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

bargain.
They thought and said with all sin
certify, I'm this chamber that the act Of
1890 was a step in the direction of free
coinage. At every station of the journey
hither to attend this extraordinary ses-
sion of congress we were startled by
flash after fash accompanying the re-
port Of financial failure and disaster.
Our way to the capitol was blazoned by
carnival of bankruptcy. Are these the
consequences of a single step toward
free coinage? No; they are the we'll
known signs and tokens OF a step to-
ward the sole standard Of gold-toward
the basis Of a single money metal, to-
ward a second resumption in gold alone,
another enormous shrinkage in values
and the establishment of a monopoly in
money. But in the case of the Bland
act there were no such conditions. Why
then was silver purchased?
Did the friends Of silver fear at that
time that ii would not be brought to the
mint for coinage, and so thought best
to make sure of supply by buying 1t!
This is hardly credible. Was the silver
purchased at so many ounces per month
in order TO limit the amount to be
coined? And above all, why was the
coinage of silver dollars not made equal
as well as free up TO the amount re-
stricted? Equal TO that of gold in none
tary prerogative-a full legal tender-so
that when standard. silver dollars We're
offered anywhere the debt died?
Coinage of the silver dollar free, with
out mint charges, coinage of the same
equal-that is, with no exception TO its
legal-tender function, and yet limited as
to amounts a proposition which it
may stand us well in stead 70 consider
For myself, after we have redeemed the
outstanding pledges of repeal and of
maintenance of the existing parity. I
am prepared TO support, as / always
have supported, free coinage, or further
coinage with equal monetary functions,
and to act for such contamination.
A Secondary Question.
The national circulating medium of
this country ought to be, and will be in
the end, silver and gold coin with their
paper substitutes all of coordinate full
monetary character, springing from pre-
else parity as to the coins struck, and
from the unification of our different
kinds Of paper merged into the form Of
the treasury note. What may be the
aHquot parts, respectively, of silver,
gold, and notes in the volume of money,
seems to me a secondary question, one
wholly of expediency 1t is a question
necessarily transient, temporary. 1t can
not be accounted as among great funda-
mental policies or principles, and has
occupied a place in public attention
wholly out of proportion to its real i'm
portance.
For this reason I earnestly hope that
the eloquent appeal made yesterday by
the senator from Mississippi, who sits
next me CMr. WalthalD, for some ad-
justment of the differences among us,
may find a response-an answer in full
accord Herewith. The subject upon
which we differ is infinitely less than the
great aims and purposes which other
wise we would attain. Political unity is
the first law OF safety. That unity of
action is a duty incomparably greater
than division on the matter which
divides us. 1t is a duty-a thing now
due. 1t is that which we owe. and we
shall be greatly debtors If we fail TO dis
charge IT, We owe this, all this, TO the
past, wherein we have wrought together
TO the present, pressing upon the edge
Of further conflict, 20 the future with its
high hopes and aspirations kindled in
all hearts and homes by the victory of
1892.
l recall a time when we had no
metallic money in circulation at all
even subsidiary silver disappeared. We
had fractional paper of 5, 10, 20 and 90
cents in denomination; yet we had no
scarcity of funds. The vacuum made
by the absence of silver, by the desertion
of gold, was promptly filled by other
agencies.
1t was the period or the great CIVIL
war. Although it was a time of much
sorrow and suffering, there was no
financial distress and no coin in sight
or use Even to the gallant soldiers in
the field the government said: Silver
and gold have l none; but such as
have give 1 thee" During four years
there was not as much monetary trouble
as In one day of that visitation which
now affiicts the country.
1t is often said that the repeal Of the
purchasing clause is a movement in
retrograde; that IL Is a step backward
that repeal leaves the country in the
same condition that existed in 1878, or
from 1873 to 1878.
But Ii Is Not True.
This would be a Serious objection to
the measure Of repeal IL IL were true.
Let US briefly examine Il. The act of
1878 related TO the silver dollar. Before
the passage of that act, although a small
quantity of such dollars had been coined,
very little of that quantity was in cir
culation.
The silver dollar was a rare coin, sell
dom seen. Since 1878 up to the present
time we have coined from silver, and in
the interval have put into circulation,
either directly or through treasury GER
tificates. 53S,0O0,0OO standard silver dol
lars. This means that number Of pieces
OF silver now in the vaults of the treas
ury or in the hands of the people. This
vast deposit Of silver has been laid into
the volume Of money-lodged therein as
securely. as permanently as 6 geological
stratum is stored in the earth's crust. II
has come TO stay. 1t is scanned, silted
into the outlaying ledge Of moneyed coin
by time. by law, by usage, without the
possibility Of displacement 1t Is a gain
of $50. 600, 900 pieces to the fund and forces
of silver.
One might as we'll talk of the French
government restoring its ancient domin-
ion over the lands of the Louisiana pur-
chase as after this to speak Of danger
TO the existing bimetallic basis.
We might pause to compute how long
IL would take a man to count these units
how many years to number them. What
trains of cars or army of wagons would
be required TO carry this sum- What a
sarily covered even at double thickness
10 hold it! Or what a huge cone
mountainous. so to speak, in it's dimen-
| sions, might be formed by plling ii in
the shape Of a pyramid, a shining, gilt
tering hight. wherein we may stand and
| look sheer down upon the long, low
valley of no-silver from which we have
made the ascent since 1871
The condition of this country, with re-
| spect TO silver money il existed in
1873. Is changed, irrevocably changed
We can no more return to II than what
| is baked can become dough, or what Is
roasted can become raw again. The
| money I'm silver, gold and paper issued
f,xrf h ro1 ar-ra.