The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-08-28
Clear and Able Discussion Of the Finan.
cial Question in All Its Bearings.
Republican and Democratic Records Compared
and Voters Warned Against Indorsing the
Latter Party's Dangerous Policy.
Farmers and Laborers Would Suffer
Most from Unlimited Free Coinage,
But Every Business Interest Would Be Imper-
lied BY Making Silver the Standard Of Value
Ohio Asked to Stay the Imitation Craze.

PACLDING, o., Aug. Ex-senator Sherman
arrived here from Van Vert this morning.
and held q reception all forenoon. The
clouds p~ortended rain, but by noon fully
four thousand had arrived in the village.
Senator Sherman delivered his opening
speech of the campaign this afternoon. At
3 O'Clock. wheD he began 70 speak, fully
six thousand people were IN the grounds.
The Senator spoke as follows:
Upon two great measures Of public policy
the Republican and Democratic parties
have made q formal and distinct Issue. and
these are to be submitted to the people Of
Ohio in November, and your decision will
have o marked effect upon public opinion
throughout the United States. One ie
whether the holder Of silver bullion may
deposit il in the treasury of the United
States and deman and receive for IL one
dollar OF coined money for every 81 grains
of tine silver deposited. The market value
of SO much silver bullion is now abou u
cents, varying. however, from day to day
like other commodities, sometimes more
and sometimes less. The other question Is
whether the policy of taxing imported
goods by the government OF the United
States embodied in our existing tariff law
known as the Mckinley tariff is O wise pub
lie policy or whether it should he super
seeded by what is called a tariff for revenue
only as embodied in what is known as the
llAlS III III UdScCu III llOuoCO VI AGU-
resentatIves in 1855 and was rejected by the
Senate
Now the measures affect directly the bus
mess interests. the life, and work, and
labor, and property of every intabitant of
the United States, from the humblest
toiler to the greatest capitalist in all the
multiplied e~mployments OF human indus
try. Surely such questions ought TO be
excitement, and solely with o view TO pro-
mote the greatest good of the greatest
number. Under our free system of govern
ment there Is no way to determine them
except by the Judgment of the people III
thorized to vote. each voter having an
equal voice through representatives chosen
by them, either directly by ballot or Ind
rectly. through the Legislatures of the sew
eral States. No man is fit TO participate in
this great trial by the people unless he will
take pains to inform himself so far as be
can of the merits of these propositions. AS
one OF your agents or servants l have given
TO them such careful study that L have
made up my mind. but my opinions are of
the people the final arbiter and judge of
all questions of public policy arising under
the Constitution of the United States
Now / propose on this occasion to confine
myselfmalnly to q frank and homely discus
sion of the money question as the most
pressing, not that the tariff question Is not
equally important. but for the reason that
i can only do one thing at a time. u ths
money question is a newer one. Is now be
fore us, upon which Republican, and Demo
Gratis alike are somewhat divided. L Wish
to appeal to the reason and common sense
of the people who hear me for that Is said
TO be the highest wisdom. Everyone OF you
must feel the Importance of money. what
Iii of money you receive for all your la
Dor and productions, what sits purchasing
power. Will it vary in value7 is 1t goods
The women as well as the men are inter
ested in il.
MONEY THAT Is GooD.
Now, you all know that the money in cir
culation in the United States IS ~good-all
of it is good-as good as gold. 1t will pass
everywhere and buy as much of the same
amount Of any other money in the world.
Our money is of many kinds-gold. silver.
nickel and copper are all coined into
money. Then we have United States notes
or ~greenbacks, gold certificates, silver
certificates, treasury notes and national
bank notes. But the virtue of al these
many kinds of money is that they are all
good. A dollar of each is as good as a dol
lar of any other kind. All are as good as
gold. But. and here comes the first diff
Guilty, the silver in the silver dallar is not
worth as much as the gold In the gold dol
lar. The nickel in that coin is worth but n
small part of o cents worth of silver. And
tho copper in the cent Is not worth one
fifth of the nickel in a 5-cent piece How.
then, you may ask me, can these coins be
made equal to each Otheri The answer is
that coinage rs n government monopoly:
and though the copper IN D cents Is not
worth n nickel, and the nickel In twenty
pieces is not worth n silver dollar, and the
silver in SIG Is not worth SIG In gold. yet.
as the government coins them. n re-
Gives them, and maintains them at
par with gold coin. they are, for all
purposes. money equal TO each other.
and wherever they go, even into foreign
countries, they are received and paid out
as equivalents.
The reason of all this is that the United
States limits the amount of all the COINS TO
be issued except gold. which, being the
most valuable. Is coined without limit. IL
coinage OF all these metals was free. and
any holder of copper, nickel, silver or gold
could carry il TO the mint tc be coined. we
would have no money but copper and nick
ell, because they are the cheaper metals,
worth less than one-fourth of what. as
coin. they purport TO be. For the same
reason, if the coinage of silver was free at
the ratio of sixteen of silver 10 one of gold,
no gold would be coined, because sixteen
ounces of silver are not worth one ounce OF
gold. Aholder of both silverand gold would
take his silver 10 the mint and get a dollar
for every 31 grains. He would sell his gold
In the market or export 10 and get % Per
cent. moro dollars for gold than he could
at the mint. As q matter OF course be
would not take his gold TO the mint.
PRESENTING THE ISSUE.
Now lcllOn -CltlLCucs Will LuC,c tiluplo
facts existing, known 10 you all. 1 wish to
state the precise issue on this money Ques-
ton between the Republican and Demo-
cratic parties IN Ohio made at their recent
State conventions. The Republican party
declares that:
Thoroughly believing that gold and silver
should form the basis OF all circulating medium,
we indorse the amended coinage oct OF the last
Republican Congress. by which the entire pro-
duction OF the silver mines OF the United States
Is added TO the currency OF the people.
The coinage act referred 10 Ia the plat
form provides:
That the Secretary OF the Treasury Is 4 hereby
directed 10 purchase. from time 10 time. silver
bullion 10 the aggregate amount or 4,500,0 900
ounces. or so much thereof as may be offered In
each month, al tine market price thereof, not
exceeding 81 for 37l.2o grains or Iure
silver. aud TO issue In aymen FOR such pur-
United States TO be prepared by the Secretary OF
the Treasury. in such form and OF such denomi-
nations. not less than 81 nor more than 81 600.
as he may prescribe.
This act was passed by q Republican
Congress. and was voted for by every Re-
puliean membe and Senator. including ev-
ery one from the. states producing silver
bullion. IL was framed by a committee of
conference of which i was chairman. and
of which Senator Jones, Of Nevada. was an
influential member. 1t was supported by
Senator Stewart In q speech fohis consiitu-
ents ia Nevada. in which he said:
The bill proposed by my colleague was not as