The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-02
WHY HE IS FOR M'KINLEY
GEORGE A.. HENRY, A PROMINENT
DEMOCRAT, MAKES A SPEECH.
No Middle of the Road for Him-An
Excerpt from His Sound
Money Speech

ia la Aio a LII He dAAg sO0lA HC
resided in Indiana and went through the
Northwestern University. Subsequently he
lived in southern Illinois and for a number
of years edited a paper supporting DEM
tcratic principles. He was always an
active politician, and was regarded as one
of the most prominent leaders in his party.
After a time he studied law and returned
to this State, making his home at Marion.
Mr.. Henry is the author of a work on pro-
bate law, and his book is regarded as a
leading authority on Indiana probate law.
William Watson Woollen formed the ac-
qpaintance Of the Marion lawyer some
years ago. during litigation in which they
were interested. Since then their friend
ship has grown very intimate. Mr.. Wool
len says that a committee of Democrats
went TO Mr.. Henry last winter and Of
fered TO make him the nominee for Con-
gress. Anticipating that a free-silver plat
form would be adopted at Chicago, he de-
clined the honor. Mr.. Woollen received a
letter from Mr.. Henry yesterday in which
he said:
Il shall vote for Mckinley. l have so de-
clared in a speech recently made before
the Mckinley Club of this city Mar'on.)
The money plank in the Republican plat
form expresses my views as completely as
l could have done had 1 written it myself.
The aggregation at Chicago, neither in it's
platform nor candidates. represents my
views. L cannot train with such a gang.
Even aside from the plank on the money
question, the platform is an outrage to
every true lover of his country. 1t is revo-
lutionary. socialistic. and no patriot or con-
sentative voter can possibly give it indorse-
ment. / shall certainly give my vote and
~ Ar. - r. - -l.rI -
of sound nance and good government.
There is no middle of the road for me,
nor ought there be for any one who feels
as l do, whatever may have been his past
party affiliations"
Mr.. Henry read a paper before the Zig
gag Club. of Marion, July 81, in which he
showed why he will vote for Mckinley.
Among other good arguments. he used this
one:
CHANGES OF THE RATES.
Coinage laws enacted at different times
In the worlds history never have attempt
ed to fix other than the commercial ratio
Oh the two metals, the coinage stamp
guaranteeing, not the relative value or
ratio. but only the relative weight and
hneness of the metal in the various coins.
The history of the use of the two metals
as money shows that even after the enact
ment of coinage laws, the parity of the
two metals was only maintained by MAX
ing the coinage ratio conform to the COM
mercial one. A Slight variance only be-
tween the two ratios in the first coinage
act of the United States. that of 1892. drove
all the gold from circulation as money.
The legal ratio in that act was fixed at
10 TO l, when the actual commercial ratio
was about 151s to l. This slight overvalua-
fi0n nf silver pnc cftf ~ Giant tn danriNo this
country of all its gold money.
TIC change this condition and restore
gold to circulation as money. the ratio was
changed by law in 1884 to Is TO 1. This, too,
while the commercial ratio yet remained
about 15l2 to 1. In this slight variation be-
tween the two and the arbitrary ratio gold
was as much overvalued as had silver been
under the former law, and as a result sill
yer. being the more valuable metal, ceased
came practically TO a gold basis. where it
has remained ever since. The coinage act
of 1913 only recognized by law what had
been the actual condition for forty years.
IF to discriminate against silver is a
crime, the great crime was committed in
1884 and not in 1913. The law then first
discriminated against silver by making IL
a more valuable coin than gold, for the
avowed purpose of securing a stock of gold
money, which had been driven from cir
culation by a previous generalization of
silver.
at is true that until 1873 the law pro-
vided for the free coinage of the silver
dollar at the ratio of 10 to 1. but in prac-
teal effect the gold donar had been for
the forty years Immediately preceding 1873
the only standard of value, the law of that
year only giving a legal status to a pre-
existing condition.
THE outcome of eighty-one years of the
free coinage of silver prior to 1873 was the
coinage of less than eight million silver
dollars. During the same period over $685.
geo. 900 in gold were coined. From 1873 TO
Coinage of standard silver dollars.
act was PASSED. Under this law there
lars between 1878 and 1890. In the latter
year a new coinage law was enacted. differ
ing some from the act of 1873. but still be-
of 1890 was issued in coined dollars and
treasury certificates about Sl56,00 600 of sill
yer. In 1881 an act was passed providing
for the retirement of the trade ,dohars'
and their recoinage into STANDARD silver
dollars. and under this act SOS, 472 silver
dollars were coined.
that i'm less than eighteen years there had
been added under limited coinage laws the
e-quivalents-a sum more than sixty-seven
times greater than the entire coinage for
eighty-one. years of free and unlimited
the subsidiary coinage INC apply only TO
the standard silver dollar, the dollar of the
daddieS.'
STORY OF THE CRIME"
I'm this same period our stock OF gold
mas also Decn ldTEely lnCTedSeu. TIE dSEre-
gate amount of coined gold in the country
swelling from $135. 00O, 600 in 1879 to over
$500, 600. 900 in 1896, both gold aud silver be-
ing a full legal tender for all debts and
dues. public and private. When this vast
and rapid increase in our metal money is
considered il does not seem possible that
the scarcity of money can be the sole
cause of the present business and indus
trial depression.
IF the dropping from the coinage act of
1873 OF the standard silver dollar was such
a crime against silver. why is il that the
now most jealous advocates of the silver
dollar were then SO much in favor of the
preparation of this great crime that they
ment of the law in debate on the floors of
Congress through the five sessions of that
body in which the act was under discus
sion?
The answer is plain. AS we nave seen,
in 1873 and prior thereto, silver had betn at
late as money. This had been the situa-
ton for some years. and in 1913 there was
nothing 10 indicate any immediate change.
The silver mine owners and bullion king
derived no profit from the coinage of the
white metal. On the contrary. they lost
several per cent. on every ounce of the
stuff that was minted into coin. The coin
themselves OF IL for the reason that their
silver was more profitable as a commodity
TO ira fhc I'm than il was as minJed coin at
the legal ratio, But just as soon as silver
began to decline in price any they could
no longer get 103 or 104 for the silver re-
CURED to make a dollar; when the value
OF the silver in the dollar became a few
rar cont mora than rhA market nrfaa nf