The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25

rslent and then a steady and rapid decline
reaching Is cents in 1923; which gave us
a silver dollar worth 60 cents. At that point
we gave up the experiment, repealed the
purchasing clause of the Sherman law and
qait buying silver; And 1t IS well that we
did. for it has fallen way down since. The
last quotation / have seen was 50 cents.
which would give us dollar worth A.
cents Since 1878 we have spent S464 900 900
in the purchase of silver, which would sell
now for $3.50 0l0,G00. We nave thus sunk
l9S,e0atiG in trying to hold up the price
of silver, and have failed in the attempt.
In addition TO this we have used our ut
most efforts to induce other nations of the
world to unite with us in some arrange
ment on the subject. An international con-
ference called by us was held in Paris
in 1913. and another at the same place in
1851 and another at Brussels in 1892 In all
these we have used our utmost efforts to
bring about some amicable International
agreement upon which free coinage would
be possible, but without success. And final
~ within few months past We have made
a renewed effort to reopen the subject only
to fail to receive encouragement enough
TO warrant even the calling of conference.
The time has come to put that dream
behind US. The settled judgment of man
kind IS against any double standard. The
worlds standard is gold. If we wish to
keep pace with the march of it's civilization
Ee must maintain that standard. And If we
must make it the real standard remove
all doubt of its perpetuity and square our
whole monetary system TO 1t.
PLAN OF THE COMMISSION.
Our monetary system. the defects in it
and the best remedies therefor are subjects
which has engaged the attention of many
able men. and numerous schemes for i'm
provement have been proposed. 1t is pos
sible to occupy only a small part of so
great field in a single address, and shall
conine myself chiefly to the plan which has
come before the country in the report of
the Monetary Commission promulgated
etary Convention. What / shall say further
viii be mainly in explanation of that plan,
not as the only one that will serve, but
as one following sound general principles,
and practicable and workable in its. details.
The first step proposed in this plan is a
simple declaration by law that all the OBJ
legations of the government now existing or
hereafter contracted shall be payable in
gold unless otherwise expressed
The reason for such declaration is this:
money of the United States is gold The
government has solemnly pledged its faith
that all the money in circulation shall be
the government mot including gold GER
tificates, silver certificates and currency
certificates. all of which are mere deposit
receipts, redeemable in kind are payable
simply In dollars" as is the case with
the greenbacks, or i'm COIN as is the case
with the treasury notes of 1890, and most of
the bonds. At the same time the silver
dollar is by law a legal tender for all dues,
public and private
Aence, according 10 one part or the law
tne treasurer OF the United States would be
entitled to pay the bonds. greenbacks and
Sherman notes in silver; while by another
part of the law the government has given
its promise that the silver dollars and all
other money issued by ii shall be kept at
par with gold. The free-silver advocates
are insisting that the government shall take
advantage of one part of the law and pay
its debts in silver, and then disregard the
other part of the law. Six million voters
1ndorsed that policy at the last election
Such a course would be flat reputation
of its obligations by the government.
lnasmuch as the government issues all
our money itself except the bank notes. and
they are redeemable in money issued by
the government, the value of the money in
lions is controlled by the action of the gov
eminent greenback is worth what the
treasurer of the United States will give
me for 1t and not cent more The mo-
ment he refuses to give me anything but
silver for it, it is worth it's face in silver,
and no more. The moment ne does that ali
the money in the United States except the
gold VIII drop to a silver value, and all
business will be on silver basis; and we
viii all become regulators whether we
will or no. Under the law as it stands Will
liam Mckinley and Lyman ]. Gage could
put us in that hole Tomorrow by four
words. All they would need to do would
be to say to Assistant Treasurer Jordan. at
New York: Pay greenbacks in silver"
ISSUE AND REDEMPTION
The next important feature of the plan
Of the commission is in the provisions rec
commended with view to greater security
in the redemption of the demand notes.-the
greenbacks and Sherman notes. / have
pointed out that, as the law now is, there is
no fund for the payment of these obliga-
tons except the general balance in the
treasury applicable alike to the payment of
all dues. Helce, wherever a deficit of rev.
enue occurs or is threatened, there Is instant
apprehension that the government may
demand
for want of funds. In order to remove this
evil ii is recommended that a separation
Z be made between the ordinary fiscal opera
tons of the government, which consist in
the collection of public revenues and the
payment OF governmental expenses, and its
operations in connection with the issue and
redemption of its notes which circulate as
money. To this end il is proposed that a
division shall be created in the Treasury
of Issue and Redemption; that the gold re-
serve and silver bullion and silver dollars
shall be transferred to that division: and
that the whole business of issuing and re-
deeming notes shall be carried on there.
The gold reserve so transferred is to be a
sum equal TO 20 per cent. of the greenbacks
and SheUman notes, and per cent. of the
silver dollars, which would make about
$135 100000: and is to constitute a common
fund for the redemption of the notes and
exchange for silver dollars, and be used for
no other purpose. This redemption fund is
to be maintained from surplus revenue To
be transferred from the general treasury
to the Division of Issue and Redemption
when a surplus exists. But if the fund
should become impaired and no surplus be
available in the general treasury so replen-
ish IL, the secretary of the treasury to have
authority to sell bonds for that purpose.
THE SILVER CURRENCY.
It was considered by the commission that
provision ought to be made by law for the
exchange of gold for silver dollars on de-
mand. Such an exchange, in strict sense
OF the word, is not redemption. The sill
yer dollars are not promises to pay, like
the greenbacks. The government has sim
ply agreed to keep them good as gold.
THE government cannot make a silver
dollar equal in value to a gold dollar by
merely saying that it shall be so. Its prom
Use to preserve that equality means that it
will do whatever may be necessary to that
eLd- We have had such confidence in that
promise that we have accepted the silver
dollars as equal to gold in value upon the
faith that the government would do what
ever might be necessary to keep them So
But the vote for Mr.. Bryan was notice that
nearly half of the people were in favor OF
silver dollar take care of itself. The seven
million citizens who voted the other way
ought not to be content with a mere count
of the votes, with the installation of
a President who will keep the promise
while he Is in office.
The only objection which any one who be-
lieves in maintaining the value of the silver
dollar at par with gold make to this
suggestion is that 1t might put on the gov
eminent an added burden-that the silver
dollars might be used TO raid the treasury
in the endless chain fashion The plan
am discussing contains a provision intended
to guard against that danger. II Is to put
our silver dollars into a form in which they