The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1900-07-20
THE INEVITABLE RESULT.
Act at March ~, 1000. Right In Line
with Republican Policy Of
Contraction.

cult of the success Of the party which
has adhered TO the financial policy en-
gincercd by John sherman for 50 many
years with an eye single to the COM
plete decentralization of the more use
full half of constitutional legal tender
coined money. Republican monetary
legislation has ever been shaped with
an eye single TO the Limitation of the
right of the people TO have a steady
increase in the circulation of the money
of the people which alone is available
liz the payment OF all debts under the
laws of tender. 1t has always sought
10 expand the volume OF money that is
not full legal tender IN the payment
of debt.
The parity" clause OF the Sherman
law was an absurdity. with a mischiev-
Gus desigH cloaked under il: the "pari-
~" clause Of the act of 1898 was sim
ply intended 10 shake the public faith
in the standard silver dollar as re-
demption money, or money that was
legal tender in payment of debt. She
handspring of all the movements
against silver has been the purpose 10
enhance the purchasing power OF each
money unit by reducing the volume of
primary money. That was the under
lying and unacknowledged motive be-
hind the adoption of the gold standard
in England. as il has been in this and
other countries.
In the fifties. when the mines OF
California and Australia were pouring
THAR vnf1ap 90 fx.o a
America. Chevalier and others. in adj
yocating the decentralization of gold,
boldly announced as a reason therefor
that the rapid augmentation OF the
volume Of primary money meant q re-
duction of the value of the money unit.
The truth Of the theory that the value
o. the dollar (Which is only its pur-
chasing power) depends primarily
upon tAe total amount OF redemption
money. found no one 70 dispute il until
II became necessary 10 the success Of
the god standard doctrine 10 throw
doubt upon III and then all the wiles
Of casuistry were brought 10 bear TO
persuade the public that the volume
OF money has nothing TO do with its
value or purchasing power. The in
sincerity OF this contention was evil
dent enough 10 the thoughtful mind;
and the acts OF those who made the plea
belied the assertions they were con-
stantly Offering 10 an imperfec,ly in
formed people.
The endless chain" was instituted
by Secretary Foster on October IL,
1891. II annulled in effect the laws Of
congress making the silver dollar a
redemption dollar; and it was by the
surrender of the governments option
10 pay the greenbacks and treasury
notes in either god or silver that the
national treasury had its vaults opened
10 the money changers and harpies.
From 1878 to 1891 the $4,000. COO green
backs had occasioned no trouble what
ever. During that period they had
drawn from the treasury only s34.-
100000 gold. The chain was not end
less so long as the silver dollars stood
in the path Of the gold raiders.
The fears excited by the present ex-
traorGinary powers placed in the hands
OF one man by the new currency law
are doubtless well founded; yet, with
al the authority vested In him By law,
| cannot see wherein be can do more
mischief than was done by Secretary
Foster. not only without warrant OF
law. but in plain violation of its letter
and spirit.
Secretary Fosters work was prac-
iically Endorsed and made permanent
by the policy of Cleveland and Car
Isle. and Secretary Gage has made lit
Tie secret OF his intentions, from the
first. 10 carry out 10 it's bitter end the
policy inaugurated by his predecessors
and carefully planned by John Sher-
man long prior 10 the act of 1900
the ultimate extension OF the endless
chain Of redemption in gold TO both
silver dollars and certificates.
The sherman law of 1890 was drafted
with this end in view. II pared the
way: (l) for the discontinuance OF sill
yer coinage; and (2). for the ruling
which Secretary Foster made by which
greenbacks and treasury notes were
practically made gold obligations. In
law. the silver dollar has been redemp-
ton money since 1878; in fact. Il has
been robbed of its redemption func-
lions since October. 1891. As between
silver dollar which Is not money
In the full sense OF the word. in fact
ard law. but depends upon the gold
dollar for its circulation and value. and
the paper dollar which derives its pur-
chasing power from the se,f-same
source, I see little TO choose from.
The difference which the value OF
silver as commodity impar's is about
counterbalanced by the greater cheap
ness and convenience of the paper cur
rency. uuder the policy OF the gov
eminent. since 1891. both have been
pseudo moneys; the act Of March IA.
1900, only legalizes an already exist
ing evil. The whole scheme Is full Of
niqulties and deserving OF thorough
ventilation; but that ventilation will
not amount 10 much until the public
mind Is first made familiar with the
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