The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-06


bullion to such distinct and positive IA
voritisTn Of the government? If there be
class distinction In legislation about which
we have heard so much. it turks in every
word and line of free-coinage law. If
there be governmental favOritism, IL Is
found in its most offensive form in free
silver measure which utterly and gross
ly disregards the market value of the two
metals The advantage they would gain
would be but temporary; IL would not en-
dure permanently.
Sir. by what right do the silver-bullion
owners demand that the government
should impress 47.6 cents worth of silver
bullion with the legal tender value of 100
cents, and oblige labor to take it, and re-
quire capital TO accept IL for a full 100
cents. Such a proposition, If submitted in
and yet such is the logical and inevitable
effect. 1t does violence to public morals
and to wholesome and sound finance.
There is nothing whatever to warrant ii
save and except the cupidity of the silver
bullion owners, and in the end they would
suffer in common with others in the de-
preston and disorder which would surely
come by forcing the country to a free
silver basis
CONSISTENCY OF REPUBLICANS.
The distinguished senator from Colorado
(Mr. Teller challenges the consistency of
the Republican party with respect to the
silver question, holding that it's present
traditions. Sir. this is hardly the place
nor the time for the discussion of mere
party policies.
1t is of little profit to pause and con-
slider whether there has been any variation
in political platforms yet a word in reply
may be justified. The pregnant fact is not
whether party was right or wrong in the
past, but whether it is right now. The
senator will search In vain for any equivo-
cation in the utterances or the purposes
of the Republican party at any time with
respect to the preservation of the absolute
equality of all forms of currency. 1t al
ways has been opposed to a degraded dol
lar, and at the earliest moment possible
after the war brought every dollar of our
money to plane of absolute equality. 1t
evolved order out of financial chaos in
1879 and has stood immovable for the
preservation of the parity with each other
OF our dollars-gold. paper and silver.
The Republican party has done much for
silver-more than any other party has ever
done. 1t enacted the measure of 1873, which
added 1915. 166. 1893 to our silver currency. 1t
subsequently passed the law of 1890, which
to the date of its repeal, in 1898. still
further increased the silver currency by
$l55.9S1 .O02. making a total addition of silver
TO our monetary supply in fifteen years of
1854, 097, 795-
Notwithstanding these several attempts
to provide literally for the use of silver,
1T steadily continued to decline until to-
day, as heretofore observed.
Conditions rapidly and materially changed.
and party policy and business prudence
demanded a change to meet them. Exper-
fence rendered necessary the repeal of the
purchasing clause of the Sherman act, and
no one would advocate its restoration to
the statute books to-day.
PLEDGE AT ST. LOUIS.
1t is true that the Republican party at
ST. Louis pledged itself to promote interna-
tfo
mercial nations, and it is likewise true that
that pledge has been faithfully kept. At
the earliest practicable date after the pres
ent administration succeeded to power
commission of able men was sent to Eu-
rope for the purpose of advancing, far
as they could. international bimetallism.
The pledge was deliberately made, and 1t
was made to be kept. The commission was
not composed of lukewarm or half-hearted
friends of the cause of silver men lack
ing in tact or capacity. 1t was composed
of the able junior senator from Colorado,
Mr.. Wolcott, the former Vice President of
the United States, Mr.. Stevenson, and Gen.
Charles j. Paine, man of eminence and
recognized ability. Better nor ADLER friends
of the cause of international bimetallism
could not be found, nor could men
Ter measure the public confidence.
The commission visited the leading COM
mercial nations whose cooperation was
admittedly indispensable in the establish
country well knows, the effort was futile,
but through no failure OF faithful and able
advocacy
L would earnestly commend to the
thoughtful consideration of the advocates
of the free coinage of silver the report
made to the Senate by the distinguished
chairman of the commission, Senator VOL
colt: ''Since the decentralization of silver in
States q
have been three international conferences
held in the endeavor TO secure the restora
ton of bimetallism. All of these confer
enceS have been failures. There are eight
cen nations of Europe, each emitting COIN
age of its own. and all of them basing their
circulation upon the standard of gold alone.
Two of them. Austria and Russia, have,
since the last conference, lowered by law
the gold value of the silver in their cur
rent silver coins and the value of the paper
based on silver. One of the countries has
closed the minis in India, its chief colony,
the largest absorbent of silver In the world,
and, outside OF Europe. the Empire of ia
pan has inaugurated a new ratio between
gold and silver of 321z to l."
1 desire also TO invite the considerate at
tention of our friends on the opposite side
OF the chamber to the wisdom of the Japan
csc Empire, which recognizes that the
minting ratio of gold and silver should ap-
proximate the market ratio.
FUTILITY OF 16 TO 1.
The distinguished chairman OF the COM
mission appreciated the futility of the at
tempt to establish international bimetallism
at the ratio of 16 to /, when he declared:
at may also be necessary, in my opinion,
to make concessions in the ratio, bringing
IL somewhere In the neighborhood of 20 to
1, more nearly approximating the ratios
recognized by Russia, Austria and India"
In the face of this the opposite side of
the chamber demand that the United
States should alone open her minis to the
free admission Of gold and silver at
ratio which has been discarded by other
countries. The French ambassador, at the
meeting of representatives of the United
States, Great Britain and France, held al
the British Foreign Office in London i'm
1897, at the request of the chairman of the
American commissioners, stated the posi-
ton of the French government, and,
among other things, said that 1.-The legal
system established in France upon this
basis Q519 to IL has operated for a long
time in a manner fully satisfactory TO the
French nation. But for about twenty
years this system has been disturbed by
different causes. One of these
causes is doubtless the superabundant
production of silver. In France we
have been led TO fight the evil by the clos
ing of our minis To the silver metal that
is TO say. by the temporary suspension of
the coinage of silver. IL the govern
nent in the actual state of affairs reopens
the minis to the free coinage of silver,
we would be flooded by the abundance of
this metal coming from all other countries
of the world, and could not resist the
even greater evil of the inevitable depreci-
alton of one of our precious metals; that
is to say of the effective destruction of
hn Hob