Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-04-11
The National Finances.


The National Finances.
The discussions Of this theme have taken a
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 yielding 10
the inexur.ble logic OF events We notice that
MANY of the early advocates of the paper money
theory are lust n0w IN a transition state. and
there can he found among them all shades of
opinion from \ hesitaiing, faint Endorsement OF
the original plan. 40 to an 0ui-spoken condem-
nation of the enormous extent of the present
issues. Some claim that the principal was cor /
rect and the error altogether IN ts unlimited ap-
plication Others admit that the theory is un-
sound but argue that It's adoption was necessary 1
"A a choice of evils which could not be wholly
avoided A few will csndidly avow their error. !
and confess that in spite OF their original conylc-
tons. they nov see the folly and danger of any
departure from hard money basis; while here
and there il found one TO deny that he ever be-
lieved in the theory. expected anything but
disaster from lis 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 now generally de-
plored were chroniced the tokens OF that
marvellous success in his financial work which
would make Mr. Chase famous IN all future his
tory.
In carefully prepared essay, published few
weeks since. pointed out the industry aud
seli-denying frugaiity which would have been
secured during the war by the pressure OF "A hard
money system; and showed the opposite dleness,
extravaganza and reckessness in speculation
which have resulted from the paper money is
sues. These two pictures seem 10 have taken
powerful hold of the public mind. with many
curious results. A class of newspaper editors
Immediately set TO work to urge the blessings OF
industry and economy upon the popular attention,
and To denounce the folie- aud vices into which
the nation Was 80 madly plunginc. We replied
with exhibit OF the CONNECTION between the
false financial theory and the popular madness.
and showed that during the continuation OF
demoraliZlLg currency, no such reform as our
contemporaries had urged, at all possible.
| As well commend sOberne>s To- the drunkard,
while lac keeps The bottle to his lips. industry
and frugality 10 a people intoxicated with the
exharating effects of an expanding currency.
Some of these writers have now gone a step
further in the process of conversion, and are will
ing TO attribute 1.-The wild and ungovernable
speculation IN unSubstantal myths" the dash
aud dare. trust in luck policy" "the forestang
| aud monopoly of the necessaries OF lite, to the
| excited condition OF the money market The
New York Times. which followed our first ESSAY
gal aud indus rous, and TO abandon the wild
schemes of money making which had taken
possession o. al classes of people now finding
how little it, appeals needed. attempts to
stay the downward current with fierce denuncia-
tons. In Satu day issue. that jour- al denounc
e. the new ways" of luxurious living, the enor
nous purchase of foreign hnery," The spirit OF
adventure and speculation, leading to IAN
artificial prosperity alike glittering and hollow,
"A. ia; 10 nt
things To two modern inveEtOns-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 vet
penitent enough TO advise return to the path
IRON which the nation has sadly wandered.
On the contrary. il turns the whole of its wrath
upon the sufferers themselves. 1t admits that
they suffering from moral poison, and
then accuses them Of embarrassing and weak
ening the government. and frustrating the war
BY ndul ging in the Injuries for which they have
imbbed such a fatal passion 1t charges that
"this extravaganza is treacherOus TO the soldiers
and IA betrayal of the country" The diamonds,
, it 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 millions? If it is un-
patriotic To be extravaganza, what Is IL to render
extravaganza certain, and to forbid all legitimate
attempts to cure il? Ii it is so reasonable to
the diamonds and silks and laceS. what shall
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 ofruin 10 furnish means for Its graft
fcationg
c There are a few who still cling to the notion
that this prevalent madness is the best condition
for the people in time of They argue
that an inflated currency produces species o
! inioxication which hides from the country ITS
e bleeding condition. and maintains happy frenzy
from which il need not awake until peace returns
The fact that those who started this enormou:
imitation. amid the cheers of the sanguine multi
rude are now driven 10 this poor refuge with ne
: better arguments for its support, shows how little
foundation il ever had in sober reason This
refuge will soon fail them, for there is m
even TO popular deusiOn But the evils unde
which suffering cannot be cured by mere
discovery OF the producing cause. unless thai
4 cause l. removed. MANY shrink from the sober
ing process because il is painful but there j:
no help for il, unless the nation is To perish Who
of all those that have contributed the mad
ness ct the hour will aid in restoring the country
to "A sober appreciation of its true financial con-
dtion? This is "A more hopeful work than tn.
discharge of voleys of epthets at the mad spec
c ulators i y Y Jour. Com.