The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-29
GREEDY SILVER BARONS
LUCIUS b. SWIFT GIVES A CLEAR
HISTORY OF THE HARD TIMES.
the Citizens SounG-Noney
Club, Which Now Hasa Member
ship of Over One Thousand.


rooms in the old Sentinel Building last
night. and in spite of the pouring rain the
large hall was nearly filled. The roster
showed that the club had bona-fide men,
bership previous to calling the meeting TO
order, of 1881. Enough new applications
were received to swell this list to about
LOO. Lucus 3. Swift addressed the meet
ing.
Mr.. Swift said he felt that he had some
claim upon the attention of the wage earn
ers on account of his connection with the
Civil-service League. which had placed
more than O0000 of the best positions under
the federal government within the reach of
every citizen. He talked exclusively on the
money question, showing that during the
years between 1879. when the country went
a gold basis. to 1888, when the silver
agitation brought on the panic. the country
had enjoyed unparalleled prosperity. Since
1S19,' he said the country has enjoyed a
period of prosperity never equaled by any
nation on this footstool since Adam walked
cut of the Garden of Eden TO earn his bread
by the sweat of his brow
In support of this statement, he said that
the population increased rapidly. the
sumption of all articles of necessity ard
luxury increased and the per cent of
wages was higher. Wages, he said. as
the United States Senate. increased IA per
cent. This, he thought, was q convincing
argument against the Popocratic cry that
gold had appreciated. He said the safest
standard of measurement was not silver or
wheat, but labor. And Notwithstanding this
increase in wages. the farmer has been able
to buy his supplies cheaper" said Mr.. Swift
The speaker also pointed his audience to the
fact that during the period in question
thousands of workingmen had been able to
buy and pay for their homes; that the
amount of money held in savings banks and
building and loan associations almost
double, and that during a single two years
of the time $167, 100000 of gold had come
from Europe to this country, while in one
year only $4,000 of greenbacks were offered
for redemption.
Mr.. Swift then showed that the Populistc
claim that free silver was demanded in or
der to increase the amount of circulating
medium false and that it was simply a
scheme of the silver mine owners to raise
the value of their product and that it was
admitted to be this latter reason when the
battle was first begun.
THE BARONS LEVY TRIBUTE.
'In 1885, he said, silver began to de-
crease in value, because of the improved
methods of mining. Then the silver mine
Congress to get something done to relieve
them. We had plenty of money, and their
only claim was that something be done for
them Well, we bit that time. and be-
gan buying and coming 100000 ounces
of silver a month. We kept this up for
twelve years, and during that time we paid
$685. 000, 900 for the silver. If that silver
should be sold the government would
lose S122 0O0 900 on it's bargain. When the
H.
yer in dollar had dropped from 30 cents
to 81 cents.
from the mountains again and made an
other demand upon the government They
said that the government ought to buy
more silver. Well to make long story
short. fell again and began buying A.
500 600 ounces of silver month. STILL there
was claim that We needed more money,
but simply that something ought to be done
to boost the price of silver. The govern
ment lost S4S,00OOO0 on that transaction,
and still silver went down. All this silver
was not coined, for there was no demand
for more money. The bullion lies in the
vaults of the treasury, and there is so
much of it that it would require 1880
wagons to remove 1t, allowing a ton to
up to the time of the repeal of the pur-
chasing clause of the Sherman act there
was no claim that more money was needed.
And more money was not needed. Inc
only object in buying all this silver was to
help the silver producers, and still they
are not satisfied. think the government
ought to treat all alike If it boosts the
price of silver, why not boost the price of
farm products and the products of manu-
factories. And / would like to have my
part of the good thing. / have no silver
and no farm or factory products, but can
write a legal opinion. | know the govern
ment does hot need my legal opinions now,
but / would like to have them purchased
and stored away and get my legal-opinion
certificates for them.
Mr.. Swift then answered the argument
advanced by the Populists, that it was a
menace to the country to have much
foreign capital invested here, and that the
silver scare would prove a good thing. as
drawing their capital He showed how the
money invested here went to build up the
community in which it was invested, and
gave examples in the English syndicate
which purchased the Indianapolis brewer
les. The English capital coming in he
said, released the home capital and the
advantage of that could be seen in several
handsome business blocks which had been
erected He also cited the case of Kingan
e. Co. a corporation the stock of which is
held in Ireland He did not think any one
would like to see that institution close.
what was it, said Mr.. Swift that
caused 90 900 people to move out OF the best
portion of Kansas 1t was because the
State enacted robber laws and set up rob-
her courts through which the creditor was
cheated out of his dues That has caused
SIS 0G0 600 of capital to be withdrawn from
the State and no man with his senses
would lend a dollar in Kansas to-day. We
diana We want to be able to say to any
honest man who has a dollar to invest that