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

WHelnef IL was MI Bryan 5 QOctrlne or not.
| things rejected. The idea of an equivalence
Of value is utterly rejected. The idea Of
| soliciting foreign aid in this matter is de-
nounced as un-American and unpatriotic
| The proposition that the equiyalency of
| these dollars should be maintained by any
| pledge or legislation on the part of Con-
| greSS is equally rejected, and the PROPOSE
| ton is made to US boldly that without re-
| gard to foreign nations. without any pledge
on the part of this government to maintain
their parity, we shall coin silver. dollars
| freely at the ratio of 16 to l. Is it to be
wondered at that men who were Demo-
Gratis in 1892 refuse to follow this pro-
platform and the campaign that was con-
Quoted under it?
THE Is TO PROPOSITION
Now, my friends. 1 want to say a word
or two about this propc sition. 1t is that
when the intrinsic ratio is 81 or 80 or SO
to 1 we shall coin silver at the ratio of
16 to l. Why 16 to /? Why not 10 or 20 to /?
How did Is to 1 ever come to be the ratio
1t is matter of history known to you all
that it came to be the ratio because at the
time it was fixed 1t was the commercial
or intrinsic ratio between the Two dollars.
(Applause.) We lawyers have saying that
when the reason of the rule fails, the rule
fails. The reason of is to 1 was that when
that was established 16 ounces of silver.
We're equal in the market to ounce of gold.
That was the reason that Hamilton and
would have been the ratio adpoted if the
commercial ratio had been IA to / or 20 to
l, or as it is now. 80 to l. No statesman of
that time would ever have proposed the
adoption of 16 to 1 except upon the theory
and fact that it was the actual CONNER
the maxim; the reason fails and the rule
falls. Why 16 to l when the reason upon
which that ratio was settled has entirely
disappeared and the commercial ratio is
now 80 or SO to /? What can be the effect
of coinage at ratio so disproportionate
as if history was very Instructive to these
free-silver advocates: Uaughter)
In our own experience history shows
that when we undervalued gold only by a
few cents 1t went completely out of circu-
lation, and when, we undervalued silver,
only by little, silver went completely out
ence, and the experience has been repeated
cial nations of the world. Mr.. Bryan-he
has hardly the time to consult history.
he could not find written anywhere in any
history in the experience of any nation
any instances in which where one of the
two metals was undervalued. both circu-
it is common sense Every man D Knows
standards of value unless they are the
equivalent and equal of each other. Cap
The old maxim of the school in mathe-
matics is that things that are equal to the
same thing are equal to each other; and
are not equal to the same thing are not
equal to each other. Unless silver dollar
10 equal W just as many pOuHuS OI pOIdlOeS,
to just as many pounds of sugar to just
as many pounds of coffee as the gold dol
lar it is not the equal of the gold dollar.
(ApplauSe.) The law may say SO. but the
law does not make it so. 1t is the store
keeper that you have got to consult. I'm
less a silver dollar containing 4121a grains
of standard silver will buy as much sugar
as gold dollar will, it is not the equivalent
Of OF the gold IT., dollar. | don't care what the
it; it is the merchant that settles it. If the
gold dollar will buy more, than the silver
because it Is at a premium 9 why? when when
you can exchange a gold dollar for two
silver ones are you going to pay that out
Tor the amount of sugar that silver dol
lar viii buy? Not at all. You will go to
the broker and exchange your gold dollar
and have silver dollar left. (Applause0
THE DOUBLE STANDARD FOLLY.
A double standard? Why, my friends
they must be of the same length, If it is a
measure of length. Think of two yard
sticks-a double standard-one having thir-
ty-six inches and the other thirty-four!
Think of a bushel of wheat-two standards
-one sixty pounds and the other forty.
Can these two be used? Not at all. What
is the effect? The smaller bushel or the
shorter yardstick is the only one that
Is used, and the other is put out of use
When they talk of double standard. 1t is
absolutely foolish unless the two things
will buy the same amount; and the govern
buy; the storekeeper fixes that They must
have the two things equivalent or they
have not got a double Standard; and the
Tree coinage or silver at the ratio of Is
to would not establish double standard:
IL would establish a single standard and
that the standard of silver. Gold would
absolutely go out of use. Go to the his
tory of England and France, to the ex-
p pefrlments Is of the Latin Union; read the
history or ever commercial country in the
world, and L defy any free-silver advocate
TO point to a single case where the cheaper
money ald not drive out the better money
, But. as | say history does not seem to
be favorite study of the free-silver advo-
Gates. 0aughter) Again. they confound
the terms double standard and .'bimet
ailism,' | think. I think the United States
something like 400 900 900 silver, full legal
tender dollars. In other words about four
te ea of our coin money, of full legal
ism; but we haven't the double standard
because this silver is supported by the
pledge lea 7ro Of tn the government SO that it is
maintained at parity with the gold stand
ard Applaqse) Now, it seems to me
that the simplest mind can understand that
when silver dollar is worth only half as
much as a gold dollar both will not be
used in the ordinary intercourse of COM
merce. The good one will go away.
GOLD DURING THE WAR.
How was it during the war. when we
had greenbacks that were worth 40 cents
on the dollar and the government was not
able to redeem them in gold? Was there
any gold in circulation? Not a. dollar
Gold was mere commodity, precisely like
stocks or anything else, and men speculat-
ed in 1t on the New York Board of Trade.
and some Indiana copperhea6s bet on gold
against the, government and lost. (Ap-
plause) 1t was not in use as money When
did it come into use? In the resumption
of specie payments. when the greenback
dollar was made equal to the gold dollar:
then and not before, did gold come into
usa among the people. And why? Because |
a greenback dollar would produce a gold |
dollar. That is our own experience.
Now, 1t seems to me that Mr. Bryan |
and his followers admit that you cannot
circulate two dollars of unequal value to-
gether, but they say the free coinage or |
silver will put up the value of silver till il |
is worth $1.2929 an ounce, which will make |
1t equal to a gold dollar. How do they |
know it will? Mr. Bryan expresses an opin- |
ion that it will. He cannot point to any |
not one. He has simply to say. L think
So" daughter and applause,) With all re,
IS we know Mr. bryan has had |
no experience in life that should give
his opinion particular value on that ques- |
ton. (ApplauSe.) / would not want to |
depend the tremendous consequences that |
are dependent on this issue upon the opin- |
on of the most able and wisest financier |
n the world. l would much less want to |
depend them upon the opinion Of one who |
8 absol ltely without experience in finance. |
What have we to illustrate this? When the
L L sf a