The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-28
GOLD THEIR NEW KING
on SILVER SANS FREE
COINAGE Is IMPOSSIBLE.
Those Who Advocate III Are Not the
Intelligent and Representative Men
of the Wcst-Confidence Shaken.

Great principles often die from I'M
timely advocacy. and their most dead
ly enemies are overzealous friends Thus
with sorrow the true friends of silver
witness this inopportune agitation OF
that question; the industrial side of
American life views it with alarm, its
tendencies being to disturb the growing
confidence Of the moneyed classes. the
cooperation of which is so essential
to the producer The honest bimetallist
recognizes that the cause is retarded;
that obstruction in the interest of any
one element is class legislation, dis
tasteful to the American spirit Of equity.
Public opinion is SO molding that the
entire population Of the mighty West
are held personally responsible for this
unsettling of confidence, this congealing
of the blood in the veins of trade. and
their mental caliber gagged by the acts
of a certain class termed advocates
The measuring of the intellectually
of the entire West by the standard of
few hailing from almost primeval sur
roundings Of wild mining camps is not
justifiable. The vociferous cries for free
coinage or ruin emanate from a differ
ent source than that which constitutes
the law, order, society, wealth and
culture of the mountains and plains.
These proposed measures, practically
demanding warfare upon the financial
world, emanate from the brains of
those who follow the dictation of senti-
ment not reason. The better element
understand the laws of finance and
trade; that supply is affected materially
by demand; that both gold and silver
are but commodities until stamped
money by nations: that money accept
able to one may not meet the approval
of another; that force in finance is the
reflection of barbarism; that because
America has almost exhaustless re-
sources of silver is no reason that ma
tons favorable to gold must by COM
DulSlon accept our money metal; that
while it passes current here, it may not
pass in the markets of the world I'M
less the cooperation of nations agrees
to receive it,; that money metal is as
subject tp the laws of demand and SUD-
ply any product of the farm or mill.
The men who sustain the honor of the
West are not blinded by prejudice; they
reason, cast aside the worthless in the
same spirit that the progressive physi-
clan gives up cherished themes for re-
Gently discovered facts; they understand
that free coinage is almost an impossi-
bility without international agreement;
of gold may make 1T probable. They do
not believe in a dictatorial policy; they
know that Europe will not buy silver
from us at 1.27 when the markets of the
world are flooded with the metal at go;
and unless bimetalliskl is acceptable to
Europe on a fixed ratio, silver at 16 to
l can only be successful through a
great decline in the production of both
metals.
Even the East will be friendly to free
coinage if the congress of nations agrees
to it; but free coinage without a silver
union or an import duty of 40 per cent.
would result in the United States be-
coming the richest silver country, but
bankrupt in gold.
CONFIDENCE SHAKEN.
Confidence once shaken is ever timid,
and confidence in the stability of the
white metal has received a rude shock.
The great majority of investors who
take stock at 1.27, then in a few years
witness steady decline in value to go,
generally sell should the stock through
any condition ever rise to the purchas-
ing figure. 1t is the same with silver
countries. Unfortunate ly, those favor
able to it are not great masters of the
art Of finance. They are far down in
the rating of nations. Until all king
doms and empires declare the equality
of the two metals on agreed ratio they
will ever be fearful of sudden decline.
Of the Lost. 100000 of silver coin, India
holds $3.50, ZOO, 900, China $3.50, 000, 600,
Spain $166,00000O. Japan $SS,000,000, the
straits $115, 900, 000-$2, 069, 100000. Would
any of them refuse to exchange silver
for gold? Would it be long before the
United States would have all if we stated
to the world that every ounce of silver
is worth 127 and we will pay for 1t in
gold? No; the cry for unrestricted COIN
age is not the voice of the intelligent
West. They, like the East, have prop
erty; they want sound financiering.
They believe that the material progress
of the world demands two metals, but
they must be of equal value, upon fixe1
ratio. They want bimetallism. You
have measured by false standard.
Those who wander aimlessly around are
not the representatives of the true
West. Those in Congress do not reflect
all the sentiment. Daily men discuss
the necessity of free coinage whose
conception of the measure gives every
man the right to build little mint of
his own whose experience with fnan-
cial papers is sadly limited; to whom
Darwin, Huxley. Yon Humboldt, Car
lyle Mulhall, Del Mar and Rothwell
are less interesting than such authors
as Verne. Haggard, Doyle and Allen.
Yet learned lawyers, whose hair has
become tinted with the winding sheet
of time, place themselves on intellect
tie of such men. The opinions emanat-
ing from this source are head-lined as
the views of liable silverite," and
thus is formed the standard by which
you generally Judge the West.
The true silver advocates. like John
r Jones, want the metal to resume its
place equal to gold and are strongly
in favor of sound money. They recog-
nize that If the production of silver con-
tinues to increase and gold remains
stationary the ratio of is to l is not
equitable. They know that under ex-
listing conditions the efforts to force the
world to adopt that ratio.are ridiculous.
That basis was lost in 1875, when the
worlds silver product was less than
$4,000 coo. in 1893 the product was $780,
0oo 600 and the ratio had increased to
| 26.42. If England. France. Germany and
| Russia will join in bimetallism then
any rate of ratio is possible, but these
| are evidently not ready for action. They
| are instead steadily increasing their
| holdings of gold coin, until they to-day
| control 81, 500 100000 out of a possible
SO. $50, 00G G00 and only 1867, 000,0 900 of sill
| yer. These are realities, not possible
| ties. and any man who thinks the mere
| passing Of a free coinage act by our
| government will frighten these nations
| is nursing delusions that will never ma
! terialize- Necessity only will make