The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-10
THE SHERMAN SILVER LAW
Hon. ]. B. Cheadle Is Certain There Ia q
Conspiracy Againstthe White Metal,
And Opposes Repeal of the Act of 1890. Unless
1t Is Replaced by Something Better
Wants Free Coinage When 1t Is safe.
y The Editor O, tne I~pa,anauo,,s Jourpar.

To the Editor Of the Indianapolis Journal:
The financial question grows more intrI-
cate and the conspiracy against silver
deepens every day. If any other evidence
was needed the action of tie government
of India in stopping the coinage of silver
rupees in a day. without any discussion.
makes 1t conclusive that the conspiracy
exists. The dropping of tho word dollar"
in our coinage laws. on the revision of the
coinage laws of our governments in 1873.
without the knowledge of even the Presi-
dent. and the recent action of the govern
ment of India. is as conclusive as action can
be conclusive OF motive. One fact must not
be forgotten. India la q creditor nation. Her
people sell more than they buy. hence all
of the silver that has gone TO India has re-
NAMED there. If the hope of the Vice he
gent General that India will get on to q
su Dstantial gold basis" prove tr ne. SO will
1t be true that all of the gold that h GREATER
goes there will remain. and India Will soon
absorb from One-third to twO-hfths of all
the gold of the earth. and then what. IL
silver shall be permItted to be demOne.
tlZedf Talk about the present stringenoy
in money matters being disastrous, 1t will
De as O gentle breeze to the resistless cy-
clone of what will come to pass should
India adopt the gold standard. l have no
doubt that the action of the government OF
India is one act In the drama of the gold
conspiracy. The hand writing 10 perfectly
plain-sO plain that @ child can read it.
One moment in regard to the silver bill
Of 1890. The record is SO recent that
neither men nor papers can afford to fly
aided by free-coinage Republicans, passed
through the Senate a free coinage act. But
ct that time the Misunderstanding financial
measure Was pending In the House COM
mi Thne hull -nA h. 49,
tsry Window. Ii nc doubt had the sp-
prevail of President Harrison. 1t differed
from the act of July Ia, 1890. materially on
one question, and only one. and that was
silver bullion. The Window bill con.
the Tereasury the authority to
sell the silver bullion ut his discretion.
broker OF silver and the treasury q storage
warehouse for 1t. These are the facts, and
when the Senate adopted free coinage the
contest resolved itself into . tight between
these two theories. and the act of July IA.
1890. was the result OF the compromIse. 1t
was the Republican settlement of the Ques.
ton. so announced By the chairman Of the
House committee. ana the Republican
party cannot truthfuily deny 1t. At that
time there was q large surplus of silver
bullion on tho market: now there 10 less
than q millisn ounces. and something had
to be done to give silver another stab. The
stab was made by the government Of India,
the immediate effect of which was to cause
silver bullion TO decline several points.
whom . reaction set In and it gained sev-
oral points. and then. strange TO relate. the
Secretary of tho Treasury refused to buy
silver on the day set apart for the purchase
million ounces. for the reason that
the price was too high. just think
of it! The present Administration refus-
ing to buy silver because silver was too
hsnh Whu HfavnHta Soarrv IA fho
Treasury violates a mandatory statute in
order to further depreclats silver. and yet
We have Republicans talking about aid
ing Cleveland to repeal the Sherman law.
lican leader, when they kept in touch with
the masses. could walk into either house
that would end Republican support of it's
repeal. unless it was coupled with = meas
ure that would sooner raise silver to .
parity with gold.
THE PARTY'S PLEDGE.
The Republican party is pledgsd to BIZ
metallism. That means. If it means any,
thing at oil. the use of both gold and sill
yer in our money system. upon the present
ratio or O new one. There is no escaping
this conclusion. What. then. is the duty
of the Republican party in this crIsisf To
stand rssolutsiy by bimstsllism; and be
who fails to do it violates the party
pledge upon o question of the most
vital Importance TO tho eonRtry
and to the party. There are two systems
-monsmetallism and birnetallism-and
only two. We are. therefore. either for or
The final act Of discreditins silver ap.
pr0aohes. Under existing law the surplus
silver has been nearly used up, and an in.
crease in price must follow unless the law
repealed. To aid in this repeal Englands
deerse went forth. and supplIant India has
spoken. Will Repub lioans. who are pledged
to both binstaliism and protection.
Democrats to tear down these two systems
they themselves have formulated into lawf
For / hold that these 60 hand in hand
| free trade and the gold standard. proteo-
simple question for Republican members
of Congress to settle at the special session.
How can O Republican M represent
his party on bimersllism who in the least
aids to destroy the demand for the use OF
either gold or silverf
/ have said heretofore. and now repeat,
the silver act of July IA, 1880. has nothing
TO 90 with the present money strinRsncy
further than 1t 10 used by the fPee-trade.
G~old-standard men of the East as the reason
for their demand for the complete dsmone-
tizarIon of silver. Am 1 correeI Let
l us see. Bankers. capitalists. money lenders
and business men demand . stable and
solven: currency snd financial sy stsm, and
1t Is conceded that the more solvency there
il behind the currency the more stable Is
must be. What Is q solvent sysJemf 1t Is
conceded to be one whore the currency
Issue 10 based on coin reserves. for, after
all. coin is the primary money of the com.
mercisl world. This being true. does it not
follow that the currency that has the larR-
est coin reserve behind il is the safest.
most solvent. and. therefore,. the most sta
BILE currency for the peoplei No sane man
willdeny this statement; no gold-stsndard
man dare deny it. judged by this su-
preme test, what followsi This: that
the silver act of July Il. 1850. is not
and could not be the cause for the present
financial condition. for this best Of all
reasons: The currency issued by authority
OF the set of July Ii. 1890. has the largest
coin reserve behind il OF any paper money
ever authorized by any government on
earth. lt has one gold dollars worth of
silver bullion behind every dollar IN circu.