The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-22

To the Editor Of the Indianapolis Journal:
You say in an editorial paragraph in the
Journal of Tuesday: Standardized For
aker is an able and brilliant man. vet he
should not permit himself to declare that
the United States swaps gold and silver
dollars. as he did Saturday." The average
voter will consider the editorial as proof of
the truth of a statement in Mr.. Bryan's
acceptance speech. as follows: 9Th silver
dollar is now held up to the gold dollar by
legal-tender laws. and not by redemption
in gold. because the standard silver dollars
are not now redeemable in gold, either in
law or by administrative policy"
Is it true that the silver dollar is held up
to the gold dollar by legal-tender laws? Is
Mr.. Bryan correct and is Mr.. Foraker
wrong? Perhaps neither is right. technical
ly, but Republicans usually assert that the
silver dollar is held up to the gold dollar by
redemption, and the statement is true, al
though it requires explanation, and that
explanation should be fully understood. SO
that Mr.. Bryan's position may not be ac-
cepted as the correct one, and so that Re-
publicans may not be charged with making
m~isstatements.
The law of 1890 declared 1t to be THE es-
tablished policy of the United States TO
MAINTAIN the TWO metals on a parity with
each other at the present legal ratio, or
such ratio as may be provided by law"
The law of 1898 reaffirmed that policy. The
only way a policy can be maintained is
to enforce IL. The mere declara ton of a
policy will not maintain il, any more than
legislation will create value out of nothing
Horace Greeley said. years ago: The way
to resume specie payment is to resume"
The way TO maintain parity is to redeem.
not necessarily by swapping gold and sill
YER but by some effective process. which
| amounts 10 thp Samp thine IN the a,l
That. in fact. is of necessity the policy of
the government. AS is we'll known. under
the law of 1890 treasury notes were issued
in payment for silver bullion. and they
were made full legal tender The policy OF
the government has beer to redeem these
treasury notes. as Well as greenbacks. on
presentation, in gold when gold was de-
manded. Ex-President Harrison. in a re-
cent magazine article, said: Our Score
taries of the Treasury have been right. /
think. i'm holding that the parity of our
moment the government takes away from
the holder OF a greenback or treasury note
the election OF the coin he will receive in
exchange for II. IL he wants gold. and sill
Yer is thrust upon him. the latter is depre-
ciated and the former appreciated" BY ref
erence TO the financial tables issued by the
Treasury Department (No. 6, Series 1856
Page I44), Ii will be observed that the gov
m each month since their issuance.
has redeemed these treasury notes. sent
out I'm lieu of silver coin. in amounts vary
ing from one hundred thousand dollars 10
many millions. the greatest redemption be-
ing in February, 1884. amounting to So
200. 600. Treasury notes are easily obtain
able anywhere in exchange for silver dol
lars-at business houses or banks. The
treas"ry notes being redeemed in gold
maxi the scheme of REDEMPTION of gold for
silver complete. If IL We're not for such re-
demption. indirect though 1t Is. the parity
of our dollars could not be maintained.
Therefore. Is not Mr.. Foraker's statement
correct. If not technically. at least practi-
= caiv2 Is not Mr. Bryan's position wron=