The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-09-24
BRYAN'S TWIN HERESIES
THE DEMO-POPULIsT's ATTITUDE ON
FREE SILVER AND FREE TRADE.
The Safety of Business and the Well
fare of Industry and the Working
man Demands Brynn's Defeat.

To the Editor of the Indianapolis Journal:
The platform of the Democratic party for
the year of grace 1900 declares that tmper-
ialism is the paramount issue In the cur
rent campaign. But indications are not
wanting to prove that the logic OF events
will be stronger than mere verbiage, ana
that the stress Of the conflict VIII De on
identical lines with those of four year ago
the currency question. In less than sixty
days the bogy of Imperialism has lost
all its terrors, and it is seen OF all
men that IL is but a mask to hide a covert
attack on our financial system. Indeed 1t
cannot help but be the most prominent fea-
ture of the campaign. Mr.. Bryan nimset
is the paramount issue, and cannot De ehm-
mated, and that means a campaign Tor Tree
silver. For Mr.. Bryan is so indissoiuply
connected with the cause Of free silver that
IL is impossible to conceive campaign IN
which he is a leader without this question
occupying the most prominent place. Mr.
Bryan represents the free coinage or silver
as no other man does. He is the empooi-
ment of the free coinage idea, and cannot
escape il If he would. 1 am tempted to quote
a passage from Paradise Lost as ex-
pressing exactly what mean. I expressly
repudiate the suggestion that there is any
similarity between the one whose words
quote and the Peerless Leader" One OF
the characters in the poem, communing
with himself, says. which way l fly is
hell, myself am hell" etc. And so 1t is
with Mr.. Bryan and free silver. They are
so inseparably connected that 1t is fmpos-
sible to think of one without thinking of
the other, and so can think Of no words
so apt and descriptive as those I have
quoted
Mr.. Bryan told us in his indianapolis
speech that, if elected he will use his best
endeavors to restore silver to its rightful
position / have not his speech by me. and
so do not quote his exact words, but
remember perfectly the gist of what he
said and have not misauoted him. There
are those who tell US that, even If Bryan
were elected, he could not accomplish any
! thing in that direction while the Senate is
| Republican. Lay not that fattering unc-
| ton to your souls A hostile executive
| and a complaisant secretary of the treasury
| financial standing among the nations -Four
| years ago Mr.. Bryan said: IF there is any
| one who believes that the gold standard Is
| good thing, or that ii must be main
| tanned, | want him not to cast his vote fol
| me, because 1 promise him it will not be
maintained in the country longer than
| am able to get rid of it, That Mr.. Bryan
| still holds the same sentiments is evidenced
| by every speech he makes where the silver
| question is alluded TO. 1t becomes, there
fore, burning question to ask how far th'
| executive could go toward abrogating th'
| gold standard / cannot dwell on thi.
| point only TO say that he could do yer!
| much. One instance must suffice. grea
| portion OF our outstanding bonds are pay
able in "coin.' Surprising the Presiden
| should interpret this to mean silver coin
| and should pay the interest, and the bond
| themselves as they mature, in silver "coin.
| He would have legal right to do this, an,
there can be no doubt but he would.
need not stop to explain to any intelligen
| student of finances what a disastrous effec
| this would have on.our national honor.
do not remember ever reading speech b,
| Mr.. Bryan on the silver question wher
the argument shall quote was not used
| Mr.. Bryan evidently considers IL as tn
most effective weapon in his repertoire
He says, in effect: "In 1883, and also liz 1S9:
the Republican party in its platforms pro
nounced in favor of bimetallism. and prom
national agreement. IT, then says MI
Bryan, "bimetallism was to be desired 4
1883 and 1892. why is it not just as desirabl
in 1896 and 1902
ANSWERING THE QUESTION.
IT wish to address myself to answerin
this question. 1t involves a phase of tn
money question that is seldom alluded I,
but which think merits the careful stud
of everyone who wishes to vote understand
ingly. The principal objection to the singl
standard is that by using only one meta
as standard we contract the currenc
and deprive the people of the use of bot
metals. purpose to show in this artic
that the free and unlimited coinage {
gold and silver at the ratio of Is TO / or an
other fixed ratio will inevitably result
the entire withdrawal of one or the 9th,
metals from the circulation and thereb
contracting the circulation to the entil
amount OF whichever is withdrawn. TT
idea that the two metals would circulat
side by side under unlimited coinage
both Is what the late Senator ingalls, wou
have called an iridescent dream II cal
not be expected except under exceeding
improbable contingencies which | will e,
plain further on. j shall show the reasc
why this is so and then show by histor
that 1t always has been so. Let us the
! examine the question carefully and If
make any incorrect statements or fall
deductions point them out
Gold and silver are largely used in II
: arts and for esthetic purposes. Thus us,
they are commodities, as much so as whe
or iron. or anything else that subserv
Z the requirements of mankind Like al
| and every other commodity they have
} market price, that is. a certain price |
{ which they may be bought or sold An
! too, like every commodity, the price vari
In consonance with the memorable law
/ supply and demand. If the supply is great
! than the demand the price will fall al
: If the supply is not equal to the demar
|, the price will rise. This law, which Ii
at the foundation OF economic science,
3 SO well known that it needs no further al
I plification. But gold and silver have
r still higher mission to perform. Owing
2 their inherent qualities and the fact tn
= they represent large value In a sms
. | compass they have been used from Z
earliest ages media of exchange,
e money. Both metals have always be
used. but both have never had the sar
value, weight for weight. Gold has
ways been the more valuable II will.
course. be seen that I'm using both meta
there must be some way of designating I
relative value OF the two. If I wish to ID
for anything / have bought must knc
- how many ounces of silver is the equiv
lent OF one ounce of gold