The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-05-04

silver dollars Win the gONefnme nj Standing De-
hind them making them good money.
The claim made that the silver dollar will be
q deprecated dollar is based on the fact shat
the silver bullion required TO make silver
dollar is worth but % or 20 cents when meas
ured by the gold standard. This is true. But
silver bullion is not money no moro than gold
bullion is money. But tits replied and said that
gold bullion is worth q much gold money.
That is true because the government declares
gold to be money and regulates it's value; and
has also declared by law that gold eoinage
shall be free. Therefore the holder OF gold
bullion knows he can have it coined into
money free and that he can get all the money
out OF il free that 1t will make; and
for that he will not sell il for
less than what 1t will make in
money when coined. So will 1t be with sill
yer, If Its coinage is made free, the same as
gold, and the government hxes its ratio at 10 to
l, thereby equalizing its value with gold. Gold
and silver monsy will then be on parity with
each other, as they were before silver was de-
monetized and they will remain so.
Money does not receive its value from the
commercial world. No price is given it by
commercial transactions as is given 10 species
of property generally. Money is the creature of
the law. As Senator Morgan said. when money
is good the law makes il good. when money is
bad, the law &c responsible" Without the law
there would be no more power TO coin or create
money and fix its value than there would be to
punish for crime in the absence of the law de-
filming the crime and prescribing the punish
ment Money receives Its measure OF value
from the law that authorizes its coinage There
fore if gold and silver money are both coined
on terms OF equality and given equal value as
money. as our constitution provides, they will
be of equal value in the hands OF the people
and in the commercial world.
And God said let there be light and there
was light" Let the government sas "let there
be silver money" and there will be silver
money as good gold.
The constitution does not provide that con-
Cress has any power TO deal with gold and
silver bullion except TO coin II into money.
There is no provision in the constitution for
congress buying and selling silver or gold bull
lion at the market OF any other price, and
/ issuing certificates for IL and holding the bull
lion for redemption purposes OF the certificates,
/ or authorizing it 10 DO done. The government
| has the authority 10 issue q legal tender
/ paper currency. based on gold or silver redemp-
/ ton; but it has no right to go into the market
/ and buy silver bullion and issue paper money 10
/ be redeemed by the bullion, any more than i
has the right TO go into the market and buy up
/ any other commodity and issue paper money to
/ be redeemed with such commodity. The only
proper relation the government can lawfully
Z have with gold silver bullion is to coin it
/ into money.
! Today we have outstanding 1916, 100000 Of
/ treasury notes, greenback currency. The gov
eminent has declared that II will redeem them.
/ 1t is required by law 10 keep constantly
/ hand gold reserve fund of 100000 for
/ their redemption. This currency is at par all
the time, because the people have faith in the
declaration OF the government that II Will be
redeemed, and therefore they do not desire its
! redemption because with them il is preferable
to gold itself. The people have this faith in
( this money, Notwithstanding they know that
the present administration has Withdrawn the
I reserve fund and applied II to other purposes.
/ The national bank currency is st par, because
/ the people know that the government holds Its
| own bonds. hypothecated by the banks for the
( redemption of their currency. Let the govern
ment restore silver to its rightful place in the
constitution and coinage laws of the country,
and declare it to be money as it does gold, and
it will be on parity with gold. liars aud hypo-
I critics to the contrary Notwithstanding.
And 100000,000 OF standard silver dollars
held by the government as a reserve fund for
/ the redemption of $346, 100000 OF more green
backs would be accepted by the people with
equal confidence that they now have in the
gold reserve fund.
Alexander Hamilton said: "But upon the
/ whole il seems TO be most advisable not to at
taeh the unit exclusively 70 either OF the met
1 ais, because this can not be done ehectually
/ without destroying the office and character OF
enc of them as money and reducing il to a stu
alton of mere merchandise, which has been
proposed from different aud very respectable
I Quarters but which probably would be a great
/ er evil than occasional variations in the unit
/ from fluctuations in the relative value OF the
( metals. To Runul the use of either OF the met
ais as money is to ebridge the quantity OF oircu-
lating medium. aud is liable TO all the Obiec-
tions which arise from a comparison OF the ben
eits of a full with the evils OF 4 scanty circula-
tion."
Speaking Of this statement of Mr.. Hamilton
Thomas Jefferson said II concur with you in
thinking that the unit must stand on both
metals"
But il is said free coinage of silver will bene-
fit the silver miners l admit 1t viii But does
..fn IT uold vnl
miners? / am willing that silver miners shall
be benefited by free coinage In consideration OF
the great benefits the other and more numer-
Gus people will receive from it. Those who are
most strongly opposing free coinage are the
creditor Glasses. In many instances the obll-
cations they held were incurred when the vol
ume of the currency was greater than II is now.
i am willing to give the debtor class fair
chance.
The mortgages on the farms of Illinois, Iowa
and Kansas alone amount 10 nearly 100000,
600, on which the annual interest 10 more than
S37. 100000. There should be q sufficient vol
ume of currency to give employment to labor
life to fair trade ana business enterprises OF
/ all kinds to the end that labor should have It's
Just rewards, and that the productions OF labor
and honest enterprises should have fair com
pensation SO that the debtor class would have 3
fair opportunity 10 obtain its proper and
needed relief.
the fact that when silver is DEPRECATED or fall
below its standard coming value, In almost the
exact proportion the farm products aud The
compensation of labor are cOrrespondingly de
preciated The coming value of an ounce OF pure
silver is $1.29. In 1872. the year before silve
was demonetized, cotton per pound was l9.;
cents; corn per bushel, 20 cents; wheat pei
bushel, $l.47, and silver per ounce, Sl.32
From that time on, because o
the demonstration of silver in 1873
there has been yearly gradual decline no
only in the articles have mentioned, but II
all farm products, until the close of the year
1891, when cotton was Is cents per pound. corr
81 cents per bushel, wheat 50 cents per bushe
and silver 30 cents per ounce. With these
conditions confronting US is il any wonder tina
. the people demand that silver money-theii
! money-be restored 10 them with Its full lega
tender quality, and its value stamped on It By
. the government?
stand within the lines and yield obedience
to the laws and DEGREES of the democratic
, PARTY when speak for the full coinage of oil
, yer money, of full legal tender quail
ity and OF the value the government
stamps upon 1t. l speak for 4121z grains o
standard silver for each dollar. / speak 10
the peoples money that finds its way into ever.
home and hamlet in the land. and brings JOY &
, every Preside. | speak for the money OF III
constitution; the money OF Washington, Jetier
, son. Madison, jackson and Monroe and thei
oompeers who believed in good government
and honest money / speak for that mOne
; which has asserted it's loyalty aud devotion 4
! the people in the past, and will do so in tn
future We have not forgotten how, after l