The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-12-09


will be a public benefit are reminded that his
tory demonstrates that the point Is easily
reached in the attempt TO float at the same
time two sorts of money OF different excellence,
when the better will cease to be in circulation.
The boarding of gold which has already taken
place. indicates that we shall not escape the
usual experience in such cases. so II this silver
coinage be continued, we may reasonably expect
that gold and its equivalent will abandon the
field of circulation to silver alone. This, of
course, must produce a severe contraction OF our
circulating medium, instead of adding to it
1t will not be disputed that any attempt on the
part of the government to cause the circulation
of silver dollars. worth eighty cents, side by side
with gold dollars, worth one hundred cents. even
with the limit that legislation does not run
counter to laws of trade. to be successful,
must be seconded by the confidence OF the people
that both coins will retain the same
purchasing power and be interchangeable at will.
special effort has been made by the Secretary
of the Treasury to increase the amount of our
silver coin in circulation; but the fact that a
good share of the limited amount thus put out
has soon returned to the public treasury in pay
ment of duties leads to the belief that the peo-
pie do not now desire to keep this money in hard,
and this, with the evident disposition to hoard
gold gives rise to the suspicion that there
already exists lack of confidence among the
people touching our financial processes There
is certainly not enough silver now in circulation
to cause uneasiness, and the whole amount
coined and now on hand might, after time, be
absorbed by the people without apprehension;
but it is the ceaseless stream that threatens to
overflow the land which causes fear and uncer-
tainty.
What has been thus far submitted on this
subject relates almost entirely to considerations
of a home nature, unconnected with the bearing
which the policies Of other nations have upon
the question; but it is perfectly apparent that
line of action in regard to our currency cannot
wisely be settled upon or persisted In without
considering the attitude on the subject Of other
countries with whom we maintain intercourse
through commerce, trade and travel An &C
acknowledgement of this fact is found In the act
by virtue of which our silver is compulsorily
coined. 1t provides that "the President shall
invite the governments of the countries compos-
ing the Latin Union, so7called, and of such other
European nations as he may deem advisable,
to join the United States in conference to
adopt common ratio between gold and silver,
for the purpose of establishing, internationally,
the use of bi-metallic money and securing fixity
of relative value between these metals" This
conference absolutely failed, and a similar fate
has awaited all subsequent efforts in the same
direction, and still We continue our coinage of
silver at ratio different from that of any other
| nation. The most vital part of the silver coin
age act remains imperative and unexecuted,
and, without any ally or friend, we battle upon
the silver field in illogical and losing contest
To give full effect to the design of Congress
on this subject, I have made care
full and earnest endeavor, since the
To this end I delegated gentleman well in
instructed in fiscal science to proceed to the
financial centers of Europe, and In conjunction
with our ministers to England, France and Ger
many. to obtain full knowledge of the attitude
and intent of these governments in respect of
the establishment of such an international
ratio as would procure free coinage of both
metals at the minis of those countries and our
own. By my direction our consul general at
Paris has given close attention to the proceed
in coff ha 6f ha LAT mir in,
order to indicate interest in its objects and
report its action. It may be said, in brief, as
the result of these efforts that the attitude of the
leading powers remains substantially unchanged
since the monetary conference of 1881, nor is it
to be questioned that the views of these govern
ments are in each instance supported by the
weight of public opinion. The steps thus taken
have therefore, only more fully demonstrated
the uselessness of further attempts at present,
to arrive at any agreement on the subject with
other nations. In the meantime, we are
cumulating silver coin, based upon our own Pc
culiar ratio, to such an extent and assuming so
heavy burden to be provided for in any inter
national negotiations, as will render us an un-
desirable party to any future monetary confer
ence of nations. 1t is significant fact
that four of the five countries composing the
Latin Union mentioned in our coinage act, en-
barrassed with their silver currency, have just
completed an agreement among themselves that
no more silver shall be coined by their respect
i've governments, and that such as has been al
ready coined and put in circulation shall be re-
deemed in gold by the country OF its coinage.
The resort to this expedient by these
countries may well arrest the attention of those
who suppose that we can succeed, without shock
or injury, in the attempt to circulate. upon its
merits all the silver we may coin under the pro-
visions of our silver coinage act The condition
in which our Treasury may be placed by per-
sistence in our present course matter of con-
Germ TO every patriotic citizen who does not de-
sire his government to pay in silver such of its
obligations as should be paid in gold; nor
should our condition be such as to oblige US, in
prudent management of our affairs, to discon-
tinue the calling in and payment of interest
bearing obligations which we have the right now
to discharge, and thus avoid the payment of
further interest thereon.
The so-called debtor class for whose benefit
the continued compulsory coinage of silver is
insisted upon, are not dishonest because they
are in debt and they should not be suspected of
desire to ieopardize the financial safety of the
country in order that they may cancel their
present debts by paying the same in deprecated
dollars. Nor should it be forgotten that it is
not the rich nor the money-lender alone that
must submit to such REIMBURSEMENT. enforced
by the government and their debtors. The pit
lance of the widow and the orphan and the in
comes of helpless benefciares of all kinds would
be disastrously reduced. The depositors in saw
ings banks and other institutions which hold in
trust the savings of the poor, when their little
accumulatons are scaled down to meet the
new order of things, would, in their dis
tress, painfully realize the delusion of the
promise made to them that plentiful money
would improve their condition. We have now
on hand all the silver dollars necessary to supply
the present needs of the people and to satisfy
those who, from sentiment, wish to see them in
circulation; and if their coinage is suspended
they can be readily obtained by all who desire
them. If the need of more is at any time ap-
parent their coinage may be renewed. That dis
aster has not already overtaken US furnishes no
proof that danger does not wait upon a continual
ton OF the present silver coinage. We have been
saved by the most careful management and
unusual expedients, and by combination of
fortunate conditions and, by confident expecta-
ton that the commerce of the government in
regard to silver coinage would be speedily
changed by action of Congress Pros
perity hesitates upon our threshold, be-