Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-04-11
The Nationni FINANCES.

The National Finances.
The discussions of this theme have taken
hopeful turn, and the people, including many of
the most earnest friends of the party in power.
are far in advance of the authorities in Welding TO
the memorable logic of events. We notice that
many Of the early advocates Of the paper money
theory just in n transition state. and
there can be found among them all shades of
opinion from hestating, faint Endorsement Of
the original plan, up to out-spoken condem-
nation of the enormous extent of the present
issues. Some claim that the principal was cor
rect and the error altogether in its unlimited ap
plication Others admit that the theory Is un-
sound, but argue that its adoption was necessary
as a choice Of evils which could not be wholly
avoided. few will candidly avow their error
and confess that in spite OF their original convc
tons, they now see the folly and danger of any
departure from n hard money basis; while here
and there is found one TO deny that he be-
leved in the theory or expected anything but
disaster from It's adoption. If any desire to note
the extent OF this change in public sentiment.
under the severe educational process TO which the
community Is now subjected they need only turn
to the files of the Administration papers for the
year 1863. where the effects generally de-
plored were chronieled the tokens of that
marvellous success in his financial work which
would make Mr.. Chase famous IN all future his
tory.
In a carefully prepared essay. published a few
weeks since, we pointed out the industry and
self-denying frugaiity which would have been
secured during the by the pressure OF n hard
money system; and showed the opposite idleness,
extravagance and rerklessness in speculation
which have resulted from the paper money is
sues. These two pictures seem 10 have taken a
powerful hold OF the public mind. with many
curious results. class of newspaper editors
Immediately set to work to urge the blessings OF
industry and economy upon the popular attention,
and to denOnnce the follies aud vices into which
the nation so madly plunging. We replied
with an exhibit Of the connection between the
false financial theory and the popular madness.
and showed that during the continuation Of a
demoralziLg currency. no such reform as our
contemporaries had urged. at all possible.
As well commend sOberness to the drunkard,
while he keeps the bottle to his lips, as industry
and frugality ~ people intoxicated with the
exhilaratng effects of AN expanding currency.
Some Of these writers have now gone step
further in the process OF conversion and are will
ing to attribute 1.-The wild and ungovernable
speculation IN unsubstantial myths" the dash
and dare, trust in luck policy" "the forestalng
and monopoly of the neccssaries Of liie," to the
''excited condition of the money markell The
Nex York Times, which followed our first ESSAY
with several appeals to the community To be fru
gal and industrious, and to abandon the Wild
schemes Of money making which had so taken
possession Of all classes of people, now finding
how little its appeals are needed. attempts to
STAY the downward current with fierce denuncia-
tionsl In Saturday sissue that journal denounc
Is the new ways" OF luxurious living. the enor
nous purchase Of foreign fnery,' the spirit of
adventure aud speculation" leading to can
artificial prosperity alike gittering and hollow"
and directly attributes this terrible state OF
things 10 1.-TWO modern invei tons-natiOnal
debts and paper money" But while the Times
has become so far converted to discover the
cause of these national calamities. it is not yet
pentent enough to advise a return to the path
from which the nation has sadly wandered.
On the contrary. il turns the whole of its wrath
upon the sufferers themselves. 1t admits that
they are suffering from ''mOral poison" and
then accuses them of embarrassing and weak
ening the government, and frustrating the war;
by induging in the Injuries for which they have
imbibed such a fatal passion. 1t charges that
this extravaganza is treacherous to the soldiers,
and a betrayal of the coustry." The diamonds,
il asserts, have blood on them; the silks and
laces smell of treason!
Admit all this, and who is directly chargeable
for il? Who issued the ''moral poison TO the
amount of seven hundred milionsl Ii il is un-
patriotic "a be extravagant, what is it TO render
extravagance certain, and to forbid all legitimate
attempts to cure i'll If il is so reasonable 70
wear the oHfDOnuS ana silks anu races. Nnat snail
their crime be called who have inoculated the
people with this folly. have done all they could
to spread the infection, and have led the nation
to the verge of ruin To furnish means for its graft
hcatiOng
There are few who still cling to the notion
that this prevalent madness is the best condition
for the people in time of war. They argue
that an inflated currency produces species of
intOxication which hides from the country Its
bleeding condition, and maintains happy frenzy,
from which il need not awake until peace returns.
The fact that those who started this enormous
imitation, amid the cheers of the sanguine multi
tude. are now driven to this poor refuge with no
better arguments for its support. shows how little
foundation il ever bad in sober reason. This
refuge will soon fail them, for there is limit
even TO popular deusion. But the evils under
which we suffering cannot be cured by mere
discovery of the producing cause, unless that
cause is removed. Many shrink from the sober
ing process because it is painful; but there is
no help for It, unless the nation is to perish. Who
of all those that have contributed to the mad
ness Of the hour will aid in restoring the country
to a sober appreciation of its true financial con-
dtionf This is more hopeful work than the
discharge Of voleys Of epithets at the mad spec
uatOrs-lN. Y Jour Com