The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-28
THE SILVER HERESY
VIEWS OF BANKER CoRNwEIL. A
RADICAL GOLD MoNOMETALLIsT.
He Says -Internntional B~ImctaIIism Is
n False Frand, a Wiii-o'-the-wisp
That Can Never BE Attained.

CHICAGO. April 27.-william @. Corn
well, president Of the New York State
Bankers Association spoke before the
Bankers Club OF this city tonight on
What Ought Bankers to Do About Leg
islation." He urged that the bankers of
the country organize sound money clubs in
every community to carry on a programme
OF education. Once created, the clubs, Mr..
Cornwall declared, would be united under
a single head similar to the one just
formed in Germany. "a union for the de-
Tense OF the gold standard" His address
In part follows:
"On this silver question the American
people are beginning to discard the old
delusion that law can regulate the value
of coin or of anything else; that law. COW
cred with some vague power, can decree
standard metals, basehalls or grains OF
wheat; They. have, asked themselves what
h m"ss Ss ana s'o ont this 81 an xalee. a It m rnsg
be the thing that the largest number of
most Intelligent people in the community
have for such part of their possessions. as
they do not wish. temperorarily to put
into the form OF food. clothes, real es-
tate and like ownings.
1T is. in other words: What everybody
would rather have than anything else.
Put the question to a thousand average
people;
have than anything else?'
"Answer-Money.
Question-What Kind of money, silver or
"Answer-GoId.
Why goldg Why not silver?
Because silver is in dispute. Silver is
gold IL the best
d you think you can change that opIn-
Ion by law Suppose a thousand inteili-
gent. educated people in the United States
decide that gold Is the best and that they
want their money in gold. Are you going
to change that opinion by law? VIM an act
sf Congress do 1t? VIII the combined COM
And yet that Is what the international
bimetallists propose to do: To change in
clusion OF a vast army Of people skilled
In commerce-to change by act of lava
tf seo, op.r maicn ha asd 0e ds%ve aeg1xsa s. q 59re eoml
merce through the ages-a development
s mnssa II t rsp,a dast To 5hi css,s yea Fl, has fSst b sea
do the business of the world, do IT with
to them: You do not know what you are
talking about: silver Is as good as gold. We
d dscIarst L to - q fn so AND T TSe mn msn af L Seems sh to
mighty.
INTERNATIONAL BIMETALLIsM.
Then comes the theorist with the honey
of philanthropy on his tongue and the dis
tress. wrought by the very unsound and
delusive thing he advocates. before his
eyes. and says: What are you going to
do about falling prices? Don't you want
prosperity everywhere? Don't you all want
TO be harpy?' These are the illusions of
Utopia You can't help falling prices at
times. You can't have prosperity every
where al the time You can't all be happy
You ask how to avoiG the ills of shrink
Ing prices and the hardships Of fuctuating
exchanges that come In trade. They cannot
be avoided altogether, any more than you
can avoid. altogether. sickness and death.
Improved methods of living may be adopted.
microbe and bacilli for numberless diseases
discovered and eradicated by antidote, but
sickness and death come at last to tire
legislation cannot cure it. The same thing
e true in trade. There is as much clap
trap about the programme OF the internal
tional bimetallist as there is In that OF the
circus, doctor selling his universal cure
wrought incalcuIable harm with his spe-
cious theory. his nigh educational atmos-
Rnsrs who n,S h sdar no time er to think Hf to h 5elIe sse
because, honesty. and intellect and Boston
Endorsed 1t. Boston has wrecked her repu-
tation for conservative good Judgment and
done great harm to- the West by catching
good, sound names on the list and letting
a. go out that Boston Endorsed international
1T is time to tear off disguise. Interna-
tional bimetallism is a traitor in the camp.
! = q IaIse fraud. dt can never be accom-
above the deadly marsh, 1t is as elusive
as q dream Of magic; as idle as the pur-
@NA<~ - tIA GthaA PAiOA 0S 10
the deIirium Of fiat money. If it could ever
be accomplished. which. thanks to the in
ability OF several great nations to agree,
It never can be, what would be the conse-
quences?
at the ratio of IS to l to anyone who cared
to bring silver bullion, and TO any extent.
Anyone bringing q to 80 cents worth of
DO YOU know of any better business than
that--6o cents on the dollar clear profit?
enormously. 1t has been estimated that the
annual output would rise from $500, 000, 900
pront on every M.ooo. would carry away his
bagsful and everybody would have to re-
ious internationai law. Where would they
go? Out OF the pockets and safes into the
banks, and them More and more en-
terly,. unified as it is FOR large ayment
Then would come the struggle for gold-and
then the premium.
but the premium is the death knell of
the system. 1t is a death struggle. The
Bank of England, the Bank of France, the
Bank of Germany, the banks of the United
States. all forced into a struggle to keep
The gold which Is the necessary instrument
Of their. operations, and now very much
creased relative scarcity in comparison with
the enormous mass of recently-made silver
knell and downfall of universal bimetallism.
The struggle for seif-protection has be-
age stopped and the double standard de-
nounced and liquidation entered upon. What
O. LIQUIDATION! Following on the eve of
enormous silver coinage and consequently
or imitation and speculation such as the
world has never seen! Millions and thou
sands OF millions of deprecated coin to
be redeemed! and If to be redeemed in gold
universal Observation-Disclosures ruin.
THE BANKERS PART.
I'm these times when such things are
preached as good doctrine. when sound
money principles are Slapped and weakened
by such suggestions of compromise witt
the silver lunacy as international bimetal-
lism, 1t seems TO me that plain words are
the best. Gentlemen, l am here tonight to
talk over with you the question of what
should be our part in this fight. Because
the fight is on; this is war for education
and all disguise should be thrown off. The
tanker has a large influence. IL he would
only use 1t. He Is the confidential advis-
err or thousands and thousands of business
men. The business men OF the United
States. a great class, are peaceable, indus
trious. intelligent citizens, and the main
stay of this country is against fanaticism
and demagogism. The 1abofing element
comes closely In contact with these BUSH
ness men. The prosperity of the latter
means the prosperity of the daily wage
Garner: Now the bankers part is to make