The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1890-09-01
Great Relief 1t Has Afforded from the Condi.
ton That Arose from the Cleveland Pol
icy Of Currency Contraction.
State Department to Investigate the
killing of Barrundia in Guatemala.
A Similar Case to Which Bayard Readily Sur.
rendered the POfnt-Differenc Be-
tween Party officials Noted.


Congressman Bartine's Views on the Opera
tions of the silver Coinage Law.
Special TO the Indianapolis Journal.
WASHINGTON, Aug. a.-There are very
few men in the country. and surely none in
Congress. who know more about silver. its
production and uses. than Congressman
Horace +. Bartine, of Nevada. In the first
place Mr.. Bartine comes from one of the
greatest silver producing States in the
Union. and in the second place he has made
silver scientific study for many years.
He is an able lawyer, and has had wide ex-
perience in financial affairs. Speaking to-
day of the new silver coinage law, Ee said:
Il am one of the most enthusiastic sup
porters of the free coinage of silver, but
am very well satisfied with the operation
OF the present law. 1t is a great step
toward free coinage, and am sure that il
has worked wonders in relieving the finan-
cial distress of the country, and it is going
to do a great deal more. 1t requires the
circulation of about $40. 100000 a year to
keep up with the increase OF population
and present ratio of circulation per capita
We have in this country less amount of
money per capita than almost any other
country in the world, and very much
tions of Europe. The present law
will give us about SIS, 900 q year,
placed directly in the hands of the people.
and this, you will see, adds about $1,000
600 year to the increase of circulation per
capita over the present OF course, 1t
would take q long time to bring up our
present circulation, of about S22 per head,
to that of France, which is more than twice
the circulation we have per capita. But IL
will give US great deal more and mako
the increase much more rapid than we
have been getting.
would have gotten into bad the condition
of affairs which arose under President
Cleveland continued. Certainly, with the
failure Of crops in some portions of the
country and extremely low prices for farm
produce, the people in the country were
being greatly embarrassed in financial
way. Silver has arisen FROM "a cents an
ounce to $1.20, and il is stated that il will
continue to rise till it reaches o parity with
when sh osnce When be Re1 little SSes
practically. free coinage / think
that the rise will continue till within
short time silver will be worth Log.
About the only difference between the
present law and absolute free coinage is
this: Free coinage would have instantly
brought silver TO parity with gold, while
1t will take some time for 1t to run up to q
gold standard under the present law. If
for any reason silver goes back and does
not reach gold parity before the coDven-
ing of the Fifty-second Congress, or hav-
ing reached it does not stay there, j am
sure we will have free coinage if the Re-
publcans control the next Congress.
mo one can calculate the benefit which
our coinage law has been to the farm
ers The operation of the law has. more
than anything else, run wheat mp to the
high market value of to-day, and has adj
vanced the prices of all kinds of grain,
live stock and other productions of the
farm. A depressed grain market always
indicates a premium on gold and the only
is to keep down the premium on gold. by
proper recognition of silver. We never
could have secured the adoption of the
present silver law under O Democratic
administration. President Clev Gland
would have vetoed such a bill,
and is on record in the strongest
possible way against free coinage or any,
thing that approaches it. Had the Demo-
Gratis control of both branches of Congress
and the executive they would have been
compelled to depend upon Republican sup
port in order to have passed any kind of a
coinage bill better than the old one. and
that was a clear demonstration of silver.
We are now sure to have purchased four
and one-half million ounces of silver
bullion every month, and as long as it is
needed for circulation 1t will be coined. To
my mind the silver was the most important
legislation we have had in the past twenty
years, and surely the people will feel its
good effects more directly than they will
all the laws we have adopted since the war.
"You may be sure that the produce of the
country will always follow the price of sill
yer, and whenever silver is down and gold
is up productions of the farm will be down.
The farmers have already seen the effect of
the silver law during the past few weeks
and real estate has also appreciated In pro-