The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-10
True VERSUS FALSE BIMETALLIsM.


The Chicago Inter Ocean, which is
aiding to boom and circulate Coins
Financial School," and which has its
advertisement on a fly leaf of that mis-
chievous publication, replies to a criti-
cism of the Journal on the book by say
ing: 1.-The Journal can be set down as
practically a single-standard, gold-bug
organ adding: Its editor has no SYM
pathys with the broad and positive BIZ
metallic views Of ex-President Harri-
SON.
This, coming from a paper that has
never been thoroughly sound on the
money question and that favors free
silver coinage at the present ratio by
the United States alone, even without
any international agreement, is the
quintessence of gall. The Inter Ocean
is one of the. few Republican newspa-
pers which has not been in full SYM
pathy with the recent position of the
party on the currency question. 1t has
been pandering to the Populist move
ment ever since the movement began,
and, while not openly repudiating the
position of the Republican party on the
tagonized it and done more than any
other newspaper in the country to dis
seminate unsound views. The fact that
1t is now engaged in booming the cir
culation of the publication above named
should damn it in the eyes of all honest
money Republicans and true bimetal-
lists.
The charge that the Journal is "a
single-standard, gold-bug organ" is
false. The Journal stands on the Mime
apolis platform, which declared in favor
of 'the use of both gold and silver as
standard money, with such restrictions
and under such provisions to be deter
mined by legislation as will secure the
maintenance of the parity of values of
the metals" and commended the steps
that had been taken by the Harrison
administration ito secure an interna-
tional conference to adopt such meas
ures as will insure a parity of value
between gold and silver for use as
money throughout the world That is
true bimetallism. The Inter Ocean IA
vors free silver coinage by the United
States alone at the existing ratio. That
yer monometallism and would place the
country on single silver basis beside
Mexico. The Journal is aware that
most of the advocates of free silver
coinage deny this, and perhaps some of
them honestly disbelieve it, but it is
nevertheless true. Nothing can be more
certain than that any considerable in
crease of our silver coinage at the pres
ent ratio would drive gold out of cir
culation and place the United States
on an exclusively silver basis. The adj
vocates of free silver coinage by the
United States at 16 to / are. therefore,
silver monometallists. 1t is amazing
audacity in a paper which advocates
this policy to charge the Journal with
being "a single-standard, gold-bug or
gan" because it favors bimetallism on
the conditions named in the Minneap-
oils platform, and the only conditions
on which it can be maintained or should
be attempted.
The Inter Ocean tries to sustain its
false charge against the Journal of
favoring gold monometallism by saying
that tits editor has no sympathy with
the broad and positive bimetallic views
of ex-President Harrison" The Journal
believes that ex-President Harrison
would never indorse the doctrines of
gagged in circulating, and can find moth
ing in any of his official or public utter
ances to indicate his sympathy with it's
teachings. He, like the Journal, is a
true bimetallfst, ana, therefore, true
friend of silver. lie is in favor of the
free coinage of silver under an interna-
tional agreement that will give it its
proper standing in the commercial world
and maintain its parity with gold, and
not otherwise. In his annual message
Of 1890 he said:
/ think IL is clear that if we should make
the coinage of silver at the present ratio
free we must expect that the difference in
lars will be taken account of in commercial
and / fear the same result
would follow any considerable increase of
the present rate OF coinage.
In the same message General Harri-
son said: II have always been an ad-
vocate of the use of silver in our cur
rency. We are large producers of that
metal and should not diseredit it," but
he feared the effects OF flooding the
country with coinage which could not |
hold its own with gold in commerce:
In hislast annual message he said:
am still of the opinion that the free coin
age of silver, under existing conditions,
would disastrously affect our interests at
home and abroad. We could not hope to
equality in the purchasing
power of the gold and silver dollars in our
Dwnsamarkets, and in foreign trade the
stamp gives no added value to the bullion
ness upon silver basis would mean a sud-
len and severe contraction of the currency
by the withdrawal of gold and gold notes.
and such an unsettling of all values as
would produce a commercial panic.
believe 1t is the earnest desire of great
of the people, as ii is mine, that
full coin use shall be made of silver just as
soon as the cooperation of other nations
can be secured and a ratio fixed that viii
give circulation equally TO gold and silver.
The business of the world requires the use
pect of gain, but much of loss, by giving up
the present system, in which full use is
made of gold and a large use of silver. for
one in which silver alone will circulate
! have endeavored, by the use of Off
cial and unofficial agencies. to keep close
of the state of public sentiment
In Europe upon this question: and have
not found 1t 10 be such to justify me in
proposing International conference There
Is. however, 1 am sure a growing sentf-
ment in Europe In favor of a larger use of
silver. and ] know of no more effeetual way
Of promoting this sentiment than by aceu-
the European reserves will be most per-
a silver.