The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-12-13
STATUS OF THE SILVER QUESTION.


STATUS OF THE SILVER QUESTION.
The Inauguration of President Cleve-
land opened a new era i'm the history of
silver coinage in this country. The bank
panic of the summer forced tie special
session of congress. aud the president an
nounced his views to the Legislative
body in the most explicit way. Congress
adopted his view. 1t conceded that the
financial trouble was due 10 the Sherman
law and repealed the measure. Relief
was felt almost Immediately. Money
has become drug on the market. There
is no financial trouble remaining. The
repeal of the Sherman law concludes the
experiment of attempting to bolster up
the value of silver by purchases and
other artificial measures. For fifteen
years this country undertook to cure
disease of the world by taking all the
medicine itself, and it failed 1t will not
renew that attempt That may be taken
as an established fact.
The long debate on the subject in the
senate had some educational value. 1t
developed the fact that the more intelli-
gent advocates of free coinage admitted
that it would put an end to bimetallism;
that the inevitable result would be sill
yer monometallism. There is not a lead
ing bimetallist in this country or in the
world who does not accept that PROPOSE
ton. There are of course many of the
smaller order of politicians who still hold
to the idea that this country is great
enough to maintain any kind of money
without regard TO the rest of the world.
but these are found almost exclusively
in the ranks Of the populists. There is
not the slightest ground for any such
belief. Our own experience has shown
us that this country could not maintain
bimetallism when our coinage ratio
market ratio of the two metals, and TO
attempt 10 do so now, when their ratio
is fiuctuating more rapidly and more
violently than at any preceding period in
the worlds history. would be a palpable
absurdity The only existing choice is
gold monometallism. silver monometal-
llsm, or international bimetallism.
We understand the presidents state
ments on the subject to mean that he
viii endeavor to secure the last named.
and ne evidently intends to make the
effort through the ordinary channels Of
diplomacy. He does not propose reas-
sembling of the international monetary
conference at present His words on the
subject are impressive. He says ut
seems to me that it would be wise to
give general authority to the president
to invite other nations to such a con-
ference at any time when there should
be a fair prospect of accomplishing an
international agreement on the subject
of coinage" To call conference when
there should be fair prospect" He ex-
poets that time to come or he would not
suggest the power. How is it to come?
Doubtless events will hasten it. The in
dications now are that the Bank of En-
gland is In serious trouble. If so that
will do more than any other one thing
to hasten international bimetallism. But
this government must be ready to take
advantage of events. 1t must be able TO
urge its cause. 1t can do so through the
usual modes OF communication.
The international monetary confer
ences Of 1878 and following years were
purely educational in character. None
OF them had power to act. Their ses-
sions were devoted to academic debate.
They have been Of immense value in
showing the intrinsic defects OF gold
recommendation. and of equal value I'm
showing the necessity Of international
money. The time for debate has now
passed. The time for action has come.
This country has already taken the frs.
step toward bringing pressure on foreign
countries by the repeal of the Sherman
purchase law. IL has served notice ON
them that this country did not propose