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

systems AS TO work i'm m one with
the other. or 10 force those. who. from
choice or necessity. adopt Inferior stand
ards TO deal at a disadvantage and serious
loss with their competing %neighhors.
STABILITY IN SEVERAL THINGS.
What the country needs and must have.
IL it is TO continue 10 enjoy the marvellous
prosperity which has crowned its efforts
in the past. is stability of all kinds-a stable
government. stable revenues. stable curren-
cy. stable law. stable justice. credit of the
best. power to trade with all nations of
the world on an equality. We need expand
ing markets for our products at home and
abroad. power 10 create, build up and MAIN
tain ever widening industries within our
selves. power TO find and make a market
lot these industries everywhere and the
foundation stone on which must rest this
structure OF national wealth and prosper
lty, and. indeed, upon which must rest the
safety of the state itself. is a broad. wise
~ conceived and solid monetary system.
Wnicn. while securing facility for the inter-
change OF within ourselves and
glvlng TO all property, real and personal: a
nxed ana substantial value, shall also give
10 us unlimited credit among the nations
of the earth and attract to US for the pur-
poses of trade and development the surplus
capital of the world.
If the foundation for such n structure be
laid by this convention then. indeed. have
the people of the land cause to rejoice: then
will il come to pass that the wheels OF
m will move with renewed energy
the credit to which we are entitled be
speedily. re-established. prosperity will
dawn afreSh and comfort and thrift find
their way into the humble home of every
honest toiler in the land.
But, gentlemen, the perplexities of the So
luton are many and grave. When the Su-
preme Court of the United States gave TO
Congress a right. under tie Constitution.
10 issue fiat money our troubles began, and
1roLI Ila1 cay ~ tals. tnrOuSn gfeenback
craze and free coinage of silver, we have
been sowing the seeds of dishonor and re-
pudiatiOn. building castles i'm the air and
chasing the false lights which ignorance,
selfishnesS and greed have placed upon ev-
cry highway in the country TO urge us to
destruction.
AMPLE REVENUE FIRST
Either the government must retire from
the issue of currency obligations, which it
should do. by a slow process to be sure,
so as TO avoid the shock which speedy
change would bring, or. first providing
ample revenue for its current expenses, it
should, at least for the time being, apply
the rules of banking to such issues in real
ity and be prepared at all times TO protect
them at any and every cost. 1t has no
right to force its promises to pay upon the
country and then leave these obligations to
drift without anchor or compass. 1t has no
right to disturb the laws of trade and para
lyZe our through failure to pro-
vide a currency which shall be thoroughly
stable in character and equal to the best
in the civilized world. If it proposes TO do
this portion of the banking for the Nation.
1t must 90 ii thoroughly and
well and provide means to make
and keep its currency obligations
at all times on "A parity with and equal to
gold. III the banks of the country, given
the power TO supply currency for ~circula-
ton in place of the government. followed
any other course than this. the govern
ment would have the right to intervene
and compel such obligations as might be
issued by them to be kept safe and sound
ana rG0p9mHhlP AT all 4 mos i'm GOLD nn1
II 1T Is the duty of the government to do
this (Which it, undoubtedly. isl what moral
or legal right has the government itself TO
surround its own obligations with less Sc
curity? Nayi How much more ncumben
1t is upon those who govern the nation to
make the obligations of the government as
solid as a rock and as good as the best.
III, therefore. they are TO provide the cur
rency then let it be done properly and Sc
curely, and on no other basis.
l see no reason and i cannot understand
why any of the government issues, includ-
ing the silver certificates. should be re-
deemable on any other basis than "A gold
basis, or why there should be in circula-
ton legal tender and treasury note. gold
and silver certificate, when. in place of the
same there could be issued one uniform
coin certificate. which certificate. if prop
erly protected by at least a % per cent.
gold reserve In the treasury. with power
given to the officers of the government to
maintain such reserve by purchase of gold,
either with cash or short-time obligations.
whenever it was threatened or became de-
pleted. would give to the Nation a currency
circulation at least consistent and sound.
The dignity of the Nation demands that all
high standard, holding both silver and gold
i'm the treasury as "A reserve to maintain
such standard.
Establish fhis principle and YOU bring
back at once the credit of the Nation to its
highest and best level. and not only this.
but you give the keynote to all credit on
the part of the people and make it easy for
tire issue of currency obligations upon a
gold standard.
BANK GOLD RESERVE.
Supplement some such action as this with
a carefully drawn. wisely conceived bank
ing law, which will give elasticity 10 the
volume of bank currency in circulation.
making such circulation redeemable in
gold, or its full equivalent, and compelling
a portion of the bank reserve to be held
in gold and, in my judgment, time will so
prove the absolute safety of bank circula-
ton as to make the people not only will
ing and anxious to have the government is
sues replaced by bank issues. but lead them
to insist upon a, return of the government
to its proper functions OF coming gold and
silver. thus removing forever the danger
which will always surround the exercise,
on the part of the government. of its So
called right to issue credit obligations in
the name of money.
The sooner the fact is recognized
throughout the entire country that gold
and silver are merchandise and nothing
more. and that by the natural laws OF trade
they will flow easily and quickly to that
market where they are wanted and will
m the highest price. the better 1T
will be for our currency and the better 1T
will be for our prosperity.
You cannot force or make two articles of
merchandise OF a different value sell al q
parity. when the market price of either is
constantly ~luctuating, and when these ar
ticleS of merchandise are used to repre-
sent the standard of value upon which all
trade obligations and all real property rest.
i'm order to have stability you must adjust
the use of the baser TO that which has the
greater value. AS the needle points TO the
pole and guides the ships of as
they sail from port 10 port. so that the
standard of value by which the barter or
the world is adjusted. from the beGEar VINO
charity. to the richest nation which spends
it's thousand millions annually to support
it's government. be made as nearly UNI
changeable as possible. always pointing
true, as points the needle &c, the poie- Golo
has it's uses. and so has silver. and silver
will continue to have it's uses. not only In
arts. but in the coinage of the world; put
the civilized world will never consent tnat
il shall be so used as to destroy the equinD-
rum of the balance or to give a raise
weight by which ar value shall be weighed.
LIMITING INTEREST ON DEPOSITS.
But. sir, / am treading on dangerous
ground. and am ill-fitted to solve so serious
a monetary problem as now confronts the
Nation. So far as /, personally, am con-
cerned as representing, in a measure. the
interests of the saving banks in the State
of New York, | feel deeply moved and seri-
ouslv disturbed over the monetary condi-
tions now existing. There are now on de-
-. 4. ,Lo caNinQS hanks of the State of