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conclusion, and but one is possible, means, as before intimated, legislative warrant for the repudiation of all existing indebtedness, public and private, to the extent of nearly fifty per cent. of the face of all such indebtedness, It demands an unlimited volume of fiat currency, irredeemable, and therefore without any standard value in the markets of the world. Every consideration of public interest and public honor demands that this proposition should be rejected by the American people.
This country cannot afford to give its sanction to wholesale spoliation. It must hold fast to its integrity. It must still encourage thrift in all proper ways. It must not only educate its children to honor and respect the flag, but it should inculcate fidelity to the obligations of personal and national honor as well. Both these great principles should hereafter be taught in the common schools of the land, and the lesson impressed upon those who are the voters of today and those who are to become the inheritors of sovereign power in this Republic, that it is neither wise, patriotic, nor safe, to make political platforms the mediums of assault upon property, the peace of society, and upon civilization itself.
Until these lessons have been learned by our children, and by those who have reached the voting age, it can only be surmised what enlightened statesmen and political economists will record, as to the action of a party convention which offers an inducement to national dishonesty by a premium of forty-seven cents for every fifty-three cents' worth of silver that can be extracted from the bowels of the whole earth, with a cordial invitation to all to produce it at our mints and accept for it a full silver legal tender dollar of one hundred cents rated value, to be coined free of charge and unlimited in quantity for private account.
But vastly more than a mere assertion of a purpose to reconstruct the national currency is suggested by the Chicago platform. It assumes, in fact, the form of a revolutionary propaganda. It embodies a menace of national disintegration and destruction. This spirit manifested itself in a deliberate proposition to repudiate the plighted public faith, to impair the sanctity of the obligation of private contracts, to cripple the credit of the nation by stripping the Government of the power to borrow money as the urgent exigencies of the Treasury may require, and, in a word, to overthrow all the foundations of financial and industrial stability. * * * *
I give, in another chapter, the Republican money plank, and here present the interpretation placed upon it by the Presidential and VicePresidential candidates in order to show the position taken by the opposition during the campaign. The portion of the letter most quoted was the declaration that the mills should be opened instead of the mints. This was an epigrammatic sentence and did considerable service in turning public attention from the money question to the tariff question. The country was flooded with large posters illustrating this sentiment.
GIVE below the Democratic national platform, adopted at Chicago on the 9th day of July, 1896, together with iny letter of September 9th, accepting the Democratic nomination.
We, the Democrats of the United States in National Convention assembled, do reaffirm our allegiance to those great essential principles of justice and liberty, upon which our institutions are founded, and which the Democratic party has advocated from Jefferson's time to our own--freedom of speech, freedom of the press, freedom of conscience, the preservation of personal rights, the equality of all citizens before the law, and the faithful observance of constitutional limitations.
During all these years the Democratic party has resisted the tendency of selfish interests to the centralization of governmental power, and steadfastly maintained the integrity of the dual scheme of government established by the founders of this Republic of republics. Under its guidings and teachings the great principle of local self-government has found its best expression in the maintenance of the rights of the States and in its assertion of the necessity of confining the General Government to the exercise of the powers granted by the Constitution of the United States.
The Constitution of the United States guarantees to every citizen the rights of civil and religious liberty. The Democratic party has always been the exponent of political liberty and religious freedom, and it renews its obligations and reaffirms its devotions to these fundamental principles of the Constitution.
The Money Plank.
Recognizing that the money question is paramount to all others at this time, we invite attention to the fact that the Federal Constitution named silver and gold together as the money metals of the United States, and that the first coinage law passed by Congress under the Constitution made the silver dollar the monetary unit and admitted gold to free coinage at a ratio based upon the silver-dollar unit.
We declare that the act of 1873 demonetizing silver without the knowledge or approval of the American people has resulted in the appreciation of gold and a corresponding fall in the prices of commodities produced by the people; a heavy increase in the burden of taxation and of all debts, public and private; the enrichment of the money-lending class at home and abroad; the prostration of industry and impoverishment of the people.
We are unalterably opposed to monometallism which has locked fast the
prosperity of an industrial people in the paralysis of hard times. Gold monometallism is a British policy, and its adoption has brought other nations into financial servitude to London. It is not only un-American, but anti-American, and it can be fastened on the United States only by the stifling of that spirit and love of liberty which proclaimed our political independence in 1776 and won it in the war of the Revolution.
We demand the free and unlimited coinage of both silver and gold at the present legal ratio of 16 to I without waiting for the aid or consent of any other nation. We demand that the standard silver dollar shall be a full legal tender, equally with gold, for all debts, public and private, and we favor such legislation as will prevent for the future the demonetization of any kind of legal-tender money by private contract.
We are opposed to the policy and practice of surrendering to the holders of the obligations of the United States the option reserved by law to the Government of redeeming such obligations in either silver coin or gold coin.
We are opposed to the issuing of interest-bearing bonds of the United States in time of peace and condemn the trafficking with banking syndicates, which, in exchange for bonds and at an enormous profit to themselves, supply the Federal Treasury with gold to maintain the policy of gold monometallism.
Congress alone has the power to coin and issue money, and President Jackson declared that this power could not be delegated to corporations or individuals. We therefore denounce the issuance of notes intended to circulate as money by National banks as in derogation of the Constitution, and we demand that all paper which is made a legal tender for public and private debts, or which is receivable for dues to the United States, shall be issued by the Government of the United States and shall be redeemable in coin.
We hold that tariff duties should be levied for purposes of revenue, such duties to be so adjusted as to operate equally throughout the country, and not discriminate between class or section, and that taxation should be limited by the needs of the Government, honestly and economically administered. We denounce as disturbing to business the Republican threat to restore the McKinley law, which has twice been condemned by the people in National elections, and which, enacted under the false plea of protection to home industry, proved a prolific breeder of trusts and monopolies, enriched the few at the expense of the many, restricted trade and deprived the producers of the great American staples of access to their natural markets.
Until the money question is settled we are opposed to any agitation for further changes in our tariff laws, except such as are necessary to meet the deficit in revenue caused by the adverse decision of the Supreme Court on the income tax. But for this decision by the Supreme Court there would be no deficit in the revenue under the law passed by a Democratic Congress in strict pursuance of the uniform decisions of that court for nearly one hundred years, that court having in that decision sustained Constitutional objections to its enactment which had previously been overruled by the ablest judges who have ever sat on that bench. We declare that it is the duty of Congress to use all the Constitutional power which remains after that decision, or which may come from its reversal by the court as it may hereafter be constituted, so that the burdens of taxation may be equally and impartially laid, to the end that wealth may bear its due proportion of the expense of the Government.
We hold that the most efficient way of protecting American labor is to prevent the importation of foreign pauper labor to compete with it in the home market, and that the value of the home market to our American farmers and artisans is greatly reduced by a vicious monetary system which depresses the prices of their products below the cost of production, and thus deprives them of the means of purchasing the products of our home manufactories; and as labor creates the wealth of the country, we demand the passage of such laws as may be necessary to protect it in all its rights.
We are in favor of the arbitration of differences between employers engaged in interstate commerce and their employes, and recommend such legislation as is necessary to carry out this principle.
The absorption of wealth by the few, the consolidation of our leading railroad systems, and the formation of trusts and pools require a stricter control by the Federal Government of those arteries of commerce. We demand the enlargement of the powers of the Inter-State Commerce Commission and such restriction and guarantees in the control of railroads as will protect the people from robbery and oppression.
We denounce the profligate waste of the money wrung from the people by oppressive taxation and the lavish appropriations of recent Republican Congresses, which have kept taxes high, while the labor that pays them is unemployed and the products of the people's toil are depressed in price till they no longer repay the cost of production. We demand a return to that simplicity and economy which befits a Democratic Government and a reduction in the number of useless offices the salaries of which drain the substance of the people. We denounce arbitrary interference by Federal authorities in local affairs as a violation of the Constitution of the United States and a crime against free institutions, and we especially object to government by injunction as a new and highly dangerous form of oppression by which Federal judges, in contempt of the laws of the States and rights of citizens, become at once legislators, judges, executioners; and we approve the bill passed at the last session of the United States Senate, and now pending in the House of Representatives, relative to contempts in Federal courts and providing for trials by jury in certain cases of contempt.
No discrimination should be indulged in by the Government of the United States in favor of any of its debtors. We approve of the refusal of the Fiftythird Congress to pass the Pacific Railroad Funding bill and denounce the effort of the present Republican Congress to enact a similar measure.
Recognizing the just claims of deserving Union soldiers, we heartily indorse the rule of the present Commissioner of Pensions, that no names shall be arbitrarily dropped from the pension roll; and the fact of enlistment and service should be deemed conclusive evidence against disease and disability before enlistment.
We favor the admission of the Territories of New Mexico, Arizona and Oklahoma into the Union as States, and we favor the early admission of all the Territories having the necessary population and resources to entitle them to Statehood, and, while they remain Territories, we hold that the officials appointed to administer the government of any Territory, together with the District of Columbia and Alaska, should be bona fide residents of the Territory
or District in which their duties are to be performed. The Democratic party believes in home rule and that all public lands of the United States should be appropriated to the establishment of free homes for American citizens.
We recommend that the Territory of Alaska be granted a delegate in Congress and that the general land and timber laws of the United States be extended to said Territory.
The Monroe doctrine, as originally declared, and as interpreted by succeeding Presidents, is a permanent part of the foreign policy of the United States and must at all times be maintained.
We extend our sympathy to the people of Cuba in their heroic struggle for liberty and independence.
We are opposed to life tenure in the public service, except as provided in the Constitution. We favor appointments based on merit, fixed terms of office, and such an administration of the civil-service laws as will afford equal opportunities to all citizens of ascertained fitness.
We declare it to be the unwritten law of this Republic, established by custom and usage of one hundred years and sanctioned by the examples of the greatest and wisest of those who founded and have maintained our Government, that no man should be eligible for a third term of the Presidential office.
The Federal Government should care for and improve the Mississippi River and other great waterways of the Republic, so as to secure for the interior States easy and cheap transportation to tide water. When any waterway of the Republic is of sufficient importance to demand aid of the Government, such aid should be extended upon a definite plan of continuous work until permanent improvement is secured.
Confiding in the justice of our cause and the necessity of its success at the polls, we submit the foregoing declaration of principles and purposes to the considerate judgment of the American people. We invite the support of all citizens who approve them and who desire to have them made effective through legislation, for the relief of the people and the restoration of the country's prosperity.
Letter Accepting Democratic Nomination.
Lincoln, Neb., Sept. 9, 1896.
Hon. Stephen M. White and others, members of the Notification Committee of the Democratic National Convention: Gentlemen-I accept the nomination tendered by you on behalf of the Democratic party, and in so doing desire to assure you that I fully appreciate the high honor which such a nomination confers and the grave responsibilities which accompany an election to the Presidency of the United States. So deeply am I impressed with the magnitude of the power vested by the Constitution in the chief executive of the nation and with the enormous influence which he can wield for the benefit or injury of the people that I wish to enter the office, if elected, free from every personal desire except the desire to prove worthy of the confidence of my countrymen. Human judgment is fallible enough when unbiased by selfish considerations, and, in order that I may not be tempted to use the patronage of the office to advance any personal ambition, I hereby announce, with all the emphasis which words can express, my fixed determination not, under any circumstances, to be a candidate for re-election, in case this campaign results in my election.