The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-13
THE FATAL EXTREMES OF THE DE-
MOCRACY.

The Democratic conference in this city
irreconcilable difference of the Demo-
cratic leaders, great and small, on the
money question. 1t was developed in
the conference that a probable majority
was In favor of the free and unlimited
coinage OF silver If the matter had come
to vote. The really able men of the
party who mingle with the world out
side of the villages in which they live.
like Mr.. Sheerin and Mr.. Wilson. see the
fallacy of the coinage of unlimited guam
titles of silver bullion, worth 20 cents
an ounce. into dollars which will make
it worth s1.29 an ounce as legal tender
money. But the Democratic village edi-
tor. who moves in a narrow circle. get
ting all his misinformation on the silver
question from such men as Bland, know
ing nothing and Directing to knowing
anything Of the science of money based
upon the experience of this and other
governments. is for cheap money now
just as he howled against specie resump-
ton in 1877 and 1873. If these editors
are not the same men they are their
sons or men who have followed in their
footsteps. If they are in earnest they
can control the making of the party
platform in this State, for the reason
that they and their followers are the
majority Of the Democratic party, and
a majority which is always sure to be
on the worse side of every public ques-
ton. In the cities. and here and there
outside of them, the sagacious business
men In the Democratic party are OPP
posed to the free coinage Of silver.
While a majority of the Democrats of
Indiana are probably in favor of the
free coinage of silver by this country
alone, the Democratic President devoted
a large part Of his message to portray
ing the evils which would flow from
more wildly depicted by Mr. Carlisle
than they are in the ponderous sem
fences of Mr.. Cleveland, but how many
Democrats have read and studied them?
Mr.. Carlisles speeches have been sent
out by the hundred thousand, and they
"
telligence should be influenced by them,
but they are not. Probably the free
coinage Democratic editor of the cross
roads variety has not read them
Nor is 1T the worst that the Demo-
Gratis are as far apart as the poles on
the silver question, as both the policy
of the President for the immediate re-
tirement of the greenbacks and the i'm
mediate free coinage of silver, for which
the local Democratic editor is so clamor-
Gus. would be equally disastrous to the
business interests of the country. In
round numbers $500, 00O, 900 of the legal
tender notes of the United States are
in circulation or otherwise performing
the functions of money. The sudden
withdrawal of these legal-tender notes
would produce a panic something like
that of June. 1898, which was caused by
the temporary taking from circulation
of millions of dollars by timid people
who checked their deposits out of banks
and hid them away. AS soon as the
scare was over. money was plentiful
enough. but If the Cleveland policy of
abrupt withdrawal OF the greenbacks
should be adopted. the money stringency
would increase from month to month
until something could be found to take
the place of the greenbacks' as money
On the other hand. if the policy of those
who clamor for the free coinage of sill
yer should be adopted, money panic
would set In the day that a free coinage
bill should become a law such as this
generation has never seen in this coun-
try. for the reason that all the gold in
circulation would cease to be money,
but would command a premium of 20 or
% per cent. silver having become the
legal-tender money of the country.
Thus it must appear that the adoption
of either policy held by the Democrats
on the money Observation-Disclosures that
of the President or the devotees of the
cheaper silver dollar-is fraught with
danger.