The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-29
STRONG APPEAL FOR HONESTY
TELLER'S RESOLUTION DENOUNCED
AS A STEP TOWARDS DIsHoN0R.
Republicans of the House Not Yet Ger
tain What They VIII DO with
the senate Declaration.
Special to the Indianapolis Journal.

bankSS speech this afternoon was one ol
the best delivered during the protracted de-
bate on the Teller resolution in the Senate.
He described the resolution as wholly re-
dictionary in its purpose. 1t declares, ne
said, that the principal and interest of GER
tain bonds shall be paid at the option of
the government in silver dollars of the
coinage of the United States containing
4121a grains each Of standard silver, regard
less OF the great decline that has occurred
in silver throughout the world. 1t is not
claimed. he said, that its terms, either en-
large or restrict the obligations devolved on
the government by existing law. He proved
by letter from Secretary Gage the falsity
of the contention of the advocates of the
resolution that holders of government bonds
are exacting nothing but gold and that,
in point of fact the bond creditors accept
the currency of the government-gold, sill
yer and paper, indistrminateiy-as public
or private creditors do in their innumerable
daily transactions. He declared the central
purpose of the resolution to be to obtain
the sentiment of the Senate on the question
of the free and unlimited coinage of silver
at the ratio of 16 to !. but that its real
object was not frankly advanced. The SEN
ator then turned hts attention to Mr.. Tel
Ter. whose cuticle he cleverly and success
fully removed. One paragraph from that
portion of his speech is too good to cut.
He said:
II do not for one moment challenge the
exalted purpose of the senator from Col
orado. His devotion to the subject of the
free and unlimited coinage of silver has
been of long standing and constant Com
pared with the restoration of the free coin
Of silver all other public questions are
subordinate. How far his judgment upon
this question, and his devotion to its ad-
vocacy is affected by the fact that Col
orado is one of the great silver-producing
States may be open to question. / am
aware, Mr.. President, of the tremendous
power of environment upon our lives and
upon our judgments. 1t seems to me that
in the devotion of the senator from Col
orado to the cause Of free silver he is fol-
lowing but an ignis fatuus, and that he
would lead his country and his followers
in the pursuit of it into the morass of com
mercial paralysis degradation and dis
honor / have thought sir, that the honor
able senator is so committed to the doc
trine which he entertains, and SO jealous in
its advocacy, that he would be willing even
to see the country wrapped in the flames of
war, if thereby the end which he seeks
could be accomplished"
MEANS NATIONAL DISHONOR.
"The resolution" Mr.. Fairbanks declared,
lays the groundwork of national discredit
and national dishonor. Any impairment of
the public credit sensibly and injuriously
affects private enterprise and individual
credit. Any possible arrangement of our
commercial interests must tend to create
dissatisfaction, Encouragement, discomfort,
and out of such conditions it is hoped, be-
Iieve, that the free coinage of silver will
emerge I do not undertake to sit in judg
ment on the motives which inspired the
resolution. It's author may not have con-
templated what fear; but, sir, 1t is ia
mliar rule of the law that men are pre-
sumed to have contemplated the natural
consequences of their own acts. The pres
ent resolution is unwarranted by existing
circumstances. Whatever tends to arrest
the rapid restoration of prosperity, which
tends to disturb confidence, which is the
foundation rock on which all true and en-
during prosperity is built, is unwise, un-
timely. L use the language of moderation
when / say that it is a crime About us
everywhere are multiplied evidences of re-
turning prosperity The press of the coun-
try records from day to day evidence that
the condition of business is improving and
ing increased opportunity for work and
wages. The commercial agencies report
weekly Improvement in nearly every field
of commercial activity. Failures through
out the country are decreasing in number
and in Importance. Railway earnings,
which are a fair commercial barometer, are
about II per cent. greater than last year;
clearing house exchanges have increased
about 80 per cent. over the year that is
passed; our export trade shows a large and
increasing balance in our favor; under the
operation of the tariff law the treasury is
gradually being reinforced, and the day Of
deficit is at an end"
The senator stated that while he could not
enter on a critical or exhaustive discussion
of the currency question, he could not let
the occasion go by without saying that
during the last twenty-five years the most
civilized nations of the earth have been
closing and have closed their mints to the
admission of silver and gold to free coinage
at any ratio. What leading country to-
day." he asked, freely coins gold ard sill
yer, endowing each with legal-tender pow
ers and maintains each at a parity? l am
not aware, sir, of any country whose ex-
perience we can or should follow which is
to-day doing what it is urged by the oppo-
Sition the United states Snould attempt TO
do do not know of any country whose
mints are now open to the free and unlim-
tied coinage of gold and silver at any ratio
where gold and silver are circulated at a
parity. What is there in our own history
which gives rational basis to the belief that
we can accomplish what other great coun-
tries have found impossible? Have the
mints of bitmetallic France, our sister re-
public, which has received the special praise
of some of the distinguished senators in
opposition, been able to continue the free
coinage of gold and silver at the arbitrary
ratio of 15ls to L? If / understood correctly
the distinguished and able junior senator
from Colorado in his recent report OF his
mission in behalf of an international agree
ment, 1t would be impossible to secure an
agreement at the arbitrary ratio of 16 to
l. My opinion is said he, and do not at
tempt to quote him literally as / do not
have his speech at hand that II will be
necessary 10 adopt some other ratio such
for example, as 20 to L.
FULL OF SIGNIFICANCE
This observation is, TO me, full of signih-
canoe. 1t means that, In view Of the great