The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-19


ing to-day has been inspired by the idea
of instituting a pilgrimage to the Repub-
lican shrine. 1t is really ratification of
the many triumphs that have been
achieved by the Republican candidate since
he began receiving those who call to con-
graduate him and themselves upon the
work of the Republicans in their national
convention. / am sure that all of can
say that we are glad to be so near our
candidate and to contribute little more
to the busy political life of this city of
Canton. l need not call your attention to
idea of making the pilgrimage to this city
The vast numbers of Republicans who have
gathered here to-day speak for that point
Senator CulIom's Speech.
Governor Bushnell then introduced Sena-
tor Shelby M. Cullom, of Illinois, who
made long speech, saying, in part
The friends of free coinage say that all
Let if that is true. They say that
one-half the money of the Constitution
destroyed it as money of redemption. The
silver men talk glibly about money of re-
demption. What is money for? 1t is to
be used as circulating medium, as con-
venience in doing business. Well, the silver
dollar is a legal tender for all debts, pub
lie and private, and have many of
them have of gold, and We have
more gold, silver and paper than We ever
had before Pray tell me what is the mat
ter with our present policy on the financial
question? Our money is all good and
have plenty of it If we could once more re-
not stand by what we have and get the
mills started instead of fretting about the
mints? i!1
and increasing in value; that gold is appre-
eiating instead of silver depreciatin all
of which makes it more burdensome TO the
debtor. Let us see how this is. During the
last one hundred years the quantity of gold
produced in the world has Increased from
about sl3 600 900 annually to 1920 600 coo, while
the population has simply doubled Let
see further: OF the geld produced in the
rnI-l6 on h n rod nor
was coined Now 66 per cent. is coined.
Therefore, the amount of gold in the world
per capita is four times as much it was
enc hundred years ago. The total money
in the world gold, silver and paper, has in
creased 400 per cent. during the last one
hundred years. OF the money in the world
one hundred years ago. q per cent. was of
gold; 1t is now 30 per cent. AS to the in
crease of bank checks drafts, etc. which
go to take the place of money. the banking
facilities of the world have increased 1000
per cent.
Bryan and Altgeld and their followers.
They say that gold is dearer than it was
IN Fbs 1SS and tltb hhat at we or need @ more money
price of money has been getting cheaper.
The legal rate of interest on money is less
in our State than it used to be- 1t has
fallen from 10 to Z per cent and | think
men do not pay more now than or 6
per cent, and the government is able to
get it for and sell its bonds at a premium
while before the war it paid per cent.
and sold its bonds at heavy discount.
1850, wages in 1882 Were 1882 per cent.-an
| increase of nearly 70 per cent. while the
purchasing power of wages increased about
so per cent
MIR Altgeld and other Pop pocratic leaders
say the present dollar is a 200-cent dollar
while the dollar before 1873 was a 100-cent
dollar. In the rrst place the statement is
not correct, but If it were. which would
! you rather haves dollar worth 200 or a
ever saw 5o-cent dollar. Nobody ever sa "
| an American dollar in coin that would not
| - hnr In i-
many foreign countries, at its nominal
value. Suppose IL is true that our dollars
are 200-cent dollars. How many of these
have we in circulation? According to the
| last treasury statement we have more tina
$l,5o0,o00o0o, consisting of gold, silver and
paper. one dollar just as good another,
a per capita circulation of nearly $22 If
Bryan, Altgeld and their associates are
right, then our money in circulation is
| equal to $1,000 coo, 900, about $44 per cap
ita. AS their platform only calls for $50
per capita they ought to be satisfied with
GOLD WOULD BE HoARDED.
Let us see what would happen in the
event Of the success of the nominees of the
| Chicago convention. Our gold would leave
us or be hoarded-that is certain-a con-
| traction of 5000 000 900. The remainder of
money would shrink in purchasing
| power equal to the difference between the
| par value of the dollar and the bullion
price of silver. That difference is now
would be contracted to that extent and we
would have less than SO per capita in cir
| culation of actual money where we now
! have $22
doubt, have a panic at first (after the
| adoption of free coinage.) He admits that
| much. He doesn't say whether it will be
! just little wave which will wet the toes
| and scare the timorous, whether it will
| be a tidal wave which will engulf the Ma
/ ton. We are not children in experience.
/ Va had in m 1ad fnIIF
! and they are yet sore from the effects of
the fire. William ]. Bryan told us then
1 that free trade was just what we needed
1 that troubles were all due to the tariff
He now tells us that we must have free
n1anity to longer refuse it; that all man
kind has been suffering untold misery since
| 1873 on account OF tI.e demonetization of
silver. You know better. VIII you take
| his advice again? l do not think you will.
"Fellow-citiZens, there is no use in de-
/ ceiving ourselves in dealing with this ques-
| ton. we have more gold and more silver
! than we ever had before, and altogether
! more circulating medium than we ever had
at par with gold, which is the recognized
money Of the commercial world Let us
pressed upon us by Bryan, Tillman and Alt
! geld. and men who may be honest, but who
! adopt a policy or try an experiment in de-
fiance of the facts of history and in opposi-
! ton to the judgment OF the wisest friends
/ of silver in the world.
THE Republican party is for bimetallism.
! 1t believes IN the use or Doth gold and sill
/ yer as money. 1t believes in the admission
( of both to the mints of the United States
/ on equal terms as soon as II can be done
with safety and honor. Our party is
4 pledged TO il in the ST. Louis platform. we
/ are neither for gold monometallsm nor sill
/ yer monometallism. We have both metals
now in about equal proportions and we de-
/ sire to keep them. We do not want to lose
| our gold in the twinkling of an eye, as we
/ would IL Bryan and a Congress in harmony
/ with his views should be elected 1t would
not be deierred until an" act of Congress
could be passed providing for the free and