The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-07


subject of them to their existence as to
create in him apathetic indifference to
needful and healthful reforms. Indeed II
is a familiar fact that individuals, fami-
lies, and nations ignorantly suffer under
the illusion that the very source of their
afi1iction is itself an agency for good.
Something like this has marked our imam
cial history for thirty years. Making prog
ress in spite of all obstacles and embarass-
ments to commerce and industry, we aSs
cribe the advancement to the causes which
have really hampered and disconcerted the
forward and upward movement. With
financial system condemned by the judg-
ment of the most experienced and wise,
both at home and abroad, its evils ituss
trated in daily business, and emphasized
fuse tmidity, to face the questions which
must be met and rightly solved before in.
dustry and commerce can be establisneo
upon enduring conditions of security.
THE arguments against government Is
sues of paper money as a medium for come
mercial exchanges have been fully made
and need not be repeated in detail. It's rig
idity, its failure to meet demands where de-
mand is most urgent, the dependency OK
the whole industrial structure upon the
state of the revenue and public expenditure
these are important links in the chain OK
argument. Even in state OF foreign war,
the civilized demand OF both contestants
is for due respect to private property ana
individual contract relationships. How
much more in state of peace, in a free
state, should private rights and contract
relationships be given immunity from the
incidental though serious, effects now
suffered through III govern
ment finances The menace to our domestic
affairs several times recurring from
threatened change in the standard under
which they are carried on, and our Tor
eign trade settled, has been a companion
evil-perhaps the greater. of the two
1.-The cure for these evils is not dif1icrlt 10
find 1t lies within the easy range OF con-
gressional action. Nor is the remedy one 10
infict even temporary pains or penalties on
the body polite. The healthful stimulating
effect Of right action in these directions
would be experienced with the first sense OK
assurance that the desired end was to be ac-
complished.
TRADES AGAINST REASON.
'@The proposal to substitute bank issues
for government notes is opposed with many
honest prejudices and assailed by bitter de-
nunciations. The first arise from a failure
to comprehend the true philosophy of a pa
per currency, and must be patiently consid-
cred The latter obscure the question by
reckless statements. charging that all prop
ositions for currency reform are bank con-
spiracies to exploit the people. Referring to
such proposals. an eminent speaker recently
warned his uninstructed hearers: These
banks will become cormorants to eat up
your substance, control your politics and
warp the political views in all the commune
ties. Send a man to Congress to help de-
feat this great evil. Such Trades against
reason and such appeals to prejudice and
ignorance the statesman must oppose by the
simple truth. Is a system of bank credit
currency in its ability to meet the varying
wants of an industrious commercial people.
superior to the issues of government paper
money? If that question be answered af-
firmatively, 1t may be safely left to time to
show that the nature of the banker differs
not at all from the general nature OF men
in other callings. AS every other man who
gets an honest living must live by service
rendered in the sphere of his activities, SO
the banker must perform faithfully an Wei
his function or fail of his fair reward. The
motives for his action are the same. 1t is
not for the benefit of the banker or any par
ticuar class that the plea for currency re-
form is urged; ii is urged on behalf of the
whole people who will be the recipients OF
the benefits thereof. And it Is on this
CONTINUED on Fourth PageD