The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-11-16
HON. WILLIAM D. OWEN.
Views of the Tenth District Congressman as
to the Silver Coinage and Tariff Questions.
,pecial to the Indianapolis Journal.

Special to the indianapolis Journal.
LoGANsPoRT, Ind, Nov. 14.-Hon. W. D.
Owen, congressman from the Tenth dis
trict, left the city for Benton county to-day, and
in few days will start for Washington. Mr..
Owen is of the most promising new mem
bers, and the people of this part of the State
expecting great things of him. He made bril-
liant canvass against Hon. Thomas Wood, the
Democratic nominee, and in the congressional
fight showed himself capable of taking care of
himself without any assistance from the out
side. Mr.. Owen is hard worker and the Re-
publicans, and many Democrats in the Tenth
district have confidence in his ability to go to
the front.
Journal correspondent had an interview
with Mr.. Owen yesterday in which he spoke of
the work he expected to accomplish, and gave
his opinions on questions of national interest
He will labor for a free mail delivery system and
a government building at this place, and is rea-
sonably sure of securing both.
Another important bill that Mr.. Owen has in
mind is for an appropriation for the Calumet at
Hammond Hammond is, without question the
most important commercial point in the district.
The town has grown up within the last decade,
and at present has 1000 inhabitants. Cattle by
the hundred are killed and dressed there every
year and shipped to the Eastern markets and to
Europe. They also have extensive 5utterine
and syrup manufactures. Last year this enter
prising town did $50 000 900 worth of business.
The government has already dredged the Calu-
met to the State line, and Mr.. Owen will ask it
to continue the work several miles further
This done, and all the lake vessels can reach
Hammond.
In regard to the silver question, Mr.. Owen
stated that this would be the most important
question that would come up for consideration
the coming session. He said 1T will not be a
party question Of Western people
favor silver coinage True, silver is depreciatlng
in value but when our Treasury is unfavorable
to silver coinage, andlegslation runs antagonistic
to It, 1T breaks down its dignity and depreciates
its value currency. If silver had equal
chance before the law with gold. it would at
once, believe. appreciate to the rate of sixteen
to one. AS it is now, we have free and unm-
tied gold coinage, and restricted silver coinage.
In every government where there has been free
coinage of gold and silver the ratio of value has
never been changed. Silver is the peoples money,
and don't believe it ought to be demonetized.
We have $34 of money per capita, but perhaps not
over$l4 per capita In circulation. Our population
is increasing at the rate of l. 800 600 per year
We are coming $24, 000, 900 of silver per annum.
SO that the coinage OF money is not keeping up
with the increase of population. Now, if
does not stop, the effect is contraction of the
currency. In every nation the contraction of
the currency has been followed by decline of
prices and of wages In other words, the value
of money has enhanced The value of money
consists simply in its purchasing power Money
is the measure of value. AS an illustration a
capitalist says: Times are hard, yet money is
plenty and goods and wages are % per cent.
cheaper than three years ago. But he says This
money is locked up and cannot be obtained
No thpcaa ANA ho1A do pa nia1o
Louisville two years and a half ago, and called
for the demonstration of silver, and resolved to
depreDiate it to that end AS an effect.
gold was put into the bank vaults
and contraction of the currency
has been steadily moving from then until now.
The capitalist has not received any interest on
his money, it is true, but its purchasing power
is enhanced. Eight thousand dollars in his
vaults two years and half ago, by the contrac-
ton, will to-day purchase much of commodity
and labor as $40 600 wO uld have purchased two
years and half ago. So, by shrinking the vol
ume of currency and boarding capital he has
Increased the purchasing power of money 20 per
cent. Every man who has debt to pay that is
three years old has to give 25 per cent more
goods or labor than on the contract day. Con-
traction of the currency is wealth to the million
aire. but labor and sorrow to the debtor class
A government commits a crime that impairs the
obligation or value of a contract"
Mr. Owen further stated that there would
probably be an agitation of the tariff. THE ex-
tremists in both parties will press forward with
their measures. and fore
tell the character of the bill that will
be passed. The tariff needs re-
vision. Many articles protected that no
longer require it, and many industries fam
ishing because of the lightness of protection. In
the first place. tariff ought not to be placed on
any article to a probibitory extent. | believe in
competition. The revenue of the government
ought to be derived from the tariff, and not from
direct taxation, the free-traders ask All the
neeessaries of life should be imported free of
duty Then let duty be placed on all articles
justly requiring protection which shall express
the difference between the wages paid the la
borer here and the wages paid in that industry
in Europe We would need tariff commission
to adjust this matter, and whenever the manu-
facturer scaled the wages of his employees on
this basis, let the commission decrease the tariff,
for it is to protect the aborer and the industry
and not the capitalist The remainder of the
revenue that would be needed for the running
expenses of the government would be raised by
putting its heavy burden on satins, silks, jew
elry, and the iuxuries of life"