The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13

be done. The people are opposed to it. The
greenback currency has been repeatedly
Endorsed i'm Republican platforms. and the
speeches OF the Republican leaders for the
past thirty years are full of eulOgieS Of the
~greenback, and a large majority OF Repub-
icans are opposed TO their abolition And
on the other hand at the last election over
six millions of Democrats and POpulists not
only voted TO retain our present volume OF
greenback currency. but also to increase
the same. 1t Is therefore safe TO say that
nine-tenths of the voters of this country
are in favor of greenback currency, and
any proposition to abolish it would meet
with an Overwhelming condemnation at the
polls In the third place DO not thlnk
back currency. As was SHOWN US clearly
during the last campaign by many speeches
and articles in the Journal and other Re
publican papers. a proper tariff law drawn
upon protection lines VIII bring enough
gold in the treasury to resist all attacks or
the endless chain.
But as another remedy I would suggest
that gold notes be not redeemed by the
government in unlimited quantities. Mr..
Tourgee. in several recent articles in the
North American Review, has ably advo-
Gated a plan whereby our government cur
rency should be issued in different series.
falling due at different times. and that such
money in each series couid not be pre-
scented for redemption until the same should
fall due. This would prevent the preSenta-
ton of greenbacks for REDEMPTION in un-
limited quantities as at present. But /
would suggest that Congress pass a law,
or the secretary of the treasury issue an
order. that only one million dollars worth
of greenbackS should be redeemed in any
one month, and then in no larger quanti-
ties to any one person than $1,000. and that
applications for such m be filed
and the notes redeemed in their order. I'm
der such a system the government need
not keep more than one-tenth the present
gold reserve. Nor do l think that such a
plan would in any way affect the value of
government of the United States is solvent
such a plan would not reduce the value
of its currency below par. All that Is nee
aGSA ~ ~ EaaTA nrIr Va ~ ~ Dnf n Z mar &c
the belief and confidence of the people
that the government is solvent and will
finally redeem and pay its paper. The av-
erage American citizen would be glad 10
take some greenbacks at par, even though
they would be redeemable in limited guam
titles per month, for the reason that the
average American citizen does not want
his greenbackS redeemed. This plan would
not please the gold brokers of this country
and Europe, but 1 apprehend that in leg
~islation on this question we are to pass
such laws as are in the interest OF the
people, and not of the brokers and spec
ulators in any commodity. 1t is very con-
venient to the bankers for the government
to furnish them with unlimited supplies of
gold on demand, but / think it is time for
the government to tell the brokers that
they must look elsewhere for their gold.
L have nothing to say against those who
speculate in gold or any other commodity.
1t is a legitimate business; but there is no
sense liz our government undertaking to
supply quantities OF gold on de-
mand, as it has in the past. 1t is not at all
necessary TO the maintenance of the par
value of our g~reenbacks. We have one of
the strongest governments and wealthiest
nations on the face of the globe. and IL is
absurd to say that our greenbackS would
not be accepted at par by our citizens be-
cause they are not redeemable In unlln-
tied quantities.
AS "a second possible remedy to protect
the gold reserve l would suggest that a
new system of government paper money be
devised. redeemable one-half in gold coin
and one-half in silver bullion at its mar
ket value, a full gold dollars worth OF
silver bullion at the current market rate
to be paid for each dollar of paper re-
deemed in silver. This would place our pa
per money upon a basis of both gold and
silver. and would also maintain the gold
standard of value and would be a pro-
lection against raids upon the reserve. 1t
would be impossible for such paper money
to go below the par value or the gold DOL
lar. because it would be redeemable in gold
coin and the gold equivalent in silver bull
lion and at its current market value. Be-
ing based upon both metals, such currency
would have the confidence of the people
and would be infinitely better than a bank
ing currency involving. as 1T would. a
maintenance by the banks of such currency
at par by the single gold redemption. Like
many others, | believe it would be as diff
cult for the banks TO maintain gold re-
demption as ii now Is for the government
to do so. and that, therefore. a bank cur
rency would not have the confidence of the
people. / greatly fear that the action of
those who advocate the drastric and eX-
treme plan of the abolition of our govern
ment currency and the institution of bank
next presidential election free coinage OF
silver. with all its untold evils. Let US hold
fast to the government currency which has
given us such good satisfaction during the
last thirty years. and let us break the pow
er of the endless chain and the unlimited
gold redemption by some such plan as
above indicated.
IndianaDoliS. Ian. II.