Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1864-04-04
Tho Initiation.

There is no Disgusting the fact that there is a
growing disrust of the future in the public mind.
The depreciation of the currency long disputed
is now admitted on all sides The idea is still
entertained. however. in many quarters. that a
portion of the price of gold, which is the most
conspicuous index of the depreciation is due to
speculation, and that it may be reduced by some
extraordinary movement of the Treasury. This
is mistake and one fraught with grave conse-
quences. Gold is relatively cheaper than other
articles in the existing state OF the currency and
to rct upon the assumption that 1t is too high will
be Injurious to the government interests The
real position of affairs should be boldly met and
promptly provided for The difficulties grow out
ofSthe fact that too much paper has been issued,
and too little money rasel By taxation. This
system should be promptly reversed The paper
money out ought to be funded, and taxes levied
10 meet the interest as well as the current ex
penses IL this were done gold would immedi-
ately fall to par. rather the currency would
rise to par. The expenses of the government
would decline one half, and every mans income
would be doubled-thatist 10 say the same money
income would buy double the food andmanufac-
lures
On the other hand, il the present system goes
on there il apparently no outlet, continued depre-
citation in paper; continued rise in prices, an
afithmetical progression in expenses, and final
bankruptey are inevitable All parties are look
money SO that il will prevent the catastrophe, is
the growing anxiety in the public mind The
gold bearing stocks of the Government are pos
sessed Of this attraction. that promising the in
terest in gold they seem to guarantee an income
which will be independent Of the depreciation o:
the currency, and thus place the stockholders
above the reach OF those disasters that threaten
the working man. he who lives by his weekly
wages. IL must be borne in mind, however that
the two must stand or fall together. The Treas
ury cannot. by imitation. go giving bonds for
two or three gold dollars, where IL gets only the
value Of one This may seem an exaggeraiion;
but take an example. IL is estimated by some of
the leading bankers connected with the foreign
markets, that in the hast eve months ten millions
Of dollars Of 6ve-twenties have been sent TO En-.
rope for sale and on order Many think one-half
this amount is the maximum. These bonds
were. nt the last dates. dull a: sixty-three
DER dollar. These bonds may be paid in five
years. but must be paid in twenty years II they
paid in gold. the buyer Of one thousand dollar
bonds r-
Pays. .................... 4 Gao
He gets twenty years interest at per
cent. -. ...,.... :, 49,. 81 VO III
Bond At maturity. ....s... ....... 1000
Receipts 81 for one paid ou'.... S2.200
This depreciation of the currency increases this
rate Of interest. which Il frightfu For every
dollar now drawn from Europe 50 so Is to be
earned and paid. But this Is not the worst. The
dollar drawn from Europe Is 10 the shape Of
wines silks, diamonds, all that fosters that osien-
taiious display which i exciting the fears Of the
far-sighted. Bonds sold IN Europe are drawn
against. and the bill sold to the silk aud wine
merchant who pays for Il IN tho legal tender he
gets from the contractor and the shoddy dealer
To pay the bond the farmer and his heirs are TO
toll through long years: whereas. II tax were
now imposed for the Government expenses,
those expenses should be half in amount
and would not be swollen by accumulated inter-
est. IL ten million dollars have been sold in Eu-
rope thrty-hge million dollars must be sent to
pay back. and the borrowed money will not pro-
duce dollar for iis own repayment.
Who Is 10 pay al this rate the two thousand
millions now standingI Tie paper money, "
paid at all. must be funded IL a stock. and where
is the gold 10 come fromf There are very few
people who think the next year's Interest will be
paid In gold and Il does not seem possible that IL
should 90 on until May tweivemouth When
that crush comes. preceded, as u may be, by such
depreciation Of paper as will make a loaf 10