The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-27

then, as now the recognized standard with
us and the most enlightened nations of the
world. The government having issued and
circulated the silver dollar, IL must in honor
protect the holder from loss This obliga-
tion IL has so far sacredly kept. Not only
is there moral obligation, but there is a
legal obligation expressed in public statute
These dollars. in the particulars I have
named, are not the same as the dollars
which would be issued under free coinage.
They would be the same In form, but diff
ferent In value The government would
have part in the transaction. except to
coin the silver bullion into dollars. 1t would
share in no part of the profit. 1t would
not put the dollars INTO circulation. 1t
could only get them as any citizen would
get them. by giving something for them.
1t would deliver them to those who de-
posted the silver, and its connection with
the transaction there END; such bare are the sill
the free coinage of silver at the ratio of 16
TO l. Who would maintain the parity?
What would keep them at par with gold
There would be no obligation resting upon
the government TO do 1t. and If there were
IL would be powerless to do it. The simple
truth is, we would be driven to a silver
basis-to silver monometalism. These dol
lars. therefore. would stand upon their real
value If the free and unlimited coinage of
silver al the ratio of sixteen ounces of sill
yer TO one ounce of gold would as some of
its'adyocates assert. make SO cents in silver
worth 100 cents, and the silver dollars equal
to the gold dollars, then We would have no
cheaper money than now and it would be
no easier TO get. But that such would be
the result is against reason, and is contra
dicted by experience in all times and in all
lands. 1t means the debasement of our
currency to the amount of the difference
between the commercial and coin value OF
the silver dollar. which is ever changing.
and the effect would be to reduce property
values. entail untold financial loss destroy
confidence. impair the obligations of exist
ing contracts. further impoverish the labor
ers and producers of the country. create a
panic OF unparalleled severity and inflict
trade nd w
against any such policy l am unalterably
opposed.
BIMETALLIsM
Bimetallism cannot be secured by in
dependent action on our part. 1t cannot be
obtained by opening our mints to the un-
limited coinage of the silver of the world
at a ratio of sixteen ounces of silver TO one
ounce of gold, when the commercial ratio
is more than thirty ounces of silver to
one ounce of gold Mexico and China have
tried the experiment. Mexico has free
coinage of silver and gold at a ratio slight
~ in excess of sixteen ana a half ounces
of silver 10 one of gold. and while her
mints are freely open TO both metals at
that ratio, not a single dollar in gold bull
lion is coined and circulated as money
Gold has beeh driven out of circulation in
these countries and they are on a silver
DaSlS alone. Untii international agreement
Is had 1t is the plain duty OF the United
| states TO maintain the gold standard. 1t
| is the recognized and sole standard of the
| great commercial nations of the world
| with which trade more largely than
any other. Eighty-Iour per cent. of our
| foreign trade Tor the fiscal year 1853 was
| with gold-standard countries and our
trade with other countries was settled on
a gold basis.
Chiefly by means of legislation during
| and since 1873 there has been put in cir
| culation more than $62i OC0, 900 OF silver or
| its representative This has been done i'm
<
sible, the same bullion and coinage value
and encourage the concurrent use of both
| gold and silver as money. Prior TO thai
time there had been less than nine mil
| lions of silver dollars coined in the entire
history OF the United States. a period OF
eighty-nine years. This legislation secures
the largest use of silver consistent with
financial safety and the pledge to maintain
| its parity with gold We have to-day more
silver tnan god. This has been accom-
| phshed at times with great peril to the
| public creoit. The soSealled Sherman law
| United States for money at its market
| value. From 1880 to 1888 the government
4 purchased 4500.000 ounces silver a
month, or 54.OCO.eOO ounces year. This was
one-third or the product of the world and
practically all of this countrys procdct. IL
| was believed by those who then ana now
/ favor free coinage that such use of silver
would advance It's bullion value TO it's coin
| age value, but this expectation was not
| realized. In few months, notwithstand-
| ing the unprecedented market for the sill
yer produced in the United States the
| O
reaching a lower point than ever before.
| Then, upon the recon mendation of Presi-
dent Cleveland, both political parties
clause of the Sherman law. We cannot
| with safety engage in further experiments
| in this direction.
THE DOUBLE STANDARD.
ION the 22d of August, 1891, in a public
address. 1 said: If we could have an inter
national ratio, which all the leading ma.
true relation be fixed between the two met
ais. and all agree upon the quantity of sill
yer which should constitute a dollar, then
silver would be free and unlimited in its
privileges of coinage as gold is to-day But
that we have not been able to secure, and
with the free and unlimited coinage of sill
yer adopted in the United States. at the
| present ratio. we would be still further re-
moved from any international agreement
| We may never be able to secure it If we
| enter upon the isolated coinage of silver
The double standard implies equality at d
! ratio. and that equality can only be estab-
lished by the concurrent law of nations il
was the concurrent law of nations that
/ made the double standard; Ii will require
| the concurrent law or nations TO reinStatt
| and sustain it,
THE Republican party has not been ani
| is not now opposed to the use of silver
money. its record abundantly shows II
| has done all that could be done for its I'm.
creased use. with safety and honor, by the
| United States acting apart from other gov
ernments. There are those who think thai
| IL has already gone beyond the limit o
finaeial prudence Surely we can go nc
| further and we must not permit false
lights 10 lure us across the danger line.
we have much more silver IN use thar
| any country in the world except India anC
| China-S5OO, 100000 more than Great Britain
| Sloo.o0O.O0o more than France. $400, coo CO.
| more than Germany, $325. .000. 900 less thar
India and Sl25 100000 less than China.
The Republican party has declared In
! favor of an international agreement and i
elected President 1t will be my duty TO EN-
ploy all proper means to prom ote IL. Th.
| free coinage of silver in this country would
! defer IL not defeat international bimetal
| ism, and until an international agreement
can be had every interest requires us tS
maintain our present standard.
independent free coinage OF silver at 8
| ratio or sixteen ounces of silver to on,
ounce Of gold would insure the speedy con
| traction OF the volume of our currency Il
| would drive at least five hundred million:
| of gold dollars, which We have per
manently from the trade of the country
and greatly decrease our per capita circu
| lation. II is not proposed by the Republic
an party TO take from the circulating med
| ium of the country any of the silver w,
| now have. on the contrary. ii is PROPOSED
10 keep all of the silver money now i'm cir
| culation parity with gold by maintain
ing the pledge of the government that al
| of II shall be the equal of gold. This ha.
| been the unbroken policy of the Repub.f
party since 1878. 1t has inaugurated n,
| new policy. 1t will keep in circulation an,
as good as gold all of the silver and pape
rency of the country. IL will maintai,
their parity. 1t will preserve their equa!it-
in the future, as IL has always done in tn,
past IL will not consent to put this coun