The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-01-20

It L. Not = DECEASED Dollar, but q Perfectly
Good One, and the Peoples Dollar.

Good One, and the Peoples Dollar.
Senator Eustis's Speech.
His speech was distinctive from others thus
far in the respect that he attempted to answer
the argument of the gold standard men that the
silver dollar is q debased coin. and cannot logic
ally or justly be made the equivalent Of the gold
dollar. The general desire in the East for a
reply to this proposition warrants the reproduc-
ton of his exact words, which are supposed to
contain the strength of the silver mems argu-
ment on this essential point.
he said: "Allusion has been made in very
disparaging terms to the fact that the govern
ment is coming a silver dollar whose ratio to the
gold dollar is not what it is declared by law to
be, the ratio under the law being sixteen to one,
whereas the market value Of the bullion is say
twenty to one. and that the government is prof
lting to the extent of the difference between the
market value of silver bullion and the coin
value. The market ratio becomes imperative
under limited compulsory coinage, for, whatever
may be the market value of the bullion, the legal
ratio determines the value of the coin, whereas
under free coinage the market ratio
will generally supplant the intended
effect of the legal ratio, unless some mutual
agreement between nations is sufficiently com
prehensive to equalize the market and legal value
of the coins. It is this difference existing be-
tween a limited compulsory coinage and q free
coinage that relieves as entirely from all these
complications so difficult of adjustment which
have heretofore vexed the financial statesmen of
this country. This difference between the two
systems explains the reason why, under previous
systems in the history Of this country, one coin
has displaced the other, and why under the
present system these two coins have not parted
company, Rs is admitted. and asserted even, by
the opponents of silver coinage.
w have never proposed because we know
that it Is not in our power to control the market
value of silver bullion in London. Its price
there Is determined by causes outside of our
legislation. Nor was it intended or desired that
our coin legal tender money should be subject
to or controlled by the varying fluctuations of
the price of silver bullion in other countries.
1t is sufficient for US to say that the present sill
YER dollar contains the same number of grains
of silver that it has always contained, from 1892
10 the present time. Its metallic value may en-
nance or depreciate, but its legal tender value
will not be affected or disturbed by any ex-
traneous causes. To us it is money. coin money,
money wanted by the people, used by the people,
and satisfactory to the people, and nothing more
can be or need be said in its favor"
In conclusion, Mr.. President, I
would say that in this country, where the peo-
pie enjoy all the benefits and advantages of edu-
cation, aud have the right to dictate their wishes
to those who represent them, and where knowl-
edge is SO generally disseminated by the press,
even upon questions which the people in other
countries do not study, we can safely follow the
guidance of their judgment. In this country
unlike what occurs in other countries, public
opinion is formed neither by intellectual leaders
nor by the accident of temporary authority, but
has its source in the conservative intelligence of
the people. who can easily detect, if any there
be. the fallacy of arguments that are presented.
although this is neither a political nor a Sec
tlonal question, vet we cannot overlook the fact
that the vast preponderance of opinion in favor
of silver money is expressed in those sections of
country where the larger number of debtors and
producers reside. For product and labor the
people demand, and they have a right to demand,
a just compensation, which they would not re-
ceive under a gold monometallic system, or un-
der a bimetallic system which is one-sided, ash
is proposed to make ours by the suspension of
further coinage of silver. This. and cognate ques-
tons, affect the well being of the poorest and
most humble citizen in our land. To him it
means either increased prosperity or increased
poverty. The government and society can deal
with the problem of dissatisfied heads, but
whenever the problem of unemployed or uncom-
p~ensated labor is presented, then we have to
deal with a much more serious question. If
classes are arrayed against classes, and if there
exist a serious conflict between certain social
forces, it is only because perfection in human
government or equalitJ in social conditions are
unknown ard unattainable. But it IS not the
less our duty to endeavor to equitably adjust
conflicting interests and retard the threatened
approach of those evils, which are so dangerously
manifested by the conditions of distress and dis
satisfaction.
'Tt would be extremely unfortunate if the
suspicion should ever find Judgment in the public
mind that classes already rich and powerful are
desiring. or seeking by unjust or insidious leeis-
lation, to increase their wealth at the expense Of
the people. And if it be true, as many believe,
that there exists an organized conspiracy of
capital to render money dearer at the expense of
the labor and products of the people, l would
prefer to recommend some other phase of spolia-
no less calculated to breed discomfort
and To arOuS0 nODulap INDIGNATION"