The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-08-03

After explaining the table. Mr.. Swift
continued: BY this table a state Oh al Al
foundation of the cornerstone OF the free
silver advocates. OF the six crops wheat
farmer did not obtain more a bushel or
ton during the five years closing with lSSz
than during the five years beginning WITH
one crop to decline and five crops 10 adj
vance? How are Coin and Teller and TIL
man and Altgeld going to explain TO the
Indiana farmer why the dlsuse OF silver
struck down one crop and raised up nve!
II the whole are reduced TO tons II VIII De
found that corn outwelghs all the rest.
What kline Of a man Is Com 10 omit no.
ison the one crop which has fallen IN price
and omit the five crops which nave al
who attempts to convince the Indiana
farmer by taking English hgures num-
plugged with all manner OF mlodlemeh
charges and suppressing the immense
diminution of those charges during the
very period of the falling, of his London
prices? The frseisiiver e ht@IsiI IS honeVl
combed with just such lying and mislead-
ing statements
"These tables stop with the oeginnihg OF
1Ss2 They completely explode the theory
that disuse of silver had anything TO 90
with the fall in prices. and to the lnolana
farmer they fix the beginning OF price
Indiana farmer. like every other person In
the country, has experienced hard times.
rhe panic of 1893 n the depression we
are now suffering from l. attribute 10 our
when we dropped the silver dollar from
the coinage in 1s7s y vas North ABOUT Jus
coined from the beginning of the govern
ment. and this coin had practically never
circulated in the United States: Compare
lively few Americans living. In 1851 had ever
seen an American silver dollar.
1--WE resumed specie payments Jan l.:
1879, in gold, by requiring the Secretary OF
the Treasury to redeem all g~reenbacks pre-
sented. He has ever since not only re-
deemed the g~reenbacks and treasury notes
In gold. but he has paid gold TO every credlo
country has been kept on a gold basis.
From 1879 to 1893 the country, ana every
part Of it, enjoyed unexampled prosperity;
Except toward the end, gold was plentlful
and was paid out in any quantity over the
bank counter. in the store and Tor wages
There was no run on the sovernInent' .ne
demand for redemption one year being only
500 600 Gold needed for export was readlly
obtained in the ordinary channels OF trade
without calling upon the treasury.
IN 1878 the 4s1A grains OF silver nad De-
come worth less than a dollar and silver
mine owners made an onslaught on US 10
help their market. We yielded, and In the
next twelve years we bought OF them
enough silver. paying for 1t in good money.
to coin 1918. LEG, 1873 of the old silver dollars.
These dollars were deprecated In value,
and the effect upon our ability to stay upon
the gold basis was as though we had issued
that number of paper dollars, which we
must be ready to take up at any time with
gold. In 1890 the silver dollar had fallen 10
"a cents. The financial world seriously
doubted our ability TO continue : In this
course and remain upon the gold basis
and began to guard itself. Nevertheless.
in 1900. we again allowed ourselves TO be
bullied by the silver-mine owners and
agreed to nearly double our purchases OF
silver in order to help their market I'm
der this law. uD to 1893. We purchased OF
them sl55, sS1. COZ worth of silver. out of
which we coined sss.coo'esc. and stored the
2L. - - ~~.r.l1 Srnrn hHV or nHfC
ssThe financial world ceased to believe
that we could continue gold payments, and
the result was the currency panrc OF iSsS;
Of the country. In November, 1895, we
stopped buying silver
After such a panic commence Is always
slowly restored. and there Is no question but
that the revision of the tarin then In pro-
cess caused Industries 10 wait unth IL was
known what the tariff basis was TO be: -,
After the passage of the new tarin bill
business was in the process or adjusting II
self to 1t. and confidence. by reason or the
law stopping the purchase OF silver, was re-
turned. But at this point the silver-mine
owners sprung a carefully concoted scheme.
They flooded the country with vicious. ~
ing and incendiary literature. They cap
tured the machinery of the Democratic
party. They have made the convention OF
that party declare for the free coinage of
silver at 10 to 1 which means that a man
may nave TO receive back hfty-cent silver
dollars tomorrow. 1t needs no argument
to show that under such conditions bush
ness will remain dead and property OF ev-
cry kind unsalabie.
"These are the reasons why not only the
Indiana farmer. but the whole country,
since 1893. has been struggling in seeming
financial helolessness- The remedy is to
give such a majority at the coming election
that II will be understood by all the world
that this country is never going on a silver
basis. Following such a decision. the gold
basis prosperity Of 1879 10 1893 will return
10 as. and the return VIII begin the day
uffor oIonff0H- The Government. byE rednC~
ton OF expenses or Increase of revenue,
must h nut In shane To make ends meet