The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-23
TALK ON HARD TIMES
Judge Baldwin Addresses the
Progress Clubs Sunday Meeting.
He Discusses the Silver Question in Its
Relation to the Present Stringency
He Suggests Cure.

The address OF the day at the Progress
Club, yesterday afternoon. was on the ques-
ton OF Hard Times and Their Cure by
Judge Baldwin, of Logansport- The speaker
has appeared before the club on other occa-
sions, and never fails to draw a crowd.
Yesterday was no exception, and the room
was comfortably filled. The speaker was
listened to attentively during the hour
and half which he occupied in his talk,
which was in substance as follows:
"A panic Is always followed by readjust-
ments, and this makes hard times. What
the present collapse? Every thoughtful
observer knows that the great law of peri
United States panic in 1917, again in 1887,
1901, 1873 and now in 1893, each separated by
q space OF nearly twenty years. In England
period The cause of panics and consequent
nard times Is overtrading. abuse of credtt,
bad investments, unfavorable foreign bal
ance and commercial mismanagement gen
orally. panic in financial matters Is what
the crisis Is in fevers. 1t means that the
and that pay day has come. A panic Is
invariably preceded by great apparent pros
perity. Besides, our panic OF last May was
only the American end Of similar panic
that has, for the past two years, been rag
ing in the old world. England lost 81, 900 000,0o
two years ago IN wildcat investments In
not enough, she lost a similar sum I'm Aus
tralia. That compelled her people, so as
to make good these losses, to sell out their
American investments. which meant that
she called upon our people to pay up. Do
not lose sight OF Greece, Austria, Italy and
the other nations of the world. Two years
ago in Athens found Greece flooded with
paper money. which, since then. has brought
on collapse and general Greek smash
UP. The general proposition i am now
maintaining Is that we are suffering from
periodic collapse and suffering in common
with other nations and hat i this collapse ss s
been reelected, just the same as under
Cleveland, for II is nonpolitical in its cause.
The assertion that this is Cleveland panic
IS worse than boSh.
THE SILVER QUESTION.
81 think that one. and perhaps the princi-
pal. cause Of our present hard times is In
judicious silver legislation. 1t was huge
mistake to demonetize silver in 1873. Ever
since that time we have been steadily
tending to gold rnononetallism in reality,
although not in name. / believe that mon
ometallism. whether of the yellow or white
variety. is a fatal blunder. I am thorough
bimetallist, and believe with all my heart,
mind and strength in a convertible GOLD
and silver currency. The money with Wnicn
the sons of Abraham bought the field in
which to bury their father and mother
current money with the merchandising
only money mentioned in the Constitution
concurrently with gold-is part of our
birthright and any endeavor TO rob US OF.
IL is q financial crime. AS gold has appre-
ciated by the discredit cast upon silver,
prices of the great staples of life have fall
len This is why wheat to-day Is 55 cents
a bushel- That is the gold value of our
greatest commercial staple. Gold standard
England fixes the price. Both parties, Sill
yer as well as the gold monometallists'
ton for both our legs. Suppose war should
break out between the right and left leg,
and then because our locomotion was I'M
paired each should throw the blame upon
no become a
like Mexico is to cut ourselves or from
the great international currents or the
world We can't afford to carry on COM
nerce in silver treated as bullion: Neither,
on the other hand, can we afford TO make
gold the single and sole standard; mat NAT
leg TO see with one eye, or TO stand pyra-
mid upon it's apex instead Of upon It's base.
seeking to cut the others throat-is the
most idiotic thing in American nnance
And 10 it and the probable ana dlrect t son,
any one cause the storm that swept over
us last May and the great destructions OF
the hardest we have had for a score OF
THE TARIFF.
Undoubtedly the expected change In our
tariff laws has had something to do with
our present condition. But this is one OF
the most damaging admissions high
tar.T advocate can possibly make. Sucn
an admission gives away the whole doc
trine of high protection and opens up the
undecorated fact that the government made
Industries which can only exist and pros
per by constantly increasing the doses OF
United States subsidies, and are sources
of weakness and lack intrinsic strength.
The sooner we can free ourselves OF them
the better. The tariff scare amounts 10
this: We can't exist without govern
ment pap. Reduce the dose and we must
shut up. Keep up our subsidies and we
will keep our mills OPEN What pleai
What a monstrous and humilfating con-
fession to make! When we consider how
much pointing with pride TO our govern
ment-made industries has been doing duty
for the last twenty years, and what these
industries have received. and that these
same industries, since last May, have, in
stead of weathering the storm, bent like
cornstalks-the workings and inherent vice
OF the whole system becomes apparent.
Have our hotels, or our newspapers, or
our hundreds OF other unprotected indus
tries shut up their doors. and discharged
their employees because of last Mays
financial sguall? Have our unprotected in
dustrieS become calamity howlers because
OF threatened reduction of subsidy
which is essentially favoritism?
But enough of causes. When a mans
house is burning his first duty is to put
out the fire. What can be done to put an
legislation do il. and. If so, what legisla-
ton? Or must we look TO personal effort
TO accomplish 1t? Must each man and
woman put their shoulders TO the wheel,
and, If so. 70 what wheel? / think the lat
ter is the most potent remedy. / am not
much OF believer in legislative cure-alls.
How small of all the Ills that men endure
The part that kings and laws can cure
But something can be done by legislation.
What?
SILVER LEGISLATION.
Il am in favor of the repeal of the pur-
chasing clause Of the Sherman act, for 1t
seems to me it is illogical and vicious for
the government TO be dealing in silver as
a commodity and issuing warehouse re-