The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-14
sTAGNANT sTATESMANsHIP.

Here in Indiana. among people who
are up to date and are in touch with the
practical affairs Of life. the views Of Sem
ator Turpie are regarded as stagnant
His wisdom might have been current
when the dead languages were spoken.
His opinions are those of man who
does his thinking in q back office and ig-
nores the views and experience of men
in his own and other parties whose intel
lectual greatness has rescued their names
from oblivion. That his ideas are those
of man ignorant of the political history
OF his country or of one who sets his
own Judgment against the wisdom of
the fathers of the Republic and the ex-
perience of the years, appears in his
Memphis speech, in such sentences as
the following:
Coined money has always been and yet is
in itself a thing OF value, and value Is or
the monetary worth or legal value. The
latter is always a matter of law-the bullion
value is one of estimation and opinion.
There has always been a difference
between the commercial or bullion value OF
the two metals and the legal
value: Accepting to the test of the
enemies Of bimetaiism that the legal value
of coined money must be the same as the
commercial or bullion value OF the metal
unit-nothing could be more dishonest.
Senator Turpie may have expended so
much time in acquiring familiarity with
seven languages that he has never had
leisure to read the views of Hamilton
and jefferson when the first ratio for
coinage was established. and of Benton,
President Jackson's Secretary of the
laa< n af
fairs from 1880 to 1884. when the ratio
was changed. For instance, jefferson,
when the ratio for coinage was under
discussion. said:
The proportion between the values of gold
and silver Is mercantile problem alto
to disregard legal proportions altogether. TO
inquire into the market value OF gold In the
several countries with which we shall prin-
cipally be connected IN commerce, and TO
take the average from them.
Several pages might be taken from
the writings of jefferson to show that in
fixing the coinage ratio for the United
States Jefferson was seeking TO find the
mercantile values OF the two metals in
different countrieS-what Senator Tur-
pie calls the value Of opinion" mean
ing of supply and demand. Hamilton
was in full accord with jefferson, as
were all public men at that time. and
against Senator Turpie. In his report
Hamilton said:
There can be hardly better rule I'm any
country for the legal ratio than the market
proportion, IL this can be supposed to have
been produced by the free and steady course
OF commercial principles.
After q long elaboration with a view
of ascertaining the market ratio OF the
commercial world, 10 10 / was adopted.
AS Spain had ratio higher and France
soon adopted n ratio of 15l2 TO 1. gold
was undervalued and ceased TO be
money. For six or eight years prior to
1884 the ratio of coinage was discussed
because il was not in accord with the
market ratio. Why was the ratio
changed IN 1894 by a Democratic Con-
gress under the advice OF a Democratic
Secretary of the Treasury. from 10 TO 1 to
Is to /? Let Senator Benton give the
information. which can be found in his
speech in the Senate in 1854:
The false valuation put upon gold has
rendered the mint OF the United States, so
far as gold is concerned. a most ridiculous
and absurd institution. IL has coined ST.
So 500 worth of gold coins. and where is IL
now? Not one of them to be seen-all sold
and exported.
Mr. Benton. who was something OF a
Democrat in his day. urged such a
change of ratio as would cause the gold
coined here TO stay at home-a ratio
based upon mercantile values. In fact,
no other ratio was ever discussed until
1871. when It was proposed 70 restore