The Indianapolis journal., 1898-01-26

He Refers Briefly to the Dangers of
Free Silver.


most cordial welcome TO the capital city
OF Indiana. The warmth of this welcome is
heightened by the deep concern our people
feel in financial legislation. The State felt
honored when, year ago, "A distinguished
assemblage OF men from different parts of
our land met in this city to discuss the
financial question. Our people feel honored
by your return, and, in their behalf, bid
you welcome.
"Our country is making rapid progress in
development Continued growth will depend
largely upon financial conditions. Conf
dence is the bedrock upon which perma
nent prosperity must rest There can be no
abiding confidence with a fiuctuating cur
rency The first principle to be established
beyond cavil is the standard of our money.
Shall that standard be the best or the poor
est? Is 1t to be the standard of the great
commercial nations of the world. or the
ards, two measures. widely differing in their
value, and that difference constantly chang
Ing can never give confidence nor secure
prosperity.
Thomas Jefferson, i'm 1906. directed the
discontinuance of the coinage of silver dol
lars because of a slight difference in the
value OF the metals that constituted a sill
yer and gold dollar and no silver dollars
were coined for thirty years. Mr.. Jefferson
argued that the legal ratio of coinage must
conform to the mercantile ratio of the
metals.
How does this compare with modern
Bryanism which stands out for Is to l as
the legal ratio, while, peThaps-I have not
noticed to-day's quotations-the commercial
ratio is 33 to l. 1t seems to me that modern
wide apart as the Antipodes Just why
Jeffersonian and Jacksonian principles
should be claimed by free silverites / cam
not comprehend Jackson in his eight
years as President only permitted one thou
sand silver dollars to be coined, and Jeffer-
son discontinued their coinage altogether
cents between the mercantile value and the
legal ratio of coinage while the advocates
of free. coinage demand unlimited coinage
when there exists IL difference of 80 cents
between the mercantile value and the legal
ratio, or, in other words, the establishing
of a Accent standard dollar
REPEATS CARLISLES TRUTHS.
History repeats itself. and proves, when
ever the experiment is tried, that two
standards differing in commercial value cam
not remain in circulation together for the
cheaper dollar invariably drives out the
dearer which at once takes it's place as a
commodity of merchandise, instead of con-
tinuing u circulating medium In proof
of this assertion permit me to quote from
Hon. John G. Carlisle five great truths.
which constitute valuable compendium of
financial history:
i. There is not a free coinage country
basis. '''' =
= There is not a silver standard eoun-
Try in the world to-day that uses any gold
as money along with silver
:, .. Ihere Is not a gold standard country
IN IN tne world to-day that does not use silver
as money side by side with gold
4. There IS not a silver standard coun-
try IN the world to-day that has more than
one.third as much money in circulation per
capita as the United States; and
,. There is not a silver standard coun-
Try IN the world to-day where the laboring.
man receives as fair a price for his days
TO which may be added another signifi-
cant Iact-there Is not a country in the
Morlu f to-day that has its mints open to the
hI1f hoe ds-xrn
plmetalllsm and established silver mono-
metallism. In this country with our gold
@ s@lanqaru, we nave tallism-gold and sill
power. p'- N''''''''e
1T is manifest, in the light of financial
experience, that the free and unlimited
coinage of silver at the ratio of 16 to i bv
the United States, with the mints of all the
% other great nations closed against such
coinage, means the debaSing of our currency
and the establishing of silver monometai-
ism, which will bring disaster to business.
Destroy the Nations credit, parayze indus
Iy, create panic and cause widespread
rum. Gentlemen of the monetary conven-
Iloh mere hes the reef rock upon which
Ms WS snali a. De driven If We adopt the free
SllVer Iallacy. This is the imminent peril to
pc averted The free-siver propagandist
WIN hdll with JOY any financial legislation
eenolng TO divide the sound money advo-
Gates, as this would contribute to the sue
cess OF Bryanism. The financial policy de-
clared IN the Chicago platform is a menace
TO business The decline in the price of sill
Yer ana the advance in the price of farm
products during the past year refIte the
speclous argument of 1S96-that silver and
gether.
WHEN CAPITAL WILL INVEST.
Capital will seek investment in this
country only when assured of the soundness
OF our monetary system. When it shall have
been established beyond peradventure that
our standard shall remain the best that all
our dollars shall be equal to the standard
that the laboring man shall be paid the
best dollar in the world-an honest dollar
Tor an honest debt, equal in its purchasing
and in its debt-paying power-then, and not
TIL then, will the nducement for convert--
ing one kind of money into another be re-
moved. With a currency elastic enough to
meet the emergencies Of business IFS dis
trlpution equalized to provide for all de-
mands Its volume sufficient for all financial
transactions and increasing in a correspond
ing ratio with the growing business of the
country, capital will freely seek investment
and labor readily find employment Then
VIII the smile of permanent prosperity rest
upon this the greatest Nation in the world
Gentlemen. with profound faith II, vo,.r
wisdom, and with keen sense of gratitude
Tor your efforts, again l bid you welcome"
MR.. SHAW INTRODUCED.
After the Governors address was ended
Mr. Hanna again addressed the conference,
saying that the executive committee recon-
menueu the same order of business and the
same number of convention officers as
at the last session of the conference. On
motion these recommendations were adopt-
ed by the convention. Mr. Hanna then an
nounced that the executive committee de-
sired to nominate Governor Leslie M. Shaw.
of Iowa, as permanent chairman and Evans
Woollen as secretary. Said Mr.. Hanna:
In order to avoid unnecessary formalitv
am instructed by the executive committee
TO recommend that the committee on cre-
dentlals be continued and that the chair
man or the committee be authorized to fiji
vacancies and that no new committees on
permanent organization or committee on
fuleS ana order of business be appointed:
that with the exception of the nresidine
officer the officers who served in the lasf
convention shall be continued for this con-
Venuon, and that the rules and order of
business adopted at the last meeting be ac-
cepted tor this convention, and that imme-
ddtely alter the adjournment of this ses-
sion the delegates from the several States
shall confer and suggest to the presiding
officer names of members of their several
delegations preferred a. vice presidents and
as well names for members of the commit
tee on resolutions. ! have the honor and
committee recommends that the Governor
or Iowa. Hon. Leslie M. Shaw, ne chosen
TO preside over this convention and | now
move the adoption of the report
After the adoption of the report he said:
Il am pleased to invite the delegation
from Iowa to escort the president to the
stage.
Now, gentlemen, have the privilege and
The honor to introduce to you the president
OF the convention who comes to you as the
able and courageous advocate of sound and
stable things in finance and whose gallant
fight for the right nollef Serya ircpir.,