Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-11-02
Nomc 0l lhe EIuIla.

When this Administration came into power We
had financial systematic Sub Treasury-the
best e. devised for the common good Of the
govern ent and the people. IL regulated the
eonmf tial aud industrial pursuits of the people.
and op::rated - check upon overtradiug. pre-
venting or modifying those financial expansions
which lad caused at various periods in our history
such Widespread disasters That system i over
throwrA and we have in lis place circulating
mediurs based upon credit entirely. which must
ere lone burst like 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-
teetionAts and the advocates of ma
tiona' banking system. departing rom those
sound FincipIes of political economy which the
people nd adopted after wears Of thorough dis.
cussoni and their soundnes- had been practically
demonstrated No nation can enjoy permanent
and progressive prosperity unless its financial
system Is based upon u currency OF intrinsic value
A currency which can be expanded at pleasure.
as il is BOW being done, will stimulate specula.
ton am fictitious prosperity. but both common
sense Al experience will be At fault If similar
fnanca revuIson does not follow what like
causes ave produced not only in our own but in
evsry hsr nation We have no, yet felt TIL, tn.
evils Of"ar except in the loss of life of health
and the disabilities caused by wounds to those
who haze been engaged directly in the conflict
While We concede the almost boundess resources
OF our country and the elasticity OF our people,
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 il must occasion to
all the nIserial interests OF the country few
cOn.rac ,, may make money out of the war. but
the reso ces and wealth of The Government can
not be 'aus'ed without i'oPOveri'hing the Peo-
pie. ss Ike causes have occasoned similar results
in other nations and is il a supposable ease that
we shall escape common experience Mr.
CHAsE : been called by the adherents Of the
Administration the greatest hnancier the country
has produced Aud whyl He has me, the de-
mands o.; the treasury by creating immense
public Indebtedness. and by keeping a score OF
printing pres-e- Al work manufacturing paper
currency All the credit Mr CHAsE claimed
in his speech here on the finances Of
the country. was the courage TO do
these thiags and be will be a successful sn,nci.r
Just 80 long a. he can extend the credit ot tho
governnsent and expand the gree1bAck cusre.c,
Il requires great skill 70 get in debt long a
crefis lasts. but no prudent man or skiliul fnsn-
cier will: contract ah Indebtedness beyond his
ability Il pay Mr. CHAsE aud the Republican
purity assGme great merit tor ignoring toe financial
system ~bich they Iouud when taey came into
power. and which VAS established by the Demo
cratic party after wears OF struggle. substituting
therefore = circulating meiium OF promises to
pay. This is one Of the fruits OF Republican
rule and that party -l therefore be fairly held re
spon-ible for the consequences which must follow
the charge OF the financial policy of the govern
meet.
In this connection We quote an article from
The Ne~ York Journal Of Commerce on
a circulating medium. showing the utter
aIl4cy AZ The attempt 10 substitute a
promise for one OF intrinsic value:
Varioes materials have from time TO time been
used 70 firm the circulating medium ia various