definite issue, gave great alarm to the business men in all parties, and forced the Republican Convention to take a definite stand in favor of what was popularly known as "sound money," which meant the maintenance of the present gold standard, or the preservation of the parity between gold and silver coin.

THE CONVENTIONS OF 1896

The Eleventh National Republican Convention met, June 16th, in St. Louis. Both the Republican and Democratic parties had expected to make the tariff question their leading issue, and, if possible, avoid the split in their ranks, which was sure to follow a definite declaration on the question of the "free coinage of silver or the "gold standard." No doubt many delegates went to the St. Louis convention with the belief that, as the Democratic administration had taken such a positive stand against silver in the repeal of the Sherman Law, the Republicans would become its logical champions, and by adding free coinage to their popular tariff doctrine would command the strength of East and West on these two great questions. To the discomfort of such delegates, however, the majority of the convention favored bimetallism by international agreement only. The friends of free coinage pressed it in the Committee on Resolutions, where it was defeated by a vote of 41 to 10. Senator Teller and his associates carried it before the convention as a minority report, and urged it by the most earnest eloquence and arguments, but it was again defeated by 8122 to 1101⁄2 votes. The financial plank as adopted, read: "We are opposed to free coinage of silver, except by international agreement with the leading commercial nations of the world, which we pledge ourselves to promote, and until such an agreement can be obtained the existing gold standard must be preserved." After the reading of a vigorous protest by Senator Cannon, signed by Senator Teller and others, twenty-one delegates withdrew from the convention.

After the withdrawal of Senator Teller and his followers the convention proceeded to the work of nominations. Mr. McKinley was

nominated on the first ballot by a vote of 6611⁄2-more than three times the combined vote cast for all the other candidates. Garrett A. Hobart, of New Jersey, was nominated for Vice-President.

The Democratic Party held its Seventeenth National Convention in Chicago, commencing July 17th. The delegates were from the start divided into two factions; but, unlike the Republicans, the free coinage element predominated. The Committee on Platform reported in favor of independent bimetallism. Senator Hill, of New York, backed by sixteen other members of the committee, presented a minority report practically recommending the Republican position on the coinage question, and suggesting the endorsement of President Cleveland's administration. The most stormy and exciting debate, perhaps, ever witnessed in a national party convention ensued. Governor Russell, of Massachusetts, Senator Vilas and others supported Mr. Hill. Senator Tillman introduced a denunciatory resolution condemning the administration, and made a fiery speech, causing intense commotion. Senator Jones, of Arkansas, attempted to palliate Mr. Tillman's radical utterances, but the temper of the convention was at the boiling point, and excited men moved about among the delegations.

At this juncture the man for the hour appeared. William Jennings Bryan, of Nebraska, a young man of thirty-six years, who had won distinction as an orator, ascended the platform. The conditions which Webster declared necessary for a great oration"the man, the audience, the occasion "-were present. The speech he delivered has been regarded as a masterpiece. The burning eloquence, earnestness, zeal and magnetic presence of the man were irresistible. When he closed he was borne from the stage amid the wildest enthusiasm. The report of the minority was laid on the table. Senator Tillman's resolution was also defeated. The platform as reported by the majority was adopted. The financial clause read: "We demand the free and unlimited coinage of both silver and gold at the present legal ratio of 16 to 1, without waiting for the aid or consent of any other nation." They also declared against injunction proceedings on the part of the

Government in settling labor troubles, as interfering with State sovereignty. This clause was no doubt instigated by a disapproval of President Cleveland's course in quelling the Chicago riot in 1894. Other radical departures from previous Democratic platforms were also introduced.

Prior to this speech Mr. Bryan had not been considered as a presidential possibility; but from that moment he became the most popular candidate. Five ballots were cast duly complimenting such "silver" leaders as Hon. Richard P. Bland, of Missouri, Horace Boies, of Iowa, and others, but resulting in the nomination of Mr. Bryan by a vote of 528 out of 930. Arthur Sewall, of Maine, was

nominated for Vice-President.

The People's Party met in its second national convention at St. Louis, July 22d, with an unprecedented delegation of over 1,300 in attendance. They adopted a distinct party platform, but endorsed the Democratic financial plank, and nominated the Democratic candidate, Mr. Bryan, for President, but named Thomas E. Watson, of Georgia, for the Vice-Presidency. The National Silver Party met at the same time and place, made a special platform and nominated the full Democratic ticket-both Bryan and Sewall.

The National (Gold) Democratic Convention met in Indianapolis, September 3d. This party was composed of those Democrats who favored the administration, and would support neither the regular Democratic ticket nor vote for Mr. McKinley. They made a platform on the usual Democratic principles, except that they advocated gold mono-metallism pure and simple. They nominated General John M. Palmer, of Illinois, for President, and General Simon B. Buckner, of Kentucky, for Vice-President.

Thus the lines were drawn and the issues clearly defined. There were three distinct policies: The Republicans favored international bimetallism only; the Regular Democrats, the People's, the National Silver, and the National (Prohibition) parties advocated independent free coinage regardless of the actions of other nations; the National (Gold) Democrats stood for gold monometallism.

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CHAPTER III.

Vital Issues of the Campaign

ATIONAL campaigns largely depend for their issues, either upon the condition of the country, its commercial or industrial prosperity or depression, or else upon the events of stirring character which have happened within the few preceding years. The election of 1896 followed almost immediately a very serious panic which affected the whole country. Many causes for this have been set forth, and the blame for it had been laid at the doors of each party by the other. One party claimed that the high tariff, inconsistent in itself and favoring the large capitalist was a cause for the trouble, while another party claimed that a panacea for the troubles would be in a radical change in the financial system. Both parties agreed on the common ground of bi-metallism, but the mono-metallists were divided into two camps, the gold and the silver people. The result was that in our last campaign, the battle was fought largely upon the financial issue, both parties. taking decided stands in their platforms. The Republicans won in the contest. They had promised legislation on the money question, and have fulfilled their promise by passing the gold law of March, 1900. They have continued their policy of protection, and have made no modifications in the McKinley Tariff Law.

NEW ISSUES OF THE PRESENT CAMPAIGN

Both Houses in Congress being Republican by a majority have certainly given that party an opportunity to legislate on all the vital questions promised in the last campaign, and they come before the people this year to defend their measures. The Democratic party has been before the people in the position of a minority, which is to criticize all measures introduced by the majority and prepare themselves to come before the people with proposals, which may

mean an entire change of policy. Unlike the campaign of 1896, the present campaign will have issues which arise out of the unusual and unexpected war with Spain, and the acquirement of new possessions.

While in this and the succeeding chapter we discuss many of the leading questions of the hour, we reserve the discussion of the greater questions, trusts, imperialism, commerce and subsidies for special chapters, containing discussions of eminent statesmen and writers.

In considering these issues, it is important that we fairly comprehend the commercial and industrial situation of to-day.

THE COMMERCIAL AND INDUSTRIAL SITUATION

All lines of industrial enterprise show now a prosperity almost unprecedented in former years. Wage-earning and the consuming capacity of all classes show a remarkable increase. Taking manufacturing interests, the number of employees for 1900 is estimated at 6,700,000, as against 4,500,000 for 1890, and the wages paid for 1900 will approximate $3,196,000,000, as against $2,172,000,000 of 1890. The value of the output product will reach $13,539,000,000 as against $9,057,000,000 for 1890. During the years 1894 and 1895, the number of persons employed and the output of manufactured goods, decreased on account of the panic until it reached the point where it was in 1890, but since 1894 and 1895 there has been a tremendous upward tendency, and it is safe to estimate the number of employees is now more than 2,000,000 more than that of 1890, and the wages paid are $1,000,000,000 more.

While the conditions in the United States are certainly excellent as to business enterprise, the wide distribution of finished products and generally prosperous industrial conditions, it is to be noted that the same industrial conditions exist abroad, notwithstanding the political unrest in some parts of Europe on account of the Boer War.

In England and her Colonies, industry generally is thriving; Russia is having a tremendous development, and Germany an