The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-03


message to Congress in 1857. sounded the
note OF warning upon the free and unlim-
tied courage ct silver at the ratio OF 10 TO !,
at a time when but few shared his fears
or saw the coming evil which he foretold.
and which in 1875 brought the country TO
the verge ~ a panic; a panic which could
not have been averted but Tor his unswerv-
Ing devotion TO public credit and sound
finance.
.'The principle of fiat money was more
plausible and more dangerous when raised
In favor OF the free coinage of silver than
when presented stripped of all sOphistry
and undisguised. urging the issuance of ir-
Tcdeemable paper money.
The campaign OF 1876 followed close on
my graduation AT the State University at
Bloomington. Ind. where. during my senior
year in that institution. had the good
fortune TO study the fundamental principles
OF finance as taught IN all our institutions
Of learning. During that campaign, the
first with which had been identified in
public way, 1t was my privilege, and
deemed IL duty, 10 devote some time on
all proper occasions to refute the vicious
tendency and evils of an irredeemable pa
per money.
ALWAYS CONSISTENT.
'"rhe application Of these early and we'll
formed and correct principles In finance
have saved me 70 this day from the humili-
alton of ever having made a public utter
ance inconsistent with them or in favor of
the free coinage of silver at the ratio of
is to since that issue was pressed to the
front for consideration.
AS a member of the Democratic State
Central committee in 1894, in the old Fifth
district, / became quite familiar with the
party sentiment and individual feeling
saw the rising storm of financial folly
which was destined TO and did in that year
retire the beloved and lamented George w.
Cooper from Congress, although he polled
higher per cent. of Democratic votes in
1884 in his district than was polled in any
other congressional district in Indiana. L
snip Tor Mr.. Cooper, and devotion to the
principles OF sound money, which he so
ABLY advocated, to accept service on the
state central committee that year.
Il need not tell you that the result of
that election and the causes OF that result
impressed me then that the usefulness of
the Democratic party as a conservative fac
tor for public good. was seriously threat
ened- 1t was the spirit manifested In the
party that campaign which two years later
took possession of the Democratic State
convention, when the portrait of our Demo-
cratic President, Grover Cleveland, was
turned to the wall, because of his devotion
to sound money, Ian act which doubt not
that distinguished man regarded as a COM
pliment under such circumstances)
1T was the same 16-to-1 spirit which, in
1896, heaped obloquoy and indignity upon our
able secretary of the treasury, John CT.
Carlisle, and drove into retirement the
ablest and wisest Democratic leaders in
almost every State, county and city in the
country. This was doubtless the work of
education, however, which Mr.. Bryan
refers TO in his Topeka speech, accepting
the Populist nomination, in which he con-
graduates the Populist leaders upon their
successful work of education And in
this very careful analysis of the teachings
and principles of the Democratic and Popu-
list parties, he only called attention to one
proposition upon which he pointed out a
difference. He says, 1T Is true that the
Populists believe in an irredeemabe green
back, while the Democrats believe in a
greenback redeemabre in COIN. In other
parts of his speech he criticises all efforts
being made 10 carry out that promise TO
redeem the greenbacks in coin. The actual
difference then seems to be that the Popu-
lists believe in an irredeemabie greenback
while the Democrats Gas defined by him)
believe in greenback which promises to
pay coin, but the promise is never to be
carried out.
II unwilling to let this opportunity
PASS by to call attention to the fact that
the enactment of the gold standard was
proposed as early as 1857, in a Democratic
Congress. and advocated by our own rep
representative In the Third congressional
district, the Hon. Cyrus L. Durham.
There Is scarcely doubt but what the
delay of intervening years in its enactment
was largely due to the disturbed conditions
and vicious principles Of finance engendered
by the civil war The wisdom of adopting
the single gold standard scarcely needs a
defense now in the light of present growth
and business conditions I'm every part of
the country. 1t would never have been
opposed but for false lessons in finance.
GOLD STANDARD AND PROSPERITY.
''The extraordinary development of the
country during the last three years, the
prosperous conditions which attend upon
every hand. the full employment of labor,
are object lessons more powerful and con-
vtncing in effect than mere words I'm sup
port of the gold standard. Money is accu-
mn in, han ale
the hands of a few. but generally in the
hands of farmers. in the hands of business
men, Competition among those wishing to
lend money is so sharp that interest rates
have reached the lowest level ever known
IN this country, and seem likely tc go yet
lower. Low rates of interest lead to invest
ment In business lines which requires the
employment OF labor, and thus both CAPT.
gold standard.
"As against these obvious conditions upon
every hand, let the free silver prophecies
OF four years ago be now recalled and re-
futed by the facts. A few of them were as
follows: % That with the adoption of the
gold standard money would become scarce;
Cd prices OF all commodities, measured by
the gold standard, including labor would
fail In value: CD interest rates would rise;
<D mortgages would be foreclosed and the
ownership of property transferred from the
many to the few. The very opposite of
these predictions have already come to
the free coinage Of silver. But we have
had what is far better than free coinage:
we have had free circulation of the money
already coined. as result of the confidence
and stability in the standard of values
but IL is claimed that this is not the
paramount issue, and that no harm could
result from the election of Bryan because
his hands would be tied by a majority in
the Senate, at least, who stand with the
present chief executive in favor of the
gold standard. 1t may not be improper in
this connection TO recall the difficulties en-
countered by President Cleveland in avert
ing a panic, although he stood so
firmly In favor of sound finance What
would be the immediate result and effect
upon all investments. upon all industries
upon all business and labor, should BRYAN
be elected, with his well-known hostility to
the gold standard. upon which all invest
ments and business contracts are now
based?
1--WE are called on to decide whether the
policy which has produced these results
shall be sustained. or whether we shall
elect Bryan upon platform of reaction
and hostility. which. if sustained at the
polls, must sound the knell OF development
and business for q long period of time.
The Book containing the lamentations of a
few hundred thousand people in Palestine
written 1000 years ago, would not make
preface TO the story of lamentations by
15.00O.0o0 OF people in America during the
next four years.
''The people are not only called upon to
decide upon Mckinley and Bryan, but
Democrats are invited to declare that i'm
perialism is paramount in Importance to