extended, overtrading was the rule.
Farmers and business men were straitened for money. Economists,
statesmen, and politicians had told them that, as their trouble had come
largely from the demonetization of silver, their relief lay in
bimetallism. It was easy to argue that the best form of bimetallism was
the free coinage of gold and silver, and after the panic of 1893 this
delusion grew, but the strength of it was hardly appreciated by
optimistic men in the East until the Democrats made it the chief plank
in the platform on which they fought the presidential campaign of 1896.
Nominating an orator who had an effective manner of presenting his
arguments to hard-working farmers whose farms were mortgaged, to
business men who were under a continued strain to meet their
obligations, and to laborers out of employment, it seemed for two or
three months as if the party of silver and discontent might carry the
day. After some hesitation the Republicans grappled with the question
boldly, took ground against free silver, and with some modification
declared their approval of the gold standard. On this issue they fought
the campaign. Their able and adroit manager was quick to see, after the
issue was joined, the force of the principle of sound money and started
a remarkable campaign of education by issuing speeches and articles by
the millions in a number of different languages, in providing excellent
arguments for the country press, and in convincing those who would
listen only to arguments of sententious brevity by a well-devised
circulation of "nuggets" of financial wisdom. McKinley had also the
support of the greater part of the Independent and Democratic press.
While financial magnates and the bankers of the country were alarmed at
the strength of the Bryan party, and felt that its defeat was necessary
to financial surety, the strength of the Republican canvass lay in the
fact that the speakers and writers who made it believed sincerely that
the gold standard would conduce to the greatest good of the greatest
number. It was an inspiring canvass. The honest advocacy of sound
principle won.

Under McKinley the Democratic tariff bill was superseded by the Dingley
act, which on dutiable articles is, I believe, the highest tariff the
country has known. The Republican party believes sincerely in the policy
of protection, and the country undoubtedly has faith in it. It is
attractive to those who allow immediate returns to obscure p