The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-09-20


David b. Turpie on the silver question
delivered in the United States senate:
Mr. President-That democratic form
of political liberty, for which we upon
this side of the chamber have always
cOntended, is not a thing single, either
in idea or enjoyment, but 1t is composed
of those particular elements, numerous,
variant, which go to make up the sum
total Of the franchise of freedom.
Liberty Of the person is at this
time well assured in this coun-
try; that of speech and of the press
may be counted also as undisturbed.
The liberty of property and proprietary
rights are not nearly so well maintained.
Liberty Of worship, or, as it is called,
freedom Of conscience, is perhaps more
fully enjoyed than any other. Liberty
of trade is hardly known; commerce
with othere countries is subject even
now to the most harsh and exacting re-
strictions ever imposed in our history:
Liberty of the ballot is yet struggling
for recognition, fetteTed by federal enact
ments which deny and defile it; monetary
freedom We can not be said TO nave
lost, because we have rarely possessed
It; our feet in this respect were planted
in the beginning in large room, but
our movements have been crtbbed and
cramped by rigorous manacles, for the
most part self-impOsed.
Even today we are engaged in dis
cussiOn as to the retention or removal of
one stubborn obstacle In the path OF
financial progress.
i do not believe that the present
vaunted supremacy Of gold has been the
result of its inherent excellence or of
the force OF a species Of financial gray
itation of any natural law OF coin or
commerce; on the contrary, l believe 1t
TO be the result of prolonged, deliberate
purpose, Of earnest, enduring labor TO
that end, of immediate direction and
personal agency on the part Of its
owners and holders, extending through
many centuries.
study OF the history Of money, even
casual. will show this. The movement
OF the gold interest in the direction OF
exclusive monetary control became very
apparent four hundred years ago, upon
the occasion of the great flow of the
precious metals from the to the old
world and is to be very plainly noted
in European legislation long prior TO that
time.
1t became still better known about the
time that it began openly 10 deal with
nations as its ustOmers-abOut the
time when he of the red shield took
charge of the treasury Of his prince
and in the wars of both NapOleons it
backed what it called legitimacy with
all its prestige; fought at Waterloo and
Sedan with as fierce a zeal as that of
any bayOnet on the side Of the victors,
dictated the time and terms of peace to
the cOnquerors as 20 the conquered
France must not be destroyed, only
humbled and impoverished.
Very Powerful as a Governing Body.
The syndicate OF gold is a very old,
very small, but very potent governing
body. 1t has Witnessed the rise and
origin of most of the nations and gov
ernments of the eastern hemisphere, of
all OF those OF this. 1t is neither elect
I've nor hereditary, yet Of perpetual dura-
ton and succession. Its transactions are
concerned with empires, it stands before
kings, it rules rulers and has made law
for the lawmaker. 1t is of no country
Of no age or creed. It is attached to
no government or form of government;
II is alike Indifferent to all 1t looks
upon the whole shifting. changing scene
u social and political revolution as the
'Sphynx" gazes upon the sands Of Egypt
with calm, impressive, moveless visage
intent only upon its own continued in
vestments and their ceaseless accumula-
ton.
When the next period arrives Of dy-
nastic disturbance among the nations of
Europe this body in privy conclaYe, more
secret and silent than that Of the car
dtnals assembled at Rome 10 choose the
GANNNSoOA VI lit EIEdL HSnEfHldtlt viii uc-
cree absolutely which Of these shall sur
vive and which shall perish.
This everything power in the sphere OF
finance had little concern in legislation
during the early years o. our history.
Traces OF its action and influence occur
from time TO time, but its first strong
and avowed interest I'm our affairs began
during the civil war. National bonds
with high rates OF interest and I'm bill
ions of amount had for it an Irresistible
attraction. The act TO strengthen the
public credit, making certain public Sc
great success and revealed its latent
power. This gave 20 its management
and methods a somewhat permanent
Judgment in the law OF the land.
That the syndicate of gold favored the
passage Of the Sherman act is not to be
doubted. The purchasing clause gave ii
clear path 70 the gold in the treasury.
The one hundred millions OF reserve
therein was the cause Of constant irri-
tation. 1t was owned by the govern
ment, held by no banks. It was a de-
post, Independent, isolated, contrary to
the tradition OF the syndicate and to its
mysterious law Of aggregation, for the
syndicate had long ago said in its heart:
'All gold is mine" Little as / thought
Of the value or utility of a reserve of
this character, / was lOath to see IL
looted by the gold trust.
Its emissaries and agents acquired and
amassed the notes issued under that act
IN large quantities, devoured free gold as
fast as il was received and finally COM
menced depletion of the reserve This
touched harshly the public credit; pri-
vate credit reeled under the blow. The
crash came with widespread ruin, but
this was the harvest OF these giant usur-
ers. This ruling autOcracy of gold is
well aware that the continuance of OPP
erations under the present act makes
oversupply Of silver bullion for COMA ge
depend upon that Of cash in the treas
ury. We are thereby compelled to buy
silver, our own product.
For the issue here is not whether we
shall coin and use silver as money, or
continue TO DO so-but whether we shall
further continue to purchase silver for
coinage purposes.
AS I voted against the Sherman act at
the time Of it's passage / shall vote
against it now.
other Evils to Correct.
We need to undo many another act be-
sides that embraced in this repeal. The
subsidiary coin OF the United States, as
far as it is composed of fractions or
parts Of the standard silver dollar, has
always been minted from silver. Under
our first coinage laws and for several
years afterward this smaIl-piece coin
age was proportionally made of equal
value and hneness as the whole dollar
and had the same monetary character
But before many years the hidden
hand Of gold appeared, envious Of its