The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-11-22

The occupations of these cheap financiers
have been legislated away by this act, for
after a little more than seven months OPP
Grafton of the law the greatest credit
classes of this country decided again in
favor of a gold standard. The statements
of the free silver element that gold meant
dearer money, lower wages and failing
prices have been fully demonstrated to be
false The enactment of this law removes
from the arena OF politics agitation con-
corning the currency question. which is dis
tCrbiag TO the business interests of the
country. Any uncertainty concerning the
standard of value and the ability of the
government to keep all forms of money at
a parity with gold retards business and In
terferes greatly with national and indi-
vidual prosperity. The law has established
for US unlimited credit at home and abroad
and brings us to our manifest destiny as
the commercial and financial center OF the
world.
A RECOGNITION.
1.-THE recent statement of Lord Salisbury
was a notable recognition of this. In
speaking of the last election he said: We
believe that the cause which has won is
the cause of civilization and commercial
honor We believe those principles TO be
at the root of all prosperity and all prog
ress i'm the world This law makes econ
omy in the expenditures of the govern
ment and relief from taxation. Millions of
dollars Of interest are saved TO the people
on the bonded debt by paying il in gold as
provided in this law, and millions more
could have been saved had not the silver
people prevented Ii. The lack of stable
currency tends to the accumulation of cap
ital in the hands of few. When there Is
little confidence in money values, capital is
locked up and industrial development
languishes, and this is TO the disadvantage
of the many. The wage Garner suffers as
he is paid in the coin having the lowest
purchasing power. This law is not only
for the benefit of the taxpayer, the capital
list, the wage Garner, but 1t is for the bene-
fit of the real money power of the United
States viz.-the holders of 81 000. 900 of
savings bank deposits, the holders of near
ly as much stock in building and loan as
sociations the members owning $1,000
600 900 in mutual beneht associations, the
holders of hundreds upon hundreds of mil
lions of dollars in life insurance companies
and the owners OF the enormous mass OF
money committed TO the care of the banks
of the country. By this law every dollar
of these billions is fixed as having as high
purchasing power as the best money in
the world There is but one dollar, wheth-
er for public private transaction, and
the standard of value for that dollar is the
highest The law is a declaration of COM
mon honesty.
by fixing a stable currency the law has
opened UP all channels of trade. Capital is
seeking investment In every Legitimate
place The country throbs with industrial
activity. Wages are higher. The law has
opened corporate vaults and private
purses to borrowers at the lowest rates
and upon the most lib sral terms ever
known. 1t has guaranteed the lender that
the dollar repaid will BE- exactly of the
same value as the dollar loaned. And it has
given to the borrower an object lesson thaS
an honest dollar costs less han a dishon-
est one. The bank and the borrower have
been brought in better AM closer rela-
tions. Low rates to borrowers and conf
dence to depositors increase the volume OF
the banks business, although ii may DC
done at less rates. The large increase OF
deposits since the new act took effect
sufficiently attests the growing confidence
of depositors.
Banks are necessary instruments OF
commerce, but as they become more the
trusted and valued servants of all the
people, then they become more impreg-
nably a part of our national structure
From a laymans standpoint. the broad
effect of the currency act upon national
banks is to strengthen the system in the
confidence of all the people it should be
strengthened. In crucial times the bankers
of America have freely pledged their for
tunes in aid of the credit of the govern
ment, and, in ordinary times. they pledge
their property as security for the money
intrusted to them. Their patriotism is a
tangible asset and its value to the country
is fmmeaSurabl BILE