Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-11-02
Some offhe Fruifs.

When this Administration came into power we
had financial systematic Sub Treasury-lhe
best ever devised for the common good of the
government and the people. 1t regulated the
commercial and industrial pursuits of the people.
and operated as check upon overtrading, pre-
venting or modifying those financial expansions
which had caused at various periods in our history
such widespread disasters That system is over
thrown, and we have in its place circulating
medium, based upon credit entirely, which must
ere long burst like a bubble. and its value will
then be about as worthless. The Administration,
while protesting to ignore party, have
adopted the extreme notions of the pro-
tectionsts and the advocates Of a na-
tional banking system. departing from those
sound principles of political economy which the
people had adopted after years of thorough dis
cussion, and their soundness had been practically
demonstrated. No nation can enjoy permanent
and progressive prosperity unless its financial
system is based upon currency of intrinsic value.
A currency which can be expanded at pleasure,
as it is now being done, will stimulate specula-
ton and fictitious prosperity, but both common
sense and experience will be at fault if similar
financial revulsOn does not follow what like
causes have produced not only in our own but in
every other nation. We have not yet felt the
evils Of war except in the loss of life, of health
and the disabilities caused by wounds to those
who have been engaged directly in the conflict.
While We concede the almost boundless resources
of our counfrv and tho alasfic;tr Of orr raonio
it will be the height of folly to presume that we
can pass through the gigantic struggle in which
the nation has been and is yet engaged without
suffering the penalties which it must occasion to
all the material interests Of the country. few
contractors may make money out of the war, but
the resources and wealth of the Government can
not be exhausted without inpoyerishing the peo-
pie, rs like causes have occasoned similar results
in other nations, and is il supposable case that
we shall escape a common experience? Mr.
Administration the greatest inancier the country
has produced And whyl He has met the de-
mands on the treasury by creating an immense
public Indebtedness. and by keeping score Of
printing presses az work manufacturing paper
currency. All the credit Mr. CHASE claimed
in his speech here on the finances Of
the country, was the courage 70 dc
these things and he will be a successful fnnncier
just so long as he can extend the credit of the
governments and expand the greenb@ck currency
Il requires great skill TO get in debt as long
credit lasts. but no prudent man or skillful fnan
cier will contract al Indebtedness beyond BIZ
ability to pay Mr.. CHASE and the Republican
party assume great merit for ignoring the 6nancia
system which they found when they came int.
power, and which was established by the Demo
cratic party after years OF struggle. substituting
therefore a circulating medirm Of promises L
pay. This is one Of the fruits Of Republican
ruleand that party will therefore be fairly held re
sponsibIe for the consequences which must foIIo'
the change of the financial policy Of the govern
ment.
In this connection we quote an article fror
the New York Journal Of Commerce o
circulating medium, sho ling the ute
alIacy of the attempt to substitute
promise for one Of intrinsic value:
Various materials have from time to time bee
used 20 form the circulating medium IN variou
countries: but always the principle on which ID
article used has been its intrinsic value, Q
is actual and Immediately convertible represents
ton Of intrinsic value At no period, and In n
country except America. has the attempt bee
made 70 make circulating medium out Of ths
intangible. imponderable idea. promise. Th
is what strikes Us a underlying the whole legs
tender question. and jet it has escaped the motto