The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-07
THE CURRENCY QUESTION.
Why SOund-MOney Democrats Should
Unite with Republicans.
Philadelphia Record (Dera.,

Among those who desire to be recognized
as sound-money men are a great many SEN
atorS and representatives in Congress who
deprecate and discourage all legislative eff
forts in behalf of currency reform on the
ground that there is no immediate prospect
of success 1t can hardly be said that these
are very earnest supporters of the cause or
sound money. no matter what may be their
pretensions; nor men who stand and
wait without striking a blow for a cause UNI
til success is assured be regarded as safe or
courageous leaders of the people They are
followers who sniff every popular gale, ana
while they are trimming their sails the
cause which they profess to favor is fire.
quently won by its true champions without
their aid.
When it comes to close inquiry into the
antecedents and opinions of those members
of Congress who oppose ;-gitation for cur
rency reform at this time it will be found
in nearly every instance that they are not
friendly to such legislation now or in the
future. Some of them are bimetallists, who,
in pursuing a chimera, oppose every step TO
strengthen the gold standard of value, ana
thus put end to their dream. Others are
greenbackers, who hold with the Popullsts
that the government should issue all the
paper currency, and who resist, therefore,
all efforts to withdraw and cancel the out
standing legal tenders, without the cancer
lation Of which there can be no substantial
and complete reform of the currency. sun
others desire to stand well with both sides
to this controversy, and they accordingly
desire no legislation in Congress which
would bring them face to face with the
question.
But whatever obstacles may be thrown in
the way of currency reform by these ele-
ments. it is of the utmost importance to the
development of the country that this con-
f1ct shall be fought to finish. Even
though the measure proposed by Secretary
Gage, and supported by President Mckln-
ley, should fail in this session of Congress,
much is to be gained by agitation. On the
other hand what is most to be dreaded IS
popular apathy, which would let things drlft
until the business world would be startled
by one of the financial revolutions which
are constantly menaced by the existing
monetary system Besides, 1t IS or the Ut Ut
fore the next elections for Congress pre-
cisely how Their representatives stand on the
great question. For this reason there should
be no game of hide-and-seek with currency
reform in either the Senate or the House
in the present session.
Ever since the close of the civil war,
when the country was confronted with an
enormous accumulation of deprecated
greenbacks. there has been a succession
of legislative compromises with the adVo-
Gates of cheap money. The first decisive re-
pulse of the infationiStS was in 1879, When
President Grant vetoed the 5000, 900 600 green
back bill Had this measure of imitation be-
come a law one could have predicted It's
effect upon the country. 1t is certain that
as one result the resumption OF specie pay
ments would have been indefinitely post
poned and business confidence and pros
perity would have refused to return. Tne
next repulse of the cheap money mongerS
was the repeal of the Sherman silver pur-
chase act in 1893 When they returned to
the charge in 1896 the cause of sound money
aCneVeO us 0TSl SItdl NlCtOl III iHN W.
throw of Mr. Bryan and the Chicago plat
form BY this victory the Republican party
was pledged to march forward resolutely
to the full accomplishment of currency re-
form
Herein lies the real significance of the
position of President Mckinley and Score
tarv Gage as Congress again assemblies
after the Christmas holidays Unawed by
the threats of the WolcottS and Chambers
in Congress and by unreasoning clamor out
of doors the secretary firmly adhereS to
his bill. and the President stands by him.
No administration has ever before taken
standard. In consequence of this attitude
of the administration the passage or
measure of currency reform during the
present session of Congress is not wholly
out Of the question, Notwithstanding the
predictions of its enemies.
In this event the Republicans, bearing
the standard of sound money. would carry
the elections of 1888 should the Democrats
renew the fatal campaign of 1896. But II
the currency bill should fall in spite of
the honest and earnest efforts of the adj
ministration in its behalf, the agitation for
sound money would be kept alive and It's
final triumph secured. BY scanning the
record of every member of Congress the
people would be enabled to intelligentfy
cast their ballots at the next elections. AS
q result of the widespread discussion 1t is
not impossible that the Democrats will
recognize the ruin with which the CHAM
poins of cheap and bad money are again
threatening their party, and that as con-
sequence the currency question VIII at last
drop out of politics or be left to the Pnp.-
list champions of paper imitation This is
contamination most devoutly to be
wished