The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-26

party to bimetallism. and appeals to the
Sherman act Senators Sherman, Allison
and other bimetallists of national reputa-
ton favor the repeal Of the Sherman law
because they believe its repeal to be neces-
sary to make it possible to maintain BIZ
metallism-that is the circulation of silver
dollars on a parity with those of gold.
just as France has done by stopping silver
coinage. Mr.. Cheadle adds:
Until Congress changes the ratio between
gold and silver the American silver and
gold dollars are equal in purchasing and
debt-paying power, and no citiZen-nO, not
even Uncle Sam himself-dare dishonor or
discredit either of them within the juris-
diction or the United States.
So far as debt-paying power is concerned,
when the contract does not read gold the
above is true and Mr.. Cheadle is correct;
but, unfortunately Uncle Sam cannot give
purchasing power to silver beyond the
gold paper. TO illustrate: Congress made
the greenback legal tender. It's debt-pay-
ing power all right. but from the date
Of It's issue until the time for the resump-
ton act to go into effect it never had the
purchasing power of the gold or silver dol
lar At one time its purchasing power was
reduced to 80 cents compared with the gold
dollar. Now it has the purchasing power of
the gold dollar, as has the silver dollar
because both can be converted into gold
funds In Mexico there il free, coinage of
both metals. but no gold is coined and none
is in general circulation. The Mexican dol
lar will pay note at it's face value, but
1T has but little more than half the pur-
chasing power of the gold dollar. Indeed,
dollar, which contains more silver than our
standard dollar, will not purchase much
more than half as much, for the reason
that the American silver dollar is now so
linked to the gold dollar that it passes as
gold. Make the coinage of silver free and
unlimited, as in Mexico and we shall have
silver price and a gold price for all mer-
chandise Of international use. and the sill
yer price will be higher by as much as the
bullion in a silver dollar is worth less than
the bullion In a gold one.
The bimetallism of Mr. Cheadle, which
has for its main purpose it would seem,
the absorption Of all the silver bullion
which can be produced in this country,
would ultimately Mexicanize our currency
nd Ia he NIT
country. Real bimetallists. like Senators
Sherman and Allison, would save the coun-
try from silver recommendation and depre-
citation by restricting it's use, as has France.
The collapse of the compromise of the
German steering committee has been the
topic Of conversation in Washington as it
has in other parts of the country. How did
it come about that the views of the Pres
ident were misunderstood? Did the German
committee undertake to play confidence
game upon their acknowledgements? Did the
President or those who should have spoken
for him fail to make themselves under
stood?" Such are the questions which have
answer. 1t appears, however. upon the best
authority, that Secretary Carlisle is re-
sponsible for the misunderstanding which
led so many Senator'S to append their names
to the German compromise. BY some means
he came to the conclusion that the Pres-
dent would accept Germans compromise,
and he so gave the German committee to
understand. Secretary Carlisle was in con-
sultation with the Democratic Senator's, and
it has been stated that several of his sug-
| gestions were adopted in the compromise
measure, such as the limitation of the pur-
| chase of silver bullion to one year. At any
| rate, Mr.. Carlisle was in the conference
| Now that the President has discredited it,
| Secretary Carlisle can but feel that he
either has been repudiated or Inundated.
| The fact is, Mr.. Carlisle has lost rank since
| he became Secretary of the Treasury. In
| the House he led, and in the Senate the rep
| utation he took with him gave him posi-
| ton in the front rank Of his party in that
| body. AS Secretary of the Treasury, how
| ever, he has made a series of blunders, be-
| coming little more than a dispenser of
| spoils.
The question of consolidation of all labor
| organizations into a single strong one with