THE present organization of the National Sound Money League sufficiently appears, so far as its officers and principal committee are concerned, upon the preceding page.

The principal and most pointed issue upon which the Republican and Democratic parties were decidedly at variance in the campaign of 1896 is comprehended in the one word "tariff." The Republican party intended that the presidential contest of that year should be fought out on the question of protection. William McKinley, the champion of protection, was the leading aspirant and, subsequently, received the Republican nomination for the Presidency. The money question, however, could not be side-tracked. The St. Louis Convention, in very guarded language, favored the gold standard. Many distinguished members of that party, characterized as Silver Republicans, thereupon withdrew from the convention. It became apparent immediately that the question of the gold or silver standard would predominate among the issues in the ensuing campaign. The luke-warm support of the Republican party, as represented by its public speakers and the party press, placed the sound money cause at a very great disadvantage in comparison with the militant, aggressive, and, we may say, brilliant advocacy of the cause of silver by the opposition. It was very apparent that a proper advocacy of the gold standard and a proper distribution of sound money literature would not emanate from the regular Republican organization. The silver element in the party was very strong, and political leaders were disposed to placate and conciliate, rather than combat their position. The silver propaganda had for a long time been flooding the country with data and documents in advocacy of their cause, the press of the country being largely utilized for this purpose. In order that the friends of the gold standard might triumph in the contest, it was necessary that a campaign of education be inaugurated and that periodicals and documents properly discussing and presenting the subject be placed within the reach of the voters, in order to enable them to reach a proper conclusion and exercise an intelligent judgment. This view presented itself very clearly to Mr. Henry Villard, and he was instrumental in effecting an association of prominent men, mainly Sound Money Democrats, for the purpose of reaching the general public with non-partisan literature. A very large proportion of the Democratic party were disposed to, and did, ignore party lines and voted for the Republican candidate, solely on account of the money issue, believing that question to be of such

paramount importance that they could well afford, at least temporarily, to forego their opposition to certain tenets and principles of the Republican party to which they were opposed.

While the contest resulted in the election of William McKinley, his past record on the silver question was a source of great anxiety to the friends of sound money, and it was believed to be very important to surround him and his administration with the strongest possible influence in favor of the gold standard. It was believed to be very important to continue a campaign of education upon this subject. Therefore, what had been an association during the contest of 1896 was perfected into a permanent organization by the creation of the National Sound Money League, with a constitution, by-laws, etc. A meeting for such purpose was held in the rooms of the New York Chamber of Commerce on Friday, February 5, 1897. Among others present were, Charles S. Fairchild, A. B. Hepburn, Joseph Larocque, Isidor Straus, Henry Hentz, Spencer Trask, J. Kennedy Tod, Charles J. Canda, E. V. Smalley, Gustav H. Schwab, Henry Villard, Robert Maclay, Horace White, A. S. Heidelbach, L. J. Callanan, George Foster Peabody, George H. Putnam, Simon Stern, and W. J. Schieffelin. A letter was read from Mr. H. H. Hanna, endorsing the organization. Mr. Hentz was elected Chairman of the meeting. Mr. E. V. Smalley explained the object of the meeting, outlined the work that had been done in the past and what was proposed to be done in the future. The following committee on permanent organization was appointed: Alexander E. Orr, A. B. Hepburn, Gustav H. Schwab, J. Kennedy Tod, W. J. Schieffelin, Isidor Straus, and Henry Hentz. E. V. Smalley was appointed Secretary. The organization was fully perfected on February 24, 1897. Delegates were present from most of the states in the Union. Mr. George E. Leighton, St. Louis, was elected President; A. B. Hepburn, New York, Treasurer; and E. V. Smalley, St. Paul, Secretary. The objects of the League were declared to be "the continuance of the efforts made during the presidential campaign of 1896 for national honor and sound money, and the education of the people to a realization of the necessity for maintaining the gold standard."

Fully realizing the prejudice in the popular mind against everything upon the money question which emanated from the vicinity of Wall Street, it was determined to open the main office of the League in Chicago, with a branch in New York. It was also "Resolved, that the General Secretary is hereby authorized to issue a monthly

publication, in small newspaper form, from the headquarters of the League in Chicago, to be called the National Sound Money League Bulletin, to be mailed regularly to all members of the League," the contents of the bulletin to be mainly original and selected articles on the money question. This bulletin was mailed to the country press generally in the hope that the data and articles it furnished would be made use of by them. It was also mailed to an extensive list of people throughout the country, whose names were furnished by the local officers and representatives of the League as men who would profit by its reception and make good use of the same. The League at frequent intervals issued addresses, which were a comprehensive review of the situation and which were distributed in the form of documents. An especial acknowledgment is due to the literary men of the country for the cheerfulness with which they responded to requests for original articles for publication and distribution. Among those not officially connected with the League may be mentioned Hon. George E. Roberts, of Iowa, now Director of the Mint; William Dodsworth, editor of the New York Journal of Commerce; Horace White, editor of the New York Evening Post; and A. B. Stickney, of Minnesota. The officers and the Executive Committee of the League were especially helpful in this respect.

On March 23, 1898, the Hon. J. Sterling Morton, of Nebraska, became President, succeeding George E. Leighton; A. B. Hepburn, New York, was reëlected Treasurer; C. L. Hutchinson, Chicago, Associate Treasurer; and E. V. Smalley, St. Paul, was reëlected Secretary. The following Executive Committee was elected: J. Kennedy Tod, of New York; H. P. Robinson, of Chicago; Edwin Burritt Smith, of Chicago; John B Jackson, of Pittsburg; J. K. Cowen, of Baltimore; M. E. Ingalls, of Cincinnati; James L. Blair, of St. Louis; and Louis R. Ehrich, of Colorado Springs. The Secretary's report of March 28, 1899, among other things, says:

"The formidable movement for opening the Mint to the free coinage of silver, at the obsolete ratio of 16 to I with gold, has been steadily declining since its defeat at the presidential election of 1896. The state elections of last fall showed enormous changes on this question in the states where the movement for lowering the money standard had been most active and successful. The masses of voters who gave an enthusiastic support to the Chicago platform only three years ago, now show no interest in the silver question, and only in the South is there at present any demand in the public press that it be revived as a leading issue in the

next presidential campaign. The League may fairly claim some credit for the remarkable change of opinion on the money question shown by returns of the elections of last year in the Western states. Our publications were widely distributed by local committees in all those states, and they furnished facts and arguments which were used by the sound money speakers. Our paper has proven a very effective means for disseminating sound money ideas. In October last a National Currency Convention was held at Omaha, Nebraska, on the grounds of the Trans-Mississippi Exposition, under a call issued by the League and under the management of the officers of the League. Advocates of all phases of opinion concerning the currency of the country attended the convention and took part in an open debate. The meetings occupied three days, and all were attended by large audiences. The debates were printed in the newspapers and stimulated thought and discussion on money problems all over the West, and the general effect was, no doubt, to make decisive the sound money victories won about a month later in the Western state elections."

There was no change in the officers of the League for the year 1899 save that George Foster Peabody was elected a member of the Executive Committee and M. E. Ingalls was made Chairman. Mr. Peabody later succeeded Mr. Ingalls as Chairman.

On March 29, 1900, J. K. Cowen, of Baltimore, was elected President, to succeed J. Sterling Morton; A. B. Hepburn was reclected Treasurer and elected General Secretary, to succeed E. V. Smalley, deceased.

The men who organized this League easily foresaw that the issues involved in a controversy over the standard of value would extend over a period of years, and necessarily enter into the presidential campaign of 1900. With wise foresight, the managers of the League at that time secured agreements from prominent men and business firms to pay a certain amount per annum for the period of four years. This secured to the League an annual income of a very considerable amount, and enabled it to plan and execute its work intelligently and efficaciously and free from financial embarrassment.

The trend of events throughout the world has probably settled, in favor of gold, the question of the standard of values. The Act of March 14, 1900, a square declaration in favor of the gold standard in this country, was, and is, the occasion of much gratification and rejoicing to every believer in sound finance and every well-wisher of his country's prosperity. The Sound Money League may well congratulate the country upon the result, and at the same time congratulate themselves in having borne an honorable and efficient part in the accomplishment of this glorious result. Since the declared object of the League was the "education of the people to

a realization of the necessity for maintaining the gold standard," it may fairly be said that the object being accomplished, there is no necessity for continuing the organization. It has seemed, therefore, that the labors of the organization could be rounded out and completed in no better or more satisfactory manner than by the expenditure of what money remains in the treasury in the distribution to public and collegiate libraries of a history of the sound money controversy in the United States from the organization of the government down to date. A history of this controversy, in its various phases, subsequent to the Continental currency of Colonial times, showing the evolution of our coinage and currency systems, with original documents and data which will enable a student or inquirer to make an examination of the facts and conditions upon which action was predicated, and reach his own conclusions thereupon, is believed to be most desirable. We regard this volume as such a history, and present it in the hope and belief that by so doing we contribute to the cause of sound money and good finance.

The declared purpose of the National Sound Money League was academic in its character, and its labors were educational. By adopting this course in bringing our labors to a close, we adhere to the spirit and purpose of our undertaking.

JOHN K. COWEN,

President of the National Sound Money League.

GEORGE FOSTER PEABODY,

Chairman of the Executive Committee.