The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-23

merce and civilization is the circulating
medium by which values are measured and
vast and varied exchanges are effected. The
magnitude of our exchanges cannot be
gTasped by statistics and can be but slightly
comprehended by us. The daily transac-
tions of 100000 of people in the counting
room, in the factory. in the mine, in the
field, upon our highways and upon our seas
aggregate many billions of dollars-a sum
beyond the reach of human imagination. 1t
were impossible for the government or the
people TO reclaim from the earth the
precious metals deposited there Dy Dounu-
ful nature adequate to effect each and all
of these transactions 1t is a part of every
day experience that but slight portion OF
the current exchanges are made in actual
cash, either gold silver or paper. Less than
. per cent. of our transactions are accom-
piished by the use of our circulating cur
Iency, and more than - per cent IS Ell
fected through other agencies, such as
checks, drafts and bills of exchange. SO
long as confidence is preserved they ac-
complish all that is effected by the best
currency in the world. How important, yes,
how absolutely essential it is that CONN.,
denCe should not he impaired, that nothing
should be done TO embarrass or diminish
the use of these allies of money or sub
stitutes therefor. AS long as our currency
system is sound fixed and intleXibly main
tanned at the best standard there is the
fullest and the largest use OF these sub
stitutes for money.
we nave witnessed III the past rev years
that this is a vital question. When doubt
arose during the administration of Mr..
Cleveland as to whether the gold standard
could be preserved the currency of all kinds
went into hiding. Silver sought it's hiding
place as quickly as gold, and paper like
wise. The use Of checks. drafts and bills
OF exchange was seriously curtailed, ana
want of confidence peryaded the people.
Factories We're closed. enterprises We're
abandoned and thousands of eager workers
were wanderers on the face or the eartn.
The capital of capitalists Shr1veled ana
shrank away. Bankers and banks shared
in the common misfortune.
Sir, Republicanism seeks TO restore con-
fidence, for after all it is the best currency,
though ii bears not the stamp Of govern
ment. Confidence IS the basis OF all pros
perity, of all national greatness. Upon CON
hdence rests the everlasting throne. With
out it the church vanishes as a disordered
dream. Upon confidence rest our temples
of Justice Confidence is the handmaiden
of the arts and sciences. Confidence led
Gallileo through the dark night into the
beautiful garden of the skies. commence
led Washington from Valley Forge to York
town and Grant from Donelson to Apo
mattox. Confidence in ourselves, confidence
in each other, confidence in truth ana
righteousness is essential TO all progress, all
success.
.'Republicanism demands that our
rency shall be honest sound and stable, IN
order that labor and capital may go forth
resolutely and without fear into the future.
The currency which is good for ore must
be equally good for the other The curren-
cy which the banker accepts must be equal
ly good for the labOrer, the merchant. the
farmer and the manufacturer. The talk Oh
the rich mans dollar and the poor mans
dollar is idle chatter-there is no SUCH thlng.
Our interests are so interviewer, our people
are so related to each other in their affairs
and their daily transactions that me cur
rency of the one is the currency of the
other. circulating Unfortunately among
all classes and conditions. The great funda-
mental necessity is that the currency,
whatever be its character or form, shall be
the best as determined by the experience
of mankind.
WANT THE BEST STANDARD.
''Republicanism stands resolutely, unal
terably, everlastngly for the best monetary
standard known to the civilized world. We
have the best country, the best people and
limitless possibilities. We are entitled to
have and we shall consent to have nothing
less than the best instrumentalties for our
development. Tho gold standard is recog-
nized by all the leading nations of the world
as the best standard. 1t is the standard of
England, Germany, France, Austra-TIun-
gary and Italy, and many other powers:
Many of them until recent years possessed
the bimetallic standard, and coined gold
and silver at the ratios of 1872 and 10 to
!. The increased and cheaper production
of silver threatened the ability OF the GOV
ernments to maintain the Interchangeable
ity of gold and silver at such ratios. silver
became relatively the cheaper metal in the
various markets. The minis were closed to
ratio. 1t is a familiar principle known to
all who have given even casual attention to
the subject that it is impossible to force
gold and silver to circulate as currencies at
coinage ratio which varies seriously from
their bullion ratio in the worlds markets.
1.-THE adoption and existence of the gold
standard does not prevent the use of other
forms of currency. such as silver and pa
per in large quantities. Under the present
gold standard of the United States which
Democracy and PopuliSm have so Strenu-
ously attempted to overthrow, but which
the good sense and patriotism of the Amer
lean people have protected and will con-
tinue to protect, we have to-day several
hundreds of millions each of gold, silver
and paper, one as good as the other, be-
cause the amount of silver and paper is
limited; and it is the declared policy of Re-
publicansm, which has been embodied in
the statutes of the United States, to at all
times maintain the parity of these curren-
cies, and that parity can be maintained
only by preserving their interchangeabillty.
BY this system gold and silver are used as
currencieS. Our silver and paper vastly
exceed in amount our gold. We have here
bimetallism-the only real bimetallism pos
Democratic party, which breaches the doc
trine Of bimetallism at ratio of 16 to |.
science knows to be an absolute impossible
ity a. colossal abSurdity. But recently SEN
ator Wolcott, of Colorado, one of the frank
est and ableSt of the present bimetallic
school, declared in the Senate that any in
ternational agreement were impossible cx-
cept at a concession in the ratio Of say
20 to ]. But this does not disturb the
binary free-slver tiatist, who without
rhyme or reason closes his eyes to all
history, rejects all intelligent advice, and
still demands Is to /. The free coinage of
silver at 16 to ] under existing circum-
stances means the single silver standard
and nothing else. And the single silver
standard means the expulsion OF nearly
$3.50 100000 of gold and reduction in the
value of silver and paper of nearly
$3.50 coo, 900, making total loss and shrink
age in volume and value of existing cur
rency. direct and immediate. of nearly
81 100. 600 COO Instead of increasing our cur
rency there would be a radical and dsas-
trous contraction.
1T is the duty of RepubicaniSm-a duty
laid upon us by the mandate of the people
to preserve unimpaired the existing gold
standard. 1t is for us to vindicate the ST.
Louis platform in letter and spirit We
should throw about our monetary system
such safeguards shall preserve it in the
shock OF war and in time of peace.
NO REPUTATION
Republication stands for the payment
of the government obligations to the utter
most dollar and without loss to it's credi-
tors. 1t has always repndiated the repudi-
ationists. 1t is for the payment of the gov
eminent bonds without abatement; it is for
the payment of the pensioners of the gov
eminent in as good money as ever issued
from the minis. The aggregate amount of
the bonded debt of the government is $1341
per capita, the annual interest upon which
is 40 cents per capita A large part of these
bonds do not mature for over Il quarter of
a century hence. When it was recently de-
bonds in deprecated currency the Repub-
leans I'm the United States Senate with