The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1891-01-30

ty-ive years of national life that orr
merchant marine continued TO be prosper
Gus so long as wooden vessels were the only
vehicles OF ocean commerce and other ma
tons refralned from heavy subsidies TO their
ships. But when wooden vessels began to
be suppianted by iron steamers and Euro
pean governments poured their contribu-
tions into the treasures of their steamship
companies the decadence of American shin
ping began. and has continued ever since.
In my judgment the remedy is plain and
easily applied. If we woul regain our lost
prestige, reinstate our flag upon the
ocean and open the markets of the world
TO American producers, we must make the
contest with the same weapons which have
proved so successful in the hands of our
rivals. The folly and danger of depend
ing upon our competitors for the means of
reaching competitive markets cannot be
estimated
Suppose that for twenty-five years We
had given 100000 q year in aid of our for
eign shipping and reduced by that amount
the prepayment OF our bonded debt. should
nowf She'll we give that protection aud
support TO our foreign merchant marine that
other nations give to theirs, and
which We freely give to- all
other great interests, or shall We
accept as inevitable our present shameful
positioni i regret to say that the uniform
record of indifference. if not actual hos
tility. during the past fifty years affords
Tt86oE IoI ACKNOWLEDGEMENTS IN I8CIs
the tendency of late has been to surrender
to foreigners even our domestic commerce
rather than to assert ourselves upon the
ocean.
DETERMINATIONS of the most astonishing
character have been made, both by Con
gress and by the Treasury regulations. in
favor of Canadian railroad lines and steam
ships against our own. Presidents Of the
United States have repeatedly
and appealed to Congress- for action in
behalf of our rapidly. vanishing merchant
marine. but thus far their words have fallen
upon deaf ears. Let us hope that the urgent
appeals of President Harrison on this sub
jecr may bear fruit in some well-devised
measure of protection and encouragement
II IDEAL FINANCIAL SYSTEM.
lit is essential to that the cur
adapted. both In quantity and quality, to
the wants of trade as that the vehicles of
transportation should be adapted to their
purposes. The ideal financial sys-
tenn would be one that should
furnish just enough of absolutely
sound currency to meet the Legitimate
wants of trade and no more, and that
should have enough elasticity of volume to
adjust itself to the varying necessities of
the people. Could such a circulating
medium be secured the gravest commercial
olo6otCIo nnlCu IuICatCu I'LL luluIc ullkuL
be avoided. These disasters have always
come when unusual activity in business
has caused an abnormal demand for money,
as in the autumn. for the movement of our
immense crops. There will always be great
danger at those times under any cast-iron
system of currency such as we now have.
If 1t had not been for the peculiar condition
which enabled the United States to dis
burse over S75, 100000 in about two and q
half months last autumn. / am firmly con-
vlncad that the QfrInOanQu in AnUnsf and
September would have resulted In wide
spread financial ruin.
Il am thoroughly convinced that a better
method can be devised which will in q
large degree place the power of expansion
and contraction in the hands of the
people themselves. The opportunity
for securing such . CURRENCY may
be found in our bonded debt.
exchanged for Interconvertible bonds bear
ing a low rate of interest and always inter-
changeable for money at the will of the
holder.
DANGER OF REF COINAGE.
THE quality of circulation lie even more
important than the quantity. Believing
that there is not enough of either gold or
silver in the wcrld tomeet the necessities of
business. / am an earnest bimetallist, and
concede to no one a stronger desire than I feel
for the free and unlimited coinage of silver
- O0I oo al 10 tathDa
through international agreements or other
wise, by which such coinage shall be
safe. But it Is my firm conviction
that for this country to enter
upon that experiment now would be
extremely disastrous, and that it would
result not in bimetallism but in silver
recommendation. j believe it would pro-
duce q swift and sure contraction. and
eventually reduce the market value of
silver.
when the silver dollar ceases TO have
more value than the bullion it contains.
there will be little inducement to coin our
own silver, and the cost of trans
portation will prevent it's COM
ing from abroad. Now then, will
unlimited coinage either expand the
circulation or enhance the value of silveri
sist that IL shall not wait the slow process
of mint operations, but that the print
ing press shall be set to work providing
certificates to be issued for silver
bullion at one dollar for 3714 grains.
When this consummatl0n shall be reached
as surely it will be. if unlimited coinage be
adopted under existing conditions. the too
ardent and impetuous lovers of silver will
sadly realize the truth uttered by the wise
King of Israel: He tina loveth silver shall
not be satisfied with silver
Give US direct and ample transportation
facilities under the American flag and con-
trolled by American citizens; a currency
sound in quality and adequate in quantity.
an international bank to facilitate ex-
changesand a system of reciprocityc carefully
adjusted within the lines of protection. and
not only will our foreign again
invade every sea, but every American in
dustry will be Quickened and our whole
people feel the impulse of a new and endur-
inc proauarify