The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-25
MIR. CHEADLE'S VIEWS
The Ex-COngressman Once More
Tells Why He Is Bimetallist.
He Thinks the Sherman Act, Instead of
Being Harmful, Has Been Source
of Profit to the Country.

To the Editor of the Indianapolis Journal:
Will you grant space for a reply to your
Saturday editorial in which you headline
me as "a Silver Monometalist" because L
am opposed to the unconditional repeal of the
purchasing clause of the so-called Sherman
act? You say 1 emphasize the assertion
that the Republican party is pledged to BIZ
metallism. Why should 1 not emphasize
that fact? In 1858 the platform said: 1.-THE
Republican party is in favor of the use of
both gold and silver as money, and con-
dennis the policy of the Democratic admin
;stration in it's efforts to demonetize silver"
Cleveland was then President. In 1892 our
platform declared that 1.-The Republican
party demands the use of both gold and
silver as standard money, with such re-
strictions and under such provisions to be
determined by legislation" as would in
brief maintain both metals at par. These
declarations are the pride and boast of the
masses of our party. The question then
arises, how can this result be best attained?
L repeat. bimetallism means. if it mean any
thing in America and to Republicans, the
use of both gold and silver as standard
money" a status conferred upon both metals
by the Constitution Of the United States and
the Republican platform of 1892. What is
Il
is plain and direct-gold and silver when le-
gally coined into the unit or units of our
money system. The silver dollar is stand
ard money, the gold coins are standard
money, the one being made by law, in pur-
suanoe of a grant of authority from the
Constitution, the equal of the other Both
are standards of value, and to talk of re-
deeming one legal standard by another legal
standard, or to talk of measuring either Of
t them by the other is; to my mind, absurd
coin money and regulate its value; coin
money out of gold and out of silver, and
regulate its value. There is no grant to de-
mOnetize; therefore, Congress can no more
legally demonetize either of them than it
can both 1t cannot legally demonetiZe
either of them l make this statement.
and challenge 1.-The able men of the party and
those who are in position to note the drift
of financial currents to dispute this fact
Congress has, pursuant to this grant of aU-
thorty, performed that duty, and until Con-
gress changes the ratio between gold and
silver the American silver and gold dollars
power. and no citizen-no. not even Uncle
Sam himself-dare dishonor or discredit
either of them within the jurisdiction of the
Replying to the statement, Under the
Sherman act the coin certificates issued in
purchase of silver bullion are taken to the
treasury for redemption in gold" / say they
they are not payable in gold 1 aided in my
humble way TO make them payable lin
coin" and that means in gold or In silver,
and l note the fact that. in pursuance of the
provisions of the act, about thirty-six mill
ion silver dollars have been coined, with
which that amount Of the notes has been
redeemed.
Replying to the statement that "if the
Sherman purchase act be not repealed these
certificates will be increased about 1000 600
a month, and that they have ben used to
cut down the gold reserve, and that they
could and probably would be used to ex-
haust the gold reserve" l reply,
they have not thus far cut down
the gold reserve perceptibly. Let
us see If / am correct You state. and
correctly, that there are about $40, 1000, 900
OF such certificates now in circulation.
There has been issued about sl51. coo OF
them. This shows that about 81, 1000
shows that. in round numbers. under that
act, 36000.0G0 of silver dollars have been
coined TO redeem outstanding certificates,
thus leaving only about FIVE millions TO be
paid for in gold. This treasury statement
is conclusive upon that point, because I'M
der that act. at this time. the Secretary
cannot coin silver dollars for any other
tificates So far as any danger TO the gold
reserve is concerned. permit me TO reply.
further, that there can be no encroach-
ment upon the 500, 000. 900 gold reserve in
redecming any of the treasury notes of
the act of July IL, 1890. except IL be In vio-
lation of the plainest law, for the reason
that the sl0o.0oo00o gold reserve was placed
in the treasury away back In the seven
ties and has been kept there all the inter-
vening years. for specific purpose. and
that purpose Is to redeem upon preSenta-
ton, any of the $346. 600 900 OF outstanding
treasury notes commonly known as green
backs. May add that neither Of US could