The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-02
NEITHER FIAT NOR CHEAP MONEY.

The Kansas City Journal, which is Re-
publican on the main issues and an able
advocate of its ideas, appears to
be veering around to fiat and cheap
money heresies from time to time. In a
recent article it s~ustains Sovereign's de-
nunciation of the issue of bonds, and adj
vocates fiat money and free coinage Of
silver Unfortunately, making such dec
larations as these:
There are voters enough in New England,
New York and Pennsylvania in favor of
silver and of legal-tender money to carry
them, if only intelligently united. And of
course every OTTER State.
If the foregoing is an argument for any
thing it is one for the fiat money heresies
of PETER and Jerry Simpson, and if there
is a logical inference. it is hat people
should join the Populist party, whose lead
ers are now declaring themselves in favor
of the free coinage of silver and the unlim-
tied Issue of irredeemable paper money.
For years the Republican party of the
country has been in favor of specie pay
ments and against fiat legal-tender paper.
In New York and New England a score
of men in a Republican convention could
not be found to favor a proposition in
favor of the issue of any sort of govern
ment notes which are not redeemable in
coin. This being the case the only course
for the voters to whom it refers in that
section is to join the Greenback or Pop
ulist party. If that is the thing to do,
why does not the Kansas City Journal
stand in with Mrs. Lease?
But, like the fiat money, the voters In
the East are of the fiat order. They are
not there. Well informed men who desire
the free coinage of silver are not numerous
in Indiana Of all men the laboring man
does not want to nave this country sink to
a silver money basis. as it would with free
silver coinage. Theories are of no value
whatever compared with experience. The
ume of paper money cannot be fioated as
the equivalent of coin unless redeemable.
in coin. Why prattle about irredeemable
paper money in the face Of such expert
ence? 1t Is the same with silver. If the
commercial nations of the world will agree
to the free coinage Of silver, 1t would be a
great gain and few would object to it.
When. however. the United States under
takes it, 1t will be in the position of Mex
Goa country with a deprecated cur
rency. Gold will not circulate there ex-
cept at a premium. There is no such great
difference between Mexico and the United
States that the same result would not fol-
low here. Intelligent wage earners see the
effect of free silver coinage in Mexico.
and they do not want a dollar which will
purchase but 20 or so or 80 cents worth of
the articles whose prices are made in gold.
The 7OO,00 0 pensioners in the United States,
now paid in money as good as gold. will
not rally to a proposition for a legal-ten-
der money on the deprecated fiat basis, or
for a dollar which, if it shall become the
dollar of the Nation, as it would with the
free coinage of silver. has less purchasing
power than any dollar in the world.
A Republican organization in Kansas and
Missouri which advocates fiat money and
the free coinage of silver has no distinc-
tive issue which does not belong to the
Populists.