The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-04

country from free-coinage bill that had
been passed by the Senate by an over
whelning majority. The Democrats helped
pass the : serman bill. and they abuse 10
and blam. it for all the financial woes of
the Nation. l have told Mr.. Cleveland aud
Nh. Carlisle that 1 will stand with them
Tor sound. safe. stable currency. Mr.
Cleveland. in opposing silver. Is fighting
three-fourths of his party. OF course. / have
my own ideas about what should be done.
and when the matter comes mp In Congress
4 VIII have my say. 1 think the sherman
law Will be repealed. but the danger is that
CONGRESS may go too far. Should the clause
providing for the purchase of 4.5OO.UOO
ounces of silver monthly be stricken outfit
would be well. Buff Congress should 60
on and repeal the clause providing that the
tween gold and silver coins it would cause
widespread distrust. There is In the treas.
ury 35o, 600 of coined silver dollars and
145.0OO,OO0 In uncoined bullion. The legal
tender Of these coino must be preserved and
their parity to gold maintained. Ii is well
enough to stop the further mintage of sil-
yer. but that In circulation must be sus-
tanned. To stop making silver dollars
would not impair the usefulness of those
already made so long as the government
guaranty is back of them.
The present stringency Is caused by the
apprehension OF the mercantile and imam.
oral world that we will not meet our ooli-
cations in gold, but will pay in cheap
money. / believe We should have q sound.
safe currency on a gold basis. L do not
think the cessation of silver coinage will
bring gold more into circulation. It will
be utilized the reserve and basis on
which the circulating medium will rest for
security. think such q currency feasible.
and am. of the opinion that it will be
brought about
THE action of India with regard to silver
is not conclusive. 1t is In the nature of an
experiment. The law that the silver rupee
shall be worth 16 pence Is In the nature
of fiat money legislation and has no effect
here. Neither do think the Indian Council
acted to aid Great Britain to force the
United States to gold basis. All the
great commercial nations have tried
silver and have failed at it. The United
States is the last of them to realize
that silver can't be made the basis and
standard of the worlds money. If the
coinage of silver dollars were stopped and
the metal relegated to the position of sub
sidiary coinage. as among the nations of
tho Latin Union, the world would know
that We proposed to pay our debts in the
would be restored"
Modified Form Of the Bland Bill
NEW YORK. July 3.-Presldent VIM. n.
Thompson. of the National Lead Trust.
speaking of the silver question to-day. said:
II believe that the action of the Indian
Council is n modified form of the Bland
bill. Ii means coinage OF silver by q
government instead of by an individual.
Its temporary effect in this country will re-
suit in closing up of all low-grade ell
YER: Its ultimate effect will be that silver
will rule at value propOrtioned on the
law of supply and demand. The cotton
manufactures of Manchester have been
enormously decreased by factories gong
from there to India. In my Judgment, the
Sherman silver law ought never to have
been passed and should be promptly re.
pealed. But In order to accomplish that
some intelligent system for the continuous
use of silver, as @ measure of value. should
be presen ted so that the shook Of so sud-
den an act as the withdrawal of the gov
ernment from the agreed purchase of 54,-
000,00 ounces per annum of that metal
would not fall on the people who have been
induced. by the action of the govern
ment heretofore, to put their means In
mines, smelters and other kindred indus
tries. The American people are never 60.
ing to be satisfied with q redundancy OF
the metal as a money. have theory that
that the national bsnking laws could be
so amended that bank reserves might con-
sist of gold and silver. either in their OWE
vaults or those of the government, in lieu
Of hnndc -