The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-27

The Need of the Time Is Statesman Who
Can Offer Solution of the Problem.

To the Editor Of the Indianapolis Journal:
have been much interested In the dis
cussl0n which has been going on for
some time in the columns of the
Journal and other papers regarding
of silver as money. The fiat
money cranks, referred TO In the communi-
cation of Mr.. Lewis. in Thursdays paper,
are. in my opinion. not the only "cranks"
on the subject. The gold bug" is also q
crank. 1t is conceded on eli hands, | be-
heve that gold and silver should. If pos
sible. be kept upon an equal footing. If
that can be done; but oan il be donef i am
not q financial doctor. like Mr. Walcott on
the one hand or Mr.. Lewis on the
other. though l think / can diagnose the
disease: but the remedy is beyond me.
1t ID going to require more than ordinary
business Judgment to steer our financial
craft 80 as to avoid the rocks that are loom
ing up IN the distance. The disparity in
the bullion value between the gold and
silver In q dollar has gradually increased
for como years, and IN my opinion, will
continue to increase ID spite of all that Gan
be done by cranks OF either quality.
doubt whether the repeal of the Sherman
act Will afford more than temporary
remedy. Certainly the free coinage of sill
yer on the present. basis will not cure the
evil. The idea advanced by some that "a
silver dollar should contain dollars
worth of silver" would level things MP for
q while. but il would only be o temporary
expedieDt; II the disparity between the
metals continues TO increase. the time
wOuld come when silver dollar would
have to be as large as saucer. in order to
be worth as much. intr,nsically.
as gold dollar. Can the bust
ness OF the world be contin-
ued generation after generation, on a gold
basisi l very much doubt it. The trouble.
in my judgment, Ia not so much the fact
that SILVER is depreciating rs shat gold Is
gradually approaching in value. The
worlds supply of gold coin increases very
slowly. if at all, while the business Of all
civilized countries has largely increased
during the last thirty years. 1t is plain 20
see that the necessities of trade do and will
continue TO require q gradual increase in
the Volume of money. so as to keep pace
with the wants of trade. Where 10 this
increased and increasing amount of gold TO
come from, if the golc standard Is TO be
kept ups From the best information can
obtain on the subject. Am satisfied that
the amount OF gold now annually used in
the arts il nearly, If not quite, equal to the
amount annually obtained from the mines.
The complaint Is made, and not without
reason. that the annual output of silver 10
90 large as to cause it's depreciation. So it
is. as compared with the annual output of
gold. 1t Is well kown that profitable gold
mining in the United States Is practically
over. ALI the great bonanza mines OF the
West are silver mines. Gold in considera.
BILE quantities is still found in Australia.
bat the annual output there Is gradually
falling Oft, and. as l have said. scarcely
Keeps up with the demand for it's use in the
arts. while the output in India is almost
entirely silver. Unless some new and I'M
discovered gold region Is developed, the
question arises as to the future relation of
the two metals. For the reasons above
stated, do not believe this country. OF. for
that matter. any of the great nations of
Europe. can long MAINTAIN q gold standard.
III the annual output of gold kept pace with
the wants of trade. to say MOTH
ing of keeping pace with the
output of silver it could be done.
but with the great increase in the
demand for money. and the lessened
and gradually iessening output of gold. it
becomes pertinent to ask, where are we
at, and whittier are we driftingr But as
to the remedy have no remedy. / had
hoped that the monetary conference which
lately met in Europe would throw some
light on the question but they failed to do
so. The question is net only the great
question of the day. but il Is tho great
question of the future. Where is the
statesman who can solve it.
GEO. w. STUBS.
INDIANAPOLIS, March "a.