The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-05

railroads since the election of Mckinley, the
President obtained for the Union Pacific an
amount which, during the ten preceding
years, no one conversant with the matter
believed it possible to secure. But for the
change which came with Mckinley the gov
eminent would have lost half it's investment
which the Cleveland administration advised
but which a Republican House rejected.
BANKING ON POPULAR IGNORANCE.
A favorite argument of the free silverites
from the beginning of the agitation has
been that there is not gold enough in the
country TO furnish safe metallic basis for
its currency, and that this diminution in
the volume of redemption money has made
money dear and hard to get. This argu-
ment is plausible and dangerous only with
persons who are ignorant Of the facts or
who do not stop to think AS a matter of
fact, business in this country and in the
whole commercial world has never been
done on any but gold basis. Silver has
never been anything but a disturbing ele-
ment, and the prolonged attempts of differ
ent countries to maintain a legal ratio and
parity between it and gold were a source
of continual embarrassment and loss. The
business of the world was never more sat
isfactorily transacted and there never was
more general prosperity than since silver
ceased to be recognized as a standard of
value. Perhaps there was time when this
could not have been done without embar-
rassment but this was long ago. The
worlds stock of gold is now ample, both
as a standard of value and to cover paper
currency. There is no longer any need of
silver for either of these purposes, or for
any monetary purpose except as subsidiary
currency. The idea that there is not gold
enough in the country to furnish a safe
metallic basis for its currency is absurd.
The worlds stock of gold is far greater now
than ever before, and increasing at a far
more rapid rate. The United States, Aus
tralia, South Africa, all gold-producing
countries, are increasing their output. Since
the repeal of the silver purchasing act in
1893 the production of gold in the United
States has almost doubled, increasing from
sSS 100000 in 1892 to $57, $4,000 in 1897. All
other gold-producing countries have in
creased their output, though none in as
great proportion as the United States.
There is far more gold coin in the country
at present than ever before, and the stock
is steadily increasing. If we were to go
to a silver basis, or, which is the same
thing, adopt free silver coinage, gold would
flow out of the country faster than it is now
flowing in, but, thanks to the gold standard,
our doors are wide open for the influx of
the yellow metal, and it comes to US as
freely as the rain from heaven.
Nothing could be more absurd than the
contention that under the gold standard
money has become dear and hard to get
The reverse is true. Money was never be-
fore as cheap and as easy to borrow as it
is now. Before the so-called ''crime Of 1S73,''
the misnamed decentralization of silver, the
government was paying per cent. for Dor
rowed money; now it gets all it wants at
315 per cent. In 1872 the farmers Of Indiana
paid 10, IL and IS per cent. interest; now
they can borrow money at per cent. Two
or three Of the largest loan agents in this
city, representing outside corporations, are
offering money on farm mortgages at per
cent Their advertisements to this effect
Indiana ever before got money as cheap
as that. A well-known loan agent of this
city says: II was the first person that
brought outside corporation money into In
diana to loan, and have been loaning on
farm lands in this State since 1872. At that
time many farmers were paying IL per cent.
a. year for borrowed money. 1 have taken
up hundreds of such loans, replacing them
with money at 10 per cent, and it was a
godsend to farmers to get money at that
rate. Now 1 offering money at 515 per
cent year. interest payable annually, or
per cent, payable semi annually, and L
will loan $1,OO0OOO on those terms" Five
per cent a year on farm mortgages now
against Is per cent. year twenty-five years
ago. yet silverites and Popuhsts talk about
money getting dearer! There never was a
time. in the history of the world when
money was as cheap, measured by the rate
of interest, and as easily obtained on good
to-day. And the money thus obtained is
good money-not Mexican dollars or Span
ish pesetas but gold or it's equivalent, con-
vertible into gold, dollar for dollar. Under
this system the United States has pros
pered as never before, and Indiana is pros
pering now far beyond anything in its past
history. Yet the Democratic party is ask
ing the people to discard the gold standard
because it makes money dear. They bank
too much on popular ignorance.