The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-29
BIG DEMOCRATS RECANT
HAMBLETON a CO.. OF BALTIMORE,
NOW AssAIL BRYANIsL
Bankers Whose influence Is Great In
Financial Affairs of the south In
dorse the administration.


| NnOSc lnnutnCt IN nndnCldi affairs AuIOuSh
cut the South is very great, have issued
a circular indorsing the Republican admin
i~stration and ~denouncing Bryan and his
free silver programme. The statement
comes from a house whose members have
been hitherto "dyed-in-the-wool Demo
Gratis" and whose influence i'm State and
national Democratic politics has been very
great. Hambleton & Co.'S change of polit'
ical faith is due not only TO the stand tsker
by the Democratic party on the silver
question. but also 10 its ridiculous efforts
in opposition to the foreign policy of Presi-
dent McKinley's administration With re
gard TO the Republican psrty's policy In
the present Chinese troubles. the circular
says:
THE part which the United States have
taken in China has been most creditablel
| especially TO the State Department. Every
American must feel proud OF the leading
position which the United States have as
stunned. The whole course of the administra-
ton has been most commendaole, ana We
have taken the lead In diplomacy, as dio
our army in the attack upon and capture
of Picking. Some OF the so-called anti-im-
perialistic newspapers are simply making
themselves ridiculous by their childish ef-
forts TO make il appear that President Me-
kinley is acting the part OF a dictator W.
sending troops 70 china without the con-
sent of CongresA. IL the government had
| followed the implied policy of such critics
we would have stood before the world as
towards and poltroons. a people who would
permit even a Chinaman 10 slap their face
without resenting the insult. and who
would permit their Representatives and
their families in foreign countries 10 he
murderously attacked without raising =
hand 10 save them. Shame upon such crit
icisms and those responsible for them"
A CONTRAST.
Hambleton & Co. contrast the present
financial situation with those in 1896 as fol-
lows:
before the election of that year, affairs
were in a very bad condition. Money was
scarce and rates high. the New York banks
were discussing the ACCESSIBILITY of issuing
clearing house certificates. and gold was
going out in large and alarming quantities.
The government was on the eve OF a bond
about this time. the banks and bankers
came TO the rescue. and by manipulating
the sterling exchange market stopped gold
exports and imported large amounts from
Europe. This steadied the market: but
uncertainty and doubt continued up 10 the
election, when confidence was restored by
the defeat of Mr.. Bryan.
AT present we are enjoying a period OF
quiet confidence. Money is easy. and al
though gold is going out IL Is not because
of distrust, but because we have q surplus
of gold and a surplus of loanable funds
which we are loaning abroad TO those who
need il more than we do. IL Is needless
to say that this feeling of confidence is
based upon the general belief that by no
possible chance can Mr.. Bryan be elected.
The greatest danger to the Republican
party, and hence TO the country, IL over
confidence i'm the reelection OF President
Mckinley
The recent great advancement of the
United States among the nations Of the
world Hambleton q Co. attribute to the
adoption and maintenance OF the gold
standard. The manner in which the in
terests of the United States Were advanced
is described as follows i'm the circular:
The most careless observer of contem-
poraneous events must realize the wonder
flu advancement made by our country in
recent years, not only in wealth and all
that goes to make up a great and prosper
Gus nation, but particularly in prestige and
position among nations. Looking back 10
that not only did the United States not
hold a commanding position among nations.
but we were at that time suffering from
distrust and depression. attributable to un-
wise currency laws and the adoption of a
financial system at variance with the ac-
cepted principles of solvent and prosperous
nations. At the close OF the Harrison ad-
m~inistration the operations Of the currency
laws of 1873 and 1890 had produced a state
of affairs so alarming as to destroy conf
dence. Europe was sending home our Sc
curities TO the value of hundreds OF MILL
ions of dollars, and was withdrawing its
capital from this country, fearing the ma
bility of the government. under the great
and accommodating load of silver. to main
tain our currency upon a parity with gold;
business was greatly depressed. and the
revenues of the government were so re-
duced that a deficiency was inevitable. Such
were the conditions when Mr.. Cleveland
was inaugurated for his second term.
FACTS FROM RECORDS.
1.-The turning point was reached when.
through the efforts of Mr.. Cleveland. the
silver purchasing clause of the Sherman
act of 1880 was repealed. We may say. in
passing, that Senator Sherman himself con-
tributed largely to the action OF the Senate
in repeating this act. and that, I'm the final
vote. although a Democratic measure. there
were more Republican than Democratic
votes in favor of the repeal of the bill. All
through Mr.. Cleveland's administration his
party associates, many OF them the same
who voted for the repeal OF the Sherman
act. used their best endeavors to enact a
straight-out free-silver coinage law. and
opposed all efforts OF Mr.. Cleveland TO
maintain the gold reserve. Thanks TO Re
publican support OF Mr.. Cleveland's policy
the gold reserve was maintained and the
efforts Of the Democrats and Populists TO
force free silver on the country were sue
cessfully resisted These results tended TO
a restoration OF confidence, but IL was not
until the defeat OF Bryan and success of
the party of sound money in 1896 that con-
fdence was fully restored.
"All throughout President McKinley's adj
ministration there has been a steady
growth i'm trade. manufactures.
and general business. We do not pretend
to claim credit for President McKinley's
administration for all these results or for
the great advancement made by the United
States i'm the past four years. But at the
bottom of IL all was confidence. produced
by the assurance that we would be spared
the degradation OF a debased currency and
that the gold standard would be main
tanned.
'In prestige and national Importance we
have made extraordinary advancement
The quick and overwhelming victory OF our
arms over Spain. the gallantry displayed
as well as consideration and tenderness
shown by our sailors and soldiers 10 de-
feated enemies and the extraordinary and
satisfactory results accomplished by our
army and navy opened the eyes OF the
world. not only 10 the proves OF our coun-
try, but TO the character OF our people.
From a position OF inferiority. we may say
almost obscurity. the United States took
its place among the leading nations OF the
world. The prestige then gained has not
only been retained. but we have made fur
Their advancement I'm the magnificent treat
ment by the administrator OF the Chinese
question and the rare and most satisfac-
tory handling OF the question by our De-
partment OF State.
'"ro recapitulate. the position OF the
United States at this time Is a most envfa-
BILE one. We are looked up TO as the most
influential and effective nation among the
great nations OF the world. and our diplo-
macy and treatment of the Chinese ques-
ton are paramount. We occupy a leading
1 .. "a ~ a anflAn who's 49,, - a.