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ministration of the Government. In determining what appropriations are necessary, the interest of those who pay the taxes should be consulted rather than the wishes of those who receive or disburse public moneys.

Bonds... An increase in the bonded debt of the United States at this time is entirely without excuse. The issue of the interest-bearing bonds within the last few years has been defended on the ground that they were necessary to secure gold with which to redeem, United States notes and Treasury notes, but this necessity has been imaginary rather than real. Instead of exercising the legal right vested in the United States to redeem its coin in either gold or silver, the executive branch of the Government has followed a precedent estallished by a former administration and surrendered the option to the holder of the obligations. This administrative policy leaves the Government at the mercy of those who find a pecuniary profit in bond issues. The fact that the dealers in money and securities have been able to deplete or protect the Treasury, according to their changing whims, shows how dangerous it is to permit them to exercise a controlling influence over the Treasury Department. The Government of the United States, when administered in the interests of all the people, is able to establish and enforce its financial policy not only without the aid of syndicates, but in spite of any opposition which syndicates may present. To assert that the Government is dependent upon the good will or assistance of any portion of the people other than a constitutional majority is to assert that we have a government in form but without vital force.

National Bank Currency. The position taken by the platform against the issue of paper money by national banks is supported by the highest Democratic authority as well as demanded by the interests of the people. The present attempt of the national banks to force the retirement of 'United States notes and Treasury notes in order to secure a basis for a larger issue of their own notes illustrates the danger which arises from permitting them to issue their paper as a circulating medium. The national bank note, being redeemable in lawful money, has never been better than the United States note, which stands behind it, and yet the banks persistently demand that these United States notes, which draw no interest, shall give place to interest-bearing bonds in order that the banks may collect the interest which the people now save. To empower national banks to issue circulating notes is to grant a valuable privilege to a favored class, surrender to private corporations the control over the volume of paper money, and build up a class which will claim a vested interest in the nation's financial policy. Our United States notes, commonly known as greenbacks, being redeemable in either gold or silver at the option of the Government and not at the option of the holder, are safer and cheaper for the people than national banks notes based upon interestbearing bonds.

The Monroe Doctrine, A dignified but firm maintenance of the foreign policy first set forth by President Monroe, and reiterated by the Presidents who have succeeded him, instead of arousing hostility abroad is the best guarantee of amicable relations with other nations.

It is better for all concerned that the United States should resist any ex. tension of European authority in the Western hemisphere rather than invite the continued irritation which would necessarily result from any attempt to increase the influence of monarchical institutions in that portion of the Americas which has been dedicated to republican governments.

Pensions. No nation can afford to be unjust to its defenders. The care of those who have suffered injury in the military and naval service of the country is a sacred duty. A nation which, like the United States, relies upon voluntary service rather than upon a large standing army, adds to its own security when it makes generous provisions for those who have risked their lives in its defense and for those who are dependent upon them.

The Producers of Wealth. Labor creates capital. Until wealth is produced by the application of brain and muscle to the resources of this country there is nothing to divide among the non-producing classes of society. Since the producers of wealth create the nation's prosperity in time of peace, and defend the nation's flag in time of peril, their interests ought at all times to be considered by those who stand in official positions. The Democratic party has ever found its voting strength among those who are proud to be known as the common people, and it pledges itself to propose and enact such legislation as is necessary to protect the masses in the free exercise of every political right and in the enjoyment of their just share of the rewards of their labor.

Arbitration. I desire to give special emphasis to the plank which recommends such legislation as is necessary to secure the arbitration of differences between employers engaged in interstate commerce and their employees. Arbitration is not a new idea-it is simply an extension of the court of justice. The laboring men of the country have expressed a desire for arbitration and the railroads cannot reasonably object to the decisions rendered by an impartial tribunal. Society has an interest even greater than the interest of employer or employee, and has a right to protect itself by courts of arbitration against the growing inconvenience and embarrassment occasioned by disputes between those who own the great arteries of commerce on the one hand and the laborers who operate them on the other.

Immigration, While the Democratic party welcomes to the country those who come with love for our instiutions and with the determination and ability to contribute

to the strength and greatness of our nation, it is opposed to the dumping of the criminal classes upon our shores and to the importation of either pauper or contract labor to compete with American labor.

Injunctions. The recent abuses which have grown out of injunction proceedings have been so emphatically condemned by public opinion that the Senate bill providing for trial by jury in certain contest cases will meet with general approval.

Trusts. The Democratic party is opposed to trusts. It will be recreant to its duty to the people if it recognized either the moral or the legal right of these great aggregations of wealth to stifle competition, bankrupt rivals, and then prey upon society. Corporations are the creatures of law and they must not be permitted to pass from under the control of the power which created; they . are permitted to exist on the theory that they advance the public weal ann they must not be allowed to use their powers for the public injury.

Railroads. The right of the United States Government to regulate interstate commerce cannot be questioned, and the necessity for the vigorous exercise of that right is becoming more and more imperative. The interests of the whole people require such an enlargement of the powers of the Interstate Commerce Commission as will enable it to prevent discrimination between persons and places and protect patrons from unreasonable charges.

Pacific Railroads. The Government cannot afford to discriminate between its debtors, and must therefore prosecute its legal claims against the Pacific railroads. Such a policy is necessary for the protection of the rights of patrons as well as for the interests of the Government.

Cuba, The people of the United States, happy in the enjoyment of the blessings of free government, feel a generons sympathy toward all who are endeavoring to secure like blessings for themselves. This sympathy, while respecting all treaty obligations, is especially active and earnest when excited by the struggles of neighboring peoples, who, like the Cubans, are near enough to observe the workings of a government which derives all its authority from the consent of the governed.

The Civil Service. That the American people are not in favor of life tenure in the Government service is evident from the fact that they, as a rule, make frequent changes in their official representatives when those representatives are chosen by ballot. A permanent office-holding class is not in harmony with our in

stitutions. A fixed term in appointive offices, except where the Federal Constitution now provides otherwise, would open the public service to a larger number of citizens without impairing its efficiency.

The Territories, The territorial form of government is temporary in its nature and should give way as soon as the territory is sufficiently advanced to take its place among the States. New Mexico, Oklahoma, and Arizona are entitled to statehood, and their admission is demanded by the material and political interests. The demand of the platform that officials appointed to administer the government of the Territories, the District of Columbia, and Alaska should be bona fide residents of the Territories or district is entirely in keeping with the Democratic theory of home rule. I am also heartily in sympathy with the declaration that all public lands should be reserved for the establishment of free homes for American citizens.

Waterways, The policy of improving the great waterways of the country is justified by the national character of those waterways and the enormous tonnage borne upon them. Experience has demonstrated that continuing appropriations are in the end more conomical than single appropriations separated by long intervals.

The Tariff. It is not necessary to discuss the tariff question at this ime. Whatever may be the individual view of citizens as to the relative merits of protection and tariff reform, all must recogn'ze that until the money question is fully and finally settled the American people will not consent to the consideration of any other important question. Taxation presents a problem which in some form is continually present, and a postponement of definite action upon it involves no sacrifice of personal opinion or political principles, but the crisis presented by financial conditions cannnot be postponed. Tremendous results will follow the action taken by the United States on the money question, and delay is impossible. The people of this nation, sitting as a high court, must render judgment in the cause which greed is prosecuting against humanity. The dicision will either give hope and inspiration to those who toil or "shut the doors of mercy on mankind.” In the presence of this overshadowing issue differences upon minor questions must be laid aside in order that there may be united action among those who are determined that prog. ress toward an universal gold standard shall be stayed and the gold an! silver coinage of the Constitntion restored.

W. J. BRYAN.

VII.

FUNDAMENTAL PRINCIPLES OF DEMOCRACY.

A strict adherence to the Constitution is the leading principle of the Demoocratic party--a party whose theory of construction gave it birth and latis preserved it in the affections of the people for over one hundred years.

In Washington's Cabinet there was a continual conflict of opinion betweei the aristocratic Hamilton, then Secretary of the Treasury, and the demo. cratic Jefferson, then Secretary of State, about the construction of the new Constitution. The former advocated a loose construction and strong central power; the latter, strict construction and local self-government.

From these rivalries sprang into existence the two great rival parties which, under one name and another, have continued to the present day.

Jefferson's Theory of Government. The first Democratic President, Thomas Jefferson, in his inaugural address on the 4th of March, 1801, promulgated the fundamental theories of Government and constitutional construction, which still constitute the party creed. They should be studied and preserved in the minds and the hearts of the people as an ever-living rebuke to the imperial tendencies of the Republican party. They are as follows:

"About to enter, fellow-citizens, on the exercise of duties which con prehend everything dear and valuable to you, it is proper that you should understand what I deem the essential principles of our Government, ind consequently those which ought to shape its administration. I will compress them within the narrowest compass they will bear, stating the general principle, but not all its limitations.

"Equal and exact justice to all men of whatever state or persuasion, religious or political.

"Peace, commerce, and honest friendship with all nations, entangling alliances with none.

"The support of the State governments in all their rights, as the most conipetent administrations for our domestic concerns and the surest bulwarks against anti-republican tendencies.

"The preservation of the General Government in its whole coristitutional vigor, as the sheet anchor of our peace at home and safety abroad.

"A jealous care of the rights of election by the people--a mild and safe cor rective of abuses which are lopped by the sword of revolution where peaceable remedies are unprovided.

“Absolute acquiesence in the decision of the majority--the vital principle of republics from which there is no appeal but to force, the vital principle and immediate parent of despotism.

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