The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1886-01-13

There are many propositions affecting the
disposition of the silver and currency. There
are two broad lines on which they should be
disposed. The currency should not be re-
duced in volume nor its purchasing power
increased. But it must be remembered THAI
purely financial legislation, keeping these
principles IN view, will not alone have IA
vorable reaction upon trade. There is great
surplus of goods of all descriptions, as well
as a surplus of facilities for making them,
that must find steady disposal before fair
measure of business activity can prevail. No
amount OF gold, silver or paper currency can
supply lack of ability to dispose of labor
and its products. People must have some
means of earning money before they can get
it, whatever its measure or value. Equi-
librium between supply and demand can
only be maintained by limiting production
or increased consumption. This means
either a general application of an
eight-hour system or enforced idleness.
The likelihood that an eight hour system
could be enforced or ever carried with legis-
lation is small indeed and without this a
great proportion of labor would be unem-
ployed or working on short hours with a
ratio of ten hours pay. Until labor is fully
employed, and at wages that mean more
than a mere existence, it will have no means
of getting money, and in consequence the
surplus would continue to grow. The only
other road lies through the disposal of the
SURPRISES abroad, and if this road could be
found, and if found were taken, it would in
duce better pay and full employment and at
higher competitive power by the masses of
the people. We regard this as the only prac-
tical solution, the others pertain more or less
10 acommunial system of Government which
would require long time to grow if it was
possible for 1t to grow at all.
If Congress attempts to settle the status of
currency on an expectation that change of
cash from one pocket to the other
is going to bring & relief, the
country may as well make up its
mind to greet disappointment. Money is a
great aid to commerce but it is not COM
meIce itself. Its enforced enhancement in
value through the same species of hostile
legislation that now threatens the silver dol
lar, robbery to just the extent of the en-
HANGED value when applied to extended cred
its. If there were no such thing as credit,
any probable or natural deviation in money
values would not be appreciable in losses as
applied to property. This is the bottom of
the currency question, whether applied on
the greenback, silver or gold theories. A
great many people, of all shades of financial
beliefs, get mixed up on the nature of money
by not taking the modern credit system in
connection with it.
Congress must take practical ground on
this money question, and that practice is
best which leaves money values most alone.
1t is shallow craftsmanship to make q war
upon silver because we happen to have
surplus of it. 1t would be considered
fully if Congress were to make similar law
on wheat, pork or cotton-that is, would leg
islate, as the goldites propose to do with sill
ver-that only so much wheat, cotton or
pork must be produced, or that none should
be produced. 1t would be folly, and every
one, without exception. would see that it
was folly, even many who can not see that it
is folly to prohibit the coinage of silver.
Congress must find. If possible, some GUS
toners for this surplus of silver, cotton,
wheat and pork, or rather aid the people
to find customers. We have several times
alluded to our opportunities in South
America, and the opinion has been backed
by mere substantial set of favorable con-
ditions and facts than usual al such argu-
ments. 1t is possible, If Congress will only
take the means it has, TO engage nearly every
nation in South America in a commercial
union with this country. They are silver
using people, and large buyers OF manufac-
tured products. We also buy great quanti-
ties OF their productions-twice as
much as they buy of US. They would
absorb our surplus silver and our surplus
machinery and textile fabrics, our surplus
boots and shoes. and so on through long
list.
But unless the people, aided by Congress,
will put themselves to such solution Of the
matter our surplus will remain useless on
cur hands. The surplus of silver willre-
>sfiain in the same category with our other
surplus products. n In fact thisi Is no case
that may be applied to one that will not
apply to all. If we fail to ind an outlet,
Congress will not only be Obliged to limit
the coinage Of silver, but Limit he produc-