The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-29

decline in the value of silver even the con-
current action of a number of the leading
nations. aside from England. would be ut
tcrly powerless to open their mints at
ratio of 16 10 /, when the present CONNER
cial ratio in all the worlds markets is
about "a to 1. 1t is of course, obvious that
if the leading commercial powers. in the
judgment of the distinguished junior sena-
tor from Colorado. should adopt a ratio In
the neighborhood of 20 to l that it would be
nothing short of criminal folly for this
country, Independent of all Others to at
tempt the restoration of free coinage at 16
to 1. the ratio contemplated by the resolu-
tion.
"On the 1st of June, 1896" the senator
continued "the public debt amounted to
s13H per capita, having been reduced from
1925 in 1867, $43.56 in 1877 and $20.0S in 1887
The annual interest paid is only 40 cents per
capita Part of this relatively small debt
which remains does not mature until twen-
ty-seven years hence. 1t is proposed seri-
ously to declare the policy of the govern
ment to be that this small debt, large
part of which natures more than quarter
of century hence, shall be paid in silver
currency which is worth intrinsically one
half of it's value in 1878, and which may still
further decline before the bonds mature.
Under free coinage as contemplated by this
resolution, the owners of silver bullion
would be the sole beneficiaries. The govern
ment would be Obliged to receive their bull
lion, impress it with fits stamp, transform
ing A cents worth into 100 cents legal ten
der. The silver bullion owner does not pro-
pose to divide this great profit of Go cents
on the dollar with the government. The
government will be obliged to accept the A
cents worth of silver for full 100 cents in
the payment of it's imposts and customs du-
ties. 1t will be no easier for the government,
as l conceive it, TO obtain the silver than 1t
will be to secure gold"
NO TIME FOR QUIBBLING.
In conclusion the senator said: Il hold
that above all gold and all silver and all
other forms of currency stand the honor
and the credit of the government The
present is no time for quibbling, for uncer-
tainty, for doubt There must be no equivo-
cation with respect to the character of our
money standard, and no hesitancy di-
vided purpose in its iniexible maintenance
1t is our duty to place about it such safe
guards as wisdom and prudence may sug
gest, and to preserve it unimpaired. The
judgment and the conscience of the Amer
lean people found expression in the st.
Louis convention and triumphant ratifca-
tion at the ballot box IN 1896. The declara-
tion made was unalterable opposition to
every measure calculated to debase our
currency or to impair the credit OF the
country. Opposition was pledged to the free
coinage of silver except by international
| agreement with the leading commercial ma
| tions of the world, to promote which pledge
was given that until such agreement could
be obtained the existing gold standard
must be preserved. All our silver and pa
per currency must be maintained at parity
with gold, and all measures were favored
designed to maintain inviolably the obliga-
tions of the United States and all our
money, whether coin or paper at the pres
ent standard, the standard of the most en-
| lightened nations of the earth. This consti-
tutes our financial creed-broad, sound, pa
triotic-and through it must come all real,
individual prosperity and enduring national
greatness
The Teller resolution will go to the ways
and means committee of the House to-mor-
row, and there is some doubt 10 what
action the committee will take. A secret
meeting of the Republican members of that
committee was held to-day to consult as to
the best course to pursue but no decision
was reached. The difference of opinion that
developed was on the proposition whether
it would be the safest policy to report the
resolution to the House. knock it Squarely in
the head and send it back TO the Senate, or
take the position that the resolution meant
nothing and embody that view in report
for House adoption. The prevailing belief
is that the first plan will be followed, but
there is no certainty on that point. The
disposition to dodge is very strong among
| quite a strong Republican element