The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-13
senator Turpic's speech.

there Is no truer or abler bimetalist in
the United states of America. Great ap-
raauSe.)
senator Turpie's Speech.
The distinguished Senator from Indiana
was warmly received While he bears his
sxty-eight years lightly. his voice was
rather weak for the large han and he
showed that warm weather made the task
of delivering elaborate address before
the convention a difficult one. After Sem
ator Turpie had been elected by acclama-
ticn he assumed the chair and addressed
The convention as follows
, MIR. President and Gentlemen of the Con-
Nention-The coined money of the govern
ment In full meaning stands four square to
all commercial transactions of the people.
II has four functions or uses. 1t is me-
dunn OF exchange: ii is measure of values;
III is means for reduction of its paper
proxies; ii is z legal tender for the payment
OF all debts. There are many things besides
and set han nase a or ehese 81
tions, two are created by law-those of le-
gal tender and redemption those are artifi-
cial The other two-of exchange and value
measurement-are natural. There is no
doubt that coined money existed and was
used to effect exchanges of commodities ana
/ concerning debt or redemption. But. al
though the natural functions of coined
| fical functions-yet both these classes or
| functions are very ancient-almost coequal
WITH the commerce OF CIVILIZATION. The nat
ural functions of such money used in desig-
mating the prices and effecting the transfer
of commodities. do not depend wholly, upon
law, have never so depended, but depend
also upon usage and agreement.
They have no natural or necessary exist
ence The artificial functions depend wholly
! upon law. When an article is sold and de-
| livered and the price paid and received, this
! is finality. 1t is what we call cash deal
But when only a note is given, whether il
| be a public or private note this is not
final.ry. but creates the need that some
measure shall be enacted by public law pro-
the redemption OF the public note in coined
money of the country. This need is not a
natural one. 1t is altogether artificial and
| credit. Credit-that creature of legislation
| that product of the statutes. Credit, the
| looking to the power of the government for
| the collection and enforcement of its obl-
| cations. cannot gainsay the right of the
Same power to enact what sort and what
1 quantity of coined money shall be paid and
| shall be received in the discharge and liqu-
dation of the same. Such is the legal-tender
quality, and. though it is highly artificial,
yet it is, doubtless. one of the most valu-
able functions of coined money.
| He who would deprive one sort of coin
| of this quality, and leave it only with the
| other, where two kinds had been used be-.
| fore from time immemOrial-from the very
| origin OF the credit SYSTEMS guilty of
| gross injustice. And that equivalent policy
another way Of doing the same thing.
| which would permit only the making and
use of one sort of coined money, and which
would prevent the free and further making
| and use of the other where both had
| formerly been coined and used as money of
| final liquidation, perpetuates and maintains
| system of bondage. Those great artificial
cause of its primary worth and use al
| though they have added very largely to il
| in both these respects.
COINED MONEY.
Coined money has always been and yet
| is in itself a thing of value, and this value
| is of two kinds-a general value derived
from the material out of which it is mnted,
a specific particular value determnate
by law. The first is called the metallic
bullion value; the second is known as the
monetary worth or legal value. The latter
is always a matter of law; the bullion value
is one of estimation and opinion. Neither Of
the two coin metals of the world has the
best or highest elements of intrinsic or in
| herent value. Both are used in the arts,
be sole measure of the Vaae is ron s With 10
its necessary product, steel, is the most
valuable, as it is the most useful of all
metals But the vast abundance of this use
| full metal, denoting a supply unlimited has
deprived it of monetary. functions.
silver and gold gold in iGn this order have been
the principal coin metals among mankind.
Silver and gold have been deemed and
precious indicates their money use and ORR
gin. 1t leads directly to price; it is very
closely related to and connected with price.
Price is the name of that sum of money in
coin which we pay in exchange for what
we wish to purchase. and it must have
always been in itself II thing OF value
other qualities suitable for conage-and it
must have always had. relative to other
scantiness in the supply. For four thou
sand years silver and gold have been
mined. coined and used as money. During
all that time those two precious metals
have been furnished both as to quality
and as to the cost of production, i'm such
manner and amount as not TO be compared
with any other commodities, to admit
OF comparison save with each other.
1t has already been said that the bullion
value of the coin metals was largely mat
ter OF opinion and estimation.
Coined money has always been and yet
is in itself thing of value and value
value and the monetary worth or legal
value. The latter is always a matter OF
law-the bullion value is one of estima-
yer and gold, here and elsewhere, has al
ways rested and rests to-day upon one con-
and Simple item of % beiiefNthat tina o as there
has been in the ages past, so there will be
in the years to come; no discovery of either
OF such metals which, as to quantity shall
make them comparable in value with any
other materials suitable for the OF
mankind as money. There has always been
difference between the commercial OF
bullion value of the two metals and the
legal or coinage value
|
bimetallism that the legal value of coined
money must be the as the CONNER
cial or bullion value of the metal unit
nothing could be more dishonest Accord
ing TO that test there is not and cannot
be an honest dollar of either silver OF
gold. The use of silver and gold for money
has added very greatly to their CONNER
cial or bullion value. Large payments OF
| coin may be made in silver, but small pay-
ments must be. Daily wages paid for daily
! work to the laborer must be paid in coin
| in silver dollars and their parts. Gold is
not divisible to this. For this reason sill.
yer has always been the money of the peo.
| pe-of the greater number.
THE ACT OF 1873.
Although every friend of humanity re-
| joices in the destruction of the exclusive
government ownership of the precious ores
| and their metals, yet there was one consc-
quence which followed the private owner.
ship of the same much to be deplored
For long time the equilibrium was i'm
| partially maintained by law between the
two parties. but at last the holders OF gold
being the same as the holders of debt
in large quantities, especially national debt
succeeded in having the government inter
| fere by law in this strife. They said. We
will not dispute any longer about relative
values. Silver must be barred out. Wher
We have killed silver for use as coin il viii
be worth less and less. We can buy am
sell il at price, and the ratio vii
+ be an idle fiction of the past
The syndicate OF gold is OF no country