The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-28
GEN. HARRISON.
Concluded from First Page.)

'Cehcfuotu rum fESt Eokto
ternal taxes and help out a tariff bill which
had reduced the duties on imports. Now,
what has been the effect of that? 1t has
rallied TO produce revenues enough, supple
mented by our internal taxes. to maintain
the government There has been an an
nual deficit approaching = .0oo.000 every
year. and the national treasury has been
continually in a state OF embarrassment
Our manufacturers, left without adequate
protection, have been successfully and
gradualiy closing up and putting out their
an effect, but il has practically contributed
TO the financial depression that we are in.
The maintenance of the gold reserve up
70 $4,000 900 by the government for the re-
demption of our notes was essential to con-
When the government reserve runs down,
people begin at once TO say: We may come
to the silver basis: gold is going out: the
reserve Is going down. and this fear is
greatly increased. But how can you keep
a gold reserve of one hundred millions when
you have not got one hundred millions in
the treasury all told? How can you main
tain this gold reserve for the redemption
OF notes when you have an annual and con-
tinuai deficit In your income not eguaiing
tariff bill has not only contributed by in
creasing Importation. by taking away the
but ii has contributed in the way of in
creasing the silver scare 10 bring US into
the present condition of distrust and dis
may which now prevails. (Applause) The
bond sales have been made necessary by
reason Of this deficit, because think
every Ouc Will agree mat DIS Il nndiiCidl
problem ii Is one thing when you have
$500. 900. 600 surplus in the treasury TO keep
one dollar in three in gold and quite an
other when you have only Sl25 in the
treasury all told. (Applause.)
But 1 did not intend to follow this ques-
ton further. l am quite as much. however,
opposed to cheapening the American work
ingmen and working women as / am to
cheapening our dollars. tApplause) l am
days work at home as I am a gold dollar.
(Applause.) If ii could be known tonight
that the gallant soldier, that typical young
American, that distinguished and useful
statesman, William Mckinley, of Ohio, Cap
plause and cheers) would certainly be
elected President how the bears would take
My friends. as a Republican 1 am proud
of many things. but can sum up as the
highest satisfaction / have had in the party
and its career that the prospect OF Repub-
lican success never did disturb business.
(Applause.)
EASY TO REACH A SILVER BASIS.
I'm connection with this financial matter
do we all realize how important the choice
of a President is? Do you know that as
the law Is now. without the passage of any
free coinage of silver law at all. it is in the
power of the President of the United States
to bring the business of this country to a
silver basis? All he has to do is to let the
gold reserve go, to pay out silver when men
ask for gold and we are there already. 1t
is only because the Presidents of the United
States that we have had and the one we
have now have regarded it under the law
as his public duty to maintain the gold
basis, maintaining that parity between our
silver and gold coins which the law de-
clares is the policy OF the government, and
because he has had the courage to execute
the powers given TO him by the esumpti
act TO carry out that declaration of public
law. L undertake, therefore, to say that If
Mr.. Bryan or a man holding his views were
in the presidential chair, without any legis-
lation by Congress we should be on a silver
basis in a weeks time. (Applause.) Three
or four years ago when / was in New York
some one of these reporters who sometimes
hear things that are not intended for them.
got hold of a remark of mine about the wild
and I simply meant by that what has been
since demonstrated, that he did not have
a compact or solidiied party behind I'm:
resented every shade of every ism that
had ever been propounded in the coun-
it. My prophecy has become a Verify. they
have left them. They abandoned him and
now as that caution was meant to indi-
cate that we needed to look out after our
Congress, as we'll as our President. this
caution is intended to show you at this
dent If you would avoid thu 1lamity Of
having this country put upon the Mexican
basis of money. The silver question-what
is 1t? Do we want silver because we want
/ have not heard anybody say so. Mr..
Bryan is not urging it upon that basis.
III ANYBODY were 10 seek 10 klNe tndt as
a reason for wanting free silver he would
be very soon COMPOUNDED by the statement
that free silver would put more gold out
of circulation than the minis of the United
States could possibly put in in years OF sill
YER and that, instead of having more
money, We would have less. Applause.)
gold driven out of circulation we will re-
duce the per capita money Of this country
between eight and nine dollars. So it is
not for more money. We have an abundant
supply Of circulating medium-gold. silver.
national bank paper. greenbacks. treasury
notes, fractional silver. We have some
thing like $23 per capita Of our popula-
ton.
THEY WANT CHEAPER DOLLARS.
"What is it, then, that creates this de-
mand for silver? 1t is openly avowed. 1t Is
not more dollars, but cheaper dollars that
are wanted. 1t is a lower standard of
value that they are demanding. They say
gold has gone up until it has ceased to be
a proper standard of value, and they want
silver. But how do they want 1T? Now.
my friends, there is a great deal of talk
about bimetallism, of the double standard
and a great deal of confusion in the use
of these terms. Bimetallism Is the use of
the two metals of money where they are
both used. BY a double standard they
mean that we shall have a gold dollar and
n silver dollar which shall be units of
value by which ali property and all wages
and everything is to- be measured.
Now. our fathers thought that when
they used these two metals in coinage they
must determine the intrinsic relative values
Oh the TWO, so that a comparison of the
markets of the world would show Just
what relation one ounce Of silver bore 10
one ounce OF gold; how many ounces of
silver IT took to be equal to one ounce
or gold IN the markets Of the world where
gold and silver were used. and they care
fully went about aScertaining that. Jef-
ferson and Alexander Hamilton gave their
great powers to the determination of that
question. and they collected the market
reports and they studied with all their DOW
er that question and when they had found
what appeared to be the general and aver
liked upon a ratio between them. Now.
what was the object of all that? Why did
they lump all? Because they fully under
stood unless these dollars were of the same
inherent, intrinsic value that both of there
could not be standards of value and
both of them could not circulate. CAD
plause.) Why, every hoy knows that il is
essential that the length of his stills be-
low the tread shall be the same. Laugh
teri What is the law that governs here
1t is just this simple law of human selfish
ness and self-protection, that If you have
two things. either one of which will nav
a debt, and one is not as valua Bile as the
other, you are sure to give the least valu-
able one. Uaughter.) 1t is just upon the
principle that a nan who can pay a debt
with one dollar won't give two-preciseIy
that So that, unless these two things
maintain approximately the relative value
that sixteen ounces of silver is worth one
ounce of gold, you cannot make such dol
lars circulate together. The one that 4
more valuable the man will keen in his
pocket CT sell il TO a bullion broker and