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had brilliantly preserved the public credit. Under all these circumstances, who would have supposed that out of the smouldering embers of an apparently suppressed fire there should suddenly break forth a new and almost resistless conflagration? It was Mr. Harvey's book that rekindled the fire; and when the silver leaders perceived the greatness of the opportunity, they did not fail to fan the flames, and the fuel was only too abundant everywhere.

The times have been very cruel for several years, and Western and Southern discontent and disheartenment wanted an argument, a creed, and a rallying cry. “Coin's Financial School” furr ished the argument; free silver sufficed for the creed, and “Sixteen to One" became the cry. For the moment, other panaceas were forgotten. “Sixteen to One” was on everybody's tongue. The argument in its essentials is a very simple one. Silver was lawful money of “ultimate redemption ” up to 1873, and is held to have constitutional sanction. There was no proper reason for demonetising it in 1873, and such action was criminally wrong. The value of silver has kept relatively close to the value of staple products in general, and if the real truth were perceived every one would understand that, instead of the silver dollar having declined so that it is worth only fifty cents, the gold dollar has in fact appreciated until it is worth about two hundred

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a just and righteous act, and that it would very soon if not immediately bring about an equilibrium between gold and silver, the one metal advancing and the other declining in the bullion market until they should reach a fixed level at the ratio established by law.

To call these men repudiationists, anarchists, and other disagreeable names reflecting upon their motives and their honour, is either to trifle with the situation or else totally to misconstrue it. The men who carried the Chicago platform were self-respecting American citizens, who detest anarchy, abhor repudiation, and occupy their present attitude with the clearest consciences and strongest convictions that have swayed their political action at any time for many years. Let the facts be fairly faced and told. Against the earnestness. openness, and almost fanatical intensity of the free-silver majority, the calculating politicians were simply helpless. The silver men had gone to Chicago to control the convention in the interest of their cause, and not to wrangle about the rival claims of candidates. The great consideration with them was to make sure of the platform. After that they were willing to trust to the wisdom of the hour for a standardbearer. When we express these opinions of the marvellous representation at Chicago of a certain type of American citizenship lifted to the height of an almost matchless enthusiasm under the spell of an idea passionately entertained, it does not follow for a moment that we consider enthusiasm to be a safe guide in the field of monetary science,

As no one has published the Democratic The Democratic programme in full in this country, I

Platform. think it may be well for once to depart from my usual rule and make room for the text of this famous Campaign document :

DEMOCRACY'S PRINCIPLES REAFFIRMED. 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 resistel 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 guidance 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.

BIMETALLISM IS DEMANDED. Recognising that the money question is paramount to all others at this time, we invite attention to the fact that the Federal constitution names silver and gold together as the inoney 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 unit.

THE ACT OF '73 CONDEMNED. We declare that the Act of 1873, demonetising 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, prostration of industry and impoverishment of the people.

OPPOSED TO A GOLD STANDARD. We are unalterably opposed to monometallism, which has locked fast the prosperity of an industrial people in the

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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 antiAmerican, and it can be fastened on the United States only by the stilling of that spirit and love of liberty which proclaimed onr political independence in 1776 and won in the war of the revolution.

SIXTEEN-TO-ONE PLANK. We demand the free and unlimited coinage of both gold and silver at the present legal ratio of 16 to 1, without waiting for the aid or consent of any other nation. We demand that the standard silver dollar shall be full legal tender, equally with gold, for all debts public and private, and we favour such legislation as will prevent for the future the demonetization of any kind of legal tender money by private contract.

REDEMPTION OF OBLIGATIONS. 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.

BOND ISSUES CONDENSED. 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.

NATIONAL BANK NOTES. Congress alone has the power to coin and issue money, and President Jackson declared that this power could not bo delegated to corporations or individuals. We therefore demand that the power to issue notes to circulate as money be taken from the national banks, and that all paper money shall be issued directly by the treasury department, and bo redeemable in coin and receivable for all debts, public and private.

THE TARIFF QUESTION. 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 classes or sections, 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 been twice 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 make up the deficit in revenue causeci by the adverse decision of the supreme court on the incomo tax. But for this decision by the supreme court there would be po deficit in the revenue. The law was passed by a democratic congress in strict pursuance of the uniform decisions of that court for nearly one hundred years—that court having under that decision sustained constitutional objections to its enactment which had been overruled by the ablest judges who bave 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 courts, as it may hereafter be constituted, so that tho burdens of taxation may be equally and impartially laid to the end that wealth may bear its due proportion of the expenses of the government.

PROTECTION OF AMERICAN LABOUR. We hold that the most efficient way of protecting American labour is to prevent the importation of foreign pauper labour 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.

GOVERNMENT CONTROL OF RAILROADS. The absorption of wealth by the few, the consolidation of our leading railway 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 interstate commerce commission and such restrictions and guarantees in the control of railroads as will protect the people from robbery and oppression.

TAXATION AND APPROPRIATIONS. 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 hig!, while the labour that pays them is unemployed and the products of the people's toil are depressed 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.

FEDERAL INTERFERENCE. 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 and executioners; and we approve the Bill passed at the last Session of the United States Senate, and now pending in the House, relative to contempts in Federal courts, and providing for trials by jury in cert in cases of contempt. No discrimination should be indulged in by the Government of the United States in favour of any of its debtors. Wo approve of the refusal of the Fifty-Third Congress to pass the Pacific Railroad Funding Bill, and denounce the effort of the present Republican Congress to enact a similar measure. Recognising 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 cvidence against disease and disability before enlistment.

ADJIISSION OF TERRITO?: El. We favour the admission of the territories of New Mexico and Arizona into the Union as states, and we favour 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 of the district in which their duties are to bo 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 t-rritory of Alaska be granted a delegate in Congress, and that the general land and timber laws of tho United States be extended to sail territory.

AGAINST THIRD TERV. We declare it to be the unwritten law of this Republic, established by custom and usage of a hundred years, and sanctioned by the examples of the greatest and wisest of thoso who founded and have maintained our Government, that no man shall be eligible for a third term of the Presidential office. We estend 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. We favour appointments based upon merit, fixed terms of office, and such an administration of the Civil Service laws as will afford cqual opportunities to all citizens of ascertained fitness.

IMPROVEMENT OF WATERWAYS. 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

As a

such aid should be extended upon a definite plan of continuous therefore the United States should actively use its influence work until permanent improvement is secured. Confiding in and good offices to restore.peace and give independence to the the justice of our cause, and the necessity of its success at the island. polls, we submit the foregoing declaration of principles and These propositions are certainly definite; and, taken in purposes to the considerate judgment of the American people. connection with the proposed renewal of reciprocity treaties, We invite the support of all citizens who approve them, and they constitute a foreign policy that ought to keep the next who desire to have them made effective through legislation Secretary of State sufficiently busy. for the relief of the people, and the restoration of the country's prosperity.

The Genesis Many persons in this country, some of The It is not necessary

of the to quote Mr.

whom ought to have been betterinformed

Republican McKinley's platform at the same length

Conversion. as for instance the Spectator, which talks Policy. as Mr. Bryan's. The Republican party about Mr. Bryan's metaphor about the cross of gold stands in the old ways,

as if the Populist and whereas the Democrats

silver party had never have made a plunge

discovered their marwhich, for good or for

tyrdom before Mr. evil, revolutionises the

Bryan's speech- seem bearings of political

to regard this sudden parties for the rest of

ebullition of democratic the century. It will

discontent as a bolt suffice to quote the

from the blue. following summary,

matter of fact, as any from Dr. Shaw's last

one might have seen month's Progress, of

who took the trouble the clauses in the Rc

to follow the movepublican programme

ment which culmidealing with the

nated in Coxey's aborForeign Policy of the

tive march on WashRepublic :

ington, the whole of The Republican party

the West has long been now stands committed to the following propositions,

seething with disconwhich for brevity we con

tent. The great strike dense, while retaining in general the phraseology of

against Pullman, which the platform :

brought Governor 1. The Hawaiian Islands should be con

Altgeld into sharp trolled by the United

opposition to the States, and no foreign

Federal authorities, power should be permitted to interfere with them.

the direct pre2. The Nicaragua Canal



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cursor of the nominashould be built, owned and

tion of Mr. Bryan operated by the United States.

for the Presidency. 3. By the purchase of the Danish Islands wo


At the Chicago Conshould a much

vention Governor Lemocratic Nominee for Vice-President. needed naval station in the East Indies.

Altgeld was almost 4. American citizens and American property in Armenia supreme, and the platform of the Convention and elsewhere in Turkey must be absolutely protected at all hazards, and at any cost.

bears on its most distinctive clauses the impress 5. The United States has the right, in reassertion of the of his mind. Mr. McKinley's lieutenant is said Monroe Doctrine, to respond to the appeals of any American state for friendly intervention in case of European encroach to have remarked when the news reached him of ment.

the nomination of Mr. Bryan, “ It would have been 6. We hopefully look forward to the eventual withdrawal of the European powers from this hemisphere

more logical to have nominated Coxey ;” and 7. [Touching the annexation of Canada], the ultimate union

there is no doubt but that Coxey was of all the English-speaking part of the continent by the full consent of its inhabitants is hopefully anticipated.

of John the Baptist to Mr. Bryan, when, with 8. The government of Spain has lost control of Cuba, is

the leaders of the other Petitions in Boots, they unable to protect the property or lives of resident American citizens, and cannot comply with treaty obligations; and tramped across the country as pioneers, preparing


a lind

the way for what may this year prove to be a are said to have polled nearly a million votes. triumphal march of an aroused Democracy to take Their adhesion to the Democratic ticket may possession of the White House. To those who be more than counterbalanced by the sec ession of desire light upon the milieu from which Mr. Bryan's those moneyed men who have hitherto been faithful nomination sprang, there is nothing that will be to the Democratic cause. There will be heavy seceslikely to be so suggestive and so helpful as the little sions, especially in the East, which will probably book on “Chicago To-day," which I published in more than counterbalance the adhesion of the 1894, giving an account of the Labour War in the Populists, and of the few Silver Republicans like United States.

Mr. Teller, who refuse to follow Mr. McKinley. The Populist and the Silver parties have The Democratic party has now definitely cast in The Chances of the both united in nominating Mr. Bryan as

its lot with the party of progress. Leaving on Contest. their presidential candidate. The Popu one side the currency heresies, they will have now list party refused to nominate Mr. Sewall, who is the definitely committed themselves to the advocacy of Democratic nominee for Vice-President. Mr. Sewall many practical reforms which hitherto have been is a ship-builder of the extreme north-east coast of regarded in the United States as beyond the pale New England, and is reputed to be a millionaire. For of practical politics. It is worth noting that the financial reasons it was necessary to bracket him National Review, which is a Liberal Unionist organ, with Mr. Bryan, but the Populist convention would finds the Democratic programme less violent than not be induced to recognise the cogency of considera our own Newcastle programme. tions which are sufficiently obvious to the Party

The most gratifying item of progress

Anglomanager. They nominated their own Vice-President, American that has to be noted in the course of

Arbitration. but their Populist vote will be cast solid for

last month is the advance made towards Mr. Bryan. At the last election, the Populists the establishment of an agreement between Great

Britain and the United States on the subject of a permanent Court of Arbitration. As the Bishop of Durham wrote me on the 20th ult., “The progress of the

has been wonderful, great beyond my most sanguine hope, and we shall reach, I believe, some definite result. If England and America are agreed, the peace of the world is practically secured.”

Without going so far as that, for the area outside the English-speaking world is sufficiently large to afford ample room and verge enough for the wars of rival nations, we may at least thank God and take courage at the gratifying result which appears to be at last within our rcach. Lord Salisbury, taking a course very unusual to him, published the dispatches relating to negotiations still in progress, saying that the Government would find it useful to know the trend of public opinion on the subject. I publish elsewhere a digest of Mr. Morley's careful analysis of the official dispatches, for Mr. Morley expresses the views which are entertained by almost all Englishmen. Lord Salisbury will not go far wrong if he accepts Mr. Morley as the mouthpiece of public opinion on this matter.

The question discussed between Mr.
Salisbury's Olney on one side and Lord Salisbury on

about the other, divides itself naturally into two


parts. The first is the question of the The Leader of the Silver Republi at 3.

settlement of the dispute about the Venezuelan



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frontier; the second is the much larger question of accept any recommendation they may make about the establishment of a Board of Arbitration between the settled districts, providing they call it a recomthe two nations. It is well that the two questions mendation and not an award. can be discussed together, because the small and com

Mr. Olney's reply brings the question paratively unimportant controversy with Venezuela

y's a stage nearer settlement. He points

Criticisms. affords a practical object-lesson or illustration

* out that it is absurd to have a Comof the kind of difficulties that would have to be pro- mission on the facts constituted of four members vided for in the institution of a perminent tribunal. without authorising them to appoint a fifth which Lord Salisbury and Mr. Olney, after making would enable the Commission to report one way various efforts to arrive at a definite understanding or the other decisively. To this it may be about the Venezuelan arbitration, succeeded in getting assumed Lord Salisbury will not object. Mr. Olney very near to each other, as will be seen by a com- also insists that the Commission of Facts should have parison of their latest proposals. Lord Salisbury pro power to report on the settled districts. And this posed—(1) that a joint commission, composed of two may be taken also as ceded by Lord Salisbury, or Americans and two Englishmen, should be appointed, otherwise how could the Arbitral Tribunal, which who would report upon the facts of the disputed only deals with the report of the Commission of Facts, territory; (2) when their report was obtained, a make any recommendation as to the settled districts Tribunal of Arbitration of three should be nominated, if that Commission had made no report thereupon ? one by Great Britain, the other by Venezuela, and Finally, as to the territory bɔnâ fide occupied on one side the third by the two so nominated. This tribunal or the other, he proposed that the Arbitral Tribunal should finally adjudicate upon the frontier, but it should be allowed to deal with this branch of the would not be permitted to cede any territory question, not by recommendation, but by a definite bona fide occupied either by British subjects award, “provided that in fixing the boundary line on one side, or Venezuelans on the other, on such weight and effect shall be given to the the first of January, 1887. This provision he occupation of the territory of one party by the inserted in order to preclude the possibility of the citizens of the other party, as reason, justice, the rules tribunal ceding to Venezuela territories claimed by of international law, and the equities of the particular the latter which have hitherto held to be part and case may appear to require.” To this Lord Salisbury parcel of the British Colony. If the matter stopped has not yet replied, but it is obvious that no serious here it would have been difficult to see how an arrange- obstacle now remains between the two negotiating ment could be arrived at, for the whole difficulty has Cabinets. It was laid down by the Tsır of Russia, from the first turned upon these settled districts who arbitrated a dispute between France and which Lord Salisbury insists should be excluded from Holland in regions closely contiguous to Venezuela the award of the Tribunal. Fortunately it does not only four years ago, that when a disputed frontier stop there, for Lord Salisbury, ceding in substance was fixed, the settlement should be effected without everything that he wishes to reserve in form, prejudice to the bonâ fide interests of the settlers. suggests that the Tribunal could be empowered This precedent may or may not form part of interto submit any recommendation with regard national law, but it would undoubtedly have to be to the settled districts which seems to it calcu- taken into account by the Arbitral Tribunal in lated to satisfy the equitable rights of the parties. giving effect to Mr. Olney's proviso. This would be a recommendation and not an award ;

The Proposed Leaving the Venezuelan question, there“but,” Lord Salisbury added significantly, “ I need Permanent fore, as one on which the Governments not point out to you that, although the decision of

" are within sight of an agreement, we the Arbitral Tribunal will not have a final effect, it next turn to the much more important question of will, unless it be manifestly unfair, offer a presump- the permanent tribunal which it is proposed to tion against which the protesting Government will constitute. Lord Salisbury drew up a draft treaty, practically find it difficult to contend." In other under which Britain and the United States should words, Lord Salisbury offers in set terms to accept each appoint two or more permanent judicial in advance any decision that may be arrived officers. On the appearance of any difficulty at by the Arbitral Tribunal upon all questions between the two Powers which, in the judgment of excepting the settled districts, and further gives an either of them, cannot be settled by negotiation, unmistakable intimation that he is prepared to each of them shall designate one of the said officers


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