The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-30
PUBLIC AND PRIVATE DIsHoNoR.

Comments upon topics affecting public
and private integrity can be made any day
in the week with propriety. The votes in
the Senate on Friday affect not only public
and private integrity. but the general we'll
being which is so largely sustained by good
faith and honorable dealing.
For many years tie two leading political
parties have declared in the most emphatic
manner that parity between all the money,
whether gold, silver or paper, should be
maintained. Largely upon such pledges
have both the debtor and the creditor
classes proceeded in their transactions.
Three billions of dollars have been deposit
ed in savings banks under laws which in
sure this parity. Many more millions of
life-insurance policies have been taken and
paid for by hundreds OF thousands of peo-
pie upon the assurance that the parity be-
tween gold, silver and paper dollars would
be observed when those policies shall fall
due; that they should be paid in as good
money as was current during the years i'll
which they have been paying premiums.
These are but two OF several investments
which the people have made under the con-
fidence that one dollar shall be as good as
any other dollar in the market
On Friday the Senate by vote Of AZ to
81, declared that it is mot the duty of the
government to maintain the parity in value
of its gold and silver money" This dec
laration does not relate to United States
bonds, but to the legal-tender money in
which all obligations shall be paid. 1t is q
declaration that the Congress must not
legislate to preserve the equal value of its
dollar as money, which Congress has often
declared it's purpose to do. To the extent
that there may be a difference in the pur-
chase price of dollars the Senate has de-
clared for reputation.
The Senate did not stop there, but it went
on to declare, in effect, by refusing to ac-
cept the opposite proposition, that 1.-THE
principal ard interest of the public debt may
be paid in deprecated currency The pub
lie debt is of insignificant Importance COM
pared with the obligations due hundreds of
thousands of people by monetary and in
surance corporations, but when a United
States bond shall be paid in deprecated
currency, paper or coin, every dollar OF prl-
vate and corporate obligations will be paid
in the same.
If there had been inserted in the last issue
of Indianapolis bonds for park purposes
the substance of the negative of the propo-
sition which the Senate voted down on Fri
day, namely, "this bond may be paid IN
deprecated currency, or in other money
than the most valuable in the world, not
bond could have been sold to the Eastern
savings banks now holding them. Ii in the
issue of bonds which is foreshadowed by
the mayor there shall be inserted the clause
1.-THE principal and interest of this bond can
be paid by other than the money recognized
as the best by commercial nations at the
option of the city, a 6-per-cent. bond could
not be fioated at par. If the life-insurance
companies of the country should follow the
action of the Senate and insert in their con-
tracts this policy may be paid in the least
valuable money, provided it shall be legal
TENDER they would not write one policy
where they now write ten. In fact, the
loaning of money for term of years, with
out which no great business enterprises
could be taken up, would cease unless the
best money in the world were written on
the face of the contract.
It is we'll to think of these truths, that we
NAV see whittier the country would tend If
the shameless Reputation of the Senate
should receive the sanction of the House
and the executive.