The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-17
A GREAT SILVER POOL
THE sTuPENDOUs STAKE OF THE
OWNERS OF SILVER BULLION.
Holders Of Over Fifty Million. of ths
White Metal Making a Desperate
Fight for Free Coinage.

Washington Letter in Pittsburg Dispatch.
combination OF Western mine owners
and their moneyed allies in Psiladeiphia
and New York is carrying between $50. 600 900
and sSo.oooo0o OF silver bullion. IL has about
sio.ooo.oco of its own in the pool and is bor-
rowing the rest in New York. London. San
Francisco and other cities where capital 10
available on silver collateral.
The pool can borrow on silver close ~
to the public quotations. though il is noe
obliged to do so. having a large surplus
of its own, but IL nevertheless finds the deal
a costly one. The interest and storage
charges are now running at the rate OF
nearly s2.0o0,00) year. and they are going
higher. for production has not stopped. and
the combination is making market for the
output of the mines-making one By TAX
ing the bullion and storing IL.
The combination is playing desperately
and courageously for splendid stake. II
ii can force this government into free COIN
age it stands to make anywhere from
S5o0oo.Ooo to s75.000oo0. depending on the
time. the amount OF bullion it will have on
hand and other circumstances and condi-
tons now largely speculative.
THE EXPLANATION
People have wondered at the extent, the
dash, the persistence and force OF the free
silver campaign They have marveIed at
the energy displayed by the apostles OF sill
yer. their ability to cover territory and
the unfailing regularity with which the
leaders turn up In the thick OF the fight.
New Orleans. Denver. sprinsieid. ch.eagc;
or Kentucky.
Most of the takers of note are poor men
statesmen out of Jobs-yet they travel in
palace cars, put up at the best hotels take
long jumps and are here. there and every
where. marshaling the forces intusing en-
thusasm into the masses and keeping Up
interest by every known sacrifice.
How can they do il? The answer IL sim
pie. The silver combine is paying the bill.
an appearance of violence in half The
States OF the Union, is inspired by tbs
silver conspirators, and is as purely A
business enterprise as a wheat, pork
or a stock corner" ever was. IL is sordid
from the ground up, but so cleverly have
the conspirators kept themselves in the
BACKGROUND that the truth is only begin
ming to appear. Even now many OF the
details are lacking. but the main fact is
known and the particulars viii be filled IN
as they come to light.
The great mass OF silver bullion has been
acquired by the combination under 40 cents
per ounce. If the campaign now on foot
can be carried to a successful issue the
hilders hope to be able TO unload at $40
and above.
By keeping up the agitation they imag-
inc that within two years they will secure
such legislation they need, either by
international agreement or by independent
action of this country. They very strongly
prefer international action, and il will be
observed that they have recently given the
discussion that turn decidedly. the men
who are posing as leaders of the movement
having been given the cue TO soften their
demands for free coinage by the country
regardless of the position OF other COM
mercial nations.
Being business men engaged in q strictly
business enterprise, they are not anxious
to play too strongly for point they do
mr. xvan Mt N IA ka OF
is a good enough card TO excite the ig-
norant but, being unsound from every
background concluded not 10 rush IL too
hard. Their object is to make a market
for their enormous accumulation OF white
metal, and they do not intend 10 commit
the mistake of spending millions in money,
years OF time and wasting tons OF gray
matter on something that may do them
no good.
In other words, they do not feel sure that
II this country should go into free coinage
alone they could sell out at the profit they
are working for. They are not certain that
they would be in any better position under
such conditions than they are now, and
they have no appetite for going into doubt
ence of this country Is a splendid idea, a
noble, patriotic theory, but practically IL
is mot what the silver conspirators are
really after.
QUICK ACTION is WANTED.
They want legislation that viii adva,~s
They have S5O,0ooOoO to s6o,ooo.ooO worth now
in their control. In two years more they
will have $1OO.Oo00O0 worth on hand. That
means they will have to increase their orig
inal investment to saO 200 or more.
They would like quick action, Of course.
and with a more complacent man in the
White House they would press the play 20
conclusion as soon as the Fffty-fourth Con-
gress convenes. Now, however, Cleveland,
n indQnenlent n
age, anything do-e in a radical way VIII be
merely for effett. and the real expectation
gressive action on the part OF the United
States in the matter of an International
monetary conference, having union OF
commercial nations on silver coinage Tor lt3
cardinal motives.
They have already laid their plans TO COM
NIT the Cleveland convention next week TO
an Endorsement OF that course. They inter-
fered at Memphis this week 10 prevent ex-
treme action looking to Democratic party
disruption, and lney are moving everywhere
to the adoption Of a more moderate course
than they had originally outlined. Their
trumpeters may still be permitted 10 Mostly
demand free and unlimited coinage by this
of other nations: but the noise
will be only TO excite pop ar
more advanced ground from which TO ne
gotiate compromises.
The campaign will be directed for the re-
mainder of the summer. as II has been.
from the Plaza Hotel in New York city.
1t is there that the wires of the silver bull
ion combination center. Ii is from there
that the financial and political operations
OF the conspiracy originate ana are given
form.
The contributing members living i'm San
Francisco. Helena, Salt Lake City, Denver,
CHEYENNE Omaha ST. Louis. Baltimore,
Washington, Philadelphia, New York and
London keep in touch win their represent
atives and trustees in New York. though the
details of the management OF the campaign
are matters for star chamber delfberation
The magnitude and working Iower OF the
silver combination is only dimly realized az
vet. hut IL will not be long before rs fuil
extent and significance are laid bare before
the world.