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money” Democrat of distinction who was known to be willing to assume the candidacy on such a plat. form. Whatever Mr. Thacher's attitude inay be on the silver question, the extent of his success or of his failure as a candidate is sure to be measured pre. cisely by the number of free silver men who go to the polls on the third day of November. Whether or not the free silver sentiment is growing among the farmers of the state of New York is a disputed question. Mr. Bryan's

Mr. Arthur Sewall's contention after

the election in Maine was, that to begin Radical Party. with there were only about 5,000 free silver men in his State ; and that the result of a few weeks' active missionary work had been to add about 30,000 more votes to the original 5,000. This is an original way to put the case, inasmuch as it assumes that the Democratic party, by its action at

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HON. JOHN BOYD THACHER, Democratic Nominee for Governor of New York.

Chicago, had effaced itself, and that all its former adherents were to be won over again and rallied about a new standard which had only the free silver mark to distinguish it. The Chicago convention was as fair and frank a political assembly as was ever held in this country, and its candidates and platform have the fullest right to hold the Democratic party name. But although the name has been fairly captured and is rightfully held, the fact cannot be disguised that the success of free silver at Chicago meant the birth of a new party. It is not the old traditional Democracy that the Republicans are meeting in this contest, but an entirely different opposing force. This new force is not as yet definitely organized ; and inasmuch as it has found no way to compute its own strength, it is not strange that its opponents are unable to measure its possibilities. Almost the only link which connects it traditionally with the old Democratic party is the candidate for the Vice-Presidency, Mr. Sewall of Maine. The Populists, ever since their convention at St. Louis, have been trying, as the price of their support of Mr. Bryan, to secure the withdrawal of Mr. Sewall from the Democratic ticket and the substitution of the Populist candidate for Vice President, Mr. Tom Watson of Georgia. Mr. Watson himself has made the country ring with his oft repeated demands for Mr. Sewall's retirement. If Mr. Watson had maintained a calmer exterior and assumed a more conservative and dignified position, his object would have been more likely of attainment. With Mr.

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New York City, while, so far as we are aware, there is not a Bryan and Sewall flag in any prominent place in New York except at the headquarters of Mr. William P. St. John, who is treasurer of the party's campaign committee. To the casual ob. server everything would seem one way ; and yet those who know how to find out the real sentiment of the workingmen report an apparently general intention to vote for Bryan.

The Railroad

Clubs.

Watson substituted for Mr. Sewall, the fusion be. tween the Bryan Democrats and the Populists would be complete enough to give some promise of permanency ; and thus the emergence of that great radical party which the newspapers are already barbarously calling the “Popocracy” would be followed by a general break-up and re-alignment of party forces. Are Appearances

The situation lends itself to ordinary Deceitful calculations almost as little as did in New York ?

that of 1860, when the approach of the war crisis was obliterating old party lines. The general opinion is that the state of New York will give a large Republican majority, and that New Jersey, Pennsylvania and Ohio will follow the ex. ample of the New England states and increase their Republican votes. But for the simple reason that the banks, the capitalists and the representatives in general of property interests in these eastern states are almost unanimous in supporting the gold standard, it is the more difficult to estimate how many workingmen may conclude to array themselves on the other side. It has not been popular in New York to be recognized as a silver man ; and it is undoubtedly true that great numbers of workingmen, rightly or wrongly, would think themselves in danger of injuring their standing with their employers and imperilling their permanence of tenure if they should wear the Bryan badges. Enormous flags by the hundreds, with the names McKinley and Hobart attached to them, are suspended from wires stretched across the streets of

Among the men who work for wages, Sound-Money the strongest organized movement that

has arisen against the free coinage of silver is that of the railroad employees of the country. Many of Mr. Bryan's supporters have been taking the ground that the railroad men's sound money clubs are the outcome of intimidation on the part of railway managers. But the facts do not seem to sustain such a charge. The movement has grown out of the plain presentation to railway employees of a very clear and simple argument They are told that all the railway properties of the country are covered by huge mortgages, and that the inter. est for this vast volume of bonded indebtedness is for the most part payable in gold. If the gold standard is abandoned by the United States, the rail. roads will still have to provide gold or its equivalent to meet their fixed charges. The rates which the railroads are permitted to charge for carrying passengers and freight are in many of the States so fixed or

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A SCENE AT MR. ST. JOHN'S HEADQUARTERS, NEW YORK. From a drawing for Harper's Weekly by the late C. S. Reinhart.

controlled by law that the companies would prac. ating expenses having been met,-before anything tically be compelled to continue doing business at can be given to the stockholders. The obligations the old rates, even though prices in general had to which we have been referring of course do not greatly advanced, as measured in terms of the include the voluminous issues of stock, which represtandard silver dollars. A much larger proportion, sent the ownership rather than the indebtedness of therefore, of the earnings of the roads would be re- the roads. It is hardly to be wondered at that the quired to meet interest charges. Our railroads stock market has been agitated during these past would then be in the position in which the Mexican weeks, and that the common shares of railways have roads have recently found themselves, - with one been selling at the lowest panic prices, while bonds important difference. The Mexican roads receive and preferred securities, even those usually listed Mexican silver dollars in payment for the carrying exceedingly high, have suffered unheard-of declines. of passengers and freight. But they are obliged to The world of investment and finance is not talking pay the interest on their bonded indebtedness in for political effect. Undoubtedly it is the opinion American or English gold. And it takes nearly of a majority of the ablest railway financiers that two dollars of their Mexican receipts to pay one dol- the election of Mr. Bryan, followed by the withlar of interest in Boston. This has made a difficult drawal of gold from circulation and a drop to the financial situation for the Mexican railroads. The silver basis, would not only precipitate the most difference to which we refer lies in the fact that the fearful panic of the century as its immediate con. Mexican roads, unlike most of those in the United sequence, but would also lead to the inevitable States, are not strictly held down by law as to their bankruptcy and complete reorganization of the maximum scale of charges. Consequently, as silver greater part of the railway companies of the United depreciates they are able in some measure to recoup States. themselves by increasing their freight rates. Since

On the other hand, the silver men of the the American railroads could not readily equalize

A Gloomy West take the ground that these railroads the situation by advancing their rates to compensate

Forecast. for the loss incurred by the premium on gold, they

must go into bankruptcy sooner or later would have to economize in some other way. And

anyhow. They declare that our American railways they have notified their employees that in all likeli

were extravagantly built and corruptly financiered, hood they might be forced to a régime of economy

and that the volume of bonds and stocks upon which which would reduce the number of men employed,

they are trying to earn interest aggregate a sum even if it did not scale down nominal wages.

several times as large as would suffice to-day to conReal

struct anew the entire railway system of the nation. wages, they assert, would inevitably be scaled down; because the adoption of a silver standard would

These men hold that a huge volume of indebtedness greatly diminish the purchasing power of money, so

has been piled up,-in these railway enterprises that a given number of dollars would not go nearly

chiefly, but also in other directions, -that can never so far, in paying for necessary and desirable ar

be repaid. The process of liquidation must, thereticles, as at the present time. The sum total of the

fore, inevitably be faced. Some of the more argument, therefore, is that railway employees have

thoughtful of these men admit in private if not in nothing to gain and much to lose by any change in

public that the triumph of their own free-silver the currency system which would substitute a

party would be followed by a great panic; but they

declare that in any case the panic must come, and cheaper dollar for the present gold standard.

that the victory of silver would make the revoluThe railroads of the United States are American

tionary readjustment of securities and values a Railway mortgaged to the extent of about $6,000,- quicker and easier process for the nation at large. Indebtedness.

000,000, and they have other indebted- Neither horn of the dilemma affords a very comness (which it costs them as much or more to carry, fortable resting place. and which must sooner or later be covered by bonds) to the extent of nearly $1,000,000,000 more.

Whatever the facts may be, the

The Campaign It must cost them at least $300,000,000 a year to pay for Wage-Earners' arguments presented by the railway interest on their indebtedness. There is no way to

managers seem likely to be effectnal escape any of this burden of debt, except through with a majority of the railway employees. These the door of bankruptcy, with the sequel of receiver- men constitute a very influential and superior class ships and reorganizations. Already, within a few of workmen, and they are distributed through every years, a great part of the railway systems of the part of the country. The general argument in United States have gotten rid of portions of their favor of a dollar of high purchasing power is being indebtedness by this very process. Otherwise, the used among wage-earners of all classes, particularly total volume of railway bonds mentioned above in the large cities, with apparent success. There would be considerably greater than it now stands. is, however, so strong an undercurrent of sentiment At present, the railroad companies of the United in favor of the Bryan movement as representing the States are obliged to make each mile of road in the cause of the people against the money power, that whole country earn and pay interest on an average it is doubtless true that many a workingman will fixed debt of about $40,000,- wages and other oper- gratify his feelings by voting for Bryan, even

Votes,

though more or less strongly convinced that his own interests would be furthered by the retention of the gold standard. The attempt throughout the West to drive the wedge between the farmer and the wage-earner (including the farm laborer), is bound to have some important results, though no one can say how completely effective it will be. From this time to the end of the campaign, each side will devote itself chiefly to the task of persuad ing the wage-earner that he has everything to expect in the end from its success, and that the tri. umph of the other side would be his destruction.

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in the

National

As already said, all attainable evidence The Battle

points to the strong dominance of the South and West.

gold sentiment in the New England states, New York, New Jersey and Pennsylvania, and it may be added that the great manufacturing state of Ohio also promises to give a large majority for McKinley and the gold standard. Up to date, there is nothing on the other hand to indicate any serious break in the solidity of the South for free silver, and in the dominance of the silver sentiment throughout a vast area of the far West. The battle must be fought out-lost and won-in the great states of the middle West, that is to say, in Michi. gan, Wisconsin, Minnesota, Indiana, Illinois and Iowa. The Pacific coast may be set down as doubt

HON. DANIEL W. JONES, ful. There is held to be some fighting chance for

Governor-elect of Arkansas. the Republicans in Kentucky, Tennessee and Missouri; but Illinois is in the very centre of the real

The most significant turn in the political

The Fourth debatable ground the capture of which must decide

situation since our last month's number the issue. Several recent elections in the far South

Convention.

went to press has been the emergence of have only served to make it clear that the free silver the National Democracy, so called, as a distinct majority will hold its own in that section without party movement with a sound money platform and fail. The state election of Alabama on August 3d a strong ticket of its own. The Indianapolis conresulted in the election of the free-silver Democratic vention proved to be a brilliant assemblage, and candidate for Governor, Mr. Joseph F. Johnston, by everything connected with it evinced a high type a majority of 30,000. In Arkansas on September of intelligent, disinterested citizenship. Whatever 7th the state election resulted in a majority of about hard things the political speakers and writers may 45,000 for Mr. D. W. Jones, the free silver candidate find themselves tempted to say about their opponents for Governor. An interesting contest in the Demo. in the heat of the campaign, it is nevertheless true cratic primaries of South Carolina has settled the that the historian of the future will pronounce all question as to who will be Mr. Tillman's colleague four of the political conventions of the present season as United States sepator. Tillman desired the selec as remarkable for their comparative freedom from tion of his friend and supporter, Governor Evans, the office-jobbing, spoils-getting spirit, and for their and it was believed that Mr. Tillman's will would exhibition of candor, their freedom from the dictastill be as good as law in his province of South Caro. tion of bosses, and their deference to the prevailing lina. But the people have successfully rebelled opinion of the masses of people represented by against the dictation of the fiery Benjamin, and the the delegates. The Republican convention at St. choice for senator has fallen upon Judge Earle, who Louis, in its methods and results, was thoroughly belongs to the conservative wing of the Democracy. creditable to the great, constructive party of high Practically everybody in that state is for free silver, tariffs and strong federal policies. The Chicago including Judge Earle himself; so that the contest convention was dominated by sentiment and enthudid not turn primarily upon the money issue. Never siasm rather than by logic and cool reason, but it theless in the long run the decline of Tillmanisin in was magnificent in its sincerity and directness, and South Carolina will be likely to make for the revival in its freedom from the sway of machine politics. of conservative monetary views; for it should be The Populist convention at St. Louis, derided borne in mind that the different wings of the Demo though it has been in some quarters, was, as Mr. cratic party in the South adhere to the silver doc Henry D. Lloyd described it in our issue of last trine with very different degrees of devotion.

month, a very remarkable body of plain and sincere

men of intense earnestness, willing to endure much buffeting and tribulation for the sake of cherished convictions. But in some respects the Indianapolis convention was the most noteworthy of the four, considered as a sign of the times. It contained a remarkable number of men of high culture and attainments who are versed in politics and affairs, whose motives are above suspicion, and whose political action is free from any taint of self-seeking. The sound money Democratic movement is described at length in this number of the REVIEW by a contributor whose knowledge has been exceptionally intimate from the beginning. Senator Palmer of Illinois, who heads the presidential ticket, is in his eightieth year, while his col. league, Mr. Buckner of Kentucky, is well along in the seventies. They have spent their whole lives in the very heart of the region where the campaign strife is thickest. They will of course poll no enormous vote, but it is confidently believed by their supporters that the movement will divert enough Democratic votes from the Bryan ticket in several of the doubtful states to turn the balance and give a plurality to McKinley. If by any chance the Republicans should carry Kentucky or Missouri, it would probably be due to the fact of the Palmer and Buckner ticket, while it is not impossible that the balance may be turned in Indiana and Illinois, possibly in other states, by virtue of this movement alone.

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General John McAuley Palmer's four The Career of General score years have been crowded with inPalmer.

teresting events, and the story of his career as a typical American would make a fasci. nating volume. He was born in Kentucky, and went with his family to Illinois while still a lad. He worked his way partially through a western college course, and then pursued various temporary vocations in pursuit of a livelihood. Finally he became acquainted with Stephen A. Douglas, afterwards so eminent in the politics of Illinois and the country, and Douglas persuaded him to study law. One of the first acquaintances le made at the bar when he began practicing was Abraham Lincoln, with whoin, through many long years, he was closely associated. For a while he was a political opponent of Lincoln in the Illinois legislature ; but subsequently, after the birth of the Republican party, he became Lincoln's loyal supporter. Mr Palmer participated in the National Republican convention

GEN, S. B. BUCKNER OF KENTUCKY.

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