The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-07

| number Of citizens are in session in this
city to advocate what they are pleased to
cali bimetallism They call it bimetallism
| because their plan is to permit all who so
desire to have their gold and silver bullion
| coined into dollars at the ratio of 16 to 1.
| History and common sense should teach
THESE citizens that proposition to coin,
say 90 cents worth of silver bullion and 100
cents worth Of gold bullion into dollars of
the same legal tender quality would crowd
| our minis with silver to be coined and drive
away from the minis and out of circulation
| all gold coin. If lawmakers in this State
should ordain that a bushel of oats and a
bushel of wheat shall have the same value
in the discharge of debts and wages, not
a bushel of wheat would be offered for sale
in Indiana. That dollar commercially
worth 100 cents will pass current as the CO.
fellow of dollar worth but so or even 80
| cents in the markets of the world is an
| entirely new doctrine. For years it was the
aim of the silyer-mne owners to make the
bullion in s''ver dollar equal in value to
the bullion in gold dollar, and it was not
until they discovered that this could not
be done that they put forth the wonderful
claim that the owners of a hundred cents
worth of gold should be allowed to take it
to mint to be coined into dollar, when
he can exchange it for enough silver bullion
| to make two dollars. <
| Hamilton and Jefferson, the leaders of two
parties, are yet esteemed men Of rare in
| telligence and Of high quality of states
manship by those who read their works
They disagreed about most things, but they
agreed that, to circulate side by side. the
commercial values of the gold in dollar
and the silver in dollar must be the same
| They gave a great deal of time to fixing a.
ratio for the coinage. Both have been
| quoted at length thousand times within
the past four years upon this subject. In
regard to ratio, Jefferson said:
| The proportion {ratio) between the values
| OF gold and silver is mercantile problem
| altogether. Just principles will lead us to
disregard legal proportions (ratios) alto
| gether and to inquire into the market price
OF gold in the several countries with which
| we shall be principally connected in COM
| merce and take the average of them.
After long consideration both Jefferson
and Hamilton came to the conclusion that
Is to was the ratio TO be adopted. because
they believed that the commercial value of
! fifteen ounces of silver and one ounce of
gold were the same. This ratio was adopted
more than hundred years ago.
In 1884, under Democratic President, by
Democratic Congress, as an administra-
ton measure. and after a discussion of
four years, the ratio was changed-actually
| changed. Why? Because it was found that
| one ounce of gold was worth more than
| fifteen ounces of silver in the markets of
the world and the gold left the country
The difference in the values at that ratio
! was small-a few cents on the dollar. Jack
son, Benton ard the Democrats of that
period desired to make it possible for gold
to remain in this country; and what Mr..
Benton called the "gold bilP' was passed.
| which changed the ratio to 16 to l. The
ratio was changed, as any one will learn
who will read Benton's 'Abridgment of the
Debates of Congress or his Thirty Years."
to make the legal the same as the COM
| mercial ratio. It failed because it soon
| appeared that sixteen parts of silver were
worth fraction more in the markets of
the world than one part of gold. The re-
suit was that silver left the country to an
extent THAT no HllHor SILVER COINS cOuld DE
| kept here. This led another Democratic
Congress to reduce the weight of silver
halves and quarters and to limit their legal
tender quality so that we might have silver
| change.
| At no time was the silver dollar worth
| over 4 cents more than the gold dollar Xet
silver would not stay with us. Yet with
this experience, men calling themselves BIZ
metallists are here urging free coinage of
| silver independent of the rest of the world
at the ratio of 16 to 1 when the commercial
ratio is more than SO to 1! They are not
| bimetallists; they silver monometalists
Let them be honest and take the name
| which belongs TO them.
A GOOD PRECEDENT FOR SPAIN TO