The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-08

had been legal tender does any one doubt
that il would have paid debts dollar for
dollar wherever the laws of the Confed-
eracy could be enforcedf
shall treat your proposition TO supply
government collaterals" seriously, because
the Republican and Democratic parties are
on record in supplying government collas-
ersls very literally to privileged Glasses.
and the proposed supply to the Nicaragua
canal; also. the Union Pacific railway.
But the people of Indiana do not need
collaterals. They have. In round numbers,
twenty millions of acres of land. the aver
age value of which, according to the de-
cision of the Board of Tax mmissioners.
is $50 per acre. Here. then. are four hum
dred millions of unexceptioDable coIiat-
erals. Half the value of this splendid Sc
curity would give us two hundred millions:
On the deposit of it's own collaterals United
States bOndsl the government issues TO
the national banks 80 per cent. of the par
value of such collaterals for twenty years
at l per cent. Is there any good reason
why the government should not also accept
o first mortgage on my little farm in Vigo
county, Indiana, and Issue" to me legal
tender treasury notes for twenty years,
and tax me therefor '.ore-half of per
half of per cent. on the first day of June"
for each and every year that shall see tit
to use this loan or "issuer
In explanation of my bill for the relief of
VI
misapprehensIon of the Journal. / propose
to lend to the people of Indiana legal tender
treasury notes for twenty years at l per
cent. on first mortgage on real estate-IotS
been lent in this State. And propose tho
same metbed of valuation. and certifying
title and value, as that followed by our
statutes in lending the school fund-wlth
some important changes as to foreclosure
and sale. The Madison county Alliance
has recommended this measare to Congress.
Will the Journal do me the great ia vOr
to inform me at what figure the seventy
two millions of gold was sold that went
from New York to London in the first
lar worthless securities were on the New
York market on Sept IL, or 10. 1S9O-for o
slight variation of dates Is not materialf
i have looked over the markets for that
period, and find no American securities
varying greatly in daily quotations-the
daily variation being no more than at
present, fractional parts OF cent-so far
as can see by the papers" our universal
monitors in such matters. Even the Jour-
nal, believe. reports money on calp 1S5
in New York.
Now. isn't the following statement truei
English holders of American securities,
needing gold to help the Barings. cent over
their securities, demanding gold to tho
amount of seventy millions. If the
gold had been refused these securities
would have been thrown on the market.
with the effect of wrecking that sublime
institution and bringing another Black
Friday of 1873. Mr.. Window went to the re-
lief of Jay Gould ct al. with twenty mill
ions Of gold in lump. More gold followed
from the United States treasury, unearned
interest on bonds being paid year In ad-
vance for that purpose. And isn't this fact
the true explanation of the 1s5 price of
''call money" in New York about the dates
mentionedi
AS to the Importance of this discussion /
feel certain that nothing else is half so i'm
portant to the Republican and Democratic
in Indiana. to-day. If q full and free dis
cussion of this money problem will leave
the Republican party on strong grounds.
then the Journal could render no greater
service to its party than to enter into it
fully and freely. Witness Kansas, Nebras-
ks, South Dakota and Iowa.
II. w. TAYLOR.
ANDERSON, Ind, Jan. 2.