The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-03
FOR THE DOUBLE STANDARD
Hon. Joseph B. Cheadle Says Republic
ans Are Pledged TO Bimetallism,
Tells How Our Silver Product May Be Utilized
in Our Money System md Points Ont Ben
fits That Would Result TherefrOm.
q the Ealtor OF the Journa,.

To the Editor OF the indianapolis Journal:
The Republican party is pledged to the
doctrine of bimetallism. that Is. to the use
of both precious metsls-gold and silver
In our money system. That doctrine is q
part of the Constitution of the United
Ssstes; it. therefore. follows that the Re-
publican party Is pied ged to the only CON-
stitutional money system recognized by
the fundamental law of the Nation. The
Constitution having made gold and silver
the legal standard ana tender. and the
laws enacted in conformity thereto having
fixed the unit of value in our money sys-
tenn, and having declared what shall CON-
stltute that unit of value. it may be we'll
to know inst what it is. The dollar is the
unit of value IN the American money sys-
tenn. The first question that can arise IS:
OF what does that dollar, the unit of our
money system, consist The law has de-
fined. with great exactness, what Is a dol
lar. The law declares that the American
dollar shall consist of 3.22 grains
of gola aud 2.5S grains of alloy. and
contain 25.8 grains of gold. 800 fine, or
1t shall consist of 371.<5 grams of silver and
4l.26 grains of alloy, and contain 4l2.5
grains of silver 900 fine. and this dollar. SO
declared and defined of gold or of silver. is
made the unit of the American money sys-
TEN. and a full legal tender in the payment
OF debts. This is the exact legal status of
the dollar. The silver dollar Is just as
much n dollar as the gold dollar. just as much
o standard of values as the gold dollar.
made SO by the Constitution the funda-
mental law of the land; it Is. therefore,. u
plain violation OF the Constitution to re-
strict the use of either IN our money sys-
tenn. The right exists TO change the ratio
between them. but the right TO restrict the
use of either does not exist. BOtn metals
were made equals in that provision of the
Consultation that declares that they shall
be the standard of our money system, and
makes them q legal tender In payment OF
debts.
The existing condition of the money
question was caused by an act of Congress
that suspended the coinage of the silver
dollar. When il was suspended 1t was
worth $40 % in gold. The effect of sus-
pending the coinage of the silver dollar was
TO throw the powerful influence of the
| United States, together with that OF En-
gland and Germany, to reduce silver from
| being a standard of values to the status of
an article OF merchandise. thus making
gold alone the standard of value by which
all other values, including silver, had to be
measured. Tbs effect Is just what would
have occurred had gold been reduced from
| q standard OF values to an article OF mer-
chandise by England. Germany and the
| United States; it reduced it's commercial
vaiue measured ID the gold standard
that. and nothing more. soon thereafter
the aroused sentiment of the Nation
enforced the enactment OF a law bv Con-
gress, that partially restored silver, limit
| ing it's coinage to two millions and not TO
exceed four millions a month. This law
was enforced at the minimum amount un-
tl nearly four hundred millions of silver
dollars had been coined. that Is now in cir
c~ulation either as silver or silver %certiii-
Gates in our money system. July II. 1890.
the Sherman act became a law. and under
it four and one-half million ounces of sill
yer must be bought every month. TO be
| purchased as an article of merchandise. to
be valued in tho gold standard, and to be
paid for by treasury notes that are made q
leRal tender In pay of debts. Under
this law over one hundred millions of paper
money has been Issued. This is the exact
condition of the question.
The true policy of our government to
pursue is. in my Judgment, to exercise Its
full influence to restore to silver its cOnsll-
tutional function in our money system. No
nation on earth. except France. has 30
great an interest in silver as ours; my own
opinion Is that ours exceeds that of France,
for we produce nearly one-balf the silver
of earth. In addition TO that we now pos
eess. 1t this be true. then the question of
questions is. how can this be doneY | beg
leave TO suggest that 1t can never be done
by ignoring the constitutional function OF
silver and continuing TO degrade silver
from Its position as q standard of values
eAo " oAA Y tOoO2As
In the gold standard. That can never
remedy the exlstinR-evil.
SOME %FALLACIEs C%oNsIDERED.
/ think that q candid analysis of some
popular falfacies will enable the reader TO
get down to the meat in the cocoanut. One
man. or paper. or speaker says: Don't tall
about the free coinage of silver. because il
you adopt that policy you invite all the sill.
L var of Eurone m ANNA hara onI tho o5aos
will be to reduce our money system to q
silver basis" / challenge che world to
present q greater fallacy. European silver
Cnn no more come here if we shall adopt
the free coinage of silver than L can fly TO
Europe. and for this reason: Europe does
not produce silver. 1t is nearly all pro-
duced on this continent. The surplus sill.
Yer. that Is. the silver that is not coined
and 10 DOT In use as money, is on this conti-
nent entirely, not in Europe at oil. The
silver that IL in Europe Is III use as money.
The ratio between the two metals in
Europe is fifteen and q half of silver TO
one of gold. while our ratio IS sixteen 10
one. or one thlrty-seoond more of silver
| In our unit OF value than there is in theirs.
silver, where In use In Europe: Is o legal
ooin the same as gold. Let us illustrate by
supposing that We adopt the free coinage
OF silver and that u foreign syndicate of
capitalists Is formed to bring silver here.
They bring thlrty-twO millions of silver
1880 10y hoo thot AOuuCO III - OulIlOn
and stand all the loss of that sum in use as
money by abrasion. Second, they must
pay the transportation of It TO one of our
mints- 1t would weigh nearly /, $50 tons; 20
transport 1t. therefore. would cost quite n
sun, and to these expenses add that of i'm
surance. and then. then what Why. these
capitalists would learn that their thirty
two miliions. when recoined into American
dollars, made only thirty-one millions. or
an even million less than 1t cost them
In Europe, besides all the loss by
abrasion, expense of freight and insurance.
or q total loss OF not less than one million
and n quarter. and that they had for nav
30. $50. 900 American silver dollars In ex.
change for their S32. 600. 900 of European
silver. and that these American dollars
were not and could not be q legal tender
any whore outside of the United States. and
then a child can see and know that no sane
mar would undertake. as a business promo.
sition for gain. to exchange the legal silver
coin nf one nation with a ratio of l512 to ]
into those of another nation whose ratio
was 10 To ]. as ours il. No.: that can neye,
be done at a profit by anybody, and No