The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-10-23


with a currency fiuctuating in value ana
having an eyer-increasing downward
tendency. Immediately the $3.50. .000, 600. or
thereabouts. in gold. which we now have.
and the S10o.o0O,Ooo TO $50, 100000 we are
soon to have, wOuld vanish, creating Tor
the time being the most disastrous con-
traction OF the currency which this coun-
try has ever seen, with all the direful con-
sequences which would inevitably follow
such contraction. Let no one delude him.
self into the belief that the world would
not deluge rs with silver. Every steamer
that comes from abroad is bringing gold 10
MS to pay for our food products. which Eu-
rope must have. Let us pay Sl.29 per ounce
for silver. and does any one suppose that
gold would flow this wayf Silver would.
without question. take its place. Under
the stimulus of the present law silver ad-
yanced 10 TO ~ cents per ounce. The ef-
feet was to promptly bring TO our shore
over S27, ,O00, 600 of foreign silver for sale,
thus flooding our market with silver. and
compelling decline in price to the point
from which the advance began. Add 80
cents per ounce to the present value and it
will not require the aid of prophet TO fore
tell the result.
POLICY OF REPUBLICANS.
''The Republican party proposes con-
servative action. 1t has, in my opinion.
gone as far as prudence will permit in the
matter of silver legislation. have made.
IN q very quiet way. quite careful inves-
tIgatIon of the feeling Of foreign countries
upon the subject Of an international agree
ment between them and our country by
which gold and silver. upon some accepta-
BILE basis. can be maintained at parity: !
have but little hesitancy in saying that
but for the feeling existing abroad that
public sentiment in this country is such rs
TO compel the adoption of unlimited free
coinage, we could make some agreement for
at least better use, use Of ;a,ai silver II
ment. The policy of the Republican
party upon all subjects of finance has
been an unequIvocai success. 1t pro-
p0seS-and has succeeded thus far since the
every dollar of paper, gold, or silver the
equal of any other dollar. Many sound
thinkers believe that the present legIsla-
tion upon the silver question ls not suffi.
ciently conservative. In other words, that
we have already gone so far as to endsnger
the maintenance OF gold payments. do
not see any immediate danger from the
present policy, which requires for every
dollar of paper issued for the purchase of
silver bullion an equal dollars worth Of
bullion behind 1t. This act does not re-
quire-except for the purpose of redeeming
the treasury notes issned in payment for
bullion-the coinage of silver dollars.
Governor Campbell very flippantly
makes the point that we could with equal
prOpriety issue treasury notes against pig
lead or any other commodity stored by the
government, at its value, as to issue treas
ury notes upon tho purchase of silver bull
ion. Governor Campbell forgets that both
gold and silver have always been regarded
rs the money metals of the world. They
differ essentially from pig-lead, or any 9TH
er mineral product IN this particular. Mod
ern civilization together with the legisla-
tion of the Republican party have demon
Strated the superiority OF paper represent
atives over gold or silver coin. When we
coin gold and silver we stack up the prod
uct in the treasury of the United States,
and issue certificates for these gold and sill
YER dollars. which the people use in prefer
ence to the gold and silver coin itself. OF
the coined silver dollars lnow about 40S,-
0OO,00O). something over SEQ. 600 900 are bodily
in circulation. and about S24, COG. .OOOare held
in the TREASURY vaults against the issue of
treasury notes. coined between the 18th day
under the act of July IA. 1890. The balance,
1924, 100000 is represented by silver certif-
Gates.
when You present check to the bank
ifyOu are offered gold you prefer paper.
whether 1T be bank notes. treasury notes,
| gold certificates or silver certificates In
| tact, you do not step TO determine which
| of these you receive. but prefer the paper
to the gold; and if you arc offered more
than five dollars in silver you absolutely
rebel against taking it. L ask, then. can
any one tell me what the use is of going to
the expense of coming either gold or silver.
ard after it is coined to stack it up in the
| Why not issue certificates for the bullion
| and save the trouble and expense of coin
! age7 Of course, mean that We shall coin
| all the gold and silver that our people may
| desire to use. but beyond that. for my own
part, do not see any necessity for coin
Let us continue to pursue the Republican
policy of conservatism. Let Us convince
standard. My word for it, when Europe is
| convinced that we will not adopt the policy
| of free and unlimited coinage, or. in other
words. that we will not place ourselves up
on a silver basis, we Will be able to come to
some agreement for the better use of sill
| Yer, if not at once to an international
| agreement, by which the parity of the two
metals upon an agreed rate may be main
poIicy of safetS The bemoerstic RS polcS
| the policy of Generalization and disaster"
| OUR COMMERCE AND THE MKINLEY LAW.
The Secretary then took up the tariff
| question. first reading a few extracts from
speeches of prominent Democrats who pre-.
| dicted the destruction of our commerce and
industries if the Mckinley bill was enacted
into law. In answer to these Jeremiahs
the Secretary showed that our total foreign
commerce during eleven months, from Oct.
i, 1890 to Aug. 81, 1891. under the new tariff,
amounted to 81 COS, 7S2 1885, an increase over
the corresponding eleven months of the
| prior years of S74, ,76S. .639; that the imports
| of merchandise were S763, ,210, ,9e5. an increase
| of S25, ,6sl .3l6, while the imports of merchan-
disc free of duty were 1854, ,661. 1886, al in
crease of S112,013,OS1 over the value of such
| imports of the corresponding period of pre-
| ceding years. Continuing, he said:
| During the past year, we lind that the
exports of our agricultural products have
| increased S95, ,O0O. .O00. and there is every in
dIcation that next year will show q further
| increase of not less than 0000O000. Good
| authorities upon this subject put the figures
| much higher. In the same time the exports
of the United States manufactured goods
have increased nearly S20.000.00O. Farm
| products have increased in values and the
price of labor has not declined Thus every
! prediction of evil results has been dissi-
! pated by actual experience, and the ad-
vantages claimed have already been demon
| etrated.
"A new departure in the matter of estab-
fishing reciprocal trade relations with for
| eign countries is provided for in the Mckin-
| ley tariff law. Here again the Republican
party hasshown its capacity for leadership.
displaying its genius in discovering new
methods for enhancing the welfare and
glory of our people. The effect of
reciprocity is already felt by our farmers
in the increased price of cattle and hogs,
and In our exports of domestic manufact-
ures Our farmers come nearer possess
ing the American market than ever
before. and they have, contrary to
the predictions and theories of free