The Indianapolis journal., 1894-03-17
MIR. CLEVELAND AND THE SEIGN-
IORAGE BILL.

1t is characteristic of American politics
that the reasons given why the President
will probably sign the seigniorage bill are
purely political. In no other country but
the United States are important questions
of economic policy and finance made party
questions and subjected to the changing
fortunes of politics. The recklessness with
which this is done in this country is shown
by the present action Of Congress on the
tariff and currency questions. on neither
question is there any effort to discover or
the slightest pretense of applying sound
economic principles; it is simply a question
Of redeeming party pledges and laying the
foundation for party success. Thus are the
great business interests made a plaything
of parties and a football of politics.
If Mr.. Cleveland is capable Of holding
and expressing honest convictions on any
subject he is unalterably opposed to any
increase of silver coinage at the present
ratio. His record on this point is clear and
unmistakable. The first utterance he ever
made on the silver question was a protest
against the continued coinage of the white
metal. In February, 1856, two weeks before
his first inauguration. he addressed a let
ter to several members of Congress, in
which he said that under the operation Of
the act of 1873 "all the vaults Of the federal
treasury have been and are heaped full Of
silver coins which are now worth less than
So per cent. of the gold dollar prescribed
as the unit Of value" He referred to the
vital Importance of preventing gold and
silver from parting company, and said
This is possible by a present suspension of
the purchase and coinage of silver, and /
am not aware that by any other method
it is possible" Referring to the disastrous
effects of the financial crisis which would
surely ensue If gold were driven out by
silver, he said:
The revival of business enterprise and
prosperity, ardently desired and appar-
emily so near, would be hOpelessly post
poned. Gold would be withdrawn 70 its
boarding places, and an unprecedented con-
traction In the actual volume of our cur
rency would speedily take place. Saddest
of all, in every workshop, MILL factory.
store. and on every railroad and farm. the
wages of labor, already depressed, would
suffer still further depression by a scaling
down of the purchasing power Of every So
called dollar paid into the hand of toll.
Thus wrote Mr.. Cleveland nine years ago.
II the danger Of increasing the volume of
deprecated silver currency was great then,
how much greater is it now that the vol
ume Of silver currency has been very large
ly increased. From that day to the pres
ent every public utterance of Mr.. Cleve-
land has been against any increase of sill
yer coinage. He referred to- the subject in
all his messages, and in the last one of his
first term he said: 1.-The Secretary Of the
Treasury recommends the suspension of
the further coinage of silver. and In such
recommendation 1 earnestly concur" In
his annual message of 1893 Mr.. Cleveland
made no allusion to the silver question,
but there is no reason to believe that his
convictions upon the subject have under
gone any change.
But public men sometimes sacrifice their
convictions to considerations of party pol
icy. Statesmen do not, but politicians and
dsmagogues do. If Mr. Cleveland signs the
seigniorage bill or permits it to become a
law without his signature, it will be be-
cause he thinks the interests of the Dem
ocratic party require him to pursue that
course. 1t will not be because he believes
the measure will contribute to the better
ment Of the financial situation. for in q
IaSSer daDrea fnvolxyeS all he evils which
Mr.. Cleveland declared inherent in the
Bland act. In providing for further in
crease In the volume of silver currency 1t
does the very thing which Mr.. Cleveland,
in 1885. said would surely produce the most
disastrous effects on the business interests
OF the country. 1t cannot be possible that
his views on the silver question have un-
dergone so complete change as to make
him now regard as. wise and beneficial a
policy which few years ago he held to be
vicious and dangerous. If he signs the
seigniorage bill or permits it to become a
law without his signature, 1t will be be-
cause of representations made to him that
1t is necessary TO hold the Democratic
party together in the West and South. He
will repudlate his record and sacrifice his
convictions at the call of party expediency.
thus showing that he is a partisan and
demagogue. instead of a statesman and
patriot. f
THE BIBLE IN THE PUBLIC SCHOOLS.
In reply TO the inquiry OF a school Off