The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-10-23
Free and Unlimited Coinage Would
Quickly Bring Disaster 70 the Country.
Quality. Not Quantity, Should Be Considered
in Dealing with the Money QuestiOn-HOw
the Mckinley Law Bas Affected Commerce.

FINDLAY, o., Oct. 22.-Secretary OF the
Treasury Foster made his first speech In the
Ohio campaign tonight to an audience of
about SIX thousand. The Ex-Governor was
escorted TO the hall by a grand torch-light
procession, consisting Of Republican clubs
of this and adjoining cities. Upon the Sec
retary's introduction By Judge Jacob. he
was greeted by an ovation which lasted
fully five minutes
After briefly alluoing to State issues the
Secretary devoted few minutes to the
question of majority rule. He called at
tention to the wrongs perpetrated in the
South to keep that section solid for DemOc-
racy and to the efforts of that party in the
North TO deprive many voters OF repre-
sentatIon by outrageous gerrymanders.
I'm Indiana, where the State is very Close"
he said. "they have so gerrymandered the
congressional districts as TO give the Re-
publicans three out of thirteen. and so
gerrymandered the legislative districts as
to require at least 25000 Republican ma
jority in tho State IN order to give the Re-
publicans majority in the Legislature"
Other instances were cited, and then the
Secretary turned his attention to the money
question. On this subject he said:
II think it may be safely assumed that
the mass of our people, of all parties. favor
the use of both gold and siver as money.
The object to be sought is how to best OBJ
tain this result. So far. by conservative
management, the Republican party has
been able to MAINTAIN both metals ana TO
keep 4OS. OO0, 600 silver dollars, coined since
1878. in domestic circulation at par with
gold for money uses. The danger to be
avoided is such legislation as will place us
upon q silver basis. Our whole interest.
and the entire discussion, relates to silver.
That gold alone is too narrow basis upon
which to conduct the business of the world
must be apparent to every thinking man
in this country. and. doubt not, to many
Of the best minds In Europe. 1t ID safe.
/ think. to assume that members Of the
Democratic party of OHIO and OF the coun-
try. y.whOse occupation and modes Of thought
give them the best opportunity to form
correct judgment upon questions OF finance,
are, almost without exception, opposed to
the free and unlimited coinage of silver.
Such o course by this government. without
an international agreement with other
countries. would inevitably place US upon
a silver basis. basis OF measurement OF
values flluctuatIng with the market price
of silver bullion. The yard stick or dollar.
by which we measure values, would be
elastic and uncertsin.
Two caEAf DOLLARS.
IL can best illustrate this condition of
affairs by exhibiting two silver dollars of
two different countries. The first, which
now hold in my hand, is United States
dollar; 1T contains 412ls grains of standard
silver. and is worth at the present market
value of silver bullion about IS cents. and
that is all it would bring in any other coun-
try but our own. But in this country. be-
cause the Secretary of the Treasury has
maintained the parity between gold and
silver on the basis of sixteen to one. and be-
cause we have been able to MAINTAIN gold
payments, this dollar Is worth as much as
gold dollar to the man who wants to
use it for the purchase of anything, or for
the payment of debt. The dollar i now
show you is minted in Mexico. 1t has nearly
six more grams of pure silver In 1t than
the United States dollar. YOu cannot use
it in Mexico the United States. or any
other country for any more than the bull
ion value of the silver that ID In it. which
is about u cents. The great danger of free
and unlimited coinage Is that the silver
dollar which first exhibited will be worth
less than tho Mexican silver dollar. 1t is
an immutable law of finance that the poor
OF dollar always displaces the better one.
A silver basis would exclude the S6oO, OC0OOO
of gold now in our country from Use as
money. It would largely 60 abroad to pay
for tho silver that would be sent to us from
foreign countries.
IL know 1t is disputed by the advocates
of free and unlimited coinage that there ls
any silver abroad TO be sent to this coun-
try. My Investigations lead me to believe
that there is in Germany, Austria and other
countries of Europe. more than 5000 000 900
| OF silver. TO say nothing OF the vast boards
| of silver In Mexico and South American
| countries In the shape Of coin, jewelry, ETC.,
| that would come to this country the mo-
pient we were ready to pay Sl.29 per ounce
| for it, OF even lower rate. This influx of
| silver on such q basis. which would inevit-
ably be the result of free coinage here,
this country to abandon gold, and
! to put itself upon silver basis
| What does unlimited free coinage meant
| 1t means that the owner Of 20 cents worth
| of silver may take it To any of our nIints
and have it coined into legal-tender dol
lar: dollar that. If this country IS able to
| maintain gold payments las these free
| silver advocates contend we cam, gives the
holder of IS cents worth of silver 100 cents
| gold value: If we are to have unlimited
coinage. why not give the profit TO all of
| our people, rather than to the individual
holder of the bullion? 1t is the edict of the
| government that gives the coined dollar
the value of 100 cents in gold
CHEAP MONEY WOULD BRING DISASTER.
The advocates of unlimited free coinage
| give as the main reason for such coinage the
necessity of the country for % larger volume
| of money with which to. transact business.
They seemingly forget that the first element
to be considered is the quality of our
money. do not know that we can have
too much good money, but do know that
poor money, however plentiful. will soon
| prove TO be grave disaster, and the first
| In the land to feel it's disastrous effects
| will be the laborer and the farmer. What
| / fear is that unlimited free coinage will
bring us TO the condition of being com.
| PEELED to use poor money. sadly depreci-
Ated currency. They forget, also. that the
| per capita circulation of this
country. to-day is greater than
that of any other civilized country
on earth, except France. in France busi-
| ness Is largely transacted with actual cash,
| while III this country it is believed that
| more than 80 per cent. of our business Is
| done with checks, drafts, certificates, and
| various forms of credit simply representing
cash. They forget tha: by the purchase OF
| 4,500.0 .0C0 ounces of silver we are adding
| 81. 100000 in legal-tender treasury notes
| monthly to the volume of our currency.
None of the civilized countries of Europe
except in limited quantities for the purpose
OF small transactions. Thus. under the
unlimited coinage of silver, we must expect
to attract 10 us. through tho great profit we
offer. all the silver bullion and coined silver
OF the world that is for sale.
with oil OF our great resources, with all
| our power, can any sane man dare to even
| hope that we could maintain the parity OF
n I'll Il. -