Strong Stand on Sound Money,
Protection and Keci-procity.
FORMAL NOTE OF ACCEPTANCE.
Mills Should be Opened to Labor
Free Coinage Would Set No
Wheels Turning.
Canton, O., Aug. 26. Following Is the
formal letter of acceptance written by
MaJ. McKinley, Republican nominee for
president, and made public to-nlgbt:
"The Hon. John M. Thurston and Other8,
Members of the Notifleatk.n Committee of
the Republican National Convention Gen
tlemen: la pursuance of a promise made
to your committee when notified of my
nomination as the Republican candidate for
president, I beg to submit this formal ac
ceptance of that high honor, and to con
alder in detail questions at issue in the
pending campaign. Perhaps this might be
considered unnecessary In view of my re
marks on that occasion, ami those I have
made to delegations that have visited me
since the St. Louis convention, but In view
of the momentous Importance of the proper
settlement of the Issues presented on our
future prosperity, and standing as a nation,
and considering only the welfare and hap
piness of our people, I would not be content
to omit again calling attention to the ques
tions which lu my opinion vitally affect
our strength and position among the gov
ernments of the world and our morality,
Integrity and patriotism as citizens of that
republic which for a century past has been
the beat hope of the world and the Inspira
tion of mankind. We must not now prove
false to our own high standards In gov
ernment, nor unmindful of the noble ex
ample and wise precepts uf the fathers,
or of the confidence and trust which our
conduct In the past has always Inspired.
The Danger of Free (oliiHitr.
"If never before there Is presented to the
Americans this year a clear and direct is
sue as to our monetary system, of vast
Importance in Its eflcct, and upon the
right hi-i I li'iix iit of which rest Inrgely t !
financial honor and prosperity of the
country. It is proposed by one wing of the
Democratic party and Its allies, ibe Peo
ple's and silver partlo, to Inaugurate the
free and unlimited coinage of silver by In
dependent action on the part of the United
States at a rat'o of HI ounce of silver to
1 ounce of go!d. The mere declaration of
this purpose Is s menace lu our financial
and Indus'rtal intercuts and ha already
created universal alarm. It Involves great
peril to the credit and business of the
country, a peril so grave that conservative
men everywhere are breaking away from
the old parly associations and uniting
with oiher patriotic citizen In emphatic
protest agaliint the platform of the Demo
irallc Kail' dial convention as an assault
upon the f i I: and honor of the govern
ment and the welfare of the people. We
have had few quenMiuis In the lifetime of
the republic more serious thsu the one
which Is thus presented.
"The character of the money which
ball measure nur value sud exchange
and settle cur lutlmircs with one another
and with the Uiition of the world. l of
such pr.Mi.ii) I nicii tit in u g ii, fur reach
ing In it I'LiiHcqiiciii c a to call for the
must miiiiMltiiii invcHtiitatlon, mid In the
nd, a aotcr hihI uuiin-Jiiiliicd Judgment
at the pull We I1IU-.I mil be misled by
phiaic nur ilclicifii liv fjm thcuricn.
Klee liver would lint iiiimii Hut silver
dollar were to tie freely h.id without cost
or labor. It would mean the tree ime
of the mints uf the I Mite. St.lle fur
the owner" uf n.hcr bullion, but would
uik nit er coin mi licir In the a any
Who ru-JaKcl III oilier elt"lit l.c. It
would not ntd k labor ci-urr, Hi lour of
labor nil tier or the wy better It would
not make I i 1 1 ! K Ii I n I .1 in u tar more
profitable. H would nut Hart a factory
or make a I. maud for an adilltlunal day
labor It lv Mild cieate im iieav occnp.
Inula It wool.' ad. I nulling I i the cum
fnrt of the UM-t a, the ia,ltl uf the (mmi.
pie ur the wiaoli it Hi.' nit ion It we.-h
14 Intro. Ime lie liu i.Mie i.l value, but
would a. I I n i tjioe I i lie l in ui'tnir.-.!
It Willi". I f.-il i . ii'm ne ta!u.t llll the
runtiait. ii ..ill ilin.n.' ! e.let tie:
Value) aiitll lid tea t tallica ci.ll.
ft I'm . . l i lii e. i rli i I would be to
deal toy tin littl whub n rcmaina.
t
X ..I lb l.l...r I I. k.
"The nitainiiiat of the comma plank adopt.
4 SI I hoai. i In that ani may take s
quantity of ailtrr bullion now wonh .'..!
rnti tn the oiiota nf the nttel Hlatea,
hit II i Mtie-l at the ripenta nf the guv
rnment a' I u-. u fr a niter dollar
wbi.b ahail ie M eal ten ler lor the pay.
nient of I '.'l'i I'utdic and 1-rttale Tb
owner el Hi" ilvr liollo.ii would art the
liter dollar ll would to l..n tit him snd
lit nlw.li !! to her pen pin would get
II only I., their lal-r the pt'tu. ta of
I hut land or aomei hm. talue The
bullion owner un tha baa a "f prrarnl tal
Ilea wa.ul I la-rha li allter d-IUr fo
hi irn'i' worlti of alltrf and tuber ei.p
Would f- ite Ik a.ta II aa a full
a.'llar lu the -tnent of del.ta 1 ha .
emit 1 1 ..iid n 'Huna from tba Iran
a-tti-n It would b.ar th ri-ec,a of r.on
Ins the ailtel ant 'ha eoniinuRity Wouil
4it?f a bt Ut.e
'We hate r .l an a l.. In la than
,at i i .i..r .t It,. wt.. a i a n a n
la w-l Ii it i' if-'iot at lamv auk
a I 'Mil eal ! Il l far ihe .ai
n -iii ..f '. 't i .r i and .iiia II.
the ea I i'.il n m 4it d Itrlrnl
r tt. , i k w u. I l- a i,e un ler
- I i'l ' i la ef Ih wan, a
wH!il i I fu n-ta they s'a Id l-f
lie .. Hu p af Sa t itrrhiurnt h
w-'id r oo b f H aania ia.nr'
anrr i a.iirr -V ,1 r -a in ua e
ib'1 en 'in,! l s n nint an I
hri ( .1 . . a a .ii it an. ir.
liiihifii ni-iy Si'v t u k $
t i.ti aa a .1 aa the l-et 4 aa aa
Tka (.iiiii." -Hi !- M tSm ii.f Ii, .'- n
a' la ! I ia it mm
a ilrt 4 ' Hat It a. t a c tr.d f
I a a ' il .t ly i a I .i t- an I 1 1
SI S !'' W W il 1 0 I' d e
a I ftf il -I e,,aa..a laiaian tla t ,
yaa .at a -'f tfca a iff H . a aal thm
fa 'tf aa if thm aaiaal af f-ra it
y. aa a. tal f a ' ta l'.i t at the a
the .ol I- H lia iliu lu
t aai'a I l " af at
j.H ai ttias ! . a '.a fa i
ael la c a rial lr a- I .1 H la .ii.u ,
I a Ik I- I ai l a f..a :4a
af m m f I I . Il aa i '-I
lh f-l a"t H !! Iaw.t,
an I la lUt i n ii VM ta -a "'as II
at a -i'i I n s I whw oa ihaa, aa
tka ia a.af4 ajalar4 m wa a I
IS wl aw. aktaaal lan.tl af Iha a i ' J
I ka g .a fuimitt kaalwl Iaaua4 aa4 Uf
ru a'ad Ifca aanaf I Cat l Banal la
4Mal ka p. ilaf fauaa laa) T haa fkl
tt-a, ii kaa faf oa"!'? aafi Kn a y
I Itaaa a-i (.ilfalKi. i tfcafe !
! ( '", araaaa4 It ekil tial
. la aaa-a'S a ika awjtta
"These dollars In the particulars I have
named are not the same as tho dollars
which would be Issued under free coinage.
They would be the same in form, but dif
ferent In value. The government would
have no part in the transaction except to
coin the silver bullion into dollars. It
would share in no part of the profit. It
would take upon itself no obligation. It
would not put the dollars into circulation.
It could only get them as any citizen would
get them, by giving something for them.
It would deliver them to those who de
posited the silver and Its connection with
the transaction there end. Such are the
sliver dollars which would be issued under
free coinage of silver at a ratio of 16 to 1.
Who Would Mnlninln rarity.
"Who would then maintain the parity?
What would keep them at par with gold?
There would be no obligation restl'og upon
the government to do It, and if there were,
it would be powerless to do It. Tao simple
truth is we would be driven to a silver
bai!s to silver monometallism. Tae.se dol
lars, therefore, would stand upon their
real value, i: the free and unlimited coin
age of silver at a ratio of 16 ounces of
silver to 1 ounce of gold would, as some
of Its advocates assort, make 53 cents In
silver worth 1W) cents and the sliver dollar
equal to the gold dollar, then wa would
have no cheaper money than now, and It
would he no easier to get. But that such
would be the result is against reason and
la contradicted by experience in all times
and In all lands. It means the debasement
of our currency to the amount of the dif
ference between the commercial and Coin
value of the silver dollar which is ever
changing and the effect would be to reduce
property values, entail untold financial
loss, destroy confidence, Impair the obliga
tions of existing contracts, further Impov-
erlsh thb laborers and producers of the
country, create a panic of unparalleled
severity and inflict upon trade and com
merce a deadly blow. Against any such
policy I am unalterably opposed.
Gold Driven Oat of Mexico.
"Bimetallism cannot be secured by In
dependent action on our part. It cannot
be obtained by opening our mints to the
unlimited coinage of the silver of the
world at a ratio of 16 ounces of silver to
1 ounce of gold when the commercial ratio
Is more than 30 ounces of silver to 1 ounce
of gold. Mexico and China have tried the
experiment. Mexico has free coinage of
silver and gold at a ratio slightly in ex
cess of 16V4 ounces of silver to 1 ounce of
gold, and while her mlntB 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 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 other.
Eighty-four per cent, of our foreign trade
for the fiscal year lHil'i was with gold
standard countries, and our trade with
other countries was settled on a gold basis.
More Silver Than Gold.
"Chiefly by means of legislation during
and since 1878, there haa been put in
circulation more than ftUI.OOO.oOO of sil
ver or Its representative. This has been
done In the honest effort to give to silver,
If possible, tho same bullion and coinage
value and encourage the concurrent use of
both gold and silver as money. Prior to
that time, there hail been leas than 9,000,-
00(1 of sliver dollars coined In the entire
history of the I'nlted States, a period of
eighty-nine years. This legislation secures
the largest use of sliver consistent with
financial safety and the pledge to main
tain Its parity with gold. We have to
day more allver than gold. This baa been
accomplished at time with grave peril to
the public credit. The so-called Sherman
law nought to use ail the silver product
of the I'nlted State for money at Its mar
ket value. From 1H'.I0 to IWJ, the gov
ernment purchamul .'iO00iX) ounces of alb
ver a month, or !4 .00(1. 000 ounces a year
This wa one-third the product of the
world, and practically all of this country's
product. It wait believed by tlloae who
than and now l.ivor free coinage that such
liee of silver would advance lis bullion
value I i lis coinage value, but this ex
pccUtloll was nut renllred. In a few
iiioiilha. notwithstanding tho tinprecedeut
nl market fur the silver product In the
I lilted Hit lea. the price uf silver wen
down very rapidly, reaching a point lower
than ever belure. Then, upon the recom
mend! inn uf rrealdi'iil Cleveland, both
political panic united In the repeal of
the pur' liaMlig claun' uf Ihe Sherman law
W cannot Willi aaf.-tv rnn.mo In further
etperimeiit In th' I'reciiiin.
tin the aei-oii.l of August, In
public addle. , aald 'If we run Id have
au lli.eriialloiuil ratio which all the lead
lug nail. on of fie world would adopt, and
Ilia true relation be IHi-d beiwa-an the two
nieiala and alt J-tr-e upon the quantity
f allver whl. Ii ale oil I ruiiaiitiite a dollar.
then ailvn would ha s Irea slid unlim
ited m H privilege nf I'uluaite sa a. ill la
to day Hut that w have n.U b'-aul able
to acitare. and wl'h the free and tililniilir-l
e. until" of allver adopted In lha I iute.1
Hlalea at lha preaehl ratio, wa would be
anil further removed frutn any Interna
tional areeitient We may never be able
la ae. ma II If wa ati'rr upian lha leulate-l
rnliias "f silver The doubla standard
iniplica eiiility at ratio and that equal
ity in utily ! aatal llhe. by the mnciir
tent law of rtadurie II was Ihe concurrent
la of nationa that ma la Ihe doubla aland
aid. II will min ie iba r-uu urrnt law
of nations l n-niaia'a snl suatain It.'
rrl ratttra aa mt ailter Maawey.
"Tba) Heiuldin parly h not bean and
I n 1 i' ""'l I t Iba uaa if titter money
a ita re. -rd a'om dantly thoa It haa
.-tie all that rout I ha d-na f.ar It In
Heated ua with slaty and kofuar by th
I tu r l fliatea atln( apart Irmn othay t it
etnmeni Theia ra ih--t who think th'
It haa l'w !y K t-e.on l lha limit of
flntn-al .futie ftuiely ran (4 no
f-ifthaf 'i-l wa tnual tio pe'mll faaa
I a lilt lu line ua - i-a lha danef lit,
Mean llrfeal nf lair rata tlaaaal
aarertaaawt.
Vta bate h ti.ra tut m lata than
a' y a.oiciiy in th w ild a.e t n t uf
I hit i'i.' -wp ii.ofa than ureal tr it .
1 . 1, iiaiittiitu m..i than ran. a, i at .
.! fu.4ia l!a l.'-rmany ';". pai ta
trot than In a a- I I . . i -! Ia than
i Ii ii lha H i-v'a n larty hat i uia
in tat f 4-f in in i-iinii'itl afeemrnl anl
If ne tt I i ie. I. an it a,li ha tiiv tuy u
rii i 'i I'd pi ef i-wna 1.1 1. 1 .in. .'a II
1 l,a fie r. ma , f ai-trr In ttii fi unlay
t, ..4j .1 . 1 . r if n. .1 .Irf. al imrieiti. nal II
ii., a ol U'K'I an mrr na-.i-nal '-
in-a.i in la ha-l a Itiiraetl yautr
ut l.i ua nfttn anif -'iuM atawlafl In
,( .itri.l ! Ii-'lilja ..f titter IJ a f'U
af I e-.'-. . "t It I tuai. t f ( I
,,i. l. the t, a-y r .'a -u n t"f ihe
t i. n.e .1 i.l .'"ai a It amil 4nte at
i.a.i .- a.! t- ' I !"!!( tll aa
a- tatta i . a a f . -mi tha tfate a-f
the r-m-ill -l S'eaM'l Je. at aa a44r -f
.a; 'a a.i.-.ail.aa II II W at l ,w y
ka Me i t4l.11 a. 't t" ta ram lha na
a 1. a! " - '. . .a . I Itta r. - nlay any at Ika
iarf ate a .-a hat ta ia e. tut'i il la
fffMa la kar a I af Iba I.l aaf attowaf
aa la etaa-Saiaca Ika faafity ita aj.,,4
y a a wa" "S lha t 'U at lha tit
at-twi il all a' II 'Mil w aaal I ..!
va a ha ka lha ).' law f-" t af lha
H.vuMi aa t-afiy ' t' I. ha la
aa''a4 a W t- t l Will hea a, aj
t f4jiti.a M a 1 -te-4 a ! all rf lha
nit. 1 a4 far a..a ki-k ea aa la
liu 14 la lha i-wtaa aa lha ! ry
a . ae ' Ike.r a-aa.iy It will ....af a
I ka'f a-te 't tha fu'ajaa a 11 kaa al
at 4aa la Ika r-a It will a -at nataai
la rt ik'l rat'y a lilt taaat wkth
nil aeteif tan) iaasas)t rr
coinage at n ratio of 16 to 1. It will oppose
the expulsion of gold from our circulation.
Debased Money Destroys Values.
"If there is any one thing which should
be free from speculation and fluctuation,
It is the money of a country." It ought
never to be the subject of mere partisan
contention. When wa, part with our labor,
our products or our property, we should
receive in return money which is as stable
and unchanging in value as the Ingenuity
of honest men can make it. Debasement
of the currency means destruction of val
ues. No one suffers so much from cheap
money as the farmers and laborers. They
are the first to feel Its bad effects and the
last to recover from them. This has been
the uniform experience of all countries,
and here as elsewhere the poor and not
tho rich are the greater sufferers from
every attemptato debase our money. It
would fall with alarming severity upon
investments already made, upon Insurance
companies and their policy-holders, upon
savings banks and their depositors, upon
building and loan associations and their
members, upon the savings of thrift,
upon pensioners and their families, and
upon wage earners and the purchasing
power of their wages.
theufi Money Experiment.
"The silver question l not the only
Issue affecting our money in the pending
contest. 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
United States. This Is the Chicago Demo
cratic declaration. The St. Louis People's
party declaration Is that 'Our national
money shall be issued by the general gov
ernment only without the Intervention of
backs of Issue, be full legal ter.dar for the
payment of all debts public and private,'
and be distributed 'direct to the people
and through lawful disbursements of the
government.' Thus, In addition to the free
coinage of the world's silver, we are asked
to enter upon an era of unlimited Irre
deemable paper currency. The question
which was fought out from 1865 to 1879 Id
thus to be reopened with all Its cheap
money experiments of every conceivable
form foisted upon us. This Indicates a
most startling reactionary policy, strangely
at variance with every requirement of
sound finance; but the declaration shows
the spirit and purpose of those who, by
combined action, are contending for the
control of the government. Not satisfied
with the debasement of our coin which In
evitably follows the free coinage of silver
at 16 to 1, they would still further degrade
our currency and threaten the public
honor by the unlimited Issue of an Irre
deemable paper currency. A graver menace
to our financial standing and credit could
hardly be conceived, and every patrlotlo
citizen should be aroused to promptly meet
and effectually defeat it.
Dlvldlnn- the reople Into tlaaaes.
"It Is a cause for painful regret and so
licitude that an effort Is being made by
those high in the councils 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 the 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 I believe they will be. Ev
ery attempt to array class against class,
'the classes against the masses.' section
against section, labor against capital, 'the
poor against the rich,' or Interest against
Interest In the United States Is In the high
est degree reprehensible. It Is opposed to
the national instinct and Interest and should
be resisted by every cltlien. We are not
a nation of classes, but of sturdy, free. In
dependent and honorable peopje, despising
the demagogue and never capitulating to
dishonor. This ever recurring effort en
dangers popular government and la 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 Wrbnter aald In the senate words
which I feel are singularly appropriate at
Ibla time: 'I admoninh the people against
the object of outcries like these. I ad
monish every Industrious laborer of tin
country to be on bla guard against stub
delusion. I tell him the attempt Is to play
off hi passion against bla Interest and to,
prevail on him In the name of liberty to
don troy all Ibe fruits of liberty.'
I'raalrrlloa of Waprrnaa laniaorlanre.
"Another lane of idp'eme Importance
Is that of protection. The peril of free
liver Is a menace lo be feared. Wa are
already experiencing Ihe effect of partial
free trade. The cine mint be averted, the
other corrected. The Republican party la
wedded ! the doctrine uf pru'axtlon and
waa nav-r m ire esrnr In It support and
advocacy than now. If argument war
I'ce.le.l M strengthen I's devotion to "the
American )atem' or lncrea the bob! of
that ayatam upon Ihe party and pai'l'l. it
la found lu the Iraann and eperli nre uf
lha pa-1 Ihrae year Man reallie In their
own daily live what before waa lo mny
f thetn only report, history or trai l Hon
1 hey have bad a trial of both aya-ema
and know what each baa dona for th.u.
"Waahlnstian, In hi farewell addreaa.
Kept. 17. i;'ii. loo year ago. aald: 'As a
very Important unirra nf tren(th and se
curity, theriah public rrnlit. una m-tho-l
uf preaart'lti II Is lo uaa II a aparlncly a
poaail'le; avoldin the acrumulatmn of debt
i"'t only t-y ihunuinas onaalon nf etpetiaa
hut by vljoroua eteiituna In lima aaf peace
lo diatharse the ib bta whhh unavoidjola
war mav have in.aaii.ne-l not une'ir.
ou.iy ihrwiti ii...n potter ity tba burden
wni. n nur-aeite ouani 10 hear. To
fa-'Hitaia lha enforcement of th niatlmt
whi. n ha nn.mti.r.. ba decUtH It i
waontial that i should t.r.-!. ally l-ar
In mind thai l.iw.r l tba payment t.f debt
in'-"' anuan r-a rpianiif, inai in Rata r .-a.
noe thaft mutt ba !; that no lata ran
la .lrtla ahi.h ia a,..! mora atr la In.
i.nteiii.nt r unpla-atant : thai th n
trmaue rm!,raaamenl ne4rlila f'nan
the a-l-. ti--n i f i-ruper ot )e.-i lahtih i
alwaya a rhl e nf ilifTii ultirtt nushl to ha
a deenita ni'Mte (a I r ana furl . n of the
finlun cf th a t f nm-nt In making M,
an l f f a m-ir t of . u-iiea. rn. a in lha
hieaaurea f. r .hia tnna retrnua whi-h tha
t ul'llc ai'. n.-u-a may at any lima du al-'
I'ratnalat rralaallt Caalalallao Me.
wtaaalaal.
.ftlnted by l-ka aanlimre.lt tha I.
ft th f-oaatf? mutt ta. a tha a-. 1. II
D.fi wlrnh N- them 'th ruhiir ai.
U-n. I' lnn-l .rlail fola lita lea a, a
10 n ah.'h will atoll lha imnnu tii-ai f
f irth 4't-t h f tldin i!i!a fur
Itue ftaf lha at'ia-h f lha g ..ar at rfia-n 1
tha la uiai.i'eaUy tha r-.ui'em i ,-f 4uiy
If ale tad tl e I cf lha I nile-4 Stata-a
wi.l l-a nay e'm ' ' --"ily pi .iij.-a th t
1 1 .t I and g.aa "it '(- an w(eT ml
,i lha 04 1 ui-l- ca rf tha limetu ait a
W I... h tU'lr all a ! 11 ai lu.a f at it r y de
ta.a" !l at It. ' J' kai.. otl
"lira
llarr allM I'ea-atta fcar, ItaiJ.
.n . ff (a? I'faaa .leKI llaera
aaal hi laal a.,a l i..ti.l aa
an all I atka-aa-it tat aw af tha
4iii. a a4 fatimiift af laa r - 4 a - f y
aia- awf at"") V'a'a y Ua
aat lit ! '' " ta " la faa.'a tv a
al s4 y:-.! la'.if4Jy Th"
f kaa kw a liwaa la af k ti..ay ' a,
ha 'aajaaa wf it li.l ay al.t
tiiat m a a whe aiaf a atuta. hy
ika etaf'a. ! - 'kay ar at ay
hy Ikaif n-.a I turf Ik -a..afi-a
aal yoanf ..fie af I" th awa ) afa
M faiaaa kaa twt a t t' 1
aafatwHw'a a fa r tacmitu-a la ika
oral y.iara Th Iwl .t'.r al
,.ian a-a.at-ntk'4 aiae fv. '
t. la H ll. ' ai' i a4 Ik
tiaaa.aai af 'ail l tk a
ar'il taa'4 awxwaW ' k 14 M
sv4 U a.haf saf 44 t.al aofivy
j7 283- DurlnK the flnst .Ix months of
preaent calendar year 135 new factorte.
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 forty cotton mills, twenty-one have
been built in the Southern states.' This
fairly describes the happy condition of the
country In December, 1892. What has It
been since, and what is it now?
Eight Months Later.
"The messages of President Cleveland
from the beginning of his second admin
istration 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 present
condition and that which has prevailed
during the past three years, I venture to
quote from President Cleveland's first
message, Aug. 8, 18M, addressed to the
Fifty-third congress, which he had called
together in extraordinary session. 'The
existence of an alarming and extraordinary
business situation,' said he, 'Involving the
welfare and prosperity of all our people,
has constrained me to call together in
extra session the people's representatives
In congress, to the end that through the
wise and patriotic exercise of the legisla
tive duties with which they solely are
charged, the present evils may be miti
gated and dangers threatening the future
may be averted. Our unfortunate financial
plight Is not the result of untoward events,
nor of conditions related to our natural re
sources. Nor is it traceable to any of the
afflictions which frequently check national
growth and prosperity. With- plenteous
crops, with abundant promise of remun
erative production and manufacture, with
unusual Invitation to safe investment, and
with satisfactory 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 those engaged in
legitimate business are surprised to find
that the securities they offer for loans,
tnougn neretofore satisfactory, are no
longer accepted. Values supposed to be
fixed are fast becoming conjectural and
loss and failure have Invaded every branch
cf business.'
Startling and Sadden Change.
"What a startling and sudden change
within the short period of eight months,
from December, 1892, to AugUM, 1893!
What had occurred? A change of ad
ministration; all branches of the govern
ment had, been entrusted to the Democratic
party which was committed against the
protective policy that had prevailed unin
terruptedly for more than thirty-two years
and brought unexampled prosperity to the
country and firmly pledged to Its complete
overthrow and the substitution of a tariff
for revenue only. The change having
been decreed by the elections in November,
Its effects were at once anticipated and felt.
We cannot close our eyea 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 study
of their causes. In December, 1892, we
had the same currency and practically the
same volume of currency that we have
now. It aggregated In 1892 $2,372,509,501;
In 1893 12,323,000,000; la 1894 $2, 323.442,362,
and In December, 1895, $2,194,000,230. The
per capita of money baa been practically
the ume during this whole period. The
quality of the money has been Identical
all kept equal to gold. There Is nothing
connected with our money, therefore, to
account for this sudden and aggravated
industrial chsnge. Whatever Is to be
deprecated la our financial system, It
must everywhere be admitted that our
money baa been absolutely sound and has
brought neither loss nor Inconvenience to
Its holders. A depreciated currency has
not existed to further vex the troubled
buslneaa aituatlon
Good Money Never Made Times Hard.
"It Is a mere pretense to attribute the
hard time to the fact that all our rtir
rrfiey la on a gold bai. Good money
never made time bard. Tnoae who assert
that our preaent Industrial and financial
depression Is the reault of Ihe gold stand
rd have not read American hlatory aright
or been careful atudeiifa ' the event of
rrt enl year. We never bad greater proa-
peril In Ibis country. In every field of
employment and Industry, than In tbe buy
ytr from ls0 lo lv2. during all of which
lima this country was on a gold baaia and
tmployed more gold money In It fiscal
and buiMneas operations man ever before.
We had. too. a protective tariff under
fclth att.ple revenue were colleciH for
lha government and an accumulating sur-
plua which ronatantly applied to the
payment of lha public debt. It u Mold
faat lo that whlih wa know I good. It
Is mat more money wa want: what wa
anl I to put tb money wa already
have al work. When money employe.!
man are employed and both bve alaay
been slradily and remuneratively n((e.
during all Iba year of prulet-tlva tariff
piaiallon vth-n lh who have money
lack confidence in lha liability of valuea
and iiiveiinei,i. thrv will n4 pn with
tl.air money. Ilualneae I at agnate.) -tba life
bloo4 of Irs la If t ha. kd and congealed
VYe rannl rat u public rofiO-lenra by
an ai which would ruclutomii all val
i uaa, or aa act a huh antaiis a den. it in
I th public revenue cannot Inipir
annftilanc by advocating rapudialaoa or
practicing duh anaity. W rannol retnr
, f la,a.lao. a, atther lo lha treaaury of lo
,ihou a (bang la ouf praawtn
rg:altlon,
' '
! laarraiHa lariat.
"Tha only me a nre of a general natur
that enWted th treaaury and lb employ
mem f our pe.i ta-l tt th Kifsy
third n-nareaa ra th tSenarw.1 Tariff a
ahtah did a- fe ait a th ct rotal nf th
prawtdaant Hfcattiar virtue may
rllo4 f"f that art. Iher la renfaaaa.i
Ml Whi'h 11 ! o pltea) t U'k
Ih attant al tutu of Ita era' Inn th
rai ti f ramia itlrlahl la urni b
aal of lha nrtmeftt baa al P
Urn ffotl da aro'-nh fwveou fur wk
.. hut It aaa ru a r-nnant 4el.
r'enry la tha trtta ity and a ' If l
f leu. a la tha aarnmsi cf la!- an i Ian I
It ha c-u.iiit Ur I I ai our national
il.M tti'f than IT - mm aaaf.y
a gr.al aa ih deht a th iauina
from Wath'ni'.! Ia I, n-i-la. Inrlulma I
fataf f-'felt ' fr-eiy Ih fati-lut!-' I
th fal-alilea S B II l-aataf aiaf al
k .tr a tat teare .lit. n.thf I ft. aa f f I
cultural f-f'al'i't hit fi!a c .efl la-e
tat bait afira'ad anl f '! I"' a Beta
dan-4l.iti a la a '? fcaul
tetlaa ml '" I ' I awlylai.
Th I '! faratf't ae-le lha lf ff a-l
rf t f r tha Bui wai ia nt'O'k
.f t a . aaneaal lent Ita.laf t
ta JtiBa I ' a. fa .? tli l. a" I lha at
aatiiaa ill;i a a 4' f i-f
I a I ! th 4a f la f atf-raM
aaf n.a .a f'i a taM'a'iifa,
4iffig lha fletl t'-aaai lav an ' h a M th fifa.
wl Ut f a eTa(ft4 wi-h ih t,-fi
af Ih tft innw'h f th lr f f
jn. rV.tSra. th ' ,
tft In.l-afl 4lM4 Ih i-wt f'laa
aaow'h f h iaij mt la. .
f Ml, t aaaly I r: : ika et
(flaaaa w. l ha af Ih la' " af H t twa
.f Ika latta af I'.'.T III lit Th kaa
ha la lk ' af ia I a 'a
) kaa ka ,MI ? alaf'ag Ih tfl
tt- 'k' aartMJ f tha til ( a
. a aaifaj4 Ik fiaa
avaatka af ike taf't at ! Tka y k
k t'. iit mf, ! U
rate of $13,130,000 a month, or $500,000 for
every business day of the year.
Losing- Jn Both Directions.
"We have either been 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 has
Buffered incalculable loss. Does not this
suggest the cause of our present depres
sion, and indicate Its remedy? Confidence
in home enterprises has almost wholly dis
appeared. Our shops are closed, or run
ning on half time at reduced wages and
small profit, if not actual loss. Our men at
home are idle, and while they are Idle,
men abroad are occupied in supplying us
with goods. Our unrivaled home market
for the farmer has also greatly suffered,
because those who constitute it the great
army of American wage earners are with
out the work and wages they formerly had.
If they cannot earn wages they cannot buy
products. They cannot earn if they ha-e
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 earn
ing power alone in this country in the past
three years is sufficient to have produced
our unfortunate business situation. If our
labor was well employed, and employed at
as remunerative wages as in 189'!, In a few
months every farmer In the land would
foei the glad change to increased demand
for his products and in the better pieces
which he would receive.
Not Open Mint, bnt Open Mills.
"It is not an Increase In the volume of
money which is the need for the time, but
an Increase In tbe volume of business.
Not an increase of coin, but an increase of
confidence. Not more coinage, but a more
active use of the money coined. Not open
mints for the unlimited coinage it the
silver of the world, but open mills for the
full and unrestricted labor of American
workingmen. The employment of our
mints for the coinage of the silver of tho
world would not bring the necessaries and
comforts of life back to our people. This
will only come with the employment of
the masses and such employment is cer
tain to follow the reestabllshment nf a wlBe
protective policy which shall encourage
manufacturing at home. Protection lias
lost none of its virtues and importance.
New Tariff Law Promised.
"The first duty of the Republican party
if restored to power in the country, will be
the enactment of a tariff law which -vili
raise all the 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 home labor aud the
borne 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, but the
principle upon which the rates of duty are
Imposed remains the same. Our mules
should always be high enough to measure
the difference between the wages paid
labor at home and In competing countries
and to adequately protect American invest
ments and American enterprises.
Oar Farmer and tbe Tariff.
"Our farmers have been hurt by the
changes in our tariff legislation as severely
as our laborers and manufacturers, badly
as they have suffered. The Republican plat
form wisely declares in favor or tuoii on
couragement to our augar interest") as will
lead to the production on American soil
of all the sugar which tbe American peo
pie use. It promises to our - wool and
woolen Interests 'the most ample protec
tion .' a guaranty that ought to commend
Itself to every patriotic citizen. Never
was a more grievous wrong dona the
farmers of our country than that so un
Justly Inflicted during the past three years
UDon tbe wool growers of America. Al
though among our most Industrious ana
useful cltlien. their Interests have been
nractlcallr destroyed and our woolen
manufacturers Involved In almllar disaster,
At no time within the past thirty-six yeara,
and tierhan never during any previous
period, have so many of our woolen tac-
lorlea been suspended as now. 1 ne nepuo
Ih 111 narty can be relied upon to correct
these great wrongs, it again entrusted
with tbe control of congreaa.
Advaataars of lleclprorlly.
"Another declaration of th Republican
platform that haa my moat cordial support
Is that which favor reciprocity. 1 na spien
did reults of tne reciprocity arrangements
that were made under authority ol tn
tariff law l lv0 are striking and sug
active. The brief period they were In
forre, In most cases only three yesrs, was
not long enough to thoroughly lat their
great value, but sufficient waa shown by
th trial to conclusively demonstrate th
Importanr and the wisdom "f their adop
Hon. In 12. lha rtport trade of Ihe I nit
fx States attained the blgheit point In our
hiatory. Tb aggregate of our enpnrta thai
iar reached lb ininiena sum i si.u.iu.
I.Vlt. a sura greater by lloo.iNrO.fJoti than
tb etiaori of any previous year. In lt:U.
owing to iba threat of unfriendly tariff Irg
lalation. th total dmpptil 10 IM,,Mo,li.
imr noon of domatlc marcbandla d
created Ils3.0o0.0u0. but reciprocity atlll
m-urrd u large Irad In I antral and
Houth America, and a larga-r trade wtth
tb West India than bad ever before
enjoyed. Tb IncrraM of Irad wits lb
muntrlra with which w bad reclprorlty
areement was It M Hi over our trad
in lsj and Ita.liO .7:1 over our trsd In
liil. Th only countries with which th
l'hl!4 Htaie tradrd Ibal ihowad Increased
atorta In r practically tbo with
whi'h w bad reciprocity srrm ement
Tb rariiirairity treaty batwarn thi roun
try and ftpain. louiblng lb markets of
Nib and I'uani Hir-i. wa announead
ftertt. I. Il. Th sn.wth of our Irad
Mb luta waa pbetioman! In 11. w
a. I-I that re.111.try hut III 111 hrrl of
"our: in ; In ii . and
In ll. : 24. liar wa a arowih of
nearly too r-er rant . whll our P"rttl"t
of Pour lay l ul l for tb year ending June
jo. Hl. lb year following th 111 of
th rarloMHy treaty, 111 lo J.i. Mr
ral. lt Of nearly half cur tr. auk
thai e-. unify Th tlu of our lol
tra of mr hand'ta frt.in Ih t olta-l
htate 10 i-ut la ll ih yr prkr le
tb ef olla'O.n of th rertr-Carllr lfaly
wa Ii: in !!. i: 1 i:r In ll.
1 1; r.J.. la !. I.al; . J.'l. but la li,
aftaf th anhulmaat of tha r Ipma-lty
asraafoenl H leil l atfily IU ? l Many
irnilar mi miehl ! fiea of tr
lnrfaaaa.1 Ira la under t f.-vliT Hk
i4iher f-tiunirufa. but anuah ha baa
ah. .an of lb litl'liy lf lb leclalHnH I'f
t i lo Jual fy lha ; I fail, . fall B ff
It re inay frtt iti, i. la Bay J-ilfuient
IMUII III wt I llltnie ! alalr Iralaaf lh
fa. i; f ur a. ' I. a ef tha aall U w.tk
k aaneea (mat i. If y. a lttt an I
Milan t aareti.a aa .aa f-I t""t' Th
1 a In mi ln. Ill cf 1t,ia leialatl-
hut!, h .!. I ai-l!''! 1I101 4 It
la lo he U.rk"a f fi.r lurr-Hi
If.ruur! nl n.ariu?rt ut I f.eu1
wiih-at I to ih itfs an tat .rer .f a
am! i1ai Wutk Ibat b r. h t aihf i
(.fuatif t
!! talail.
-Tha 4a'.ri." f-f th ' y- Imteb
If I ' 11 lanrt'f')' I nf fr.i,af
i 1. mil l th It ahaa a of 1
lib- re. !! la af la k ! 4f
I nt I kaaif lyaayaiky Wit lha yratatl
l- a (! fatli.I.IB f . tar . a U .M, (ft.t)
4 h"f l-a k ai'ertii rf Ik Ii aa
Ml WW th Vl'4 P'' f'nan lavia
ft Ik 4 4 ae I fir.-l ll f Ih
14 ootid W k la a.lhat I Ik puhll
k-uy a,4a hok ' ., try haa fa-
aarltM aal kol' af k la4uMflKa
all aa Ok kl 4la4 I Ik .tk
reafw aat ( th 1 -v 4
k mlm I heaMj lha
4 ali aat t4 la1etm lw k
oatf'ha' f kw ir i i f
to the cause of free government, we want
no immigrants who do not seek our shores
to become citizens. We should permit
none to participate in the advantage of
cur civilization who do not sympathize
with our alms and form of government.
We should receive none whd come to make
war upon our institutions and profit by
public disquiet and turmoil. Against all
such our gates must be tightly closed.
Justice to Oil Soldiers 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 conditions
harder by treating them as suppliants for -relief
In old age or distress, nor regard
with disdain or contempt the earnest In
terest one comrade naturally -manifests in
the welfare of another. Doubtless, there
has been abuses and frauds in the numer
ous 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 per
petrated by or for another. Our soldlera
and sailors gave the government the best
they had. They freely olTf.red health,
strength, limb and life to save the country
in the time of its greatest pi-ril, and the
government must honor them in their
need as in their service with the respect
and gratitude due to brave, noble and self-
sacrificing men who are justly entitled to
generous aid in their increasing necessities.
Oar Merchant Marine and Navy.
'The declaration of the Republican
platform in. favor of the up-buildlng of
our merchant marine has my hearty ap
proval. The policy of discriminating duties
in favor of our Bhlpplng which prevailed
in the early years of our history should
be again promptly adopted by congress
and vigorously supported until our prestige
and supremacy on the seas is fully attained.
We should no longer contribute directly or
indirectly to the maintenance of the colos
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 I
am glad to observe the Republican platform
strongly endorses, we must supplement it
with a merchant marine that will give
u the advantages in both our coastwise
and foreign trade that we ought naturally
and property to enjoy. It should be at
once a matter of public policy and national
pride to repossess tnls immense and pros
perous trade.
Civil Service Reform.
"The pledge of the Republican National
convention that our civil service law
'shall be rustalned and thoroughly ana.
honestly enforced, and extended wherever
practicable, is in keeping with tbe posi
tion of the party for the past twenty-four
years, and will be faithfully observed. Our
opponents decry the reforms. They ap
pear willing to abandon all the advantages
gained, after so many years agitation ana
effort. They encourage a return to
methods of party favoritism which both
parties have often denounced, that ex
perience has condemned, snd that tha
people repeatedly disapproved. The Re
publican party earnestly opposes thia re
action and entirely unjustifiable policy. II
will take no backward step upon this ques
tion. It will seek to Improve, but never
degrade the public service.
Appeal to Patriotism of the People
"There are other Important and timely-
declarations in the platform whtea I 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 tb
new and unexpected assault upon tha .
financial Integrity of the government wa
have done it because the menace is s
grave as to demand espe.-lal consideration.
and because we are convinced that if tb
people are aroused to the true understand
ing anl meaning of this silver Inflatloa
movement they will avert the danger, la
doing this, w feel that we remit., tbe bet
service poaelble to the country, and wa ap
peal to tue Intelligence, conscience and
patriotism of tbe people. Irrespective ol
party, or section, for their earnest sup
port. It Will Maintain law and Order.
"W avoid no issues W meet th sud
den dangerous and revolutionary assault
upon law and order, and upon thoa to
whom Is confid'-d by the roiintltutinn ana
law tb authority to uphold and malntaia
them, which our opponents hsve mad,
with the same courage that we have faced
every etuersrnry lie nur organization aa
a party, mere than fcrty yai ago. Gov
ernment by law mil! flrt b aurd
everything el can wait. Tha pirlt of
lawlei-atiea niuaj be exttngutahed by tb
lire of an iintelflsh and lof'y pstrlotlam.
Kvery attack upon the public faith ana
every aurceation of lb repuoiatlcB et
debt, puiihc or irlvste. muat b reeuk4
by all men who b'll-v that honewty Is tb
beat policy or who lv their cuntry an
would preserve uuauilied It national
honor.
erllanallana A I nasal Olilltaratad.
"Th country Is to b congridilitad npota
th almoat total ct literailon of ct!onal
Una, which for many year marked th
diviilon of tb 1 nl'.e-l Htata Into Slav
and fra tarrltory. and finally thretn4
It partition Into two aai-arat govern
tnnt by th dreal ordeal "f rlvil war.
Tb t of racoririliatton. in long aad
earnvatiy daairr I by tien tlrant and many
other gr'. leader. Nor'h snd Houth, ha
happily r am, and th laalmg of dittrutl
and hoatlllly between tb eton la a
erywbar vinlahlni. It u bop never t
return, No'hing 1 rott-r clcuiaiad t
giv strength to tba nation at home, la
rreaa our power ind tnnuanca anreasi,
and add to Ih -rmanncy and lacuritf
nf our fr Inatit-il ctia, than th rewlofaa
lion of eor lial relation laiaet-n ih peo
.la of all aaii'ont and parts of our beloval
riuntry If ni'.a I l.y iba nitaiH of Ik
-1 ! t- aiaum tb itutlea . f in hill
offla nf praaaldent of Ih I nit ad ft'.
hal t unt It a privilif la aid. a
In lb ilightewl dear, lo Iba prommioa)
f Ih t'irlt ef fraierual r-mrd whirk
ihoul I anlmat ar.d n-ra tb e.tiaatt
cf etaty aalxi. iaia, at rl of the r
public Aftaf th la if a rantury tiac
l-a u 'eranr-a, i v at lers'h and r.
aar hfaiftr na-o ita a im. n 'ia raf
VtkiB;o- They shiaul4 la an N'tfta.
no K oh. aa l.ait, ae Wait, but a aMamiaoa
caaainif y "
It ihi'l ha my avanranl aim ta hot rot
aatefy a;-i4rt'ini'y to ai'tama tha ruaa af
$ . f .arn uatit t y pmni. t.i t that tf.t
f t -rt trani n I ) o'lit am b la wt aat
aantiai la ouf fya.tt.it an. hat ir. kf
. .nir.g tn.att k"riiiy la all pr.-ir aflort
lu frat aaa tha feit. n of hfnil-.etly ftaaa-f
ll I S.-. I Whi h In -uf aat ,y h.tioff
tha'- 'em- I i th f 1 la cf i ih r,
I w ui. l-a a-ad I ra.ntfiti.t litir-la h.a4
it s la Inl.tit ;,! tint- Ih it trranl d .
ao ea ef lha rvauatfy. In lead Ho 'ka
tary ihlurainaol rf tifr.i'ky and loiaar.
ae t wall lkn lofr'haf itwn I'f f I f
Ihaa artir I waa. 4 fa- a la a-a 4atsu
i'f'-l 1 th world that t N"th er4
ih r,," 4 th li ani th vt .t a'
anl ;tit'-1 ar t 4ar.ar of l-rooiasg
aaajar'a4, iwaua of iii.al party ..
1mtM,t Th f I laf ain.a atf '
f an eaala h f'Unda and fan a it
will fHhf!!y 14 etrtai'f rvtf'
4ar th art11" antia Ilia wk ka
Ihua far tawaiiy aia'a a4 aat ru44
aa la I'mtn iawit w eaawaary a
aat kaaW. It faea 4 faaa4 aa4aa
sa4 Ma atiiiew4 aar4r aawaaaaj ika
araalMt . a ataaxfc
' WUiiaa m ItalJIf