The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-13
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hinder reform? Our people are eagerly ask
ing how much longer must we suffer such
injustice.
ii Is the opinion OF many very conserva-
tive men that had proper amendments been
1866 and 1879. to bring it into harmony with
the best features and practice of the world.
this country never would have been vexed
by a greenback question, nor by any form
OF the demand for the unlimited coinage
OF silver. Are We to wait until the cyclone
of 1906. strikes us? The bonds of the United
States are just as sure to sell in the i'm
mediate future. If we have wise legislation.
at prices that will give the purchaser no
more income than they paid In the past.
For the eight years previous 40 the panic
of 1893 our bonds sold at a price averaging
to pay only 30 per cent income. In the
they sold would average To pay only 2.29
per cent. With the ruined credit of the
government the $zo-VJJ.VVV OF Donus mat
have been sold by the administration aver
aged In price only 1l1.A. Their normal
price, paying 2@, per cent income, was
cent. above the income derived from bonds
at their price the eight years previous to
the panic of 1898. This shows the loss on
the $50. 600 900 was nearly 81. 100000. At their
present price i'm the market holders have
already realized SID. 000. 90 on those bonds.
The people of the South and Northwest are
being made to believe that they can never
secure justice until the other $25.0O0,0 900 is
realized.
III BANKS AND DIN
Again. what is the present condition of
our banks as to coin? This convention
needs to- take no cognizanee of the coinage
question as such. That is entirely indie
pendent of the banking question. If the
banking question Is properly settled the
coinage will take care. of itself; and the
coinage question will never he settled ex-
cept by properly and Justly settling the
banking question. Let me suggest To you
that the circulation of paper money among
the people i'm the place OF com money. other
things being equal. Is an evidence of their
civilization. In England gold coin is used
as currency. because the banking laws
have been such that the people were not
allowed 20 use paper money freely.
convenience of using gold Tor currency.
This gold has been accommodating in Great
Britain in the pockets of the people for
many scores of years. But coin i'm the peck
cts of the people is of no more value com
mercially than as though sunk In the sea
or than paper money IN their pockets.
Neither il available in commerce. 1t is
simply coin or currency per manently de-
posted in the pockets of the people and
cannot be made available in commerce or
in "A crisis Every dollar of paper money
in circulation, properly issued. Is earning
an income TO Il bank. thereby cheapening
the rates of discount. and ~cheapening the
price of every boot. shoe. gown. coat. bar
rel of flour. pound of meat and bushel OF
potatoes that the people buy in lower i'm
terest rates. Every dollar of coin not hav-
ing an economic demand. and therefore
necessary; and taking the. place of an en-
tirely satisfactory paper dollar. il costing
the people the interest on the value OF that
coin. and Is 50 much waste. Never was a
greater fallacy proclaimed than that an in
crease OF gold or silver, called "fundamen-
tai money" has any effect upon prices i'm
our day. After having a sufficient amount
OF coined money To satisfy the demands OF
the people for coined money and as the
measure of valt.e" of all obligations in
settling the final balance between banks
tsAw nAAfgeRH0 oil - r.n.Nn go ~
cheney Is enough" in coin as i'm every other
thing, IL two horses will do the work of
a farmer and he Is compelled To keep six
veal know he is losing his original invest
ment and everything Ii costs to feed them.
IL * SO with every other thing of value.
Coin Is no exception. We have practically
a thousand millions of coin i'm this country.
What we actually need can only be deter
mined by experience. We have 500 or. 600
of visible coin. ard we only use ST. 900, coo a
day i'm paying all the coin exchanges. How
does this affect the financial condition of
ing the place OF currency the banks sub
stantially lose interest on $500. COG go of il.
whether IL be gold or silver.
TREASURY WASTEFULNESS.
Now let us examine for a moment the
wastefulness OF our public treasury. The
government balances in France have only
averaged So. 1913 i'm the last four years:
those OF England only 81. i56.OS7: while the
money locked up IN the United States treas
ury averaged in the ten years from 1852
TO 1s9l-s2ss. lS5.914. The people actually paid
interest on this vast amount taken out of
them in taxation. an additional sum on
that amount OF bonds OF $fl. 465. 1872 every
year This money was worth In the bust
ness OF the People an average OF 6 per
cent. per annum. which shows that they ac-
tually suffered a loss of interest on ID of
s14.zoS.zS each year OF these millions there
was an average OF $i55. 1900 I'm gold I'm tire
treasury and the people actually paid Sc
SO. ia annually on that sum. The visible
gold in the United States-the gold OF COM
merce during that period. besides that I'm
the treasury. \ estimated at $lsJ. 0O0. COO.
That II TO say. the gold i'm the treasury and
Ia the banks-the visible gold-was about