The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-01-09
EDICT OF THE sILvERITES.
Present Financial Policy Must Come TO ~
End IL Disaster Is to Be Avoided.

Present Financial Policy Must Come TO an
End II Disaster Is to Be Avoided.
WASHINGTON, Jan. e.-Tbe national
executive silver committee tonight Is
sued the following address:
THE national executive silver commit
tee, in session at w ashlD etOn. declares that
continued experience demonstrates that
there can be no adequate or final solution
of the money question but by re-endOwing
silver coins standard money, c0-equal with
gold for all money uses The present
policy of making Subsidiary money
of silver, to be redeemed IN gold, and
of piling continually higher the fabric
of credit and credit money on constantly
diminishing basis OF gold, is unsonnd and
unsafe. and must come to an end. The
enormous increase In bank credits and
other forms of credit currency In recent
years, relatively to the volume of gold: in
which they are ultimately redeemable. i'm
perils financial stability everywhere and is
u standing menace to all business enter
prIsss; for, under this system panics must
occur more certainly and more frequently.
and be more disastrous when they do occur.
What is wanted is not more credit cur
rency relatively to standard money, but
more standard money relatively to credit
and credit currency-a broader basis of
primary money and not higher super
structure of credit devices. This can be
secured only by making silver and gold CO.
equal as money metals, with the coinage of
both on equal terms The act of July IA,
1890, as interpreted by the Treasury De-
partment, under which 100000 ounces of
silver are bought and stored as collateral
security for notes redeemable In gold.
makes no addition to standard money,
while it raises higher the fabric of credit
on foundation that is growing narrower
rency volume might well be of green
backs as In the form now given to 1T. 1t re-
quires. therefore. no extraordinary financial
acumen to foresee that tins condition can
not long be maintained.
"The plain solution of the difficulty is
the full monetIzation of the silver accumu-
lated under this act, to the end that this
and all other silver that any body may
choose to devote to monetary use may be
used 10 swell the volume of money of final
redemption for all other forms of currency.
The facts upon which bimetallists base
these conclusions are undisputed and in
disputable. The arguments by which they
are established are unanswered and un-
answerable. These facts are that the sup
ply of geld is admittedly inadequate to
provide for the worlds needs for money;
that many times more people are now
made TO use gold exclusively as
ssndIaS hs %aosy Of than gold ID 1875 dmn
ishing while population. wealth and
commerce and the consumption of gold in
the arts are rapidly increasing. the increase
in the demand for the arts and dentistry in
the United States alone being sufficient to
absorb, according to the report of the
Director of the Mint. in ten years more the
entire gold product of this country. That
the value of gold under these influences has
largely increased and must continue TO in
crease and prices as certainly continue to
fall is too manifest to require argument.
"a FRAUDULENT PRETENsE."
"What fraudulent pretense. in view of
these facts. to insist that gold alone is q
stable or an honest money standard. Scales
that measure equities with no moro pre-
cision or fairness than gold registers the
value Of products and the equities between