The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-28
reinforcement of the Present Finan-
cial Laws Advocated by the For
mer Gold Democrat.
REVISION OF THE TARIFF
AND FEATURES OF THE TRUST
QUESTION ALSO DISCUSSED.
Republican Statesmen Competent to
Remedy Existing Faults-Tarin
Story with Local Setting.


mum, of Indianapolis, spoke to a large
crowd in the courthouse here tonight. He
was introduced by Judge w. o. Barnard.
Mr.. Bynum began by saying he had never
made a political speech in New Castle be-
fore. but in 1895 he had made a nonpartisan
speech here on the money question. He
foresaw at that time a gathering storm OF
discussion on that subject and had endeav-
ored TO advise and assist In education along
that line. In discussing the financial ques-
ton tonight. Mr.. Bynum said. in part:
I'VE are told that free silver is dead; that
a free-cOinage measure could never be
passed through a Democratic Congress,
and, therefore, there Is not the least dan
ger of the overthrow or destruction Of the
gold standard. Are the people aware Of the
fact that no legislation whatever is neces-
sary to force this country TO silver base
If those in control of the administration OF
affairs desire to do so? Are the people
concerned, the law is now practically
the same as it was in 1896? That by a
change of policy in the administration of
the Treasury Department this country
could be forced to a silver base, quicker
than the news could be flashed over the
wires.
"While the operations of the treasury
have been greatly strengthened and the
gold standard Is being scrupulously
guarded, it is not so firmly and securely es-
tablished by law as that the government
could not be forced to silver base by an
unfriendly use of the machinery of the de-
partment.
1--WE now have s547.77s,s25 in silver dollars
of full legal tender, of the gold value of 40
cents each, without any provision of law
for their exchange or redemption. The act
of March H. 1900, while 1t provides that the
dollar consisting of 25S grains of gold nine
tenths fine, shall be the standard unit of
value and that all forms of money issued or
coined by the United States shall be main
tanned at parity OF value with the same,
and that it shall be the duty of the secre-
tary of the treasury TO maintain such par
ity, makes no provision for the redemption
of the silver dollar in gold, or for the ex-
change of the different coins at the demand
of the holder. am not criticising the act of
1900 am only calling attention to the fact
that there is no provision of law which
compels the secretary of the treasury to
redeem silver dollars. The act did much to
strengthen the treasury and / heartily in
dorse all ii contains. / regret that it does
not contain provision requiring the treas
urer to redeem silver dollars in gold; 1t did
contain a provision for their exchange, as
1t passed the House. but the conferees Of
that body were unable to keep the same in
against the action of the Senate.
1.-The measure in the shape 1t became a
law was designed TO relieve the treasury of
the operation of the endless chain of green
back redemptions and to enlarge the vol
ume of bank-note currency. The first was
accomplished by provision that when
United States notes should be redeemed
from the reserve fund they Should not
again be paid out except In exchange for
gold, and the second by provisions for the
establishment of small banks and the issue
of bank notes to the par value of the bonds
deposited. 1t also provides that the treas
ury notes. which are issued in exchange for
the silver bullion purchased under the Sher-
man act, and which were redeemable In
gold coin, when redeemed should not be re-
issued, but should be retired and silver GER
tificates, redeemable In silver dollars, issued
IN q he hrl IN
should be coined.
NO COMPULSORY LAW.
'It will be seen from this brief summary
of the provisions of the measure that the
effect of the same was and is to practically,
for a time. retire such United States notes
as are redeemed from the reserve fund,
thereby preventing a redemption over and
over again, as occurred under the law as 1t
previously prevailed, and to replace the
treasury notes with silver certificates re-
deemable only in silver dollars. Now. unless
the secretary of the treasury should con-
strue the language OF the act OF 1900, which
declares 1T to be his duty to maintain the
parity Of all money coined or issued by the
government, to impose upon him the 0bli-
cation to redeem silver dollars In gold,
there is no law to compel him to do SO.
That such construction might be refused
by one even friendly to the gold standard,
may easily be assumed from the fact that
such provision was eliminated In confer
enCe ana IQdI the measure ltSelI declares
that nothing contained in It, shall be con-
strued to AFFECT the legal-tender quality of
the silver dollar.
what, then, ask, is there to prevent a
secretary who is unfriendly to the gold
standard from refusing to redeem silver
and forcing the country to silver base.
Our volume of silver dollars, now nearly
| $50, 100000, is so large and the depreciation
so great, that mere suspicion Of an in
tention upon the part of the secretary of
the treasury to force them upon unwilling
creditors, would instantly destroy conf
dence In the stability of our monetary sys-
tenn and plunge the country into panic.
Our condition in some respects Is more pre-
carious than in 1896. Then We were near the
bottom and did not have far to drop. but
| now we are at the summit and the fall
would be disastrous and the consequences
far more serious. True. our financial condi-
ton has been vastly improved within the
last five years, largely, in my judgment by
reason of the restoration of confidence in
| the preservation Of the gold standard. More
than $500OOO,O00 of gold has been added to
our supply; our volume of currency has
| been enlarged until every section of the
country has been relieved of the burdens
Of onerous rates Of interest, but this vol
| ume is infinitesimal In comparison to the
| expansion in the volume of credit which has
taken place and which has been the real
factor in promoting our prosperity. Our
toned soundness. will sustain and support
| credit of unlimited proportion; but once
its integrity Is questioned. its volume would
mands made upon II. A monetary system to
answer the demands of a great commercial
people, like ouselves, must be not only
without stain. but above suspicion.
without the gold standard there can be
| no stable. consequently, no sound, monetary
system. and without stability there can be
no extended system Of credit. Credit is the
great power that moves the commerce OF
the world. The total clearings of the whole
country last year were Sis, 500, 900 600 Those
| of New York city alone were more thar
| So. 600 100000 and only ~ per cent. of them
were paid in cash. while the clearings dur
/ ings during five hours on May 10 were more
than s5sS 900 .Ooo Such gigantic transactions
| in credit call for solid and enduring founda.
| ton, q foundation about which men have
no occasion to think rather than a founda-
ton about which they never cease to think
and that with greatest solicitude and pro-
! foundest apprehension. Again the clearings
| of 1901 were $32 900. 900 900. or nearly 40 pei
| cent. greater than the clearings of 1900 Gu,
| clearings were $751; 900 900, or nearly Isl
per cent. more In 1901 than they were II
| 1894. only seven years before, when they
| were $45,0 100000. This vast system Of cred
| 1t. IL must always be kept In mind. rest.
| upon the gold foundation; 1t can be bull
/ upon no other, and IL that is imperiled the
| grand structure will fall with crash.
! Gold Democrats, who so courageously
| stood by their convictions in 1896 SHOULD
think seriously before giving aid and en-
enlargement TO those who so desperately
i assaulted the Nations honor and who hav,
| refused to express the least regret for thei
/ action. Not only is the preservation OF tn,
| gold standard necessary to a continuation
of our prosperity. but the matchless growth
and extension of our trade and commerc,
absolute necessity of an Improvement IL
our system OF currency.
THE TARIFF oIyESTION