The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-04
ECONOMIC PALACES.
Some Lessons Drawn from Practical
Experience with Erroneous Ideas

ditions Were being recorded in ratio OF
about sixteen to one building permit, Jew
of no little experience commenced TO sen
everything he owned in the town and re-
fused to buy anything at any price When
asked why he wanted to sell out and leave,
and in answer to their attempt to persuade
him differently. he said: Back In the
thirties | saw towns grow so fast IN llll-
nois that it was feared the State would
be all city and no land left for farms in
1856 l saw this same state of affairs in
Keokuk. Ia; in 1872 there an attempt
to plat all the farms that joined Indian
apols, Ind, and, after seeing the result in
all that has gone before and going down
With it, l have learned that this boom viii
result the same, but l viii not go down
with it this time. 1t is as you say; times
are different ard so is the location, but the
result will not be different few
months later it was seen that the result
did not differ And let every voter i'll this
Nation remember that there is not a single
proposition claimed disputed in this
campaign on the money question that mas
not been tried, it's force tested, and full
account of the result recorded in the MS
tory of this country. To enact free coin
age law in accordance with the Bryan pol
icy will place us in d position that we
We're in from April q 1892, to Feb. r. 1853,
so far as the law is concerned, except the
difference in the ratio prior to 1884.
Now no one need be in doubt whether
the Bryan policy would produce bimetal-
lism. Our Congress made a diligent and
laborious effort to keep the two metals IN
circulation under the same laws that
Bryan proposes for sixty years and found
that as the market value of the metals
changed, and one dollar of one metal be-
came more valuable than one of the other
metal, the more valuable dollar was melt
ed or exported, and the coins of that metal
ceased to circulate. But all of this sixty
years the value of the metals changed so
little that the ratio of value between the
metals was between 10 to L and is to l.
Yet little the value of the metals
changed, it changed enough to keep US on
a single metal basis, for they could not CIR
culate together. If 81 in silver was worm
1 cent more than 81 in gold the silver dol
lar was no longer in circulation, but SOLD
bullion These facts are as history re-
cords them; the experience of the Nation,
and not political campaign assertions to
get votes.
Can we expect the unlimited coinage OF
both metals, when there is nearly % cents
difference in the market value OF the dol
lars, to produce bin1etallism, when sixty
years of history learns us that a diIIeFeHce
of cent in the value of the dollars
circulation? Are we too ignorant to learn
by experience? But it be said con-
sistently that to enact the bryan poncy
would be an experiment? After Trying d
plan for sixty years, and after Congress,
through the committee that reported the
act of 1853 has declared that the plan viii
not produce the desired result, can we
excuse ourselves for re-enacting the plan
by calling it an experiment? man VINO
preston to revive the law and coin trade |
dollars would be called a fool. We can |
only tell what will be by what has passed,
and how can we hope that the dollar coined |
under the Bryan policy will not be tar |
worse than the trade dollar?
However, if the experience that we have |
had in coming both metals free and un- |
limited in our own country has not con-
WINGED the voter that the result VIII be TO
send us to a single silver circulation, we |
have half century of experience, in which |
nearly every country of Europe tried the |
same thing with the same result. These |
trials by our own government, and also by
nearly all Europe, to control the price OF |
silver legislation, have shown us that 1t
is no more within the power of Congress
to control the value of this metal than to
control the storms of the sea. If the child
of government burns it's hand by touching
the fire for sixty years will it be so fool
ish as to seek another blister?
To it all up, for half a century all
the commercial powers in the world, work
ing under the Bryan policy, could not make
silver bullion or coin worth a single cent
value though all their legislative force was
exerted to accomplish this: now Mr.. Bryan
tells US that this same policy Will not only
raise the value of silver from 67 cents to
81. 20 per ounce, but that it will maintain
this price interchangeable at $1.29 per ounce.
Do you believe him?
Again, every voter should remember that
in 1919 our history records the details of a
panic and business depression very much
menced in 1888. A few years prior to this,
in the British Parliament, Lord Brougham
loss loss upon the first Importation, in order,
by the glut,. to stifle in the cradle those
which the war has forced into existence
contrary to the natural course of things.
Do not forget that Henry Clay assigned
inadequate protection to our industries as
the cause of the great financial panic of
1919 Remember that in 1887 our history in
forms us that another great financial panic
swept the country and that one of the two
causes assigned for this panic was the re-
peal of the protective tariff law With no
worse, and in 1889 there was another and
complete collapse and as in 1912 our treas
tective tariff law was looked upon as our
only salvation by Congress, and was en-
that during the last days of Pierce's admin
iStration bill was passed (being in the
spring of 1850 reducing the import duties,
and that during the fall of that year the
great panic of 1857 fell upon the whole Ma
ton. For each of these great financial dis
turbances we have the repeal of land the
threat to appeal. to which was added the
power), the Mckinley tariff bill and the
1t is but fair to say that each of the pam
les had other reasons assigned as their
cause. but the repeal of the tariff law was
always one of the greatest reasons as
signed This reason was given because eV-
cry one could see that factories suf-
Tered and labor was discharged and for
eign goods flooded markets where
goods made by our laborerS had formerly
been consumed. We We're paying labor in
foreign countries and our own labor was
idle Our labor, being unemployed,
had no money to buy agricultural prod
lcts and hence the depression fell on ev-
cry one in the Nation. This reason was
easily seen, and each time Congress re-
turned to protective act and business re-
turned to new Vigor. Remember that this
IS a nation that produces more than it
that we have no trouble measur-
ng the quantity nor the quality nor the
value of products: that if foot in |
England is twelve inches. and if a New
York millionaire likes q porterhouse steak,
t makes us no richer poorer to meas .
Ire distance with a foot twelve inches long,
nor should try to charge our appetite
or porterhouse steak.
What a man a nation with an over | {
took of goods wants is markets. That is ,
he only way to sell what we produce. and
ntil we can sell you can rest assured CAPT.
al will not produce: it would be foolish to ,
o So In 1892 our labor was employed and
ur home market was fully a third better {
han il has been since, and by n protective {
ariff law we recover that market {
hen by the trade treaties we can recover s
he millions of trade with foreign countries \
hat their reppal lost The man who [ 2