The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-05
A LESSON FROM ENGLAND
MR. ovERsTREET GIVES SOME NEW
LIGHT On MONEY QUESTION.
His speech Made Before a Crowd of
5000 mt Bridgeport S~atnrday-Ma-
cauIay Quotations.

gathered at Bridge1Ert Saturday after
neon and had a rousing old-time rally with
a big cavalry parade and a pole raising
During The afternoon Martin Hugg and d.
q. Shideler made brief addresses and
stirred up the enthusiasm of their hearers.
In the evening the crowd was largely
augmented until there were fully 1900 peo-
pie present to hear Jesse Overstreet, can
didate for reelection to Congress, discuss
the issues. Mr.. Overstreet was given an
ovation and held the close attention of his
great audience throughout his address. 1t
was an audience composed very largely of
farmers, and the enthusiasm with which
they applauded his strong points for sound
money did not indicate much of a silver
sentiment. In the course of his speech Mr..
Overstreet said:
Under free coinage of silver at the ratio
of is to | the dollar would go into trade un-
supported by any pledge or guaranteed of
value of the government The stamp Sucl
coins would bear would be merely the GER
tificate of the government that the metaI
has passed government inspection ana
the Going is of a certain weight and hne-
tain the value or parity with gold. the
value of the coins will rest wholly with
the caprice of trade ana the rules or pusl,
the value of a metal by the stamp OF gov
eminent has been many times tried and
has as often failed. It is surprising that
after the repeated efforts that have been
made to effect this method of increasing
values that people should to-day advocate
again the experiment Two hundred years
ago the English people, suffering by the
tdebasement of the coin then in circulation,
which had been brought about by the
practice of clipping of the coins. undertook
to remedy the evil by revolution of the
coinage system. Then. as now, there were
individuals who contended that if the gov
eminent should call in all the coins then in
circulation that had suffered by the lille
gal practice of clipping and recon them,
that the evil could be overcome.
1T is interesting to note that just about
200 years from this date this question
was being agitated by the English people,
and then, as now. there was a class of pol
iticians who thought to improve the entire
weight of metal so as to give it greater
value than its Teight or commercial value.
volved in foreign war. and there were GER
tain of his advisers who thought it best to
the currency until peace should be estab-
ished; while another class of politicians,
which remind me very much OF the pres
of Immediate action, and advocated a new
system whereby the government should
1t a shilling. believing that by such stamp
the wealth of the nation would be in
creased.
THE EXPERIENCE OF ENGLAND.
Let me quote from the History of Eng
land. written by Lord Macaulay, concern
ing this proposed change in the coinage
laws of England. About the year 1892 to
'95. this author says, Those politicians
whose voice was for delay gave less
trouble than another set of politicians who
were for a general and immediate recoin-
age, but who insisted that the new shilling
should be worth only nine pence or nine
pence half penny. They were not in the
least aware that a piece of metal with the
Kings head on it was a commodity of
which the price was governed by the same
I a xuC which ooxrorr, f11 nr;o1 of ~ ,;1a1 80
metal fashioned into a spoon or a buckle,
and that it was no more in the power of
Parliament to make the kingdom richer
p tSa c iainedom a crown III po naniin than to make
mile. They seriously believed, incredible
as 1t may seem. that if the ounce of silver
five. foreign nations would Sell us their
wines and their silks for a smaller number
lowing. composed partly of dull men who
really believed what they told them and
partly of shrewd men who were perfectly
wiiling to be authorized by law to pay one
hundred pounds with eighty
The doctrine expressed by this author,
that was thus advocated two hundred years
ago, sounds like the Populist argument of
to-day. and now, as then, this doctrine
seems to have "a considerable following,
believe what is told them, and partly of
shrewd men who are perfectly willing to
dollars with fifty I this histor-
ical reference to the Populist orator of the
Bryan. ~ move oh Mr.
Another striking historical reference
fully illustrates the fallacious
antics and Populist orators. The greatest
energy is to-day manifested by the free
silver presses and the pamphleteers who are
sowing broadcast these doctrines. Perhaps
the most evil has been done by what is
lished By Mr.. Harvey. YOU will recall that
In this little book living characters were
introduced and statements put into their
l1DlInS w fha hi ond 1nDxv A@-I-
were made to believe that the debates men
toned in this pamphlet actually occurred.
Let me call attention to a pamphlet
more than two hundred years old. which, in
my Judgment, might have been the basis of
widely circulated and quoted. At the date
referred to William the Third, of England.
was being antagopized by one Lewis. whose
King no little annoyance, and at the yerv
time OF these troubles these pamphlets were
circulating broadcast the fallacious doc
trlnes concerning the coinage that TODAY
are being advocated by the Bryanites and
Let me call attention to the same author
whom ] have before quoted. touching this
system. Mr.. Maeauiay, writing of the time
Jury. about the period of 1892 to '95, saws.
meanwhile the newly liberated presses of
merable pamphlets and broadsides about
CON lay on the counters of the
t1e HANDS a OF me weFe THRUST into
ment In the lobby. In one of the
most curious and amusing of these pieces
Lewis ana mis- ministers are introduced ex-
pressing the greatest alarm lest England
should make herself the richest country
IN the world by the simple expedient Of
eaNing nine pence a shilling. and conf
IDENTITY predicting that if the old standard
We're maintained there would be another
revolution A
How strikingly familiar this statement
Is Does II not ring in the same tone of
the 1ree-silver press of to-day? Are not
the arguments and methods to-day used hy
tnese men made of the same kind of mate
RAJ that was used by the writer's two cen
turtles ago? The people of that dav met
tne same difficulties in the decision of the
question: that are to-day met. 1T was urged
py the debaters then before the people and
einphaSlzed by the press and these pamph-
letters that this proposed new coin would
circulate at the full value. The clipped
com, that had been robbed of a portion of
Its Ndlte by criminals who sought a profit
from Inc clippings. actually drove out of
circulation all the new coins as rapidly as
they. We're sent from the mills. If two
hundred years ago a debased coin drove
from circulation the good coin, would It
not occur again If We resdrted to the
method Of trying to float fifty cents worth
of metal that bore no other government
support than the stamp?
AGAIN FROM MACAULAY.
Let me read again from the same au-
thor. writing of the same conditions that
existed two hundred years ago. Speaking
of this rule of trade Mr.. Macaulax says:
THE hnanciers of that age seemed TO nave
v,eaofal .ha+ the nan- ,a,., -