The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-25
An Extensive Review of Objects TO BE
Accomplished by Currency Re-
fnr-, Measure.
SPEAKS rs A REPUBLICAN
tor 1IS AUDITORS LAST NIGHT
WE'RE OF THAT FAITH.
Money. as Well as Tariff, Plank of st.
Louis Platform Must Go on
statute Books.

| Judge Robert s. Taylor, the Indiana MEM
Der of the monetary commission, was
| greeted by a fine audience at the Columbia
| Club last evening The members of the
club turned out in force, and the crowd was
augmented by a large number of the dele
| gates to the convention, who were invited
to attend. The spacious dining hall of the
club ha6 been cleared and filled with chairs.
Every seat was occupied and men were
standing three and four deep about tho
walls.
Judge TAYLOR was introduced by f. B.
| Martndale in a few well-chosen remarks,
and was received with applause. His adj
/ dress was a clear statement of the purpose
and workings of the plan devised by the
commission, put SO simply that the verieSt
| layman in finance could follow the argu-
ment without trouble. He spoke as follows:
My theme is 1.-THE Money Question" /
shall speak of it as q. Republican speaking
to Republicans upon a subject OF patriotic
| and party duty.
| There is imperative necessity that some
thing shall be done in relation to the cur
rency which can be done only by Repub-
/ licans. The Bryan Democrats have given
notice to the country that the Chicago plat
| form is still good enough for them, while
| the Populists have told us in a late mani
| festo by their general committee that 1t is
| too good for them. The gold Democrats are
| a remnant of Israel destined, perhaps, to
| too few in number now to be effective as a
separate organization; There is large
| body of independent citizens ready to lend
| aid to the cause of sound money; but they
| can do nothing except through the RepuD-
responsibility is upon us: we are summoned
! 20 the consideration of great and dlfncuiI
/ questions
| have said that something must be done.
| Let me make that plain.
We have outstanding, in round numbers,
SS4S $4,000 OF government zen oon notes M Mhien we
| issued under the law of 1890 to pay for sill
yer bullion for coinage into silver dollars.
| and are sometimes called Sherman notes.
making total of about $3.50 100000 of paper
payable on demand at the United States
treasury. But this is not all, We have
/ 450 600 0C0 silver dollars which the govern
ment has promised to keep at par with gold,
| but which have an actual value of less than
/ so cents on the dollar.
We have thus 5000 ,OOO, 600 in round numbers
| of money in circulation, all put out by the
| government under solemn obligation to
| preserve its parity with gold. In addition TO
| this we have about $500, 100000 of national
| bank notes; but as they are redeemable IN
4 greenbacks or silver dollars, they constitute
| only an additional superstructure on the
/ same foundation.
The legal standard of value in the United
| States is gold. The word dollar means
| 25.S grains of standard gold coined at the
| mint, or other money of equal lawful value.
| All contracts between individuals to pay
money mean money which the government
| has issued or authorized with it's guaranty
of equality in value with gold. The govern
|
payment of its own obligations in gold on
/ demand. If 1t does not maintain the gold
| standard in it's transactions the people can-A
/ rot maintain 1t in theirs. We have thus
made the government the keeper of our
| consciences and sponsor for our honesty.
What means have we placed in its hands
/ for the discharge of that duty?
There is nothing in the law to compel the
! secretary of the treasury to stop coming
silver dollars There is nothing to compel
| him to pay the greenbackS or bonds in gold.
He may pay silver If he chooses. There IS
| no law requiring any one to pay gold into
| the treasury or any gold reserve to be
| maintained. The general expenses OF the
| government and the redemption of its de-
| mand notes all come out of the same gen.
| eral balance in the treasury. IL there hap
| pens to be enough for both, well aud good;
4 If not the greenbacks have to take the
| chances. We are in the position of man
| running a store and bank at the same
time. with no provision for payment of his
| circulating notes except the contents OF ms
| cash drawer from day to day.
| Such situation is dangerous Our ship
freightage of human life and interests as
| though she were stanch and strong from
| stem to stern; and all seems to go well. But
| under the water line she has a great hole in
| her hull covered only with canvas. If 1t
| should give way, what!
| THE ST. LOUIS PLATFORM.
The republican party in convention at st.
Louis in 1896 gave two great pledges to the
| country. One of these to pass tariff
| law which would afford adequate protec-
ton to American industry, and adequate
| revenue for the needs of the government.
The enactment of the Dingley bill was
prompt performance of that pledge. It's SUI
| ficiency III the matter of revenue is yet TO
pass a final test; but we have reason to be-
lieve that 1t will be as succe. Jful in that re-
| spect as it has been in kndling anew tho
dead fires Of industry. The other was in
| these words
| '"rhe republican party is unreservedIy for
1fafV ma faF
| the law providing for the resumption or
| specie payments in 1879 Since then every
| dollar has been as good as gold. We are
| unalterably opposed to every measure cal
| culated to debase our currency or impair
| the credit of our country. We are there
| fore opposed TO the free coinage or silver,
| except by international agreement With the
| leading commercial nations of the world,
/ which we pledge ourselves to promote; and
| until such agreement can be obtained the
| existing gold standard must be preserved.
| All our silver and paper currency must be
| maintained at parity with gold, and we
I favor all measures designed to maintain
| inviolably the obligations of the United
| States and all our money. wnetner COIN or
| paper, at the present standard, the stand
| ard of the most enlightened nations OF the
! earth"
! arately for legislation, and 10 deal with the
/ tariff first. But the subject OF the cur
rency is no less important; ana our duty 10
/ been disposed of, is no less imperative.
| party that is too cowardly or Indifferent to
1
1 the people have placed II in power, or use
| it's best efforts to do So does not deserve 10
| stay in power, and will not stay very long.
THE SILVER EXPERIMENT.
| For many years / hoped to see the vexed
| question of the standard settled by inter-
national free coinage. But have given up
| that hope. If it was ever possible 1t is
no longer our government has done all that
| Ii can for silver, both at home and abroad.
| We began buying and coming silver dol-
! lars under the Bland bill in 1STS-twenty
years ago-at the rate of 100000 month.
| Silver bullion was then worth $i15 an
| ounce, making the real value of the silver
dollar 80 cents We hoped that by thus en-
| larging the use of silver we could so in
\ crease its market value as to bring 1t back
/ to par with gold at our legal ratio of 16
| to 1; which IS equivalent to SlZ9 an ounce
But the experiment failed For twelve
years we continued to coin $2,000,000 a
/ month and yet the decline went on. until
| the price stood at SO cents per ounce In
/ 1SSS-s9. At that rate our silver dollar was
| worth only ~ cents. But we did not give mp
/ even then. On the contrary we determined
/ to make a greater effort. BY the sherman
bill the secretary of the treasury was di~
reeted to buy A.50oOoo ounces = month-ay