The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-04-16

legal
the two metals. gold and silver, in use as
money at the same time, upon a ratio or
value fixed by law, has repeatedly been
civilized country in the word. and it has
failed again and again In every one OF them:
and Il requires no gift Of prophecy 10 Tor
see that Ii must contiue TO fail so long as
self interest constitutes, a controlling factor
in the business affairs OF men.
The Secretary then briefly reviewed the
history OF our monetary legislation. Con-
I'VE have now about 500 OoO, 900 in gold.
and $13. Zoo in fun lega,-tender silver,
besides $7S,216.677 in subsidiary silver coins,
which are legar tender in payments not ex-
ceeding $40. and the real question for the
people to decide is whether they will con-
tinue to use the coins OF both metals or
adopt a monetary system which always has
and always Will drive one or them out OF
the country. 1 am not here therefore, this
god coin as. money. or to oppose a con-
sentative and safe use Of silver coin as
money along with gold and at parity with
gold. but am here TO insist tnat we fnali
not abandon the present legal standard OF
vaire, expel all the gold from the country,
and adopt silver monometailisrn, with Tree
coinage OF a nominal dollar worth intrinsic
ally only 81 Or 81 cents.~I- am here to in
sist that the minis of the United states;
which were constructed and are maintained
and operated at the expense OF all the peo-
PIE shall not be used for the exclusive bene-
fit Of the owners of silver bullion under
law giving them the right TO nave Of or
and stamped as a dollar and competing
you and all others to receive 1t from them
as a dollar.
EFFECTS OF FREE COINAGE.
"All of the mints of the United States,
operated to their full capacity. and doing no
other work, could not coin into standard
silver dollars two-thirds OF the annual pro-
ducticn of silver in our own country, but.
Notwithstanding this. it is seriously pro
posed to offer free coinage TO all the silver
in the world at legal valuation almost
double its commercial value In the markets
of the foreign countries where produced.
The annual production of silver in the
world is about s2l6cO0.0O0 at our coming
rate. and the annual capacity of our minis to
coin standard silver dollars Is only about
| $4o000.00O. Last year we coined $439SS. AS in
gold and ss,O6s. iso in silver; 50 that If our
minis were devoted exclusively to the free
coinage of standard silver dollars the adj
dition to our stock of metallic money would
be about $l5,0Oo,0oo less every year than 1t is
It Was sn1 coined MORE o than fifteen years
would elayse before we could at this rate
coin enough deprecated silver dollars to
expelled from the country, and, in the
meantime. a complete revolution would
have to be effected in our CONNIE rGiai al, re;a-
nestle business affairs, including a read
justment of the wages OF labor. the price
of commodities, the rates Of municipal,
State and federal taxation, charges for
transportation. and every other matter in
vo.ving the use or money or credit. We
should descend by a single step from the
n metaIiism, with contrscted and at the
same time deprecated currency, a finan-
cial experiment which has no precedent In
Fortunately, when changes have here
tofore been made In the circulation by the
the SeSS coins Of the s other, the difference in
their value has been very small and the
process of substitution has been gradual
and created no financial disturbance. I'm
der the act of 1899 the difference In value
between the coins OF the legal ratio was
only a little over per cent, and yet, within
less than one year after the enactment OF
reinforce. our stock Of rpney by making
certain foreign coins legal tender In the
te passage of the act % of 1884. Which put
| the country on god basis by under
valuing silver about 2sr cent, tn res
coins of Great Britain Portugal, Brazil.
| France, Mexico and Colombia legal tender
| by weight in the payment OF debts, thus
providing. as far as possible. against con-
expulsion OF silver from the circulation.
| During the war, when gold was leaving the
rapidly issued, under the authority of Con
| gress, to- take it's pace. and. instead of a
Contraction of the currency we had an ex-
| pdnSlOn.
AFTER the war wfen twas determined
| to change the character Of our currency
| again by the resumption CT specie pay
ments, the law was enacted four years In
| advance of the time 1t was to take effect.
| in order that ample opportunity might be
afforded to adjust the business OF the ,peo-
| Pile to the altered conditions Now, how
| ever, all the conservative and prudential
| considerations that have usually controlled
| in the settlement of great financial cues
| tons seem to be utterly disTegarded, and
| we are confronted by an organized and ag-
| gressive movement to destroy by a single
blow the measure of value upon which all
existing contracts are based. and thus SUBJ
vert the very foundations of our monetary
system, without allowing single day to
| prepare for the change In the general con-
| fusion and disorder resulting from such a
radical measure, what Will be the condition
| of the American .aborer? WIZ he be bene-
| flied or ,niured by reducing the value of
| the money in which his wages are paid and
| at the same time increasing the prices of
| the commodities for which his wages are
expended?"