Part 45

We hold that the power to control and regulate a paper currency is inseparable from the power to coin money, and hence that all currency intended to circulate as money should be issued, and its volume controlled, by the General Government only, and should be a legal tender.

We are unalterably opposed to the issue by the United States of interest-bearing bonds in time of peace, and we denounce as a blunder worse than a crime the present treasury policy, concurred in by a Republican House of Representatives, of plunging the country into debt by hundreds of millions in the vain attempt to maintain the gold standard by borrowing gold; and we demand the payment of all coin obligations of the United States as provided by existing laws, in either gold or silver coin, at the option of the Government, and not at the option of the creditor.

The demonetization of silver in 1873 enormously increased the demand for gold, enhancing its purchasing power and lowering all prices measured by that standard; and, since that unjust and indefensible act, the prices of American products have fallen, upon an average, nearly fifty per cent., carrying down with them proportionately the money value of all other forms of property.

Such fall of prices has destroyed the profits of legitimate industry, injuring the producer for the benefit of the non-producer; increasing the burden of the debtor, swelling the gains of the creditor, paralyzing the productive energies of the American people, relegating to idleness vast numbers of willing workers, sending the shadows of despair into the home of the honest toiler, filling the land with tramps and paupers, and building up colossal fortunes at the money centres.

In the effort to maintain the gold standard, the country has, within the last two years, in a time of profound peace and plenty, been loaded down with $262,000,000 of additional interest-bearing debt under such circumstances as to allow a syndicate of native and foreign bankers to realize a net profit of millions on a single deal.

It stands confessed that the gold standard can be only upheld by so depleting our paper currency as to force the prices of our products below the European, and even below the Asiatic, level to enable us to sell in foreign markets, thus aggravating the very evils of which our people so bitterly complain, degrading American labor and striking at the foundations of our civilization itself.

The advocates of the gold standard persistently claim that the real cause of our distress is overproduction—that we have produced so much that it made us poor—which implies that the true remedy is to close the factory, abandon the farm, and throw a multitude of people out of employment—a doctrine that leaves us unnerved and disheartened, and absolutely without hope for the future.

We affirm it to be unquestioned that there can be no such economic paradox as overproduction, and at the same time tens of thousands of our fellow-citizens remaining half clothed and half fed, and piteously clamoring for the common necessities of life.

Over and above all other questions of policy, we are in favor of restoring to the people of the United States the time-honored money of the Constitution—gold and silver, not one, but both—the money of Washington and Hamilton and Jefferson and Monroe and Jackson and Lincoln, to the end that the American people may receive honest pay for an honest product; that the American debtor may pay his just obligations in an honest standard, and not in a dishonest and unsound standard, appreciated one hundred per cent. in purchasing power, and no appreciation in debt-paying power; and to the end, further, that silver standard countries may be deprived of the unjust advantage they now enjoy, in the difference in exchange between gold and silver, an advantage which tariff legislation cannot overcome.

We, therefore, confidently appeal to the people of the United States to hold in abeyance all other questions, however important and even momentous they may appear, to sunder, if need be, all former party ties and affiliations, and unite in one supreme effort to free themselves and their children from the domination of the money power—a power more destructive than any which has ever been fastened upon the civilized men of any race or in any age. And upon the consummation of our desires and efforts we invoke the aid of all patriotic American citizens, and the gracious favor of Divine Providence.

The sound-money Democrats of the country called a national convention that met at Indianapolis on the 2d of September, and adopted the title of the National Democratic party. Governor Flower, of New York, was temporary chairman, and Senator Caffery, of Louisiana, was permanent president. General John M. Palmer, of Illinois, was nominated for President on the 1st ballot, receiving 769-1/2 votes to 118-1/2 votes for General Edward S. Bragg, of Wisconsin. General Simon B. Buckner, of Kentucky, was nominated for Vice-President by acclamation. The following platform was unanimously adopted:

This convention has assembled to uphold the principles on which depend the honor and welfare of the American people, in order that Democrats throughout the Union may unite their patriotic efforts to avert disaster from their country and ruin from their party.

The Democratic party is pledged to equal and exact justice to all men, of every creed and condition; to the largest freedom of the individual consistent with good government; to the preservation of the Federal Government in its constitutional vigor, and to the support of the States in all their just rights; to economy in the public expenditures; to the maintenance of the public faith and sound money; and it is opposed to paternalism and all class legislation.

The declarations of the Chicago convention attack individual freedom, the right of private contract, the independence of the judiciary, and the authority of the President to enforce Federal laws. They advocate a reckless attempt to increase the price of silver by legislation, to the debasement of our monetary standard, and threaten unlimited issues of paper money by the Government. They abandon for Republican allies the Democratic cause of tariff reform, to court the favor of protectionists to their fiscal heresy.

In view of these and other grave departures from Democratic principles, we cannot support the candidates of that convention nor be bound by its acts.

The Democratic party has survived defeats, but could not survive a victory won in behalf of the doctrine and policy proclaimed in its name at Chicago.

The conditions, however, which make possible such utterances from a national convention are the direct result of class legislation by the Republican party. It still proclaims, as it has for years, the power and duty of Government to raise and maintain prices by law, and it proposes no remedy for existing evils, except oppressive and unjust taxation.

The National Democracy here convened therefore renews its declaration of faith in Democratic principles, especially as applicable to the conditions of the times. Taxation—tariff, excise, or direct—is rightfully imposed only for public purposes, and not for private gain. Its amount is justly measured by public expenditures, which should be limited by scrupulous economy. The sum derived by the Treasury from tariff and excise levies is affected by the state of trade and volume of consumption. The amount required by the Treasury is determined by the appropriations made by Congress. The demand of the Republican party for an increase in tariff taxation has its pretext in the deficiency of revenue, which has its causes in the stagnation of trade and reduced consumption, due entirely to the loss of confidence that has followed the Populist threat of free coinage and depreciation of our money, and the Republican practice of extravagant appropriations beyond the needs of good government.

We arraign and condemn the Populist conventions of Chicago and St. Louis for their co-operation with the Republican party in creating these conditions, which are pleaded in justification of a heavy increase of the burdens of the people by a further resort to protection. We therefore denounce protection and its ally, free coinage of silver, as schemes for the personal profit of a few at the expense of the masses, and oppose the two parties which stand for these schemes as hostile to the people of the Republic, whose food and shelter, comfort and prosperity, are attacked by higher taxes and depreciated money. In fine, we reaffirm the historic Democratic doctrine of tariff for revenue only.

We demand that henceforth modern and liberal policies toward American shipping shall take the place of our imitation of the restricted statutes of the eighteenth century, which were long ago abandoned by every maritime power but the United States, and which, to the nation’s humiliation, have driven American capital and enterprise to the use of alien flags and alien crews, have made the Stars and Stripes almost an unknown emblem in foreign ports, and have virtually extinguished the race of American seamen. We oppose the pretence that discriminating duties will promote shipping; that scheme is an invitation to commercial warfare upon the United States, un-American in the light of our great commercial treaties, offering no gain whatever to American shipping, while greatly increasing ocean freights on our agricultural and manufactured products.

The experience of mankind has shown that, by reason of their natural qualities, gold is the necessary money of the large affairs of commerce and business, while silver is conveniently adapted to minor transactions, and the most beneficial use of both together can be insured only by the adoption of the former as a standard of monetary measure, and the maintenance of silver at a parity with gold by its limited coinage under suitable safeguards of law. Thus the largest possible enjoyment of both metals is gained with a value universally accepted throughout the world, which constitutes the only practical bimetallic currency, assuring the most stable standard, and especially the best and safest money for all who earn their livelihood by labor or the produce of husbandry. They cannot suffer when paid in the best money known to man, but are the peculiar and most defenceless victims of a debased and fluctuating currency, which offers continual profits to the money-changer at their cost.

Realizing these truths, demonstrated by long and public inconvenience and loss, the Democratic party, in the interests of the masses and of equal justice to all, practically established by the legislation of 1834 and 1853 the gold standard of monetary measurement, and likewise entirely divorced the Government from banking and currency issues. To this long-established Democratic policy we adhere, and insist upon the maintenance of the gold standard, and of the parity therewith of every dollar issued by the Government, and are firmly opposed to the free and unlimited coinage of silver and to the compulsory purchase of silver bullion. But we denounce also the further maintenance of the present costly patchwork system of national paper currency as a constant source of injury and peril. We assert the necessity of such intelligent currency reform as will confine the Government to its legitimate functions, completely separated from the banking business, and afford to all sections of our country uniform, safe, and elastic bank currency under governmental supervision, measured in volume by the needs of business.

The fidelity, patriotism, and courage with which President Cleveland has fulfilled his great public trust, the high character of his administration, its wisdom and energy in the maintenance of civil order and the enforcement of the laws, its equal regard for the rights of every class and every section, its firm and dignified conduct of foreign affairs, and its sturdy persistence in upholding the credit and honor of the nation, are fully recognized by the Democratic party, and will secure to him a place in history beside the fathers of the Republic.

We also commend the administration for the great progress made in the reform of the public service, and we endorse its effort to extend the merit system still further. We demand that no backward step be taken, but that the reform be supported and advanced until the un-Democratic spoils system of appointments shall be eradicated.

We demand strict economy in the appropriations and in the administration of the Government.

We favor arbitration for the settlement of international disputes.

We favor a liberal policy of pensions to deserving soldiers and sailors of the United States.

The Supreme Court of the United States was wisely established by the framers of our Constitution as one of the three co-ordinate branches of the Government. Its independence and authority to interpret the law of the land without fear or favor must be maintained. We condemn all efforts to degrade that tribunal or impair the confidence and respect which it has deservedly held.

The Democratic party ever has maintained, and ever will maintain, the supremacy of law, the independence of its judicial administration, the inviolability of contracts, and the obligations of all good citizens to resist every illegal trust, combination, or attempt against the just rights of property and the good order of society, in which are bound up the peace and happiness of our people.

Believing these principles to be essential to the well-being of the Republic, we submit them to the consideration of the American people.

The National Prohibition party held its national convention at Pittsburg on the 27th of May. A. A. Stevens, of Pennsylvania, was temporary chairman, and Oliver W. Stewart, of Illinois, permanent president. The deliberations of the convention were seriously disturbed by the free-silver issue, and the opposing factions known as the “Narrow-Gaugers” and the “Broad-Gaugers,” the latter being favorable to a general platform covering free coinage and all other national questions, while the former wanted the issue confined to the liquor question. The majority and minority reports were made on the platform, and the convention decided to bring both reports before the body and pass upon them seriatim. It was finally decided by a vote of 427 to 387 to reject the free-coinage plank, and the “Narrow-Gaugers” then adopted their own platform as follows:

We, the members of the Prohibition party, in national convention assembled, renewing our declaration of allegiance to Almighty God as the rightful Ruler of the universe, lay down the following as our declaration of political purpose:

The Prohibition party, in national convention assembled, declares its firm conviction that the manufacture, exportation, importation, and sale of alcoholic beverages has produced such social, commercial, industrial, and political wrongs, and is now so threatening the perpetuity of all our social and political institutions, that the suppression of the same, by a national party organized therefor, is the greatest object to be accomplished by the voters of our country, and is of such importance that it of right ought to control the political actions of all our patriotic citizens until such suppression is accomplished.

The urgency of this course demands the union, without further delay, of all citizens who desire the prohibition of the liquor traffic; therefore be it

_Resolved_, That we favor the legal prohibition by State and national legislation of the manufacture, importation, and sale of alcoholic beverages. That we declare our purpose to organize and unite all the friends of prohibition into one party, and in order to accomplish this end we deem it of right to leave every Prohibitionist the freedom of his own convictions upon all other political questions, and trust our representatives to take such action upon other political questions as the changes occasioned by prohibition and the welfare of the whole people shall demand.

_Resolved_, That the right of suffrage ought not to be abridged on account of sex.

Immediately after the adoption of the platform, the “Broad-Gaugers” withdrew, and those who remained nominated Joshua Levering, of Maryland, for President by acclamation, and on a ballot for Vice-President, Hale Johnson, of Illinois, was chosen, receiving 309 votes to 132 for T. C. Hughes, of Arizona.

The seceders from the Prohibition convention met in Pittsburg on the next day, May 28th, with A. L. Moore, of Michigan, as chairman, and the roll-call showed 299 delegates present. Rev. Charles E. Bentley, of Nebraska, was nominated for President, and James A. Southgate, of North Carolina, was nominated for Vice-President, both by acclamation. The following platform was adopted:

The National party, recognizing God as the author of all just power in government, presents the following declaration of principles, which it pledges itself to enact into effective legislation when given the power to do so:

1. The suppression of the manufacture and sale, importation, exportation, and transportation of intoxicating liquors for beverage purposes. We utterly reject all plans for regulating or compromising with this traffic, whether such plans be called local option, taxation, license, or public control. The sale of liquors for medicinal and other legitimate uses should be conducted by the State, without profit, and with such regulations as will prevent fraud or evasion.

2. No citizen should be denied the right to vote on account of sex.

3. All money should be issued by the General Government only, and without the intervention of any private citizen, corporation, or banking institution. It should be based upon the wealth, stability, and integrity of the nation. It should be a full legal tender for all debts, public and private, and should be of sufficient volume to meet the demands of the legitimate business interests of the country. For the purpose of honestly liquidating our outstanding coin obligations, we favor the free and unlimited coinage of both silver and gold, at the ratio of 16 to 1, without consulting any other nation.

4. Land is the common heritage of the people and should be preserved from monopoly and speculation. All unearned grants of land subject to forfeiture should be reclaimed by the Government, and no portion of the public domain should hereafter be granted except to actual settlers, continuous use being essential to tenure.

5. Railroads, telegraphs, and other natural monopolies should be owned and operated by the Government, giving to the people the benefit of service at actual cost.

6. The national Constitution should be so amended as to allow the national revenues to be raised by equitable adjustment of taxation on the properties and incomes of the people, and import duties should be levied as a means of securing equitable commercial relations with other nations.

7. The contract convict labor system, through which speculators are enriched at the expense of the State, should be abolished.

8. All citizens should be protected by law in their right to one day of rest in seven, without oppressing any who conscientiously observe any other than the first day of the week.

9. The American public schools, taught in the English language, should be maintained, and no public funds should be appropriated for sectarian institutions.

10. The President, Vice-President, and United States Senators should be elected by direct vote of the people.

11. Ex-soldiers and sailors of the United States army and navy, their widows and minor children, should receive liberal pensions, graded on disability and term of service, not merely as a debt of gratitude, but for service rendered in the preservation of the Union.

12. Our immigration laws should be so revised as to exclude paupers and criminals. None but citizens of the United States should be allowed to vote in any State, and naturalized citizens should not vote until one year after naturalization papers have been issued.

13. The initiative and referendum, and proportional representation should be adopted.

The Socialist Labor party held a national convention in New York on the 4th of July, and gave a full week to the deliberations of the body, which were devoted almost wholly to disputation as to the policy and purposes of the organization. The attendance was limited, as Charles H. Matchett, of New York, was nominated for President on the 1st ballot, receiving 43 votes to 23 for Matthew Maguire, of New Jersey, and 4 for William Watkins, of Ohio. Matthew Maguire was then nominated for Vice-President by acclamation. The following platform was adopted:

The Socialist Labor party of the United States, in convention assembled, reasserts the inalienable right of all men to life, liberty, and the pursuit of happiness.

With the founders of the American Republic, we hold that the purpose of government is to secure every citizen in the enjoyment of this right; but in the light of our social conditions, we hold, furthermore, that no such right can be exercised under a system of economic inequality, essentially destructive of life, of liberty, and of happiness.

With the founders of this Republic, we hold that the true theory of politics is that the machinery of government must be owned and controlled by the whole people; but in the light of our industrial development we hold, furthermore, that the true theory of economics is that the machinery of production must likewise belong to the people in common.

To the obvious fact, that our despotic system of economics is the direct opposite of our democratic system of politics, can plainly be traced the existence of a privileged class, the corruption of government by that class, the alienation of public property, public franchises, and public functions to that class, and the abject dependence of the mightiest nations upon that class.

Again, through the perversion of Democracy to the ends of plutocracy, labor is robbed of the wealth which it alone produces, is denied the means of self-employment, and, by compulsory idleness in wage slavery, is even deprived of the necessaries of life. Human power and natural forces are thus wasted that the plutocracy may rule. Ignorance and misery, with all their concomitant evils, are perpetuated, that the people may be kept in bondage. Science and invention are diverted from their humane purpose to the enslavement of women and children.

Against such a system the Socialist Labor party once more enters its protest. Once more it reiterates its fundamental declaration, that private property in the natural sources of production and in the instruments of labor is the obvious cause of all economic servitude and political dependence.

The time is fast coming when, in the natural course of social evolution, this system, through the destructive action of its failures and crises on the one hand, and the constructive tendencies of its trusts and other capitalistic combinations on the other hand, shall have worked out its own downfall.