The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-12-09
dertake some reforms which our surplus revenues


parties public men conversant with public affairs.
and men absorbed in earning their livelihood, have
been liable to influence from the great force OF exam
pie which all governments carry and 30 the belief has
spread that the disorder OF currency is kind of
order that the mixture of private jobs and past public
needs in our tariff is system OF protection to Amer
lean labor.
Currency reform is first in the order of Importance
and of time and fifty precedes other reforms even taxa
ton reform because it will facilitate all other reforms
and because it cannot safely be deferred The coinage
act of S7S is overlooking the mnts with unissueo
the subtreasuries with returned, silver dollars, and
will unavoidably convert the funds OF the treasury
into those deprecated and depreciatng coins
The disorders of our currency chiefly arise from the
operation of two enactments:
L. The act of Feb. %, 1873, which has been con.
strued a permanent appropriation for perpetual
Treasury purchases of at least 900 600 worth of
silver per annum, although from mostly for
egn that metal is of mutab!e and falling value,
which must be manufactured into coins of unlimited
legal tender and issued to the people of the United
States equivalents of our monetary unit:
2. The act of May 81, 1878, which indefinitely
postponed fulfment of the solemn pledge March lS.
1869 not only of redemption" but also of pay
ment of all the obligations of the United States not
bearing interest, legaized as 1916, 600 Oo paper
money of unlimited legal tender, and required the
posredempon issue and reissue of these promises to
pay dollars, equivalents of our monetary unit
But these two evils, which each separte menace
to the public tranquility and injurious to the public
morals and the public faith do not double the difficult
les OF reform Of the currency. Their concurrence
may assist Congress to provide the people OF the
United States with better currency than the best
now possessed by any national currency in which
every dollar note shall be the representative GER
payable on demand; currency in which our monetary
unit coined in gold $3.50 600 0O0 and its equivalent
coined in silver $215. ,OOO) shall not be suffered
to part company.
Such reform of the whole currency of the United
States (settng aside the national banknotes which
diminishing and we'll securely be undertaken
and finished subject to the following conditions
1. Without shock disturbance to the industries.
the business enterprise the domestic trade or foreign
2. Without degrading the United States monetary
unit of value to cheaper dollar, and without raising
the United States monetary unit of value to costller
dollar.
3. Without loss to any who now hold the promise
of the United States to pay dollar.
4. Without reduction of the present volume of the
currency, hndrance its free increase hereafter
when every dollar note shall be the certificate of a
coin dollar in the Treasury, payable on demand.
debt, but paying than three ffths of all that
part of the debt payable at the option of the
United States prior to September 1891.
6. Without increase Of taxation.
2. Without the sale Of any silver bought and
coined since February, 1873
8. Without the disuse of the 215, 600, 900 coined
silver dollars of unlimited legal tender any fall or
discount in their present received value and without
the disuse of the 55O OOOO coined gold dollars of
unlimited legal tender or any rise or premium on their
present received value.
9. Without prejudice to the adoption hereafter of
international bimetalic union with free coinage of
both metals for all comers at fixed ratio of weights,
into coins of unlimited legal tender.
10. Without the coins of the two metals parting
company from each other, whatever may be the tenn
porry fall if any in the market price of silver bullion
after stopping Treasury purchases
would most respectfully commend to the consider
alton of Congress the question whether such reform
of the currency ought not now to be endeavored;
whether these not among the prudent and just
conditions of its reform; and whether such reform
might not be promoted. with immediate advantage to
all industries and trade by repeal of the clause
quring Treasury purchases of silver bullion. and re-
peal Of the act making compulsory Treasury issues
and reissues of the legal-tender notes
We all paper money men if it but be understood
that paper money shall be representative paper
rowed and safely stored by the Treasury dollar for
dollar. and payable to its demand. No one
disputes the superior convenience of paper money Its
in large multiples without increase of weight it's
economy in saving the heavy and rreparable loss of
the precious metals by ABRASION indisputable adj
vantages over other kinds of money.
Every body is two-metalist, and wishes the of sill
fractional coins of at least admitted legal tender.
Bmetaists desire a larger of silver for coins of
unlimited legal tender; but they also wish the of
gold in coins of unlimited legal tender IT, however
gold and silver coin must each be received for
dollar and are both unlimited legal tender in any
number, ratio in their weights must also be
daries as does; that any nation having
ratio not the the ratio of other nations traded
with is liable to be drained in time of one of it's two
metals. Thus bimetalism in any nation depends
upon fortunate balance of demands for the two
metals from without, such as France enjoyed from
1885 to 1871; else upon concurrence with sufi-
Of value in the two metals at and the ratio
of rate Bimetallism is essentially international
affair; but it does not exist the fortunate balance in
Europe was upset by Germany, and the international
agreement, twice attempted, has failed In but one
way any nation retain in use coins Of both
metals which both unlimited legal tender; namely
by stopping the coinage of the metal unacceptable to
other nations. France has done The United
States must likewise stop coming silver. Stop wait,
negotiate And whether negotiations shall succeed or
fail there is sti no other way than to stop where
are namely at the point where risk begins to appear
of difficulty in retaining silver n our home circulation
in full equivalence with gold unit OF value Which
has an international circulation.
Gold, however is indispensable also though its high
value makes it impossible to be used anywhere as
small change Gold is fairly computed to be abont
46 per of the two monetary metals of mankind.
Gold is the standard of value in the foreign commerce.
not only of the United States but also Of every nation
in Europe Foreign exchange is calculated between
the different gold coins. Gold is the standard in the
domestic trade of England and of Germany and Of
all the countries which, like France have been bme-
tallic but which have now ceased from silver coin
coined as legal tender for all sums. Gold is in fact
and by law, the standard of value in the domestic
trade of the United States and has been since March,
grains of standard gold monetary unit of value -
which, as will be explained below had heretofore been
safely and justly placed alike in coins of gold and coins
of silver.
Gold is sc per cent. of the metallic circulation of
the United States at the present moments although it
may need explaining that with free coinage for every
people of the United States asked for only O45 S3S
in eighty years but that Congress required the coin
age of 2l5, 900 900 in about eight years.
But 215 900 900 silver dollars are here and
cannot be expected sensbly to decrease as our gold
may. Nobody will export or melt them The reasons
are plain. They will not flow abroad for the legal
tender quality given them by act of Congress cannot
procure their reception elsewhere not in Germany,
just as her egaltender laws applied to her equally
deprecated 400 or 500 million silver marks in
thalers of unlimited legal tender cannot pro.
mote their reception here or in France;
not in France just her legatender laws applied
legal tender cannot promote their reception here or
in Germany. Ceasing to coin more 215, 600, 900
silver dollars will remain. Nobody will melt them
since the silver melted is worth 20 or 25 per cent
less than the silver minted while they remain legal
tender for al sums Therefore, no silver to be used
in the arts or industries for expectation will be
drawn from this stock 1t is not to be expected that
Congress will withdraw from these 2l5, 600 600 sill
yer dollars their full tender quality; it is not to
be expected that Congress will redeem and melt them
and sell the metal The fact then is that we cannot