The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-08
VICIOUS But HARMLESS.

AS vicious financial measures as that
agreed upon by the majority Of the
finance committee of the Senate have
been presented. because several free sill
yer coinage bills have been passed at
different times by one or the other
branch of Congress. 1t may be said,
however. that as the price of silver bull
lion falls in the worlds market the
proposition to coin ii in the ratio of 16 to
1, when the market ratio is about 30 to 1,
is more reckless measure than a free
coinage bill was when the market value
of the metals made the ratio 20 to 1.
Heretofore, in the worlds history of
coinage, the ratio Of the metals has been
based upon their market values. Here
Is a proposition which ignores the mar
ket values Of the two metals in making
ratio for their coinage. 1t is declara-
ton that fifty-three cents worth Of sill
yer bullion in the markets of the world
is as good a dollar with which to
measure values as the dollar made of
one hundred cents worth of gold. 1t is
only step further to say that dollar
made by printing this is a dollar on
piece Of paper is as good a dollar as
one which is made of a given number of
grains of gold, and the number of which
is limited to the quantity of gold that is
brought to the minis for coinage.
In June, 1879, when the differ
ence in value between the bullion
in the silver and the gold dollar
was about fifteen cents. the late Mr..
Blaine. in a speech before the Maine Re
publican convention, denounced the pas
sage of free silver coinage bill by the
House as involving the most outrageous
piece Of jobbery that ever received the
approval of a legislative body. 1T u.s.
Mr.. Blaine said,"a proposition to give the
7ners of silver bullion a legal tender
dollar for eighty-five cents worth OF sill
yer bullion. If 1t could be made certain
that President would approve such a
monstrous proposition" he went on, 1T
would be easy to raise a corruption fund
Of several millions Of dollars to purchase
it's passage" If 1t was a monstrous propo-
sition to coin eighty-five cents worth
Of silver bullion into a dollar for the
profit of mine owners and bullion specu-
lators, what sort OF proposition does it
become when it is proposed to stamp
fifty-three cents worth of bullion one
dollar?
There Is no more reason for doubling
the price of the silver bullion of the
world in the United States by coinage
than there is for attempting to double
the price of pig iron by an act of Con.
gress. There is no more sanctity in a
ratio for coinage which is not based
upon the market price of the metals than
there is for law declaring that three
bushels Of corn must be exchanged for
one bushel of wheat.
Fortunately. there is no danger in con-
sequence of the Senate bill. 1t will en-
barrass all efforts to improve the cur
rency, but the time will never come
when the viciousness of the Southern
Democracy and the self-interest of the
silver State members of Congress can
force this country to silver monometal-
lism to keep company with China and
India. The representatives of nine
tenths of the people will not involve
these nine-tenths in financial ruin to
make a few score or few hundred sill
yer millionaires.