The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-01-23

1t will be seen from this statement that sill
Yer coin, as money, not only meets the desires
OF Iour-hfths OF the human race, but that those
thrse-quarters of the inhabited parts of the
globe. Germany Is perhaps prematurely
placed in the list of nations using gold alone
standard, but there are still two hundred mil
lions OF silver currency In the hands of her
and see 1t driven away from fatherland.
Whether the empire will be entirely success
full in de priving its subjects of this favorite
ali the foregoing facts, however; in view Of the
history and condition of the world on this
question, the enemies of the silver dollar in
troyed il, seek now to justify themselves
by slandering the reputation of its
metal in distant lands, must stand
with shame and confusion. They are utterly
overwhelmed and beaten from their position
oy aee general sne 81 bhe edy7 1
them next to their final and in fact real reason
for their assault upon silver money.
Sir, touch now upon an issue as old as hu-
man society and universal the 1oaning of
money at Interest and the Investment of cap
ital for income. Two classes have existed In
every age of history on the question of money.
weave, and maSe merchandise Tor sale; who
manage and work the caverns OF coal and
iron, and the blast furnaces and FORCES; who
construct railroads, build ships, and found
cities; all such as are in any way pushing on
the cause OF progress and material develop
ment, and who desire to keep their capital,
whatever 1t may be, and especially that great
est of all capital, the bone and muscle OF the
laborer, actively employed, constitute one
class. Those who have stepped aside from tee
active, moving column of affairs and with
drawn themselves and all they own from the
thenceforward to fasten their idle wealth on
the productions of labor as consumer, and
not as an assistance, constitute the other. OF
these two classes those who compose the first
desire money 10 be plentiful and cheap, for
they are working to obtain 1t while those who
compose the latter desire money to be scarce
and dear, because they already have Ii in abun-
dance to loan and to invest at high rates OF
interest and prof. And 1t was In the real and
actual interest of this lest powerful class that
silver was demonetiZed In February, 1873, not
because 1t was less valuable as money than
gold, nor because such a change was demand
ed by the policies of foreign nations, but SIM
ply because retired capital desired 10 diminish
the amount of money of every kind circula-
ting in the hands fthe people.
Silver was selected as the victim for sacrifice
on that occasio because IL was Thought, on
account of certain circumstances yet TO be no.
ticed, that IL could be more successfully as
sailed than the other kinds Of money then in
existence. The managers OF the great money
centers in this country and in Europe sa "
with avaricious alarm the bright streams Of
value as they flowed from the mouths of our
mines, and now we hear from their angry
throats, and from an apparently still angrier
newspaper press which they control, cry
without ceasidg against silver In f1ation arising
from an overproduction OF the metal. They
have heretofore filled the~wOrid with their
hostile clsmor mainly against paper currency
not Immediately convertible into co OF In
trinsic value, but 1T now appears that there
| sane infistion OF a currency which has this
| very intrinsic value Itself. We have
| heard much talk to prove that gold
have an absolute value as such everywhere
| and at all times; but we now discover that
| even these precious metals may become more
| the purchasing power Of money increased by
| lessening the quantity In circulation until
| fifty dollars will buy in a farm worth thous
| true, however, that for The genuine Interests
| of the American people for their advancement
In trade and development, and for the pros
perity OF our commerce throughout the world
| too much silver has been produced in the
| United states or anywhere else? Has silver
as now claimed, ever threatened to pour int
| the chanpels of business such floods and tor
| rents as would unsettle and sweep away al
the landmarks OF safety7 We viii examine
| this question.
The history of the production of the precious
| metals is one OF great and prevailing interest
| Although they have been arbitrarily deter
| mined upon as the money OF mankind, yet
/ IL has never been possible for the highes
| human intelligence to foretell their sup
| ply or TO say with certainty that the1l
| production will not fail altogether. Ths
| quantity of a circulating medium sufficient e
| meet the legitimate demands OF trade can b,
| estimated, but who has ever been able TO looi
| into the mines and declare how far thei
/ veins of ore extend or. how soon they viii
| cease to yield? Who has ever been able L
point out where new mines may be opeGet
| Into the hidden riches OF the earth 10 take thu
place of those that are worn out, sterile, anC
| barren? The result has been tnat while thu
| precious metals have been declared the stand
| ard of values, they have themselves Away
| been an unknown quantity. and the frregu
larity, uncertainty. and insufficiency OF thei
| production have caused frequent and crushing
disasters in all countries and In every period
OF history, and have Otter competed tn