The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-31

TIE locdlty against the produce they nave
raised and to define explicitly. so that it
cannot be open to question. that the stand
ara or value in this country is the
gold dollar Of the present stand
or the United States, composed of a men,
bership chosen, for the most part, before
the issues les framed in 1895 had made their
ton. There is good hope that the Senate,
as modified by the elections of this year.
Viii be more friendly to it.. If House of
friendly TO this solution of the problem,
there is little doubt that all of these per-
picking currency questions which have in
terfered so seriously with the prosperity of
the country during the last few years Will
be placed upon much better basis. 1t is
necessary, in order to obtain this result not
ONLY that there should he majority i'm the
House of Representatives friendly to the
passage of such a bill properly modified,
as it may be by discussion, but also that
the House of Representatives should be or
ganized with speaker who will appoint
committees in favor of this action. AS /
see the need of the hour, ii is fundamentally
important that the Republicans should con-
troll the House, and thus control both its
organization and the legislation to be had
who is a sound money Democrat, from this
point of view, is undoubtedly much to be
preferred to Democrat who stands upon
the Chicago platform of 1896, but If the
sound money Democrats Of the country are
wise they will take pains to be sure that
sound money Democrats elected to the next
Congress are such will consent to no or
ganization of the House which is not dis
tinctively friendly to the sound money
cause. Because it is so difficult for Demo-
crat who differs from his party perhaps
only on the issue of sound money, to vote
otherwise than with his party for the or
ganZation of the House, l think that the
irrespective of party, ought, in this cisis,
to support Republican candidates for Con-
is lost the whole financial question slips
back again to where it was in 1896, and
we must fight out again the old issues, with
the disadvantage to the sound money side
that nothing has been accomplished. On
the other hand, if the sound money men
can organize and control the next House
of Representatives there is no reason to
doubt that the present House will pass a
satisfactory bill upon the subject which will
bill reported by the banking and currency
committee has the approval of the Indian
apolis monetary convention and of almost
all students of the subject who have exam
med it carefully Foresight and forethought
on the part of the people of the country
who believe that sound money is funda-
United States seem to be all that are needed
in order to place this question at last in
the way of permanent solution"
Mr.. John C. Bulltt, of Philadelphia:
IT think that the approaching congress
sional elections are of the utmost impor-
lance in reference to future financial legis-
lation. In the present state or prosperity
it would be wise to provide stable and
safe currency system, one which would put
the business of the country upon sound
and enduring basis. There is danger that
in the multiplicity of important subjects
with which Congress may have to deal at
its next session the enactment of the re-
quired currency legislation may be pushed
to one side. 1t appears to me that this
would be most unfortunate AT present
there does not seem to be any apprehension
or cause for apprehension as to the matter
Of finances in the immediate future. But
how soon change may take place no man
can foretell. Legislation upon the lines pro-
be adopted with as little delay as possible,
and in my opinion no effort should be
spared to insure the election of men who
will be favorable to the bill as reported by
the finance committee, which was intended
to carry out the views of the commission"
Mr. John K. Cowe1, of Baltimore, receiver
of the Baltimore & Ohio Railway Company:
81 do not see how any Democrat who be-
lieveS in the gold standard and stable cur
rency can possibly vote in this campaign
for Democratic candidate. The Demo-
cratic party, as a national party, is to-day
hopelessly committed TO the free-Silver and
greenback heresy. The party has been rot
ten on finance ever since the close of the
civil war. AS a party they favored the
greenback hereSy, and asked for the I'M
limited issue of legal-tender paper money;
they opposed the national banks, and asked
for their abolition; they solidly and stupid
ly opposed resumption of specie payments;
they took up the heresy of free silver, and
to-day it is the cardinal principle OF the
Democratic party under its present organi-
cation. Two conspicuous men, remarkable
for the integrity of their financial views,
Mr. Tilden and Mr.. Cleveland; Tegainedd for for
voters and the business community. But,
in spite of the fact that Mr.. Cleveland had
basis, it discarded him and his teachings,
and the confidence and the vote that went
with him. To-day the congressional cam
paigns are being run by the Democratic
Gin -
yer from top to bottom
Now what can a so-called gold Demo-
craft elected on the Democratic ticket from
Maryland or elsewhere. do in Congress?
In the very nature of. the case he must sup
port the Democratic candidate for speaker;
that Democratic candidate will, of course.
be an out-and-out free-silver man-16 to l. A
Democratic speaker, if elected, will have the
appointment of the committees, and any one
Washington realizes that congressional
government is government by committees.
Among the other committees which the
speaker would appoint would be those in
charge of financial questions; those commit
tees would be organized so as to absolutely
prevent any action whatever in aid of cur
rency reform. 1t seems to be conceded that
the next Senate will have a sound-money
Republican majority. II this be so, like
majority in the lower house would give an
opportunity for a sound measure of currency
reform. Such q measure of reform en-
bodies, as its fundamental ideas, the retire
ment of the greenbacks, gradual or other
banking system, so as to provide a more
elastic bank currency, redeemabie in gold.
1.-The acquisition of Cuba and Porto Rico,
and most probably the Philippines, will
necessitate legislation for banking facilities
in our COLONIAL possessions. This necessity
itself will give an impetus to currency re-
form. There is now pending in the House a
bill framed in large degree upon the report
of the monetary commission. The necessity
for banking legislation for the colonies az a..
for the consideration of this measure, and
it's adoption. or the adoption of something
akin to it. which will retire the greenbacks
and give an elastic currency, based upon
sound financial practice in accord with the
experience of the banking world. Is it not
perfectly clear that no committee appointed
by a free-silver speaker il such were
elected, would ever bring to the front such a
measure of currency reform, and such a
silver question will find it's last resting
place.
II happen to be brought into close contact
with large financial operations. l do not
hesitate to say that the election of Demo-
cratic House by the present Democratic
organization would have a strong tendency
to depreciate every American security, poth
on the exchanges of this country and
abroad. The financiers of Europe would re-
gard such an election as step backward.
and the timid capitalists would fear to in
would likewise hesitate to make new invest
ments, and many enterprises would be de-
layed and restricted while capital was wait
ing to see what would be done.
Everything now points to an unusually
prosperous period for some years ahead.
We have unquestionably turned the corner.
left hard times behind us and are now on
the upward road. The manufacturing, mer-
camille and large financial interests would
receive shock and a chill if a free-silver
House were to be elected, and If a Demo-
cratic House were to be elected under the
present Democratic organization it would
he a free-SilVer House with q free-SilVer