The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-10
Highest Of all in Leavenng u. Repors
RH!A!l! B Bsklas
ABSOLUTELY PURE


good deal more than they have been under
the Democratic tariff. As a result wages
would go down and prices up. When gold
began to pour out OF the treasury at an
Increasingly rapid rate a few months ago.
ana when there seemed to be no Immediate
eed 70 sSe heir assna 6 sonE aer
ca % 70 double the exchange rates on New
warded from the Argentine Republic by our
minister there 10 the State Department.
But If actual free coinage was In sight
And if it cost twice as much to pay ex-
change for goods shipped to this country.
European nations, where would be that
great increase in foreign trade OF which
free coinage in this country has resulted in
foreigners investing money here to require
that 1t shall be re2SSa IN sola The railroad
been obliged to make their bonds payable
n gold Il order to negotiate sa them i'm IN
the Territory to fund its debt by the issue
and a half later. Arizona came back to
Congress and asked that the law DO
changed 50 as to make It's bonds payable
unable to negotiate them This is an ex-.
tract from the report of Delegate Smith,
of Arizona, to the House OF Representa-
tives, submitted Feb. Is. 1892: '"fhe pres
ent bill proposes to amend only one para
words, the principal of said bonds shall
be payable In gold coin or its equivalent
of Congress, dligent efforts have been
made by the government of Arizona. and
others h interested in its welfare to sell
out avail Your committee is informed that
the bonds can be placed at par If made pay
bonded IS now bearing 10 per cent. interest.
and that enormous rate will still continue
vided in this bill. Every debt of the Ter
ritory is paid in gold or its equivalent and
edneSs.''
GOOD OBJECT LESSON.
This was an object lesson worth taking
to heart. Delegate Smith and his people
in Arizona We're bowling for the free COIN
age of silver. But when they wanted to
negotiate a territorial bond which was not
payable in gold they could get no one to
take the bonds, although the total amount
was only $1,500,000 If this country is to
adopt the free coinage of silver all of these
gold bonds and the hundreds of millions
of similar bonds of railroads and city cor
porations would be just doubled. In other
words, the principal would cost the people
one dollar has to be paid And If the for
eign investments were not altogether with
drawn those that would be left would be
payable in gold and the interest charge
would be doubled, because 1t would take
two dollars in silver 70 buy one in gold,
effort could bring up to par value with gold
the s4.o0O,O0O.000 and more of silver in the
worthy worthy Of c rrt - 's1u 'a'U'
Professor Andrews talks about money be-
ing turned loose" What ! have already
talk. But supposing it would be turned
loose. what good would 1t do the country?
is about twice that which. existed at any
time previous to 1860, and yet the very
Coinage of silver and more money are at
the same time preaching about the glorious
Mint Mint report shows that for the four years.
1871 to 1875, the yearly annual output of the
two metals in the world averaged d.. sly, ooo,-
showing an increase within twenty years
of SIS per cent. in the output of gold and
Population of the United States and the
seven s largest o nations in Europe rose from
of 292 per cent. in the population of the
great CONFUSING nations, against an in
the a or ve the sns
and Professor Andrews and others are try
ing to make out that what the people
not they say. kept pace with the wealth
and population, of the. world. Their state
they do not even take into consideration
the enormous increase in the use or checks,
re ratio u of inc increase in the worlds COM
merce has been in a far lighter ratio with
in the increase in the supply of the precious
metals. The increase in the products OF
the precious metals between 1913 and 1888
was So per cent. The combined imports
and exports of the six great commercial
nations-tte United States, the United
Kingdom, France, Germany, Russia and
Austria Tfungary--have risen in the same
period at the rate of Ssl per cent. show
ing that the growth of the production of
the precious metals has been ten-fdld the
increase III international trade
More money Is not what the people need.
International free coinage might accom-
plish great deal of good. 1t certainly could
do no harm, because the nations would all be
on the same footing. But national free
coinage, which would put the same
basis with Mexico and the struggling South
American nations. would be a crime, from
the lisa etrous effects OF which this coun-
try would not recover in probably quar-
ter of century or more