The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-08-24
He Is Opposed to Free Coinage at the Present
Ratio for the Reason that All Glasses of La
Dor Would Be Robbed by Spectators.
Joseph G. Cannon's Eloquence Directed
Against Repeal of the Sherman Act.
He Says Lack Of Confidencs In Democracy Has
Caused Business Depression, Not the Sill
ver-Purchase Law-Debate in the House.
JUDGE WAUGH ON SILVER.

Some Solid Reasons for Opposing Free
Coinage at the Present Ratio.
Special to the Indianapolis Journal
WASHINGTON. Aug. 28-Judge Waugh,
of the Ninth Indiana dIstriot, intended to
address the House to-day on the silver
question, but no opportunity was presented
to him. The Judge intended to define his
position On silver and incidentally answer
the criticisms which have been made by
newspapers and others in his district since
he announced, through q Washington dis
patch to the Journal. that he intended to
vote for the unconditional repeal Of the
silver purchase act The Journal oorre-
spondent this evening called Judge
Waugh's attention to q recent paragraph
In the Frankfort News, which stated that
If he was opposed to the present silver law
he could have no further political ability.
as he was elected upon O double-standard
platform. and he had better resign and re-
turn home democrats may violate party
pledges with impunity," said the Frank
fort News, .'but the Republican who does
IL gets just one term and no more"
After reading the criticism, Judge Waugh
said he entered q denial to the statements
that the Republican party favored double
'Itfavors bImetallism." said Judge Waugh,
'uDon express conditions that cannot be
misunderstood. rs set forth In the MInne-
spOlis platform. With such restrictions
and under such provisions. to be enacted by
legislation. as will secure the parity of
values of the two metals Upon that
stand. Bimetallism, without reference to
the parity of the two metals. is as unre-
publican as tariff withous ref
erence to protection. BimetallIsm with
out reference to parity of values. as stated
In the article critlcisiDg me, would Garry
rs into the camp of the most rabid free
coinage men. Free coinage. In my Judg-
ment. would be almost as disastrous TO the
industrial and commercial interests OF the
country as fiat money; in fact at the pres
ent ratio value of the two metals. 40 cents
In each dollar would be fiat.
IF the doctrine of the article to which
you call attention was adopted as the pol;
be the means of creating and
fostering o great monopoly and opon-
ing fields for speculation by capital.
unparalleled In the history Of the country.
Wealth would 60 into tho markets of the
world and buy up the cheap metal. tako 1t
to our mints and have sixty cents worth of
il coined into dollar. and then DOM pei the
lsborers Of the country To take it for their
daily toll at hundred cents. If this policy
sist on like ;avors being shown the labor
ere and farmers of the country; that sixty
cents worth of labor shall bring dollar;
that the farmer be permitted to take
and have it ground into q dollars
worth of flour. The foreign importer. un-
der such q policy and conditions, could
bring q cargo worth 100000 in foreign
products, with $4,000 worth of cheap sill
yer bullion purchased from the four quar-
ters of the globe. exchange his cargo for
our gold, take his bullion to our mints an d
have it coined into $40. 900 of our money,
and, with his silver purchase q return car
60 of 2l00. 900 worth of American products
and take back home with himself S100. 900
of our gold SlCO. 900 of our products and
any true Republican fevors this. ] know
that 1T Is insisted that 3his country.
unaided and alone. by free coinage would
advance the price of silver 20 q parity with
gold at the present legal ratio. This Is
doctrine do not accept. This is q great
country, and i am proud of 1t, yet it is not
great enough to change natural causes or
supply and demand. the only forces In the
realm of commerce that i'm press values.
THE Republican party has always stood
for Q sound and unvaryinR currency-one
dollar for the rich and the poor-every dol
double standard. under such regulations as
will maintain the parity of values of
the two metals at fixed ratio.
Speaking for myself. l believe under the
present money conditions of the world the
government should coin all of our silver
money. Ill such volume as Will meet the
needs of the people and not injure the cred
1t of the country, maintaining the parity
of values of the two metals at q certain
fixed ratio. / have always been loyal to
party. | have never bOlted party on q
party question. nor viii l swerve from the
it for title to q seat in Congress during
my natural life"