The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-21

in In. ga satisfactory condition: but
che people had been compelled TO adjust
their business TO them. and. after the cleo
any beneficial change until another admin
istration should come I'm.
JUGGLING FIGURES.
When Mr.. Cleveland's first administra-
ton went out of office on the Attn day OF
March. 1859. the government had an ample
revenue for all purposes: the free gold in
the treasury amounted 10 1855 1874; agri-
culture. manufactures and commerce were
in reasonably healthy and prosperous
condition, and the prospect for the contin-
uance Of a fairly active business era was
apparently good IL has been for many
years. During the four years Of Mr.. Cleve-
lands administration the sum Of n.44s.-
443 was paid on the public debt, and at itS
close there was left In the treasury bal
ance of $500. 38s. e1o. including the gold
serve. This vast sum had been accumulated
~ taxation upon the people. and they had
fuiIy apPiied to- t the ext MeTl of
the public debt and 10 the payment OF the
necessary expenses Of the government
quires very brief statement of the re-
suits Of President Harrison's administra-
were disappointed. When his administration
closed. on the 4th Of March. 1893, and a
Democratic administration came in again;
dwindled down TO s1s2. .5T including the
gold reserve. or So. 45O.577 exclusive of the
reserve, Notwithstanding the payments up
on the public debt during his term amount
ed to Sl05. 900 less than the payments
made during the preceding four years. In
addition TO the actual receipts OF the gov
by law passed in 1880. turned into the
treasury, as part or the general assets
TO be used for public purposes. trust fund
amounting to more than $54.oOOOO. which
belonged TO the national banks, and had
hal for no nnf n
their notes. and this fund. or what was left
OF Ii, helped TO swell the balance at the
close OF the administration.
There came with President Harrison a
Republican Congress, and for the first two
years OF ms administration that party nad
absolute control in both branches of the
legislative department as well as in the ex-
ecutive. and was. therefore. wholly response
That Congress will be distinguished in his
tory for three things only: First the en-
ing for the I purchase Of Of 45co 600 Ounces of
silver bullion each month and the issue OF
legai-tender treasury notes to pay for it;
so-csiIed Mckinney '7S tariff act,
y:hicn largely increased taxation upon
ished the revenues of the government, and,
thirdly. the Inauguration of the most
Was.edul ana system ,b or Pubic
try In time OF peace the evil effects of
which must continue TO be felt for years
TO come.
The result of this legislation and of the
general policy of the Republican admins
tration was that. when the Democratic
party secured possession of the executive
power for the second time it found the
financial affairs of the government i'm a
most unsatisfactory and precarious condi-
ton. and rapidly growing worse The reve-
nues had been greatly diminished and the
current expenditures had been enormously
increased by the passage of laws making
permanent and other appropriations which
the treasury was bound 10 pay; the COM
pulsory purchase of silver bullion and the
issue OF legal-tender treasury notes were
still going on. and silver was being piled
up In the treasury at the rate of more
than 154 tons per month; distrust of our
ability under the circumstances TO meet the
obligations of the government and MAIN
and was increasing in all the great finan-
cial centers at home and abroad, in conse-
more than $56.500.00, had been withdrawn
from the treasury and shipped to other
ceding the inauguration OF the new adj
ministration. and not a dollar had been
brought in: in short, unwise legislation
had already produced its inevitable re-
suits. and whatever criticism the impatient
spirit OF a disappointed and restless people
may have prompted them TO make upon the
present administration, L am sure impartial
history will place the responsibility for
what has occurred where it properly be-
longs. and l am willing to wait until it is
written.
1t must not be understood from this that
j am not ready at all times to vindcate the
legality, the justice, and the good policy
OF the course pursued by the present adj
ministration in its efforts to maintain the
credit and honor of the government inspire
confidence among the holders of its obliga-
tons. and preserve the stability and value
OF the various kinds OF currency in the
hands OF the people; but the present and
future are far more important than the
past and my time can be more proftably
employed on this occasion in discussing
the questions now pending than in review
ing transactions already closed.
Whether shall continue to preserve
our existing monetary system, under which
all the dollars in use. whether they be gold,
silver pr paper, possess equal purchasing
power ia the markets. or provide by law
for the free and unlimited coinage of silver
dollars containing 412l. grains of standard
silver. and make them the units and meas
ures OF value in the exchange OF commodi-
the most important question that has been
presented for the consideration of the
and that question confronts us.
NOT AN ORDINARY EXPERIMENT.
The free coinage of silver and the suosti-
tuition of new unit and measure of value
for the existing one in the business trans
actions of the country is not an ordinary
experiment which can be safely tried to-
day and abandoned tomorrow If found in
furious. because the immediate conse-
quences CT such a step would be so far
reaching and so enduring that they would
continue TO be felt fer years after the pol
ley had been reversed. Ii is incumbent
therefore, upon those who insist upon the
adoption of this revolutionary policy TO
show plainly and concldsively in advance
not only that ii would result in no in
jury. but that il would be positively benef-
cial. for IL not positively beneficial the
change would be at least wholly useless
I his cannot be done by appeals to the ex-
cited passions and prejudices of the peo-
pie, by attempts To array one class OF
our citizens or one section OF our country
against another. or by loose and extrava-
giant statements unsupported by facts and
reasons. The questions involved are too Sc
riCus. the interests 10 be affected are too
large. and the common sense OF the peo-
pie is too strong TO justify or even excuse
this course of treatment.
+ he allegation, even IL il were true, that
a great crime was surreptitiousiy COM
mitted in 1913. at any other time does
not prove. even conducc TO prove, that
the free coinage of silver at the ratio of
10 to would be beneficial TO the country
under the conditions existing. Bur,
gentlemen, il is not true that the act of
Feb. II, 1873, which made the gold dollar
the unit of value and dropped the standard
silver dollar from the coinage. passed
BY stealth. or that it's purpose or effect
was 10 deprive the people of the use of
any coin then in then in existence
in this country. That bill was pending in
Congress fer nearly three years and was
under consideration during five sessions of