The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-09-14
MR.. HOBART'S LETTER.
The Money Standard and Its AlIusion
to Savings Bank Dcpositors.

To the Editor of the Indianapolis Journal:
That Mr.. Hobart's letter of acceptance
is most able presentation of the questions
at issue no one will deny. 1t is to be es-
pecially commended for it's use of the exact
language of the Republican platform-''the
existing gold STANDARD" instead of the
phrases he used in his oT-hand speech
when notified of his mountaineering sim
gle gold standard for this latter has never
been Republican measure. while the
former always has been. In every platform
since the question has been mooted the
Republicans have contended for the use
of both metals to the extent and under the
conditions that their parity would be main
tanned; so that in all commercial transact
tons any dollar the people use should be
equal to any other dollar anywhere in the
world, as is the case at present Geld and
silver dollars never have been of equal
commercial value except once and then for
a few weeks only-about Christmas. 1873.
Under our first coinage act. 1892, at the
ratio of 10 TO l, gold was undervalued. and.
as is always the case, 1t went out of cir
culation, being exported or boarded and
the cheaper money became the currency
of the people. When in 1887 the ratio was
changed to 16 to l silver was undervalued,
and all our silver coins were at a premium
and fled the country. while gold and for
eign coins worth about 80 to 81 cents in
gold, became the only specie circulation,
except the wildcat banks, which the Dem
ocratS foisted upon us by refusing even
the poor national currency the United
states Bank had partly furnished. OF the
6.570719 silver dollars coined at our mint
from 1887 to 1873, not a dollar ever entered
into permanent circulation, for the exporter
and the artisan gobbied them up wherever
they could be found even Selling our half
dollars and quarters and dimes until, by
the act or 1903. the ratio for these was
changed back to 10 to /, with limited legal
tender character. The Journal was right
the other day when it said that the only
silver dollar our daddies ever knew was
the Spanish miled dollar, worth in gold
only 9S cents. But about Christmas 1874
by the fall of the price of silver the world
over, on account of the greatly increased
production of the mines Of the world six
teen ounces of silver became for the first
time in the history of commerce worth Just
one ounce of gold. But it remained at that
ratio only few weeks, for the output of sill
yer continued to increase at an accelerated
rate until now it requires so l-3 ounces of 1t
ship that attributes this decline in price to
our ceaSing to coin silver dollars in 1878 is
rivaled only by that which attributes the
fall in the price of wheat to the Minneapo-
lis mills and the Chicago Board of Trade.
But the government, with an eye to bus
mess, finding ii could buy silver at a. rate
that would justify it's coming 4l2l2 grains
into a dollar and guaranteeing that 1t
should command a gold dollar whenever
presented at the treasury in the proper
manner, went into the business on it's own
hook and continues to this day There Is
cents worth of silver into 100 cents worth
of gold. and it can afford to guarantee its
silver dollars as ii does it's greenbackS by
borrowing gold if necessary. and now the
only issue before the people is that the sill
YER owners of the world. through Mr.. Bry-
an; want the government 70 SO out or that
industry and to coin all the loose silver Of
the world, now estimated at about $1,000
000,000 and which is increasing annually at
the rate of about 5000 0oo0 00 into dollars.
guaranteed by the government so that six
teen ounces of these dollars shall be worth
one ounce of gold whereas it takes 30 Is
uncoined ounces now; and to do all this for
nothing; and that is al there is in free and
unlimited coinage The Republicans pro-
pose to maintain the existing condition
of affairs, preserving the use OF both met
ais to the extent they may be kept at u
parity, and their platform is that much
better than the gold Democrats. who call
for a single gold standard, and hence Mr..
Hobart is right In stating our cause accu-
rateIy. But ii seems TO me the Journal is
a little off in saying. the other day. that
the government would be in no way re-
sponsi bic for the dollars mt cut urder free
coinage. 1t would have to be unless our
whole monetary system Is modlhed ana
such a modification would be imposs, BILE UNI
der a Democratic administration. elected on
the Chicago platform. If these dollars are
not on level every way with our present
dollars, the miners would refuse TO take
them for then they would be bullion only.
But it seems to me that Mr.. Hobart made
a bad break when he alluded to the four
or five millions of men and women who
have deposits in savings banks and building
and loan associations as persons, whose In
terests are to be conserved. He should re-
Bryan denounced in his Chicago speech,
and has continued to denounce in all his
more recent speeches. They constitute
class and a most worthy class in the eyes
of everybody but the masses whom Bryan
seeks to array against everybody who, by
industry and frugality. nave accumulated
a few dollars. Every one OF them Is a cred
itor whom il is somebody's duty 10 de-
fraud. according to the Chicago PLATFORM
and ticket and Mr.. Hobart's friendly allu-
sion to them will only make the masses
the more hostile TO him because he favors
he cIa "A
will exasperate the masses. Z. L. SEE.
Indianapolis. Sept. u.