The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-03-07
A DOLLAR WORTH A DOLLAR.
How . Treasury Onicial Would Solve tho
Troublesome Silver Problem.


srecial TO the Indianapolis Journal
WASHINGTON. March GA Treasury Of
fetal suggests way ont of the free-coinage
predicament. He says this about it TO your
correspondent: Unlimited free coinage
would in less than six months completely
swamp this country financially. The
trouble would be that the silver of Europe
would come over here and take up our gold
and certificates. Our only salvation, if
We are to have free coinage or anything
apprOximating it. is to have a silver dollar
different from those made by European
powers. and one that will be accepted by
by them on q parity with gold. 1 propose
silver dollar with three-twenti eths more
bullion in IL than is now minted. silver
dollar which would stand as twenty TO one
with gold. instead of sixteen TO one, as at
present, would be- accepted by Europe. /
cannot for the life of me see why the free
coinage advocates. If 1t is simply moro
money that they want would object
10 heavier dollar than the one we now
coin. We all know that our Deresent silver
dollar Is only worth, intrineically, sew
enty odd cents, and that it is the impress
of Uncle Sam that makes 1T pass for dol
lar with gold. Nov, the real objection
which Europe will have and has now 10
out silver dollar is that 1t Ia not worth q
dollar to them. If We can give every one
a dollars worth of bullion we float our
silver dollar everywhere the same as at
home. The trouble is ia this discussion in
Congress and throu khout the country. we
cannot mako the fact known that the silver
dollar We now coin is worth but 20 cents,
and were it not for our laws IL would not
pass tor more. Europeans care not a fig for
our promise to pay. They take money for
just what il is. They have no part in max
ing our laws or maintaining our credit,
and, of course. We cannot expect them to
have confidence in our laws.
Speaking of foreigners having con-
tidence IN our promise 10 pay reminds me-"
continued the Treasury official, that
those WHO accepted our trade dollar got
badly stuck-that is. unless they held them
till tho day of REDEMPTION, and then. of
course they lost, for they were out their
interest. We minted the trade dollar for
our Chinese trade. After while We found
that 1t would not go anywhere. and after
getting out some SIX or eight millions con-
down TO 40 cents, representing their bullion
value. We finally had to pass law call
ing them In for recoinage. How could we
now expect any nation to accept our silver
dollarsf 1t doesn't make any difference
whether we expected them to do SO or not.
they would not. The history of securities
shows that silver will never be accepted
the world over at par unless 1t has par
straw for our impress. IL Europe will not ac-
cept II. it not worth par 10 our own people.
and, of course, it will take just as long to
depreciate it on exchange as 10 will take 10
list gold on the New York Exchange,
which will be one day."
The Gold Outflow Scare.
Special 10 the Indiar apolIs Journal
LONDON. March Elm an interview with
a correspondent of the International Tele-
gram Company last evening Secretary Fos-
ter said that the gold shipment now being
made from the United States to Europe
will not have any serious effect upon the
homo monetary situation. The gold can
be well spared. The trOuble IS. said the
Secretary, that some of our most sensible
men III other respects seem 20 have lost
their Judgment through fear that free coin
age Will be lnaugurated. As a matter of
fact there is not tho slightest chance of
carrying such q measure. The Secretary
added: 1t ID not true that am trying to
arrange an International monetary confer
ence. i gather that public sentiment in
England Is growing towards the rehabilita-
tion of silver. Outside of London the feel
ing seems universal in favor OF such a
change There would be no difficulty" the
Secretary further said, I'm maintaining u
double standard if the great nations agreed
OH that policy, and Germany and France
are only waiting TO follow England's lead
In tho III after"
The Secretary declared that in his opin-
ion the Issue of pound notes in England
perfectly practicable and he regarded
the opposition 10 the innovation as absurd.
SOME WAR TALK.
England Could Quickly Put n Big Fleet In
BehriDg Sea if Necessary.
A