The Lyttelton Times. FRIDAY, NOVEMBER 6, 1896. “SOUND MONEY” TRIUMPHANT.

Lyttelton Times, Volume XCVI, Issue 11108, 6 November 1896, Page 4

The Lyttelton Times. FRIDAY, NOVEMBER 6, 1896. “SOUND MONEY” TRIUMPHANT.

In a double sense tbe election of Major William M’Kinley as President of the United States is a victory lor sound money. The result signifies that the gold standard is to be maintained intact, as against tbe demand of the Populist Party for the establishment of bi-metallism. But the victory has been gained by the liberal use of money sense as was the policy that it supported, but dirty and unsound in essence, as it was scattered broadcast to pervert the truth and corrupt the electors. In its main aspect this Presidential election is but a further proof that the United States are governed by tbe plutocracy and not by tbe democracy. Major M’Kinley, good Methodist, able, lawyer and upright man as he is, has been well described as representing in his candidature “ the worst, the wealthiest and the vilest elements in American politics.” The banks, the • great railway companies, _ the monopolist trusts and combinations, the millionaires and their newspaper organs were all fighting on his side, and, according to the well-understood rule in American public life, the nominee of these interests is expected to render them a qtdd fro quo when elected. What this means for the masses of the people will be discovered ere long, especially if, as is anticipated, the new House of Representatives should to be strongly another aspect, the election is a triumph of humbug. The Republicans showed tbe wisdom of the serpent when they screwed the bimetallic M’Kinley up to the proper mono-metallic pitch, and made the silver issue the chief one. They saw that xu this question they had every scope for humbugging and bamboozling the people with such fine phrases as “ sound money,” “ national honour,” and “just payment of debts.” By a cunning manipulation of facts and a specious appeal to sentiment, this party contrived to pose as the upholder of national union, and thus got a monopoly of “the Star-spangled Banner” and “Yankee Doodle,” which never fail to “ fetch ” the patriotic American. As examples of the-kind of humbug that was talked we take an excerpt from the address of Mr Thurston, who nominated Major M’Kinley at the St Louis Convention. He asked for the nomination “of that loyal American, that Christian gentleman, soldier, statesman, patriot,” in order “ that the furnaces may once more flame, the mighty wheels revolve, the whistles scream, the anvils ring, the spindles hum on behalf of the thousand cottages round about, and all humble homes of this broad land; that comfort and contentment may again abide, the fireside glow, the women sing, tbe children laugh; yes, and on behalf of the American flag and all it stands for and represents ; for the honour of every stripe, for the glory of every star ; that its power may fill the earth, and its splendour span the sky.” That transcendental humbug of this sort should have sent a large assemblage into “delirious rapture” is surely a jiroof that the American people are easily gulled. More reprehensible than mere grandiloquent oratory were the prophecies that war and ruin would follow upon the election of Mr Bryan. It was asserted that if the Silver Democrats carried the day the Eastern States of the Union would be ruined, unless they withdrew from the Union and maintained their inoepeudence by force of arms. This was a wild absurdity, for of course the money-lending States could have gained nothing by secession and the maintenance of “ sound money within their own borders. But general ruin was predicted to all classes in all the States. The Hon R. B. Mahony, for example, writing in tbe North American Review, declared that If free silver triumphed the financial stringency of 1893 would be reproduced on a gigantic scale. Depositors in hanks would demand the payment of (their deposits in gold. Runs on these institutions would cause 50 per cent of them to close their doors. Notes could not be discounted, and employers doing business on a credit basis would fail. Working meii would be thrown out of employment. Rates of interest would go up as the general ability to endure the burden declined. Crash and panic—each producing the other —would be the continuous Order of the hour.

It is the unknown that terrifies ; and there can be little doubt that the Republican triumph has been, to a large extent, won by working upon tbe fears of the masses, who are still easily persuaded that financial matters are beyond their comprehension, and that disaster will follow upon any interference with the status quo. What will be the probable results of the Republican triumph ? For the Americans themselves it merely means the continuance of affairs as they are. Whatever danger may exist of the disruption oi: the Union will not be lessened, but rather will be aggra-

rated by the defeat of the “Free Silver ” Party. The protective policy of Major McKinley has practically been abandoned. He himself does not consider a new tariff “ a vital necessity;” but the likelihood is that there will be some slight changes introduced, with a view to raising revenue, for the Supreme Court having declared the income tax unconstitutional, the money expected to be raised by that tax must be found somehow. Colonel Bell, the United States Consul at Sydney, thinks there will be increased duties on wool and sugar. That would mean an addition to the cost of living to the American artisan and farmer, without any compensating advantage ; and probably a lessened demand for wool. Naturally, another result of the Silverite defeat will be to keep alive the popular agitation for reform. Bryan stood for a great deal more than “free silver.” Ha was supported by the advocates of land taxation, of a graduated income tax, of nationalisation of railways and telegraphs, of electoral reform, of Government savings banks, of land settlement and of the popular initiative and the referendum in matters of legislation. It is impossible to conceive of the agitation for these reforms being stilled because for the moment they have been overlaid by the monetary issue. An important result of the Presidential election may he the eradication of old party lines and the clearing of the way for new organisations. In the meantime, for good or evil, the die is cast in favour of the plutocracy. The people of the United States have as their head a man of mediocre intellect and of opportunist politics—a veritable product of the “ political machine ” as it exists in the land of liberty. The cause of the people has not suffered permanent defeat, but only a temporary reverse.