The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-16
Less in rurchase............. $I45.s.1 952.2
"'R. L. PRESTON,
Director of the Mint

DO -. s-cf@VV
I'VE had also at that date 1854, SIG, 9S1 in
the treasury, mostly gold and silver, held
for the redemption of United States notes
and silver certificates as follows;
Gold coin Sill. 500, $40
Standard silver dollars. ............ 1885, GA. 043
Subsidiary silver .................. 10, l3O,9l6
Gold certiflcateS ..................... 4yl,450
Treas'y notes, Act July IA, 1890. "a, 465,91s
United States notes ............... 121, 229, 65S
Curry certificates. Act June 8. 1872. $1,000
Total a. 1864. 519. 9S1
al these forms of money have been
maintained by the government at par with
gold and they travel the circle of the world
without diminution of their purchasing
power. Though silver bullion has fallen to
have used it and maintained silver coin
made from 1t at parity with gold at the
ratio of 16 to l..
DEMOCRACY'S PROPOSITION.
but now We are brought face to face
with a proposition which if agreed to will
make silver the sole standard of value for
all debts and credits. for the wages of Ia
Dor and the purchase and sale of property.
The Democratic party at it's recent con-
vention at Chicago adopted a resolution In
favor of the free coinage of silver at the
ratio of sixteen parts of silver to
one of gold. We know that in
SiC u States anu III dl
countries in the world thirty ounces or
more of silver can be purchased by one
ounce of gold. With the free coinage of sill
Yer gold will be demonetized. Nothing can
be more certain than that the cheaper
money only Will circulate. The United
States has thus far maintained its silver
coins at a parity with gold coins only by
IT'S exclusive monopoly OF coinage and by
limiting the amount. but with free coinage
of silver there could be no limitation. Sill
yer bullion in every form will be pressed
l1nnn fht min ~ NTH tho tory
duty of free coinage, silver dollars will soon
fill the channels of circulation and the gold
sold as a commodity at about lsi cents of
the silver coin. Silver will stand as the
par of value and gold will be quoted at It's
commercial value.
Let us contemplate for awhile the in
evftGble result of the free coinage of silver
even II 1 repeat what | say. 1t would vio-
money made since Jan. /. 1873. The re-
sumption act, which went into operation
on that day, provided for the payment in
coin on demand of all United States notes
presented for redemption. All forms of
money, whether of silver or gold. or pa
per; were then maintained at par with
each other and have been so maintained
ever since. During all this period, gold and
silver coins at par with each other have
been the standards of value of all loans,
contracts or purchases, and the faith of
the United States was pledged for their
maintenance at parity with each other.
Although silver bullion declined in market
NHC tOAio MAUI - II nave pCt-
kept at par with gold coins at the legal
ratio of 10 to /. But if the free coinage of
silver is authorized. then the market value
of silver bullion becomes the standard for
the payments on all contracts made in the
past, the present of future; 4121z grains of
standard silver bullion, worth now SO cents,
can, with free coinage. be coined into a
dollar upon the demand of any holder Of
such bullion This dollar is delivered to the
owner of the bullion and is not supported
by the fiat of the government. The gov
eminent does not undertake to maintain
its relative value with gold. The govern
ment stamps it This is a dollar It's pur-
chasing power is 50 cents, but it's debt-pay-
ing power Is one dollar. 1t is TO be a legal
tender for one dollar of debt. but in the
purchase of n article 1t Is only worth 90
cents, for the seller of the article can fix
his price according to the kind of money
offered. 1t is the doctrine of the PoDulist
and the Anarchist, but il is in direct oppo-
sition to the traditional policy of Thomas
Jefferson. Andrew Jackson and the Demo-
cratic party.
A GREAT WRONG CONTEMPLATED.
When we contemplate the great amount
of debt and credit that is unavoidable in
a vast but new country like ours We nat
urally shrink from any measure that will
either rob the lender or do injustice to the
borrower. 1t is impossible to estimate the
wrong and injustice that will be done to
of debts due them. The very threat to
do 1t will lead TO the prompt and harsh
become a iaW. i am advised that all
ready debts that would have remained UNI
called for have In fear of such a law,
free coinage bill can become a law the
wide distrust caused by the pending of
such a measure will lead to the rapid col
lection of debts, the sacrifice of property
and deepen existing financial difficulties
growing out of insufficient revenues for
the national as well as for many State
governments.
1T is sometimes said of creditors that
they are bloodthirsty Shylocks, aristocrats,
blood-suckers, extortionerS. 1t may he
that there are among money lenders some
men who merit these epithetS, but the
great body of the creditors of our country
are among the thrifty. industrious and in
telligent men and women of every COM
munity. One great body Of creditors here
and orphans who are creditors of the
United States to the amount of over S1i0,-
0o0.C coo a year for services and sacrifices in
the Union army. 1t would be an act of
perfdy and meanness beyond expression
for this great country TO pay them with
money OF less purchasing power than gold
coin merely because the overprOduction Of
silver in the United States has reduced
the market value of silver bullion con-
tanned in a silver dollar. 10 take advan-
value OF the pittance TO these pensioners
is worse han TO rob the graves of the
dead.
There Is another class of creditors that
the free coinage Of silver will greatly in
jure. Ii is the depositors in savings insti-
1 lullOll dllG LII II III IL
cording TO official statistics. number nearly
5000. 600 people, and whose deposits amount
to more than g. 800. ooo. 900. VIM you cheat
them by reducing the value and purchasing
power Of the dollars they have deposited?
ALL CLASSES WOULD SUFFER.
Free coinage would also wipe out nearly
one-half the value of life insurance which
provident people of the United States have
paid to secure in case of their death some
support and protection to wife and chill
drcn. 1t will affect iniuriously the multi
tude of clerks and employees who depend
upon monthly pay. and will reduce the pur-
chasing power of all salaries of officers and
employees in the public service Of the United
States and Of every State. county, city or
township In this broad land. But by far
the greatest injury resulting from the free
nag of silver will fall upon the work
men. Their wages are now based upon
I[oEey Of the highest value. upon gold coin
OF standard value Under free coinage OF
silversthe value of the silver dollar will fall
TO & cents In gold. or. as [ have already