The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-31
THE SOUND-MONEY ISSUE
COUNTRY,s PROSPERITY DEFENDS ON
RESULT OF THE ELECTION.
Views of n Number of Distinguished
Men Concerning the Great Inn
pOrtance of This Question.


autumn has been made by Mr.. H. II. Hanna,
the chairman of the executive committee of
the Indianapolis monetary conference Mr..
Hanna said: Il regard it as OF the greatest
importance to the business prosperity of
the country that the House of Rep
resentatives chosen next month should
have clear majority for sound money.
This issue is being obscured in some
quarters, and an effort is being
made to evade it. 1t cannot be evaded in
Congress, nor could the effect of a silver
victory be obscured in it's influence upon
the prosperity of the country. 1t is almost,
II not quite, as important as it was in 1896
that the friends of sound money should act
together to secure a majority in the next
Congress. The country is upon the thresh-
old of revival OF business activity which
will mean work for many hands and in
creased wages in many pockets. The cleo
ton of a silver majority in the House might
not check this revival absolutely in respect
to current production, but ii would eAer-
else far-reaching effect by preventing the
organization of new enterprises requiring
time for their development. The abandon
ment of such enterprises would react uIC n
all industries and interests by diminishing
the demand for capital and the employment
of labor. What consider important, ard
what 1 think the business community gen.
orally consider important, is that the ma
jority of the next House shall be pledged
to organize the House for sound money.
The really important question is not so
much the exact shade of opinion professed
by candidate upon the money question, but
whether he intends to vote for speaker
who is a friend of the gold standard or a
supporter of the free coinage of silver. This
question, in my opinion, ought to be square
ly answered by every candidate for Con-
gress: Will you vote under any circum-
stances for a. candidate for speaker who is
favorable to the free coinage of silver?' A
candidate who answers it in the affirma-
tive or who evades it should not receive a
single sound-money vote from either party.
no matter what haze he seeks to throw over
his personal views upon the silver problem.
II think the Importance of the election of
a sound-money House is beginning to be ap-
preciated throughout the country, and that
the issue will be more distinctly drawn. dur
ing the closing days OF the campaign than
it has thus far been. / am receiving a
great many letters referring to the impor-
tapce of this issue and the necessity for a
sound-money victory. The writer's have
given me permission to make their letters
public, and 1 have chosen the following as
representing the views of some Of the
most thoughtful and influential men of the
country
Ex-senator Edmunds, of Vermont:
1.-THE safety of the Nation and the mainte-
nance of our national honor demands the
election of sound-money House. 1t is
plain from the declarations of the Demo-
cratic leaders that they still regard the
money question as the principal issue be-
tween the two parties. The election of
Democratic House would mean the imme
date passage of a bill providing for the
double standard. Such a calamity would. be
worse than the war with Spain or the yell
low fever epidemic among our troops.
Mr. John Claiin, of the firm of III. B.
ClaHin & Co.. New York city:
General prosperity seemed almost at
hand when the Maine was blown up. That
sad event and the subsequent war with
Spain greatly retarded progress in many
directions. Now that the war is over i'm
prOvement in business seems almost certain
unless the coming congressional elections
should shake the confidence of lenders and
investors by sending to Washington repre-
sentatives who do not realize the close con-
nection between an absolutely safe and I'M
doubted currency and low rates of interest
Probably almost every man in the West and
South wishes low rates of interest to pre-
vail and understands that low rates of in
terest mean increased margins of profit to
the farmers, better prices for land and more
satisfactory results to the country mer-
chants; but many fail to appreciate the fact
that capitalists and moneyed institutions
cannot be coerced into lending money when
they. have any. doubt whatever as to the
stability and inherent soundness of the cur
rency they deal in. When banks and CAPT.
talists generally desire to lend money then
the rates of interest at once become low.
When the banks and capitalists become
alarmed and prefer not to lend money then
the rates of interest speedily become high
and the profits of farmers and merchants
are materially lessened.. Every important
nation of the old world has eventually
learned this lesson, and as the lesson has
been learned rates of interest have fallen
THE present time offers an opportunity
to this country which it has not had before.
The great accumulation of gold in the
treasury renders It. practicable now to cor
rect the evils of our currency without the
slightest danger, and a correction of those
evils. insuring absolute stability of value
combined with fiexibiity which would give
facilities for borrowing to the farmer and
the planter greater than ever before en-
joyed would certainly mark such progress
for our whole country has not been ex-
perienced since the resumption of specie
payments in 1872
Ex-senator John M Palmer, of Illinois:
1.-The Importance of electing a sound
money delegation from Illinois has COM
PEELED me to announce to the public that l
will vote for MIR. Isaac r. Mills, the Re-
publican sound-money candidate for Con-
greSs against Mr. 3. L. Caldwell, who is
the so-called Democratic candidate, and
who II elected, will favor, as he says, the
unlimited coinage of silver on the ratio of
sixteen of silver to one of gold, with en-
forced legal-tender quality.
II regard the election of a House on the
sound-money issue as of the greatest and
most decisive Importance"
Mr.. William z. Dodge, of New York city:
1T would be impossible to overestimate
the vital Importance of the financial queS-
tions now before the American people
With the rapid growth of the country
and the new responsibilities assumed as a
result of the war wise and safe monetary
legislation lies as the basis of everything,
and is absolutely necessary as the first
move towards secure and prosperous
future. This is the real issue for the No
vember elections and makes the vote at that
time serious and important to every citi-
zen.
I'VE must elect congressman who are
above prejudice and SectionaliSm, and who
can be relied upon to stand squarey by
sound money and the proper adjustment of
our present unfortunate and dangerous cur
rency and banking system.
we must now allow local and state
issues, or even the glamour coming from the
glorious work OF our army and navy to
oVershadow the supreme need of a none
our country. our States and our business en-
terprises. The curious silver falacy has not
uled out. Sordld interest and old prejudice
sun continue to work against wise, con-
serVatlVe action. Well-tried modern methods
are not understood they should be-
Inc money question: however adroitly
hidden in the platforms of some late Demo-
cratic conventions, is still the great issue
between parties and must be fought out to
the end. There is need of strong work ON
generous support o. all agencies for edu-
eating the people"
Mr.. Seth Low. of New York city:
THE situation of the financial ouastio,,