The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-24
CONSPIRACY AGAINST THE PUBLIC
CREDIT.

There is no danger that the Teller resolu-
ton declaring that the bonds CT the United
States may be paid in silver at the option
of the treasury will be passed by the House
if it should be by the Senate. There is no
danger that any measure of that character,
even if Congress should pass it, could have
the effect of law while Mr.. Mckinley shall
be President. If there were there would be
immediate trouble During fifty years the
United States has been redeeming its bonds
in gold or it's equivalent 1t is the money
of large transactions. Even Mexico must
pay the interest on it's bonds in the money
Of commerce, gold In this country, while
the word coin has been used on the face
of most of the bonds of the United States,
gold has been meant because payments all
these years have been made in gold.
The animus of those who are urging the
Teller resolution is to commit the United
States to the Independent free coinage of
silver at the ratio of is to l. The Teller
coterie does this because it's members are
the Representative of the silver mine in
terest; the Vests favor free coinage because
they are constitutionally hostile to ma
tional honor and progress; the Aliens and
Jerry Simpsons fight for it as the next
best thing to their fiat money heresies. If
there were no silver mines In Colorado,
Mr.. Teller would lead against such a reso-
luton. He is the senator of the silver bull
lion producing interest. To be able to put
such a resolution through Congress is re-
garded by all of these men as one step
toward the free coinage of A cents worth
of silver bullion into legal tender dollars.
AS was stated in the beginning, there is
no danger of the passage of the Teller reso-
luton or any measure like it until after
March 4, 1891. But if there WERE what?
Panic, because it would be evident that the
passage of a free-coinage law establishing
the ratio of Is to ] would follow, turning
the United States to silver monometailism
as like law has done in Mexico. There
are people in this country so vicious that
they would be delighted with such re-
suit. if for no other purpose than they
imagine that the redemption Of United
States bonds with the deprecated silver
dollars, as the silver dollar would
be with free coinage, would result
in great loss to millionaires. Unfortu-
Edltly, IlllllOldlIeS uO not 1Olu the
bends of the United States Neither do the
national banks, which some of the same
people hate, own very large part of the
bonds The total ownership of such bonds
by national banks, by the last report, was
only $261 9o1 200. The savings banks, loan
and trust companies own $2O2, 9S4, 800. Cen
orally government bonds are held as trust
funds by those in charge Of estates. In
dividualy. the poor rather than the rich
would suffer if bonds should be paid in de-
preciated silver The probability of such
payment would create panic, because
when the government should declare such
a purpose, all State, county and municipal
bonds would be paid. principal and interest
in like manner Savings bank deposits and
maturing shares of building and loan asso-
Citations would be exposed to the same
danger
All but two or three of the senators who
voted to take up this resolution would pre-
fer to vote for free and Independent coin
age of silver, which would compel the pay
ment of all bonds, United States, state
municipal and all deposits in deprecated
silver. The passage of this resolution by the
Senate IS only threat of what those SEN
ators would do if they could If their pur-
pose should be feared Indianapolis could
not borrow the 100000 the mayor proposes
on long time bond at per cent interest
If the 16-to-1 Council should pass a reso-
luton like that pending in the Senate, the
$20o,00O loan it is likely to vote could not
be negotiated at 314 or per cent. unless
it should contract that the bonds thus is
sued shall be paid, principal and interest
in gold or its equivalent.
The senators who are pushing the Teller
resolution are conspiring to ruin the credit
of the United States, the State and local
governments