The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-04-16
The Silver Question.
ICommunicated.l


Hon. c. 81. Reeve, in his discussion OF the
silver question, seeks to make silver money
cdious by an attack upon the law requiring
its coinage. He says: This compulsory
coinage OF the 'buzzard silver dollar ia only
one OF the patches originally intended to
cover a sore made by previous patches on an
other sore, and most OF the Republican poll
ticisps, with sore Democrats, in opposition
to the business brains OF the country, sdvc-
cate the retention OF the patch, although
new sores are breaking cut all around IT,"
No doubt but interested parties took ad-
vantage Of our necessities and secured the
insertion OF that part Of the law requiring
the Government 10 issue more bonds, aud
purchase silver bullion with the proceeds
from which 1t must coin the required sum of
money. These interested in silver mines
were II sured of a greater demand for their
products. But silver coinage existed prior
to Its characterization without such compul-
sorry coinage, and was at q premium for sew
sral years before, and up to the time it was
demonetiZed. 1t should stand on the same
footing now. Evils growing out of this com.
pulsory coinage should be attributed to this
peculiar feature OF the law, and not to the
u
The conditions preceding and attending
the remoletization of the silver dollar show
conclusively that it was not originally part
of the scheme of discriminating laws, Of
which Mr.. Reeve complains We have not
forgotten that il was remonetiZed because
the people demanded 1t, and against tbs pro-
tests OF those who caused all the infamous
legislation that preceded it. The advocates
OF these laws denouncs the silver dollar az
| the "buzzard dollar" and interested and
feeble men have repeated the odious epthet
with unwearied energy ever since.
Those who desire TO investigate the origin
and purpose of the demonetization scheme
| will find Ii beginning on page IL OF the Re-
| port OF the Monetary Commission created
under the Joint resolution OF August -, 1876
l quote fl ON the report the following: 1.-The
| scheme OF demonetizing one OF the metals
throughout the western world originated
soon after the discovery of gold in Califor
nis and Australia, at time when the yield
was at, what has since proved to be its maxi
mum, but which was then expected by many
| TO continue on an ascending scale for al in
definite period =" On the basis of
| such expectations the governments OF Europe
were Invoked by Chevalier and others to
prevent the anticipated depreciation
| in the value OF money, or in other words, the
| anticipated rise in general prices by the de-
! monetization, not Of silver, but of gold" D.
! Is. Under these appeals of Chevalier and
| Others several nations in Europe, notably
Germany and Austria in 1857, demonetizsd
! gold. 1t ie probable that the movement in
| that direction would have become universal
in Europe but for the resistance OF France
! II was changed, st least as early as 1865 into
a movement for the characterization OF silver.
The object aimed at by both was
| through the disuse of one of the money
metals to protect the creditor classes and
| thoee having fixed incomes against fall in
the value of money and a rise in general
| prices. This is the pith and the marrow OF
the monetary discussions OF the last twenty
five years." p. l6 On page 10 we find the
! following strong language: AN increasing
value of money and falling prices have been
and ere more fruitful of human misery than
war, pestilence, or famine. They have
wrought more injustice than al the bad laws
which were ever enacted. Under the double
standard these evils could never occur, ex-
cept by rise in the value of both metals,
while under tins single standard they might
be caused by q rise in the value OF one OF
them." These quotations point out definitely
what "bueiness brains" conceived the
plan OF demonstration in Europe
and the kindred classes in this
country did once, and are trying again to
| carry out the scheme on this side of the At
lantic. The creditor and moneysd classes
| hoped to enhance the value of what they pos
ssssed and depreciate the value OF all labor
and property other than money, bonds, and
other forms of paper demanding money. In
the European countries where these casse:
possessed the political power to make al
! laws they We're open in avowiDg their pur
pose. but in this country, where the laborsr;
and owners of property other than money
and securities hold the power, it mas been
thought necessary TO hoodTink them into
| supporting the scheme by calling our silver
dollar the "buzzard dollar, +" ''tbc eighty-dve
cent dollar" and other opproDricus epithsts
yet the same men, when they were DESTROYS
OF getting our paper currency ont OF the
way. talked long and loud about coin (silve.
and gold "a Gods money" while paper
wss ''Isgs," shinplasters," etc. The masse:
Of the pr ople OF this country, trust, led by
| such men as Senator Voorhees,, will not be
coaxed or wbeedled into the support OF any
law adopting the single gold standard fol
The exclusive benefit OF those already toe
wealthy, for the safety of honest government
and the general prosperity OF the people.
| JONATHAN OLDsrYLE.
II diar apolis, April 10. 1885.