The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-29


ress was necessarily very slow and very
difficult. Ii was early apparent that the
business men of the country were earnest
supporters OF the cause. but to bring them
into methOdical cooperation was a large
work. At the beginning of the first session
of Congress in 81 there were not to
coed ten men I'm both houses Of Congress.
who seemed favorable to gold standard
legislation. The usual assertion was, that
We are already on the gold standard-the
whole thing was settled in the election
and further agitation was unwise politi-
caIly'
demonstrated near the close of the long
session in 9S by petition for consideration
of the McCleary bill signed by about one
hundred and fifty members. Thereafter
progress was satisfactory. The congress-
ional election followed. Our organization
encouraged the election of candidates IA
voring gold standard legislation The de-
tail of work. largely letter writing. was
very heavy i'm that campaign; $1,000 cor
respondents co-operated in districts need
ing work to secure success.
You are all familiar with the effort made
to secure the House caucus and it's COM
mittee. The Senate finance committee CO.
operated Each house passed its own bill,
and In conference they agreed. and the re-
suit is the best gold-standard law enacted
by any people. We are indebted to a great
many very able public men for great serv
ice in the promotion of sound-money legis-s
lation- L can mention but very few with
out appearing unappreciative of the serv-
ices CT others, but no one will object to the
mention OF the President, the secretary of
the treasury, Senator Aldrich. Speaker
Reed. Speaker Henderson and Congress
man Overstreet.
THE PRESIDENTS ACTION.
1.-THE President sought to carry out the
pledge for legislation as soon as ii became
possible by ma jorities I'm both houses. He
made the law possible by his approval of
organized and influential steps by which
to bring 1t about. He made many and kept
all his promises TO aid in securing the law
Secretary Gage has stood out canddly and
courageously at all times and under all
conditions for progressive and scientific
things in financial legislation. Wholly
modest and unselfish. he has encourag ed
all efforts that he could approve without
any sacrifice to his personal pride. Sena-
tor Aldrich stood ready promptly for ac-
ton. He was clear earnest able and cour-
ageous, comprehending from the beginning
the need of broad. comprehensive legisla-
ton, and very influential in framing the
bill as passed. Speaker Reed. at the right
time, came forward with potent influence
in direct way with very valuable re-
suit Speaker Henderson, like to call
him General Henderson-that great-heart-
ed. true, courageous. wise statesman-he
was among the first to become interested.
and his interest grew until he threw him.
self, into the work. and IL never tagged I'M
til great success was real.
Mr.. Overstreet. our congressman. took
firm hold of this work For the mast
twelve months he has stood in the breach
and made vigorous battle for the right
His work in the caucus committee in the
open House. and in the conference commit
tee has been very creditable to him and to
his constituency. A very modest man.
possessing ability and courage for all serv-
ice and all occasions, he has by his per-
sonal character and force brought this
cause and himself into full recognition
among his colleagues.
THE GOLD STANDARD.
THE gold standard written i'm the law
during the present session is as plain, COM
prehensive and courageous as can be de-
sired BY this law we have established
the correct base for all our superstructure.
Its influence upon the general credit of the
Nation. and refectively upon the CONNER
cial credits of the people. is certain to be
beneficent and unreasonable. It's influence
upon the self-respect of our people, by
reason of the removal of all doubt as to
cur financial integrity, will be to vitalize
the moral fibre of our people and exalt and
strengthen our standing among the enlight-
ened nations of the earth far i'm excess of
the effect of the brilliant naval battles and
victories at Manila and Santiago. Ii will
influence within control of reasonable and
conservative risk, and within the next thir-
ty years, the greatest physical develop
ment ever known in this or any other coun-
try within the same space of time. By
reason of low interest rates and well-se-
cured credits the building and betterments
OF railways, highways. waterways, public
and private properties will go forward to
complete and permanent conditions. We
are entering upon new era. Difficult and
serious problems arise with which must
cope The American will be equal to the
demand upon him. / have faith i'm the fl-
ture of the Republic. May [ speak of the
employment of the people within what we
are accustomed TO call our boundary line
The employment of the people is the con-
tentment of the people. We already count
our population nearly or quite 5000 O0O
Within the next twenty years il Is reason
able to estimate that 100 000. 900 people will
dwell within our present boundaries. That
Is serious problem to face-100 900 900 peo-
pie under American conditions under one
roof Is sober thought. i am not a pes
simist
Such questions must not be left to settle
themselves however AS those who have
gone before bazed the way for us, so, too.
we must plan for our own and future gem
erations. Such a vast population must be
wisely guided to self-dependence.
OPPORTUNITY FOR LABOR
THE greatest benefaction to man is the
opportunity for labor. The laborer, the
farmer and the manufacturer are closely
linked together I'm the struggle for MASTER
ship over nature. They are the producers
in the simplest meaning of the term. The
carrier distributes the products, the mer-
chant is the selling agent and the bank is
the medium of their credit exchange These
products already exceed home consumption
Overproduction will certainly cause peri
DDS of idleness and consequent distress and
generalization. IdlenesS responds to po-
litical calamity cries. Legislation that
opens the way to the legitimate employ
ment of the people is the hope of the Re-
public. If the vast and growing numbers of
American laborers are to rest secure in
employment, one hope of il lies in the up
building of the export or foreign sale of
the products of labor The price of labor
OF American citizens must. by reason of our
social organization. remain higher than
and out Of joint with the wages of Euro
pean artisans. Raw materials under nor
NAL conditions are already very low in
price. Until the artificial values of the
past eighteen months obtained, American
farmers and manufacturers were realizing
very meagre profitS-too meagre, i'm fact, TO
warrant the risk of capital i'm such invest
ment. The profits to American manufac-
turers and farmers with the certainty of
high prices for labor must remain meagre
except in periods of speculation. and the
collapse of such periods usually are ex-
pensive.
manufactures must remain low as the re-
suit of natural competition. Such condi-
ticns call for careful and rigid economy in
all phases of management and expense. a
vital subject involved in the problem Is tine
rental cost of money invested or borrowed