The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-05

pEOulcL OF our SlNe- lis III o. -
silver mines OF the United States produced
5000. 2S9 fine ounces of silver or the COM
mercial value of $50, $4,000 and OF the com
age value of s74.9 gas. Az. Our gold mines
produced 1.597. 09s fine ounces of gold OF
the equal commercial and coinage value
of SS,014,9 Sl. The treasury notes issued
monthly under the sherman Jaw an AMOUNT nourt
equal TO the needs of our rapidly increas-
ing population and business. Following Is
a statement showing the amounts OF goad
and silver coins and certificates, onlted
States notes and national bank notes IN
circulation Aug. 1. 1894:
General Amount IN
Stock. Coined Circulation
or Issued. In Treas. Aug1.lSSf
Gold COIN. s572. s75.5ss s7s.S72.ol2 s4ss. los.577
standard sill
yer dollars. 4l9. 756. 2S 36s, 796.66S 5o.5os'o4o
Subs idiary
Gates ....... Sc, oso.ess 1Os.47o s5,s47.22s
Gates ...'.. 1856. $3.50 12,o27.7 SS s2l.4 9l. 7ss
Treas. notes,
1880 -. l52. 447, l2s 22.52s.5ss 49, ls.5e7
United states
notes ..-.,. 346,6Sl,Vl6 S2,llo,,Sl zoi,oo4'--o
Curry certfs
1872 -. s1.s55.oN 100000 s1.ss5,cco
Nat'n'l bank
notes --...-- Di,oSs,oco 4'S'o'4o U-'osS'coi
Totals ......2 .2io.145.2 1 $50, 81. Os2 1.s57.574.2s9
The population of the United States. Aug.
1, 1894, was estimated at 6S.sis,o"' ana the
The Sherman law gave employment 10
more than 100, 600 miners, who, in turn,
made a market for farm products. LII was
we'll understood to be a temporary meas
ure.' awaiting an International agreement
which would restore bimetallism TO the Ma
ton, and by the demand thus made Tor Sill
yer bullion increase its commercial value
until ii would be on a parity with gold on
the ratio of 16 to j, II possible; III not, on
-..1l s,~k 81. nc 4;ohf he oOraQ0 on In
was a wise measure in view or conoitlons
then existing.
FAILURE OF CONFERENCES.
But all the international conferences
failed to agree on a ratio. or for the use
of both gold and silver, because England
and some other nations persisted in car
rying on the mono-gold conspiracy.
The act of 1890 declared that the Secre-
tary of the Treasury should, on demand,
redeem the treasury notes issued under
it in gold or silver coin at his discretion,
it being the established policy of the United
States to maintain the two metals on a
parity with each other upon the present
legal ratio, or such ratio as may be pro-
vided by law" BY law, government bonds,
greenbacks, treasury notes and silver GER
tificates are in terms redeemabie IN corn
either gold or silver--but IL the Treasury
Department should in fact redeem them
with silver gold would go to a premium,
and would all speedily be exported. mus
the $i99, l0s, 81 of gold coin now IN clrcuia,
ton and So. S72.G12 in the treasury would
leave the country. and our gold metal
money would disappe2r. or, ii supplied, ],
would be by silver still further deprecated
in value. Accordingly, the Treasury Depart
ment construed the Sherman law provision,
as to the parity of gold. and silver. as re
curing all government bonds, greeneacks,
treasury notes and silver certificates TO be
redeemed in gold. In this mode silver has
been kept on a parity with gold. both as
1.@oI ton6ar AN and nS mean & of huX-
ing property. Under the law the holder or
one thousand silver dollars could and can
present them at the treasury, receive Tor
them $1,000 in silver certificates, and these,
on demand. would be redeemed in gold.
Thus silver dollars. though a legal tender.
yet are not money-not money of ultimate
redemption-they are only money as a
greenback or banknote is. because redeem
able in gold. Thus we are now on the gold
standard. To maintain the parity II has
been and is necessary that the Treasury
Department should keep a gold reserve"
sufficient to redeem all paper currency and
silver dollars. When President Cleveland
was elected on a platform requiring re-
duced tariff duties, which would increase
imports and require an export OF gold to
pay adverse balances of trade. the fear
that the gold reserve could not be main
tanned caused a run for gold. and the panic
or lss5 was Preclpisa,ea' h mit cor ali tbat
confronted us
Political parties differed as to the mode
of dealing with the conditions. In present.
ing these modes | do not seek TO arouse
any political party feeling, but only to
state facts and reasons
CLEvELAND'S POLICY.
President Cleveland's policy. and that of
the Democratic party in Congress-, is that
for which he and his party are responsible.
II a large body of those who placed him
and the Congress he has had ION his
hands in power do not concur in the poll
| cy pursued-if they nave been betrayed. the
remedy is in their own hands. devolving
on them a duty higher than all party con-
siderationss What has been done and left
undone is we'll known. President Cleveland
called Congress together Aug. Z, 1893, and.
with the exception of a brief recess, it re-
NAMED In session until Aug. Is, 1894, a per-
iod of nearly thirteen months. The Presi-
dent recommended the repeal of the Sher-
man law, and it was repealed. Since then
there has been no law authorizing the coin
age of silver dollars. The demand on our
| silver mines for silver for their coinage has
/ ceased. Silver is depreciating. The Presi-
dent has made no recommendation for any
measure which will open our mines or make
a demand for silver. or increase our silver
money. The Congress which he has had on
his hands has made no law on this subject,
and il will not. No effort has been made
by the President or his Congress to per-
suade or coerce foreign nations to unite in
restoring silver 10 its place as money
equally with gold. For all practical pur-
poses II regret to say : the Democratic
L patty q IOiilta NAiC a. aSallieL w
silver mines, the conspiracy which enhances
the value of gold, depreciates property,
makes accent wheat and adds TO the bur-
den of the debtor class. Beyond all ques-
ton the gold monometaIlists Of Wall street
"a powerful part of it-joint conspirators
with Great Britain, found in President
Cleveland an effective ally. His portion OF
Congress, dumb and silent, either of their
own accord or at his bidding. are for all
practical purposes equally allies in the con,
spiracy. Glittering generallties, either In
debate or in the act of Nov. /, 1893. repeal
ing the Sherman law, annot deceive the
Barren defamation gives no relief 10 a
suffering people. Christ cursed the barren
fig tree and it withered." Where can we
look for the power and the will TO bring
honest bimetallism?
There are two great political parties. the
!, Democratic and Republican; there is a
fractional and ~factionl third party, the
Populists. In our history no such third
party ever enacted a law. none ever can.
The Populists demand the free and un-
limited coinage OF silver and a vast govern
ment issue of paper money, equal to s.
per capita. This party makes no demand
for any measure to secure united action
with any OF the other nations for the
restoration OF bimetallism. 1t is OF mush-
room growth, and like Jonah's gourd II
will perish before the sunlight of states
manship.
WHAT REPUBLICANS DID.
While the Republican party was in power
! constant efforts were made TO defeat the
mono-gold conspiracy; international none
tary conferences were held in which the
representatives OF the United States made