The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14

of revenue had some influence in increasing
the severity of our trials there can be nc
possible doubt. Nor does it matter how the
shortage came about: whether the poverty
of our people prevented them from buying
the ad valorem charact : of the
Wilson bill; whether the Mckinley
bill would have failed TO produce
consequence Whatever in this Connection
We have only to consider the fact tina the
government has been going behind at the
average rate of about fifty millions pei
year. Even admitting this to be true. ough
this great government to break down un-
der so slight a strain and the whole Nation
continue in a semi-annual state of panic
for three years?
Certainly no one will deny HI the draft
upon our gold reserves began long before
there was a deficit in our revenues and that.
consequently. during the whole time we had
plenty of money. such as it was, to pay cur
stances and credit of the Nation demanded.
This being true. it must be self-evident TO
every frank man that Their was a deeper,
greater and more far-reae hing cause, in
deed. a weakness.
Certainly no one will deny that had there
been no endless chain to draw the gold from
the treasury there would have been no diff
hculty IN providing for a deficit of $50. 600. =
600. or ten times that. and neither amount
would have affected the credit of this Ma
ton. AS il was. however. we nave been
hanging for months in the balance of bank
ruptcy and over the precipice of dishonor.
MUST MEET EXPENSES AT ONCE.
That the income of the government should
at all times meet its expenditures and not a
day should be lost in preparing a measure
that will secure that much desired end all
all will agree. But should the long-hoped-
for schedule fail TO do this, would it not
be inexcusable for any man TO have been
so blindly partisan as to allow the govern
mert to remain in a position where so slight
a miscarriage of judgment would precipi-
tate its financial ruin? The lack of revenue
has in no way been one of the primary or
fundamental causes of this great crisis, but
clearly a secondary and collateral one: for
the income OF the government may far ex-
coed its expenditures and yet the govern
ment be compelled to dispose of bonds to
procure the necessary gold with which to re-
deem its demand obligations. for the rev.
enueS of the government are not payable in
gold, and therefore would not supply the
kind of money that our demand obligations
call for. Indeed. in the near future we may
witiesS this very event, unless a broader
craftsmanship comprehending the situation
shall anticipate the financial needs of the
country.
But will the free coinage of silver do
either of those things that are necessary to
bring our income and expenditures together,
lower our expenses or increase our rev.
enueS? No one will indulge a solemn pre-
tention Of this kind. The general course of
revenue pursued by its advocates would re-
suit in nothing more definite than that a
boom would follow because ii would in
crease the amount of money in circulation;
but just the reverse would follow. for every
dollar of gold, which now constitutes about
one-third of our money, would disappear at
once. Silver becoming our redemption
money. both our paper and silver would
lose one-half their purchasing power and
the country would suffer a contraction in
its circulation of just two-thirds of its pres
ent money value. Once upon n silver basis
there would be no inducement for the owner
of silver bullion to take it to the mint.
Free coinage has. never given any country
a large per capita circulation. Have you
ever thought of it? Free silver countries
have the lowest per capita circulation of
any in the world. Mexico and Japan have
about four dollars. while Indian and China
have still less. There is not a free coinage
country in the world that has one-half as
much silver in circulation as the United
States. So that, as Il matter of fact, the
succession of events upon which alone free
coinage depends. for its salutary effect
never nav followed. but the very reverse
will certainly come true. Panic, ruin. COM
mercial death viii be found everywhere
and dishonor stamped upon everything
would be the net result of our folly and dis
honesty.
REPUTATION STILL THREATENS.
After our delirium of speculation and lack
of revenue had played their slight part in
aggravating conditions and exposing
the fatal weakness of our financial
system, as a natural and necessary
result we were brought face to face in the
last presidential campaign with the mon
ster of reputation. and there We stand to-
day and will continue to stand until the
government forever settles the question of
its integrity by taking an irrevocable posi-
ton in the very terms OF Its obligations
that cannot be construed into a one hum
dred-cent dollar or a fifty-cent dollar, as
the caprice of a senator, congressman or
secretary of the treasury may dictate.
Party policy and party affiliations may
some to refuse. but common hon
esty. personal integrity. national honor,
commercial prosperity. all unite in demand
ing that this government should be as
straightforward, upright, explicit and I'M
equivocal in its dealings with the world as
the most punctilious citizen dare be-.
The politician heSitateS because he has
not learned that where morals are involved
and there is a right and a wrong. there can
be no question of prudence or policy until
the moral question has been disposed or.
Now that the question has been raised as
to our ability. nay, our intention to defraud
our citizens under the present terms of our
obligations. we are compelled to state what
we mean in explicit terms If We are abso-
lutely honest: to evade and prevaricate If
we are instinctively tricky and waiting for
a better opportunity. and to refuse II we
are downright rascalS and political cow
ards.
What would be thought of the farmer
who would undertake to return one hun
dred bushels of white oats for one hundred
bushels of yellow wheat simply because
the contract for its return called for one
hundred bushels OF grain. and oats are
grain? What would you think of the build
er who insisted on returning ten thousand
feet of white pine for ten thousand feet
Of yellow mahogany. simply because the
contract called for lumber. and pine boards
are lumber? What would you think of the
who insisted upon returning a
thousand yards of white cotton cloth for
a thousand yards of fieecy yellow flannel
because the contract called for a thousand
yards of goods, and cotton cloths are
goods? Let us spit upon the word coin.
Let us discard Ii, because 1t brings the
honor of the Nation into question when its
reputation should be like Caesars wife
above suspicion.
PREVENTS CAPITAL COMING IN.
So long as the measur of our dollar is
in doubt or is a debatable question We can
not hope to nave the confidence of the
world nor the use of the hundreds of mil
lions of capital that we so much need to
develop our vast and varied resources; and
should any one venture TO take the risk
and invest his money with us. let us not
forget that we are always paying enor-
mously TO insure him against the chance
of our some day swindling him out of half
his holdings.
of this word will do more 20 pre-
vent the vast wealth of the world from
into this country than all other
things combined. and nearly all of that
prosperity; therefore. the development of
our resources will enure to the benefit OF
foreigners largely instead of to our own
potent for evil 10 our own people in the
future than il has been baneful in the
past. 1t has led all classes, from the pru-
dent toiler to the capitalist. TO hoard a very
at once seek the channels of trade If all
Doubt were dissipated of a possible change