Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-03-29
Was the lie Tender Scheme Ne.


cSs>arl
The Tribune. which, in the early part OF the
war, was the strenuous apologist of the legal ten
der scheme is now on the stool Of repentance.
Or rather it repents of the consequences of that
folly and persists in saying that It's preparation
was necessary. We copy from its columns the
following extract:
I'VE are among those who reluctantly bowed
to the necessity OF debasing our currency in order
TO carry the country triumphantly through the
perlls and trials OF a gigantic civil war. Ii is
easy to show the evils aud dangers OF such cur
rency but our conviction remains mistaken that
our government could no. without il had borrow.
Ell or otherwise raised the immense sums ALSO
utely required to prosecute the war for the union
on the scale essential To its success And we es-
TEEN the temporary evils of q deprecated cur
rency Insignificant IN comparison With those Of j
shattered, ruined country.
/" But we are utterly COMPOUNDED By this clam
or for persistence in insolvency one moment after
tie necessity therefor shall have ceased"
The reluctance with which The Tribune bowed
TO that fancied necessity never manifested
so long as II could have any preventive or re-
STAINING effect That journal seemed to have
no more perception OF the consequences il now
deplores than blind puppy has OF the deer in
the forest which he may afterwards come 20
chase. We do The tribune he justice 70 con
Tess that, for some time past it has been sulfi
GENTLY impressed with the greatness of the evil:
wherein it svinces more quickness OF perception
than nony of its party associates. We welcome
even its tardy accession TO the ranks of those
whose Influence is given TO the correction of this
enormous mischief; but We cannot allow it to
cover up the blundeEs of its party under any
such apology as that the legal tender experiment
was necessity. Necessary it certainly was not
as is susceptible OF the c!earest demonstration.
II We had not created the legal tenders We
should indeed have been under the necessity OF
having ireer recourse 10 regular loans in the
earlier stages of the war Such loan. would
have been sold below par; and that is the whole
extent Of the evil which would have resulted
from dependence on legitimate borrowing But
can anybody be so obfuscated u not 70 see tina;
il makes no difference whether the government
sells its bonds for fifty cents On dollar, or sells
them nominaly al par. and takes its pay in
currency deprecated one haliy No difference.
we mean, in the rate at which the debt would &C
cumulate; for in other respects there IS great
difference. and in favor Of the sounder method
IL six per cent thousand dollar bond is sold
for 1--WE hundred gold dollars, the govern ment re-
slizes the same mount VI actual money as when
it sells a thou-s nd dollar bond Tor nominal
thousand dollar legal tenders worth only one
half Lbeir face value Aud the amount OF inter
est Is IN both casos. precisely the same
But while the debt advances with equal step in
both cases. the honest method IS in all other re
spects infinitely preferable. Ii does not commit
q wholesale robbery on creditors Il does not
derange and upset the whole business Of the
country. Ii does not render the intelligent trans
action OF business impossible by putting i Out
of the power of nen 10 calculate the future
Had We Kept 20 sound and just DrinciDles
there would have prevailed an economy 10 every
branch OF public expenditure, in complete cor
trast 20 the prodigal wssteiulaess OF this costly
war. There was never s great var so ezpen
siVely conducted II our bonds bad been regu
l4rly sold in the market on 4 specie basis, the
country would not have been under the delusion
which has caused ali this squandering Our ar
mics would have been smaller, and at least equal
results would have been accomplished.
We should not have fung away men sad re-
sources on abortiYe Red river Campaigns, aboI
tive Florida expeditions, and s host OF foolish.
scattered. simless operations. We should net
have flung away the lives OF men against mpreg-
nable fortified positions Dor wasted our aTmse-
as We have done on = hundred occasions with
out iractng any corresponding losses OF tie
enemy. st the 6rst regular session Of congress
after the beginning OF the war, Secretary Gamer
on reported that pe had in our armies over seven
hundred thousand men If one half of those
seven hundred thousand had been AZ the Dlow
and the anvil. their earnings would have added TO
our resources, and We should have saved half Of
our military expenses
The military results would have been equally
vslusble II We had never had a. army Of more