The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-21

on the silver question, MI Cnedule eIIlpnd
sizes the assertion that the Republican par
ty Is pledged 10 bimetiallisrn. and that the
repeal of the Sherman act is a violation OF
the party platform of 1892. Nothing be
more erroneous. General Harrison. Sena-
tors Sherman. Allison and Representatives
Reed and Walker assert that the Sherman
law was only temporary expedient or ev-
pertinent. at best. while Mr.. Cheadle wor-
ships it as a fetch. There is no reference
to the Sherman act in the platform Of
1892. which declares:
The American people, from tradition and
interest favor bmetallism, and the Re-
publican party demand the use of both
Such restrictions and under such provisions
TO be determined by legislation. as VIII Sc
cure the maintenance of the parity of values
and debt-paying power of the dollar wheth-
er silver, gold or paper, shall be equal at 81.
times.
There is no demand in the foregoing
resolution for the continued purchase and
coinage Of silver. as Mr.. Cheadle assumes:
on the contrary, it declares that legislation
shall be directed to keeping the silver and
gold dollar in circulation side by side. II it
appears to the able men of the party, and
those who are in position to note the drift
of financial currents. that the parity Of the
two metals as money can only be protected
by restricting or stopping the coinage and
purchase Of silver for a time, or absolute
ly limiting it, as has been done in France,
by stopping for years all coinage. that is
the course to pursue under the pledge Of
the Republican party. That will insure BIZ
metallism, which means the use of as much
| of both metals as money as will circulate
side by side. France is able to carry about
| $500 1000 of legal-tender silver on a parity
| with gold, because, since 1878, 1t has not
minted a legal-tender coin. 1t seems not
| to occur to Mr.. Cheadle that to maintain
| in circulation dollar iitrinsically worth
| 100 cents and one worth 60 cents. the guam
| tity of the latter must be limited.
Under the Sherman act the coin certii-
| Gates issued in purchase Of silver bullion
| are taken to the treasury for redemption in
| gold. There are about sl1O.OOOOOo of such
certificates. If the Sherman purchase at
| shall not be repealed these coin certifi-
| Gates will increase at the rate of about
| s4,OOo.OoO month. Already they have been
| used to cut the gold reserve to SIS 0oo. 900.
| Continue their issue and they could. and
| probably would, be used to exhaust the
| gold reserve. When that is done, and
| there is nothing but silver with which to
redeem the coin notes. the treasury will
| be upon a monometallic silver basis and
| ell the gold in the country will command a
| premium and cease to be money. The
| country will be upon a silver basis. in
| fact the bimctalism of Mr.. Cheadle, which
1 advocates the purchase Of silver bullion
| ut the rate of 100000 ounces month for
| an unlimited period, is not the bimetallisr
of the Republican platform, but the mono
| ers and their Senators, who betrayed the
| Republican party in it's attempt to pass
| federal election aaw in 1880. and in the cleo
| ton Of 1852 If the quantity of silver which
| this country VIII Take DIS iuOHeE 10 AOl lilIl-
| tied, as in France, silver monometallism
| is inevitable.
| When Mr. Cheadle assumes that the Re
| publicans in Congress are trying to spoil
| either of the money units" he is simply
| absurd. since every Republican who has
| spoken on the question in Congress has en-
| phatically declared that no Republican has
| such a purpose. Why, then. keep reiterat-
| ing this libel?
One more point. Mr.. Cheadle says:
| Can any sane man doubt the fact that, IL
Congress should, by law, provide that APP
grSns b el w y less e than 81 in the United
| States, that II could and would MAINTAIN
| itself with gold?
In 1871 the worlds output OF silver was
| 56,eOO,0OO ounces. or nearly IL of silver to 1
of gold During 1891 the silver output was
| l40,oOo,O0O ounces, or 231z of silver to 1 of
gold Meantime, the Latin Union has
ceased to coin legal-tender silver, and Ger
many. Austria and Italy have adopted a
output more than doubled, compared with
| gold. and a narrower market MIR. Cheadle
intimates that man cannot be sane unless
| he admits that an act of Congress. in 1873.
under such conditions, would have made
the silver in silver dollar intrinsically as
valuable as the gold in a gold dollar! Sup
pose the market for wheat had been mar
rowed in ten years, while the crop had been
| doubled-would Mr.. Cheadle insist that an
act OF Congress could make the price of the
doubled crops as great per bushel as when
the demand was smaller? There is no mys-
terious power in silver a commodity
which can free II from the memorable law
Of supply and demand any more than wheat
or cotton.
| SURRENDER, NOT COMPROMISE.
Washington dispatches indicate that the
long-continued and disgraceful deadlock in
tba Capota iS likely IN he ended nv 90