The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-21
A SUGGESTION FOR THE MAYORS
PARTY.

| All Of the bonds of indianapolis falling
| due during the Denny administration, over
| a million dollars in the aggregate, were
refunded at 312 per cent. and a premium
1t was very fortunate for the credit of the
city that no bonds came due during the six
| months preceding the election last Noyem-
Der, they could not have been refunded
at any price unless the word gold had
been written on the face of the contract
With the result of the election confidence
returned to all kinds of county and mu-
nicipal bonds. During the period in which
the credit of the country was in peril by the
tendency of the election, cities which put
their bonds upon the market were forced
to withdraw them either because they had
no takers or the proposals were so unsat-
isfactory that they could not be accepted.
If the $350000 of park bonds which were
put upon the market a few months ago had
been offered year ago they could not have
been negotiated for S12 per cent. and
premium unless the word gold or its
equivalent had been stipulated as the money
in which principal and interest would be
paid Indeed, so great. was the distrust of
the men VINO were WIFI Savings
bank deposits and life insurance reserves,
caused by the Chicago conventions hos
tility to investors that it is possible that an
Indianapolis loan could not have been mar
keted at any price.
These observations are pertinent because
Mayor Taggart, to insure denomination
and reelection, has been driven to de-
claring that he is in favor of making an
other presidential campaign upon the issue
of the free coinage of silver, which made
it impossible to sell bonds a year ago. Dur
ing the last campaign Mr.. Bryan declared
| time and again that the result of the free
| coinage of silver would be the circulation
of dollars worth less than the dollar based
upon gold Mr. Taggart has been forced
to declare himself in favor of the Bryan
platform for 1900, which means that he
favors the payment Of the $35O0Oo bonds
which he has just helped to negotiate in a
less valuable dollar than that which the
city received for its bonds. Does he think
this performance will encourage those who
| have money to loan it to the city when it
shall be necessary to ask for loans to carry
on the work of completing the park sys-
| tenn?
And this suggests, If the silver issue is
to be injected into the municipal cam
paign, that it be put as a practical ques-
ton. Every 312 per cent bond which the
city has outstanding was sold with the I'M
derstanding that it would be redeemed in
gold or it's equivalent. The interest is now
being paid in the equivalent of gold. Ii the
Bryan theory holds and the free coinage
of silver should prevail those bonds could
be paid in silver dollars or certificates
which no intelligent silverite will maintain
will be equal to the value of the gold dollar.
In fact the chief cause of the demand for
| the free coinage of silver is to obtain a
cheaper dollar than the gold Now. the
| free coinage of silver be of no use to
the citizens of Indianapolis unless they can
avail themselves of the cheaper dollars at
a less cost than the gold dollar to pay off
| the bonded debt of the city. To make the
silver question a pracr4cal issue of local
application let Mr.. Taggarts convention
adopt something like the following:
Whereas, The bonded debt of the city is
| redeemable in gold under the present OPP
| pressive standard; and,
Whereas, BY the adoption of the free
| coinage of silver the debt can be discharged
| for half or two-thirds of the expenditure
| under the gold standard; therefore,
Resolved, That the Taggart convention
| demands the free and unlimited coinage of
| silver to the end that we, the oppressed
| taxpayers, may be avenged on our OPP
| pressors, the depositors of the savings
| banks which hold our 31a per cent. bonds.
This would make a clear, practical issue
in which the taxpayers are interested and
it would relieve us of the appearance of
| advertising ourselves to the world as blue
| ribbon asses, as we will when we declare
in favor of stamping every fifty cents
worth of the silver bullion of the silver
| mining monopoly one dollar. This declara-
ton of Reputation would make US knaves.
but it is better to be anything than self
advertised fool