The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-26

Concluded from First Page)
erected an upright, and Embedded the found
alton thereof in a sock without fissure, rift
or seam one that had never disintegrated
never settled, never ainched Then, in 1873,
We attached an eli. and set it Upon a found
alton known ever to be insecure, and for
ever settling nd subject TO frost and rain
and wind. Since then we have resided and
sEIngled, and painted and whitewashed
again and again. We have even taken
photographs of our financial surroundings.
and frequently aattered ourselves, and
DoaSted TO our children, that we had beau
JIul buildings, magnificent compartments,
and gorgeous furnishings but during all
these years every competent expert who has
examined the foundations and the super
structure has pronounced the beams season
checked, the stills worm eaten the under
plnning insecure and the posts decayed.
lhen, when we least expected it, after the
calmest and serenest day that ever bright
ened our industrial skies. the storm burst
upon US, and amid the rocking of our finan-
cal dwelling not a chick nor child of dis
cfeuonary financial age slept a wink all
that blessed night. a few slumbered sweet
~, ana even suggested that had the build
ing been less secure, had it all stood on
pms, had il all been built of wood hay or
stubble. we might have slept without
knowledge of the danger that threatened
or the disaster that overwhelmed US.
Then came the supreme issue of this gen.
GRAFTON. Lincoln declared that the country
could not remain part slave and part free;
that house divided against itself could not
stand The opposing parties met in their
several conventions. All agreed that a sin
gle foundation-a single STANDARDIZED sus
tanned our structure for twenty years. All
agreed that our financial system needed
material notifications. One party proposed
two materials. Il dual foundation, bimetal-
hsm, If you please The ether, recognizing
currently on bimetallic foundations, de-
clared in favor of a single standard, and
for the standard then prevailing in every
rival country.
The issue went TO the polls. and the peo-
pie became students of financial archi-
lecture and mechanics. They read every
and heard
during the day, and thought through the
night. After six months exclusive atten-
ton to the subject in November, 1886, an
enlightened, educated, studiOus and well-ad-
vised people declared, by over 100000 ma
jority, that the gold foundation must be
maintained and that the new financial
building should rest thereon alone. This
much was settled: this much determined.
MEET AS ARCHITECTS.
You, gentlemen, have met as architects,
self-appointed it may be, but none the less
responsible for the wisdom of the plans
you shall prepare 1t is yours to submit de-
signs and specifications and details; and in
this body there is certainly no lack of wis
DOM nor of foresight, nor of experience,
nor of conscience nor of responsibility to
Justify the expectation of a great people
that what you shall propose will be worthy
of adoption. You have no right, in view of
the expressed will of the people, to intimate
that financial dwelling shall rest on
anything else than gold. That has been de-
termined. No other foundation must any
lay than is laid The plans you are to sub
init must be for the superstructure alone,
and it must be as broad as the foundation
itself, wide the base, and of proper
tfonate height, and it must be fire proof
and weather tight. The people have right
to expect it. They have right also to ex-
pect that If the plans you submit shall be
rejected others will be adopted and the
building go up.
The details are not so important as the
general Whether shall
oak or iron is not so important that the
building shall be ample tor the accommoda-
ton of every child that claims its protec-
ton. You must be careful not to force any
out in the cold while moving from the shed
pestd 1rder Chi x1aS constrncted as =
temporary eXpedlent until they have be-
come attached thereto, and not few chill
dren, and some aged ones, believe 1t safe.
1t will doubtless be wise to provide for d
somewhat gradual change. As soon as you
have the new edifice inclosed, its superior
fitness ought to commend it sufficiently TO
vindicate your wisdom. 1t should not be
necessary to mortgage the homestead in
order to make the transition
You are safe in assuming that that which
shall safely house the rich will also safely
house the poor. You Will do well to renein-
Der that If the roof leak, or II draught De
admitted here, or there, or elsewhere, your
children are likely to suffer from wasting
disease contracted thereby, and through
your negligence, as the children of your
neighbor. Every impulse OF Selt-preSerVa-
ton, of parental regard, of philanthropy,
peal to you to do your best. You represent
to-day not the banks, for there are few
bankers on this floor. You represent the
business industries and the financial inter-
eStS of the country. If you so plan that your
factories shall continue, you must so plan
that the employe Will be well protected,
and his wages paid in currency unques-
toned in any land. under any sky. in any
port There was time when some supposed
the fire might die in the furnace and the
enploye go unframed Time was when some
appeared to think the rich might fail in
time is past. The last few years have dem
onstrated the eternal brotherhood or the
from the field labor leaves the shop, and
universal suffering follows in obedience TO
a law as memorable as the laws of nature.
You will do we'll to turn a deaf ear to
those who believe the experience of nations
should be ignored, and that it will require
a superstructure the like of which has never
existed to stand the test of our climate.
This gentlemen is no time for experiments.
There is no occasion for experimentlng
The financial history of every nation or any
commercial Importance justities the as
sumption that the laws of trade, and the
laws of commerce. and the laws OF econom-
les and the law of supply and demand,
and the law of competition are, like the
law of gravitation, of universal application,
and if left free to operate. will do more TO
eaualize burdens and distribute blessings
than all the laws that socialism can pro-
pose.
A SOUND PAPER CURRENCY.
We must have a paper currency l be-
IGVe the country at large, WlliOul IeSdiu "
party, agrees to this proposition. We must
have a paper currency and of sufficient vol
ume for the needs of great and prosper
GUS people with many and varied interests.
Those who believe in the principles Endorsed
at the polls in 1896, together with those who
accept the verdict then rendered as of bind
ing force agree that every dollar of paper
currency must be redeemable, directly or
indirectly. exchangeable or convertible at
par for gold. The value of every dollar of
United States money, whether of coin or
paper currency. must be the equivalent of
25.S grains of standard gold. The gold coin
ure of value of every dollar, by whomsoever
issued or howsoeVer expressed. This paper
currency, the volume of which must be CO.
extensive with the needs of the country,
should all be issued by the government or
by the banks. The time has passed by
when the government should issue part of
the paper currency (other than coin certifi-
catesl and the banks a part.
Some of the reasons which force them
selves upon the minds of the advocates of
sound money and currency reform why the
rency, other than coin certificates, grow out
of the necessary distinction in the business
methods, respectively. of the banks and OF
the government.
Suppose a national bank incorporates with
capital of 100000. 1t makes such invest
ments of this money the government
may require, purchases. perhaps, govern
ment bonds, and is permitted to issue
equal amount of currency redeemable on de-