The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-26

favor of the gold standard until an interna-
| declaration that when that agree
| ment is reached the gold stand
| ard shall be abandoned, but on the con-
| trary that it shall be continued forever.
! Moreover as an international agreement
| would prevent silver from driving gold out
| of circulation, and would permit both TO
circulate together, to open the minis to
| silver coinage then would give US prac-
| teal bimetallism. and not a silver mono
metalism which, we have seen. is all
| Mr.. Bryan's project amounts to. The Re
! publican platform therefore declares in IA
| vor of the gold standard, and OF free-silver
| coinage as soon we can have practical
| bimetallism, and not silver recommendation
Now, throughout this campaign Mr.. Bry-
| an has rallied at the Republican platform,
| consistency In advocating the gold stand
| ard and also bimetallsm. In his speech in
| the Chicago convention he said: why, If
! they tell us the gold standard is good
| thing, we point to their platform and tell
| them that their platform pledges the party
| to get rid of the gold standard and substi-
| tute bimetallism. If the gold standard Is
a good thing. why try to get rid of 1t?
| thing why should we wait till some other
nations are willing to help us let 1T go?
''The Republican party does not say that
Republican party expressly declares bimet-
cause when the Republican platform
pledges the Republican party to substitute
it makes a valid declaration that the other
standard is desirable in preference to the
single gold standard" And in almost all
his other speeches he has rung the changes
upon this theme.
We have seen that the Republican plat
form does not propose to get rid of the
gold standard at all, but on the contrary to
continue it forever; that it does not propose
to substitute bime tallism for the gold stana-
ard, but have bimetailism with the gold
standard retained; that 1t does not pledge
the substitution of the double standard for
z he Mr. oil
and consequently does not declare bimet-
alism to be better than the gold standard,
fore. that Mr.. Bryans arguments on this
point are based on false premises, and
on the other hand, it is apparent that
not only is it not inconsistent for the Re-,
publican party to advocate bimetallism and
also the retention of the gold standard; but
that is the only possible way in which we
can have bimetallism in practical use at
all; and Furthermore that bimetalism as
16 to l with the abandonment of the gold
standard, is not bimetallism at all, but
recommendation, and his project is not only
an impossibility, but a patent absurdlty. F.,
MONEY VS.. CONFIDENCE.
Mr.. Bryans main argument, and the one
which appeals more than any other to the
people, is that more money is needed in cir
cuation to conduct the business of the
country and to raise the prices of property.
During the "silver panic" of 1893, when
80 per cent. and even as high as so per cent.
interest; when business houses were fail
ing and banks closing their doors the same
argument was urged by the silver men
against the repeal of the Sherman silver
purchase act viz: More money is needed
IN at 9he to eomqvct tae o9smeis Of
the Chamber of Commerce held on July
of that year Mr., A. Foster Higgins, in OPP
posing resolution favoring repeal of that
act conceded that according to the general
opinion of the authorities on that subject
about per cent. of the worlds business
was conducted in money and the other 81
per cent. on credit" In reply to Mr.. Hig-
the repeal Of the act Mr. John Claim said:
Suppose could increase the currency
of the S ons per d
confidence and consequently the credit only
10 per cent. Most likely We should di
cent. of $1,000 worth of business done on a
cash basis is $780, That is the amount you
600 which is done in credit is $1,000. You
have gained 500 in substantial money, if
credit, and practically we are just that
much worse off. We could better afford to
lose 10 per cent of our money. il by that
could afford to gain 10 per cent. Of our
money and lose 3 per cent. of confidence.
After 1879, when we came to specie basis,
we were not in depths of depression dis
tress About the best yea years RS in my remem-
proceedings by the Chamber of Commerce
in all New York papers of July Z, 1899
Can Mr.. Clafitn'S argument be successful
ly gainsaid? If not. is it not clear that con-
fidence in the business community is not
only more necessary to conduct the eX
changes of the country than an increase of
currency, but that 1T is nine times more
necessary? If our currency is to be in
creased at the expense of our credit Tor of
pubic confidence) would not the exchanges
of the country be promoted by foregoing
the Increase of currency and keeping our
credit Cor public confidence) unimpaired?
The entire currency in circulation, ac-
States mint issued on Oct. l, including bank
notes, is 81, $50. 100000, which conducts, as Is
conceded, only per cent. of the exchanges
of the country. If all credit were gone and
which at present are conducted on credit
had to be conducted for cash, nine times
more currency would be required. or about
$14, 23S 900, 900. To coin this sum of silver
the United States minis of 81, 500, 900 per
month, or $50, 600 per year, would re-
quire over 400 years. Or at the present
rate of printing treasury and national bank
over thirty years, and we should then have
aftoat over forty times much govern
ment paper as We had during the war; and
meantime during all these years we should
be suffering the pangs of bankruptcy.
Is 1t net evident that it is better as we'll
as infinitely cheaper, TO keep our credit Cor
confidence) good and dispense with the in
crease of currency?
Will any deny that to foreign and
home creditors alike. as well to the bust
ness community, the gold standard means
confidence and credit. that free-silyer
coinage means distrust and panic?
Again the question arises, with all of
these inevitable and many of them con-
ceded consequences of Mr.. Bryans election
is it safe or advisable to put him in?
j. B. M.