The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-21
cussion, has sailed for Europe. where he
will meet his family and enjoy with them

quite willing before sailing TO talk about
them. Look" he said. 'for the uncon.
dItional repeal OF the purchasing ella use or
the Sherman silver law within month
after assembling OF the extra session OF
Congress. The silver men perceive the
revolution in toe public mind on this sub
Ject, and, however eager or ardent tney
may be in behalf of silver, IL Is my Jud9-
ment that in the hope of making some sort
OF compromise that Will leave them no
worse off than now, they VIII consent 10
the repeal of this clause of the present law.
My purpose in writing the letter 20 Secre-
tary Carlisle was to issue warning against
any compromise on this question.
1T strikes me-" said MIR. henderson.
that the appeal to the country issued by
the silver congress AZ Denver tnis week
trifies with the intelligence of the country.
Colorado is O little young as State TO talk
about the good old times which were en-
ioyed before the demonstration OF silver
In 1873. That State is knownsas the Cen
teDnial State. having been admitted to the
Union at time when Congress had passed
q law for the resumption of specie pay
ments. As State, therefore. Colorado
cannot remember anything antecedent 10
the period when specie payments had been
deci0ed on. The good times that Colorado
remembers occurred after the adoption of
u law to pay debts with tho hest money
that the world know.
RECORD OF SILVER COINAGE.
1T is utter nonsense for Colorado or any
other State to attribute good times In this
country to silver, because the government
of the United States never coined silver In
any large amounr until 1878. From 1892.
when the original coinage act was passed.
until 1878. the coinage of silver dollars
amounted to only SS.OOOOOO From 1892 un-
til 1853. when the Hunter coinage act was
passed relating TO the coinage Of the sub
sidlary silver coin. there had been coined
IN subeidary silver only SIT. 900. 900. It
was perfectly well known that more than
one-half> the silver coined mp TO that
time was used by silyersmiths and
had gone out of the country. Silver
then sold at q premium. being worth at one
time about lO3. against par for gold. 1t
was much cheaper for silversmiths to buy
coin and melt it than IL was to buy bullion.
and the purpose of the Hunter coinage act
in 1853 was to lessen the value of silver In
su bsIdlary coin In order that small change
might be kept in the country. In the sixty
years In which not more than SS4. .00O.OOO IN
silver WAS coined, the government coined
about $500 600 0G0 in gold. Gold was much
more abundant as clrcn lating medium
among the people than silver. L cannot
now remember having seen q silver dollar
for twenty years previous to the passage
of the Bland act. in 1878. AS have said,
all the silver that the sllversmlths could
utilize had been taken out of the country.
THE argument outs both ways when
say that the country did not enjoy large
prosperity until after the demonstration
of silver In 1S13. Every one knows that
gold went to a premium of $50 in war times
and that between the outbreak of the war
and 1913. whom silver was demonetized. the
margin between gold currency steadily
narrowed. For several years before the
war. beginning indeed with the panic of
1857, times were very hard. The trou BILE
then, however was not that the country did
business on the gold standard, but that
hAd t..~o xhnA A
preciated currency of crossroads banks
It makes no difference what the form of
depreciation. the same evils will como
about. If government maintains two
currencios. the deprecated currency will
stick and the good will leave. depre-
clated currency was the cause of the panic
of 1857 and other panics may be traced to the
disposition of the government or the people
to trihe with tho laws of trade that are
stern and that insist on q normal enforce
ment"
Mr. Henderson read with some interest
Senator VIM. +. Chandler's declaration in
favor of silver. II do not see how Mr..
Chandler reaches the conclusion" he said,
that the rejection of silver and the adop-
tion of gold would bring distress. bank
ruptcies ana poverty to this cOuntry such
as IL has never before experienced. Does
he not know that years ago % per cent of
the customs duties were paid In gold and
during June of this year and up to July 10
not one dollar was paid In duties In goldf
Either importers were not able to get gold
with which to pay duties or. having it. they
government Since MIR. Chandler criti-
cises the remedies which l proposed
/ would like TO know how he can figure
out that the destruction of S20O.0O0 0O0 in
silver certificates can work him any harm
If We put in their place $500 000 900 In gold.
How can cur circulation be deprecated by
any such changef How can any business
suffer by the substitution OF gold because
silver certificates have Deprecated with
the fall in value of that metal. They can
rise no higher than their source. The
trouble with Mr.. Chandler's argument is
that his first column was added up wrong
and that mistake is carried through the
whole sum.
DOESN'T BELIEVE IN BLAINE.
notice that he brings Mr.. Blaine to bis
assistance. Mr.. Blaine declares that gold
and silver coin constitute the money of the
Constitution. This is q mistake Of Mr..
Blaine. They are no more the money of
the Constitution than iron or copper. The
Constitution gives power to Congress to
coin money. 1t does not prescribe that it
shall coin gold and silver. In respect to
the States. it prohibits their making
legal tender of anything except gold and
silver IL by no means follows that Con.
gtess is to be kept within the same Iimita-
1hoocu' SoukIoo, uuooi lto SoubtA~
tntiOD8l power. can make legal tender of
anything, as it has made it of paper with
no intrinsic value. Congress does have the
exclusive power to coin money. but the
Constitution does not say that il shall
coin, either gold or silver. When Mr.
Blame said that Congress had no more
power to demOnetiZe silver than to demon
etize gold, be simply used bad logic and
when ne quoted Mr.. Webster in the opin.
ion that gold and silver constitute the 10.
gal standard of value in this country he
quotes a man who is entirely right. but
what Mr.. Webster said was o different
thing from what Mr.. Blaine thought be
said.
II notice." said Mr.. Henderson, that
comment has varied with reference to the
remedies proposed in my letter for the re.
lief of the financial situation. There is no
use in denying that they are heroic reme-
dies. 1t still seems to me that the case
may demand heroic treatment. If we
try to do something now which shall
merely help the patient to get up
without providing an actual cure we shall
find the disease returning again In vlru-
lent form and perhaps even stronger RENE
dies may be required to deal with il next
time. There is no use putting OF for a fe W
years what ought to be done as soon as We
are satisfied with regard TO the nature of
the disease. In my opinion it would be bet.
ter for Congress 20 make legal tender of
copper than OF silver. Copper is Ger tainly
less variable In value. There is no metal
whose value f1uctuates so violently IS sill
ver Since the deposit Of bullion began,
and the issue of bullion certificates, silver
has ranked in speculation with the indus-
trials. We surely cannot afford to continue
q metal of such variable value as the
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