The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-04
THE SILVER QUESTION.
Evils That Would Follow the Adop-
ton OF Unlimited Free Coinnac.

"hiie nave endeavored to make q plain
Statement or the disordered condition of our
currency and the present dangers facing
our prosperity, and to suggest a way which
ieads TO safer financial system. I have
constantly had in mind the fact that many
or my countrymen, whose sincerity I do
not doubt, insist that the cure for the ills
now threatening us may be found i'm the
single and simple remedy of the free COIN
age of silver. They contend that our minis
shall be at once thrown open to the free
unlimited and independent coinage of both
gold and silver dollars, of full legal-tender
quality, regardless of the action of any
other government, and in full view of the
fact that the ratio between the metals
which they suggest calls for one hundred
cents worth Of gold in the gold dollar at
the present standard, and only 80 cents in
Intrinsic worth of silver in the silver dollar
, Were there infinitely stronger reasons adj
duced for hoping that such action would
secure Tor us birnetall.c currency, moving
on lines of parity an experiment so novel
and hazardous as that proposed might well
ssagger those who believe that stapility is
an imperative condition of sound money
act OF legislation has ever been able 10 hold
The two metals together in free coinage at
a ratio appreciabiy different from that
which is established in the markets of the
world Those who believe that our indie
pendent free coinage of silver at an arti-
fetal ratio with gold of l6 10 1 would re-
store the parity between the metals and
consequently. between the coins. oppose an
unsupported and improbable theory to the
general belief and practice of other IA
tons and to the teaching OF the wisest
statesmen and economists of the world
both in the past and present, and what is
far more conclusive, they run counter to
our own actual experience.
Twice in our earlier history our law
makers, in attempting TO establish BIZ
afo11 fr rfr~r md FREQ coli.
upon a. ratio which accidentally varied
from the actual relative values of the two
metals not more 5sen per cent IN both
and cost Of transportation than now exist
coins whose Intrinsic worth were under
valued In the ratio. gradually and surely
went 10 other countries, where their real
value was better recognized. Acts of Con-
gress were imminent TO create equality
where natural causes decreed even slight
inequality.
Twice in our recent history we have sig
nally failed 10 raise by legislation the value
of silver. Under an act of Congress passed
in 1878 the government was required for
more than twelve years to expend an
of silver bullion for coinage.
The act of July IA, 1890. in a still holder
government was compelled to purchase
and forced IL to become the buyer annual
ly OF 5i.0O0.000 ounces or practically the en-
laws silver rapidly and steadily declined
in value. The prophecy and the expressed
hope and expectation of those in the Con-
gress, who led in the passage OF the last
mentioned act. that II would re-estabish
and maintain the former parity between
the two metals are still fresh in our men,
DRY.
RESULTS OF FREE COINAGE.
In the light of these experiences which
accord with the experiences of other ma
tons, there Is certainly no secure ground
for the belief that act of Congress
could now bridge an inequality OF so per
cent. between gold and silver at our pres
ent ratio. nor Is there the least possibility
that our country, which has less than one
seventh OF the silver money in the world
could by its action alone raise not only
our own but all silver to its lost ratio
with gold Our attempts to accomlish this
by the tree coinage of silver at a ratio
differing widely from actual relative values
would be the signal for the complete de-
parture OF gold from our calculation, the