The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-28
wants Gold standard rixed by Law

To the Editor o. the indianapolis Journal:
In regard to currency matters there are
two distinct and Independent propositions
before the people that under no circum-
stances should be COMPOUNDED Much of the
transformation that is abroad on this SUBJ
ject grows out of mixing these PROPOSE
tons. Sometimes it is done through ig-
norance--sometimes through design. The
ewo propositions referred to are:
Eirst-The maintenance and complete es-
ta5Dhsnment OF the gold standard by law
Second-The adoption of a new banking
and currency system.
one may be in favor OF tho first PROPOSE
ton and against the second or vice versa.
or Tor both, or against BOTH and be thor
oughIy consistent in his position. While it
try are conducted on a gold-standard basis.
and have been since 1879, there is no law OF
congress to prevent the secretary of the
treasury, under the direction of the Presi-
dent, from putting the country on silver
Dasis inside of twenty-four hours, If tho
president so desired Both greenbacks and
government bonds are payable in coin and
should the government elect to paw them i'm
silver 81 dollars instead of gold, there would
the election of a free-silver President would
throw. the whole Nation on a silver basis
immediately, without the enactment of Il
single statute. Therefore. until Congress-
snail enact law making 25.S grains of gold.
I nln1e-tenths me, the standard measure of
ueDts, setting at rest all question as to the
government holding an option to paw its
debts in deprecated silver dollars our
ened evil. This must be accomplished be-
IIore we. can enjoy financial rest This ia
the all-1mportant thing to be attained. 1t
can and should be accomplished without
reference to any OF the schemes now PUT
forward for reforming. or reforming our
There are hundreds and thousands of men
who want the gold standard fixed beyond
al doubt who do not favor the retirement
RTGRnhaNkG a ina xrIrn
believe that banking upon business assets,
or rather issuing paper currency upon bank
assets, is dangerous in the extreme, and
that so long as the pubic debt remains
unpaid the present national banking sys-
tenn. with few amendments, is greatly
superior TO the one proposed by the Indian
apollS Monetary Commission in every re-
spect. The paramount duty of the Repub-
lican party Is. to make the gold standard a
fixed star in the financial armament If the
party is to be hampered in this work with
a lot or other proposed financial legislation,
proprlety, the prospect for accomplishing
the main purpose will be greatly injured.
one thing at a time, gentlemen. The issue
between the two great political parties
should be plain and simple: Cold standard
VS.. silver standard, the affirmative of which
means the payment of all debts public or
private, in the best money known to the
world. The gold reserve in the United
states treasury for the redemption of de-
will, inside of a year, reach the S20O.0OO00O
mark, furnishing a more secure basis for
tne paper money In circulation in the
United States than Is behind the paper cur
rency OF any other nation on earth. The
gold reserve to-day in the United States
treasury is greater than that of the Bank
of England, and is not burdened with near
so great a responsibility, relatively speak
ing, as that of the Bank of England, which
institution has to sustain the whole vast
structure of British credit. The demand
obligations Of our government morally pay
able in gold, amount to $455 1894 296, and To-
meet which there is in the treasury over
$167,0OO,00O in gold--a gold reserve OF over
SO per cent j. II. CLAYPOOL.
Indianapolis, Feb. &C.