The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-14

all the money that the business of the coun-
try needs, and II would be furnished at the
times and in the places where II is needed,
which the government never can do and
which free coinage of silver never can do.
n. +. Bartine. of the National Bimetallism
OF Washington, d. c.. replied TO Mr.. White
The afternoon session developed into an
almost mouth to mouth contest between the
gold and silver Sides with the middle-of-
citation strongly in evidence for their favor
lie theory Of an irredeemable paper cur
lency Ihe natists are the most impatient
10 10 pc neard and can hardly wait until
Thursday, which is their day for the adj
Vocacy OF paper money. and their Interrupt
ions We're fast and numerous.
RAILWAY EDITORS VIEWS
The first speaker was II. p. Robinson. of
Chicago. editor of the Railway Age. He an
swered number of Mr.. Bartine's points of
argument and contended strongly for the
necessity for maintaining the national honor
by paying off the obligations of the coun-
try in as good money as they were con-
tracted in. His real subject though. was
'the interest of railway men in the gold
standard" and he predicted that the 100 900
railway employees of the country who voted
for Mr.. Mckinley in the last election would
do SO again in 1900 for the sake of their own
interests. as they wanted their wages paid
in dollars of a purchasing power equal to
that of the money in which they are now
paid. 1t is commonly claimed he said.
that the free coinage of silver, if it hurt
anybody would hurt only the capitalist and
the .goldbug. If the. free coinage of silver
would reduce the railway earnings the men
who suffer would not be the capitalist or
the gold bug but would be the laboring man.
If the United States was on silver basis
the earnings of the railways would be, of
course, in silver dollars, or their equivalent.
The railroads could not put up their rates
and at the best they would only get the
same number of dollars they do now.
but those dollars would purchase less. They
would purchase less machinery. less fuel,
less supplies-that is to say, that the ex-
penses of the railways for these items
would be materially increased. Railway
companies therefore, would have less
money to pay interest, to pay labor and to
pay dividends. First of all they would pay
no dividends, but that would not be nearly
enough TO meet the deficit. lhe interest
the companies would have to make a des-
perate etfort to pay those charges but hav-
ing nothing but deprecated silver dollars
70 pay ln' the effort would necessarily be
futile. No railway company in the country
could meet its annual interest charges and
there could not be anything but bankruptcy
ahead. Meanwhile. while the struggle was
going on labor would suffer The railway
companies would be compelled to cut their
pay rolls and to cut their wages There
would be fewer men employed: they would
probably get less wages and every dollar Of
those wages would produce less than it does
to-day.
Louis R. Enrich, of Colorado Springs. Col.
followed him to show that the establishment
OF the gold standard was in harmony with
the quantitive theory of money
Governor Leslie NJ. Shaw, of Iowa made a
brief address which went deeply into the
subject from the producers point of view
y am gold monometallist.' he said be
cause the whole world has agreed upon the
gold standard and the law of commercial
convenience. which no act of Parliament or
Congress can repeal governs the whole mat
ter. The only logical argument I can see
for silver coinage is that it would reduce
wages practically one-haf and thus enable
us to compete with foreign nations but /
would rather have the American market
than that. If India was compelled to go alb
solutey upon a gold basis she could not
successfully compete with us in the Liver
pool market with her cereals"
Several questions to the ability of
debtor country to retain its gold against for
e1gn draughtS. and having to do with the
Quantitive theory of money as laid down by
well-known financial authorities and also to
wheat producer were propounded by ex-Con-
gresham George Fred Williams of Boston.
Gen. A j. Warner, of Ohio, president of
the American Bimetallc Union. contended
that the gold standard had appreciated the
dollar and CORRESPONDENCE caused a general
fall of prices, doubling the debts of the coun-
try. Congressman Fowler, of New Jersey
replied to General Warner and demonstrated
that wages had both increased numerically
since 1910 and in purchasing power under
the gold standard. Besides, since Mr.. Nc
Kinleys election, he said, the bank clear
ances of the country had increased from
$4,000 900 to $50, 900 900 900.
Charles A. TOwne, of Duluth, Mimi, ma
tfonal chairman of the Silver Republican
party. took exception to Mr.. Fowler's logic
taneously an indefinite rise in wages and
fall of prices. Mr.. Towne will oren in be-
half of silver tomorrow morning and Mr..
Fowler will combat him.