Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1862-02-14
Democratic Union State Ticket.


Tne Treasury Vote scheme.
The Republican leaders do not appear to have
the courage or sassety to meet and overcome
our financial Difficulties. or 10 profit by the ex
perience of the past Every Governmental at
tempt to make paper equal to coin. based simply
upon the public faith has ended not only in dis
sster To the citizen individually but national
bankruptcy. A paper currency to limited ex-
tent would doubtless be temporary relief in our
present financial necessities and that nav be a
justification for the issue. proposed, OF one hun
drei and ffty millions Of Treasury notes aud for
making them a legal tender in the payment of
all public and private obligation but unless this
measure Is accompanied with a tax levy suficieI /
to meet the pecuniary obligations OF the Govern
ment and inspire confidence in rs ability 20 fulfill
its pledge Of faith, the Treasury notes win inev
itably depreciaie in value So long as they pass
current. or at a small depreciation. as it is
the easiest way tn provide for the payment
of the public Indebtedness. the temptation
will he almost irresistible to depend upon
that ~ meet the current obga-
tons of the Government And il this is done
ultimate result. and that too at no distant day
Congress should not authorize the issue of sin
sie treasury note without AZ The same time pro
viding a tax levy which will be ample to give con
fidence in the sl,,lity OF the Government to meet
it, pecuniary obligations Fnanciers will not
invest funds in Government securities unless the
ability Of tie Government MT only but its will
hngaess to fulfill IL pledges of faith Is demon
strntei III this IL not done all descriptions of
Government securities must decline in value A
similar kind OF fnanciering 10 that now proposed
was tried during our revolutionary em. To meet
the necessities of that period 81 900 900 of CONT
mental currency was first issued. That sum went
At its face. That amount increased to- $780,
600 900 and it was made legal tender. But
this did not prevent its depreciation, until bush
Ell would not buy breakfast.
During the French Revelation there were two
issues of Treasury notes, both of which became
entirely worthless In April. 1870. 400 900 900
francs of Government notes we're issued, called
"assignats" Four months afterwards the amount
was uebled. Tn all forty thousand millions of
francs were Issued, none Of which were redeemed.
In six years only. these "assignats" became val
ueIess. Subsequently, another description of
Treasury notes was issued, called mandates"
aud landed property was specifically pledged for
for their redemption Six hundred millions of
francs were first issued, and this sum increas-
ed to twenty four hundred millions, bat even with
that security, and the pledge public faith these
e. IL.
signals" and became entirely worthless.
Thu Bank OF England notes, which we're made
absolute tender during the wars OF Napoleon
period of thirty wears, notwithstanding the Sc
curity upon which they were based deprecated
near thirty per cent. below the specie standard
These are facts which should receive consider
alton, especially by our law makers. And our
Treasury notes" will likewise depreciate In
value unless the amount issued is restricted to
what Is required rs a circulating medium for the
conduct of the business Of the country and a tax
levied sufficient to maintain the credit of the
Government aud fulfill its peeuniary obligations.
Eighty years ago JoHN ADAMS announced princi
plies for the management of National finances,
which are equally applicable to the present
period As then and which. if We are wise. will be
adhered % now. lie said:
A certain sum Of money is necessary TO circu
late among society in order TO carry their
business Fhis precise sum is discoverable by
calculation aud reducible 90 certainty. You emit
paper money or any other currency for this
purpose until YOU reach this rule. and il will
not depfeciate After YOU reach this rule It will
depreciate, and power act of legislation
hitherto invented can prevent It. IN the case OF
paper. IL YOU 70 emitting forever, the whole
mass will be worth no more than that which was
emitted within the rule
The principles of the Democracy directly
averse 10 the financial schemes of those who now
have the control OF the Government. and IL will
be wise to let the responsibility rest entirely with
them.