of agri­ cultural products have fallen, confidence I111V been arrested and general business demor­ alization is seen -on every hand. - ' The total receipts under the tariff act of 1804 for the first twenty-two mouths of its enforcement, from September, 1894, to June, 1800. were ^557,(515,- 3'2H, and the expenditures, |840,418,36H, or a deficiency of $82,803,0X5. The decrease in our exports of American products and manufactures during the first fifteen months of the present tariff, as contrasted with the export.) of the first fifteen months of the tariff In 1890, was $220,, '153.320. The excess of exports over Imports during the first fif­ teen months of the tariff of 1890 was $213,- 972,068, but only $50,758,623 under the first fifteen months of . the tariff of 1894. a loss under the latter of $157,214,345. The net loss in the traile balance of the United States has been $196,983,607 during the first fifteen months' operation of the tariff of 1S94. as, compared with the first fifteen months of the tariff of 1890. The loss has been large; con­ stant and steady, at the rate of $13,130,000 per month, or $500,000 for every business day of the year. I/Osinjj: in Hotli Directions. Wo have either boon sending 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 lias suf­ fered Incalculable loss. Does not this suggest the cause of our present depression, and In­ dicate Its remedy? Confidence In home en­ terprises has almost wholly disappeared. Our shops are closed, or running 011 half time at reduced wages and small profits, if not actual loss. Our men at home are Idle and while they are Idle men abroad are Oc­ cupied In supplying us with goods. Our un­ rivaled home market for the farmer has also greatly suffered because those who constitute It--the great army of American wage earn­ ers--are without the work and wages they formerly had. If they cannot earn wages they cannot buy products. They cannot' earn If they have no employment, and when they do not earn the farmer's home market Is lessened and Impaired, and the loss Is felt by both producer and consumer. The loss of earning power alone in the past three years Is sufficient to have produced--our nn- Jinportance of Protection. Another issue of supreme importance is that of protection. The peril of free . t liver is a menace to Ire feared. We are already experiencing the effect of par­ tial free trade. The one must be averted, the other corrected. The Republican pnr- •y is wedded to the doctrine, of protec­ tion and was never more earnest in its suppcrrt anil advocacy than now. If ar­ gument were needed to strengthen its de­ votion to "the American system" or in­ crease the hold of that system upon the party and people, it is found in the lesson • and experience of the last three years. Men realize in their own daily lives what before was to many of them only report, history or tradition. They have had a trial of both systems and know what each lias done for them. Washington in his farewell address, Sept. 17, 1796. a hundred years ago, said: "As a very important source of strength and security cherish public credit. One method of preserving it. is to use it as sparingly as possible, avoiding the accu­ mulation of debt ni)t only by shunning oc­ casions of expense but by vigorous exer­ tions in time of peace to discharge the debts.which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden Which we our­ selves ought to bear.' To facilitate the enforcement of the maxjms which he announced he declared: "It is essential that you should practi­ cally bear in mind that toward the pay­ ment of debts there must be revenue; that to have revenue there must be taxes; that no taxes can be devised which an? not more or less inconvenient or unpleasant; that the intrinsic embarrassment insep­ arable from the selection of proper ob­ jects (which is always a choice of diffi­ culties) ought to be 11 decisive motive for (i construction of the conduct of the gov­ ernment in making it, and for a spirit of acquiescence in the measures for obtain­ ing revenue which the public exigencies may at any time dictate." Animated by like sentiments the people of the country must now face the condi­ tions which beSet them. "The public exigencies"°demand prompt protective leg­ islation which will avoid the accumula­ tion of further debt by providing ade­ quate revenues for the expenses of the Government. This is manifestly the re- auirement of duty. If elected President of the United States it will be my aim to ^vigorously promote this object and give tuat ample encouragement to the oecu- Cotidition Eight Months Later. The messages of President Cleveland from the beginning of his second adminis­ tration to the present time abound with descriptions of the deplorable industrial and financial situation of the country. While no resort to history or official state­ ment is required to advise us of the pres­ ent condition and that which has pre­ vailed during the last three years. I ven­ ture to quote from President Cleveland's first message, Aug. 8, 1893, addressed to tile Fifty-third Congress, which he had called together in extraordinary session: " The existenc£ of an alarming and extra­ ordinary business situation." kaid he. "in­ volving the welfare and prospe«fcy of our people, has constrained me fri call to­ gether in ejitra session the people's repre­ sentatives in Congress, to the end that 0f | through the wise and patriotic exercise j 1 i tlie.vjtegislative duties with wh. ;oh they j solely are charged ,the present evils may I be inifi&a'tiSd anifl 'dnngers threatening the • future may be"averted. Our unfortunate financial plight is not the result of un- I toward events, nor of conditions related ! to our natural resources. 5,'or is it truce-, i able to any of the afflictions which fre­ quently check national growth and pros­ perity. With plenteous crops, with abun- ! lant promise of remunerative production I and manufacture, with unusual invitation j to safe investment and with satisfactory assurances to business enterprises, sud­ denly financial distrust and "fear have sprung up on every side. Numerous moneyed institutions have suspended be­ cause abundant assets were nut availa­ ble to meet the demands of fiightened depositors. Surviving corporations and individuals are content to keep in hand ilie money they are usually anxious to oan and those engaged in legitimate busi­ ness are surprised to find that the se uri- ties they offer for loans, though hereto­ fore satisfactory, are no longer accepted. Values supposed to be hxed are fast be­ coming conjectural and loss and failure nave invaded every branch of business." Cause of the Change. What n startling and suddeu change within the shorl period of eight months, from De­ cember. 1892, to August, 1893: What had occurred? A eh.ange of administration: all branches of tlie (!overunient had been In­ trusted to the Democratic party, which was committed against the protective policy that had prevailed uninterruptedly for more, than thirty-two years and had bropghr unexam­ pled prosperity to the cOunfry, and firmly pledged to its complete overthrow and the substitution of a tariff for revenue only. The change having been decreed by the elec­ tions in November. Its effects were at once anticipated and felt. We cannot close our eyes to those altered conditions, nor would it be wise to exclude from contemplation and investigation the causes which produced them. They are facts which we cannot as a people disregard, and. we can only hope to improve our present condition by a study of their causes. In December. 1892, ewe. had the same volume of currency that have now. It aggregated in 1892, $2,372.5911,501; in 1893. $2,323,000,000: in 1894. $2,823,412.- 302: and in December. 1895. $2,194,000,230. The per capita of money has been practically the same during this whole period; The qual­ ity of the money has been identical-- ial I kept equal to gold. There is not hinge connected with our money, therefore, to account for this sudden and aggravated industrial change. Whatever is to be deprecated in our financial system, it must everywhere be ad­ mitted that our money lias been absolutely good and Jtias brought- neither loss nor incon­ venience t)o Its holders, A depreciated cur­ rency has not existed to further vex the trou­ bled business situation. Good Money and Hard Times. It is a mere pretense to attribute the hard times to the fact that all our currency.Is pn a gold basis. Good money never made t'liiie.s hard. Those who assert that orif- prese'iit In­ dustrial and financial depression is the re­ sult of the gold standard have not read' American history aright or been careful "stu­ dents of 'he events of recent yekrS. ' We never had greater prosperity In this <<onntry In every fieli! of employment and Industry than in the busy , years from 1880 to 1892, during all of which time this country was 011 a gold basis and employed mOre* gold' inojaey in* its fiscal and V'uusiness operations; than ever before. We had. too, a protective "tariff under which ample revenues were collected for the Government and an accumulating Sur­ plus which was constantly applied to' fee fortunate bhslness'Situation. If our labor was well employed', and employed at as re­ munerative wages as hi 1892. in a fow months'every farmer In the land would fool the glad change in the Increased demand for his products and in the better prices which he would receive. Open Mills, Not Mitltd. 1 It- is not an Increase In the volume of mon­ ey which is tlie need of the time, but an In­ crease In the volume of business. Nut an in­ crease of coin, but an Increase of confidence Not more coinage, but n more,active u*e of the money coined. Not open mints the unlimited coinage of the silver of the wO'rld. but openjnllls for the full and unrestricted labor of American workingnien. Tlie em­ ployment of our mints for tlie coinage of the silver of tlie world would not bring the necessaries and comforts of life back to our people, ' llils will only come with the em­ ployment of the musses, and such employ­ ment is certain to follow the re-establlsh- ment of a wise protective policy, which shall encourage manufacturing at home. Protec­ tion has. lost none of Its virtue and Import­ ance. The first duty of the Republican party, if restored to power In the country, will be I he enactment of a tariff law which will raise ail the money necessary to conduct the Government economically and honestly administered, and so adjusted as to give preference to home labor and the home mar­ ket. We are i/ot committed, to any special subject tV> finitige to meet now conditions. I but the principle upon which rates of ditty are imposed remains tile *riifie. Our duties should always be high enough to ineapur# | the difference between the wages paid labor ! at home and in competingVoiintries, and to adequately protect American investments a ml. American enterprises. Our Farmers uml the Tn'iF. Our farmers hiivo been hurt by the otoangow in our tariff legislation as severely as our laborers and manufacturers, badly as 1 they have suffered. The Republican plat- f-irui wisely declares In favor of such encour­ agement to our sugar Interestrf "as will lead to the production on American soft of nil the sugar which the American peopli* use/' It promises to our wool and jyooion interests "the most amnio protection," a guaranty that ought to commend itself td eVory patri­ otic citizen. Never was a more grievous wrong done tlie farmers of our country than that so unjustly Inflicted during tlie past three years upon file wool growers of America. Although among our most Indus­ trious and useful citizens, their Interests have been practically destroyed and our woolen manufacturers Involved in similar disaster. At 110 time within the past thirty- six years, and perhaps never during any previous period, have so many of utir woolen factories been suspended as now. The Re­ publican party can tie relied upon to correct those great wrongs If again Intrusted with the control of Congress. Reviews Reciprocity Plank. Another declaration of the Republican plat­ form that has my most cordial support Is that which favors reciprocity. The splendid results of the reciprocity arrangements that were made under authority of the tariff law of 1890 are striking and suggestive. The brief period they were in force. In most cases only three years, was not long enough to thoroughly test their great value, but suf­ ficient proof was shown by the trial to con­ clusively demonstrate tlie Importance and the wisdom of their adoption, in 1S92, the export trade of the United States attained the highest point iu our history. The aggre­ gate of our exports that year reached the im­ mense sum of $^030,278,148, a sum greater bv $100,000,000 than tlie exports of any pre­ vious year. In 1893, owing to tiie threat of unfriendly tariff legislation, the total drop­ ped to $847,060,194. Our exports of domes­ tic merchandise decreased $189,000,000, but reciprocity still secured us a larger trade with the West Indies than we had ever be­ fore enjoyed. The Increase of trade with the countries with which ,we had reciprocity agreements was $3,560,515 over our trade in 1892. and $16:440,721 oyer our trade In'lSSl. The only countries with which t 'he,vUnited States traded that«sh.ow,ed increased exports in 1893 were practically those with which we had reciprocity arrangements. The reci­ procity treaty between tills country and Spain," touching the markets of Cuba ahd Porto Rico, was announced Sept. 1, ,1.891. Tiie growth of our trade with Cuba , was phenomenal. I11 1891 we sold that country but 114,441 barrels of Hour; in 1892, 300.175; In 1893, 016.40(5; and In 1894. 622,248. Here was a growth of nearly 500 per cent., while our'exportationS of flour to Culm for tiie year ending June 30, 1895, the year following the. repal of the reciprocity, treaty, fgl^.to 370.850 barrels, a loss of neatly half pur trade with that "country. The falue'of our f ct6titf ex­ ports of merchandise froin tlle United States to Cuba In. 1891r-the.yeaj;-prior to the nego-. tiatlon of the reciprocity .treaty--was $l2.y 224,888: in 1892, $17.953,570;<!ln 1893, $2-J.- 157,698; in 1894, $20,125,321; buMO 1895. af- :t*>r.:the. fcuauUneuv oCcthe, reciprocity agree­ ment, it, felj 'ito^only,,$12,087,061. Many slni-p liar examples might: be given of our Increased trade under reciprocity with other countrf^R^ 4>ut'enough lias been shown -ot thweffleacy of the legislation of 1890 to justify, th(» speedy restoration of its reciprocity provisions. lit hiy iudgm'eiit, Congress should immediately %store' the' reciprocity sectioii of tlte old laiy.^with sucb amendments, if any. as,,time and experience sanction as wise a nd proper. ^HOKE SMITH GOES OUT. must, however, be strictly observed, it is to afford new markets for our surplus agri­ cultural and manufactured products, with­ out loss to the American laborer of a single day s work that he might otherwise procure. Koreian Immigration, ̂ j ,* jivTb0 declaration of the platform touching foreign immigration is one of peculiar im­ portance at this time, when our own laboring people are in such great distress. 1 am in •+ila r t ,X empathy with the present legisla­ tion restraining foreign immigration and favor extension of the laws as will secure tlie t nltod States from' invasion by the de- -tt-fAi a !K ' c r ' l n 'ual classes of the old world. 111 ue adhere to the public policy under which our country lyre received great bodies or honest. Industrious citizens, who have add­ ed to the wealth, progress and power of the country, and while we welcome to our shores the well-disposed and industrious immigrant who contributes by his energy 'and intelli­ gence to the cause of free government,, we want no immigrants who do uot seek our shores tp become citizens. We should permit none to participate lh the advantages, of our civil­ ization who do not sympathize with our alms and form of government. We should re­ ceive none who come <t<i make war upon our' Institutions and protit 'by public disquiet and turmoil,. Against all such our gates must, be tightly closed. Our Soldiibrs and Sailors. -The -soldiers and sailors ,of the Union should, neither be .neglected nor- forgotten. The Government which they served so. well must not make their lives or Condition hard­ er by. treating, them -as suppliants, for re­ lief in old age or distress, nor regard with disdain or Contempt the- earnest Interest one comrade naturally manifests In the wel- . f a re of another. Doubtless there have been pension abuses and frauds I11 the numerous claims allowed by the Government, but the policy governing the administration of the Pension Bureau must always be fair and liberal. No deserving applicant should ever suffer because of a wrong pepetratod- by or for another. Our soldiers and sailors gave the Government the best they had. They freely offered health, strength, limb and life to save tIk1 country I11 tlie time of its great­ est peril, and the Government must hrinor them I11 their need as in their service xfith the respect and gratitude due to brave, noble and seif-saorlfieing men who are justly en­ titled to generous aid ill their increasing ne­ cessities. Merchant Marine and Navy. The declaration of the Republican platform in favor of tiie upbuilding of our merchant marine lias my hearty approval. The policy of discriminating duties 'in favor of our shipping which prevailed in the early years of our history should, be again promptly adopted by Congress and vigorously support­ ed until our prestige and supremacy 011 the sea's Is fully attained. We should no longer contribute directly or Indirectly to the main­ tenance of tiie colossal marine of foreign countries, but provide an efficient and com­ plete marine of our own. Now that the Amer­ ican navy-is assuming a portion commensur­ ate with our lmprotance as 11 nation, a policy I am glad to observe the Republican plat­ form strongly indorses, wo must supplement it with a merchant marine that will give us the advantages In both our coastwise and foreign trade that we ought naturally and properly to enjoy. It should at once be a matter of public policy and national pride to repossess this immense and prosperous trade. Civil Service Reform. The pledge of the Republican National Con­ vention that our civil laws "shall be sus­ tained and thoroughly and honestly enforced, and extended wherever practicable," is In keeping with the position of the party for the past twenty-four years, and will be faith­ fully observed Our Opponents decry those reforms. They appear willing to abandon all the advantages gained, after so many years' agitation, and effort. They encourage II teturm-to--methods of--party ' favroltlsm, which both parties have often denounced, that experience has condemned, and that the people have repeatedly disapproved. The Republican party earnestly opposes this re­ actionary and entirely unjustifiable policy. It will take no backward step upon this <luestlon. It will seek to improve, lint never degrade the public service. Returns to Money Question. There are other Important and timely dec­ larations in the platform which I cannot here discuss. I must content myself with saying that they liaVe my approval. If, as Republicans, we have lately addressed our attentionwith what may seem great stress and earnestness, tu tlie now and unexpected assault upon the financial Integrity of the Government,. we have done it because the menace is so gnive as to demand especial consideration, and because we arc oonvlmjWl that if tlie people are aroused to tiie true understanding and Meaning of this slider and Inflation movement, they will avert the danger, In doing this wo feel that we ren­ der the best service possible to the country, and we appeal to the Intelligence, conscience and patriotism of the people,,Irrespective of party, or section, for their earnest support. We avoid no Issues. We meet the sudden, dangerous and revolutionary assault upon law and order, and upon those to whom is confided by flic Constitution and laws the authority to uphold and maintain them, which our opponents have made, with the same courage that we have faced every emergency since jur organization as a party, more than forty years ago. Government by law must first tie assured; evenythlng else can wait. The spirit of lawlessness must lie extinguished by the fires of an unselfish and lofty patriotism. Kvery attack upon the public faith and every suggestion of the re­ pudiation of debts, public or private, must be rebuked by all men who believe that hon­ esty is the best policy, or who love their country and would preserve unsullied its national honor. Almost Obliterated. The country Is to be congratulated upon the almost total obliteration.of the sectional lines which for many years marked the divi­ sion of the United States luto slave and free territory, and finally threatened Its parti­ tion into two separate governments by the dread ordeal of civil war? The era of recon­ ciliation, so long and earnestly desired by General Grant and other great leaders, North and South, has happily come, and the feeling of distrust and hostility between the sec­ tions is everywhere vanishing, let us hope never to return. Nothing Is better calculated to give strength to the nation at home, in­ crease our power and influence abroad, and add to the permanency and security of our free Institutions tlift 11 the restoration of cor­ dial relations between the people of all sec­ tions and parts of our beloved country. If called by the suffrages of the people 10 as­ sume the duties of the high office of Presi­ dent of the United States, I shall count It a privilege to aid, even In the slightest de­ gree, in tlie promotion of tiie spirit of frater­ nal regard which should animate and govern the citizens of every section. State or part of the republic. After the lapse of a century since its utterance, let us, at length, and for­ ever hereafter, heed the admonition of Wash­ ington. "There should be 110 North. 110 South, no East, .10 West--but a common country." It shall be my constant• aim to Improve every opportunity to advance the cause of good government by promoting that spirit of forbearance and justice which Is so essential to our prosperity and happiness by joining most heartily in,aji proper efforts to restore the relations of brittleli.v respect and affection which in our eftriy history char­ acterized all the people oi; ajiithe States. 1 would lie glad to contribute toward "binding in Indivisible union the' different divisions of tin' country, which, indeed, now "have ev­ ery Inducement of sympathy and interest" to* weld them together more strongly than ever. I would rejoice to see demonstrated to the world that the North and the South and the East and the West are no't separated, or in danger of becoming separated, be­ cause of sectional or party differences. The was Is long since over; "we.are not enemies, but friends," and as friends we will faith­ fully and cordially co-operate, under the ap­ proving smile of him who has thus far so signally sustained and guided us. to pre­ serve Inviolate our country's name and hon­ or. Its peace and good order, and its con­ tinued ascendency among the greatest gov­ ernments on earth. •' WILLIAM M'KINLEY. Cleveland's Secretary of the Interior - - Quits the Cabinet. Hoke Smith, President Cleveland's Sec­ retary of the Interior, has quit the .Cabi­ net, The yumor that he had resigned made its appear- anee on Saturday. < Mr. Smith refused to disVuss the ru» mor, but at his- res­ idence active prepr KUfttions for >»noT- • ing were being made, and maay of his personal ef­ fects, . Uave been shipped to ^tlanta. Mr. Smith was au ----- NOKE SMITH ardent champion of the gold standard up to the'meeting of the Chicago convention, and "stumped" his State last spring for the cause in oposi- tion to ex-Speaker Crisp. Precisely what determined him to renounce his affilia­ tions is not known, but his friendi say that ho pledged his word to support the Chicago ticket and platform, believing, as they say, that the administration forces would triumph at the convention. % It is understood, that immediately upon • his withdrawal he will return to Atlanta and resume the practice of his profession. The Secretary's law office has not been closed since his departure for Washing­ ton. his partner, Judge John T. Pendle­ ton, remaining in charge. The sign, "Hoke Smith" has remained on the door, and the Secretary's desk has been kept awaiting his return. It is well knoWn that Mr. Smith, on entering the Cabinet, irft a'law prat'fW whieht pisid several times the salary of a Cabinet officer, and he will return to enter upon one which will doubtless be still more'profitable. Bryan on Free Raw Metprial. «i"When ..tlyj tax 011 raw material is not fully compensated for in tlie tax on the1'finished product; in such case the manufacturer is in a woise' condi­ tion {ban lie' would be with absolute free tfade/.'^Hou.. Wtu. J. Bryan, iu Congress. ' . Why? Why' should We be dependent upon foreign nations for shipping facilities to freight our own exports aud imports? WORLD'S SILVER COINAGE. Reports from tlie Mints of Twenty- one Countries. & Hero is fresh ammunition for campaign, talkers; From official information re­ ceived by the Treasury Department front twenty-one countries, the coinage of sil­ ver during the calendar year 1893 amounted, in the aggregate, to $113,672,- '200. Of this sum $13,003,200 was re- coinage. Deducting this sum from th« total coinage, gives the coinage of silves from new bullion in 1895 as $ 100,060,000. The country coining the largest amount of silver in 1895 was Mexico, with a coinage of $24,832,350; followed closely by Japan with a coinage of ?23,8S3,500; next comes China, with $S,253,340; Spain, $7,969,500; Great Britain, $5,S21,151; United States, .$5,098,000; Austro-Hun- gary, $5,299,000; Peru, $4,073,000; Rus­ sia, $3,554,000; Ecuador, $2,500,000; Ger­ many, $1,820,000. The silver coinage executed by Great Britain during the year for her colonies was: For Canada, $1,158,030; for Hons Kong, $2,200,000; for Straits Settle­ ments, $450,500--a total of $3,808,130. France coined for Jndo-China, $0,092,000 in silver and for Morocco $354,(K)0. During 1895 the United States recoined the largest amount of silver, viz., $4,850,- 000, followed by Austro-Hungary with m recoinage of $3,318,500; England, $2,160,- 000; Germany, $1,826,000; Russia, $042,- r.00; India, $484,500. From Jan. 1 to Aug. 1, 1S95, the coinage of silver dollars by the mints «f the United States was $8,562,- 412, while the coinage of silver dollars from 1792 to 1S73 aggregated $8,031,238 ily The world's product of silver during the calendar year 1895 is estimated to have been $220,000,000. The amount of new bullion used in the coinage so far as known was $100,009,000, and from re­ ports received froth twelve countries the amount used in the industrial arts was $42,000,000, while the exports to the east amounted to $37,500,000, making the total disposition of the world's silver product for 1S95 so far as krfOwn $179,509,000, which would leave $46,430,000 for coin and use in the arts by the countries from which no reports have'been received. FLOUR COMBINE DISRUPTED. It is reported that Dr. Nansen intends to* conduct ah expedition to. the Antarctic 'C&eah in search of the South "Pole before ana experience sanction as wise a au proper. _ . aa.u'_-, 4 .1, xBe underlying principle of this eglslan^n to th_c ArWic regioua. v "I ..ve»tro"4 *• ai»i'ff!'V' v sdol » North American Milling Trust Hu Gone to Pieces , --i' Flour will be sold for a time at least at whatever1 price individual millers see fit. The big flour combine- known as the North American Milling Company has gone to pieces, and as a result a cut of 10 cents a barrel in prices has been made by the Northwestern millers and followed practically all over the country amohg spring wheat millers. This makes the present price in Chicago of best North­ western brands $3.55. The combine was supposed to be one of the best and most carefully planned ever known, and its failure is considered by some of the Northwestern concerns at least as con­ clusive evidence that a successful combi­ nation is impossible. However, one bijf concern claims that the break in ar^ rangements is only temporary. The com­ bination was effected March 16 last, and was the result of months of patient work on the part of i s inaugurators, and many meetings wen held. It represented ft combined mill: ,g capacity of over 100,000 barrels a day. The mills within the combination had to put up a guarantee fund for the faithful carrying ^>ut of the agreements on a basis of 10 cents per bar­ rel per 500 barrel milling capacity. In spite of this it was soon discovered that some of the mills were taking advantage of the others in granting rebates, and thia has grown from small beginnings to such large proportions that a general row resulted. The minimum price was made by one man appointed for that purpose in the Northwest, and he made the price from time to time based on the conditions of the trade, it is said, uninfluenced by any of the mills in the combine, and in every way those who went in in good faith tried to sustain a minimum price, whieh was supposed to be a good thing for all branches of the trade. GREAT MEETING OF PYTHIANS. Encampment at Cleveland Drawing Crowds of Knights. Great crowds of visitors were attracted to the Knights of Pythias' encampment at Cleveland, it being estimated that 50,- 000 spectators witnessed the dress parade of the Second Ohio Regiment Sunday &f- 'ternoon. The exercises at the camp dur­ ing the afternoon consisted of the. dress parade and a sacred band concert.>1 In the evening many of the visiting knights attended services at the Epworth Memo­ rial M. E. Church and listened to an ap­ propriate sermon by the pastor. Among the attractions at the camp was Lafayette, Ind., division of the uniform rank, which has won more prizes than any other division in the country, even though it has not competed in prize drills in eight years. There was also present the crack division from Hastings, Mich. Maj. Gen. Carnahan, in speaking of the knights as a military organization, said it Was part of the unwritten law of the order that the knights should respond to the call of the Government in time of need, especially if it was necessary to repel air invasion by a foreign foe. The knights were;cB»t in any sense guardsmen, he said, and they wtytid uot take part in internal dissen­ sions unless it was necessary to preserve order and uphold the laws. Supreme Chancellor Richie, iu speaking of tU policy of the order, said there would prob* ahly be no change. "The same lesson* that it teaches men to-day," he said, "will be good for men l.OOO years heace."' , v. . . . .