Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-05-12
Financial Espcriments.-The Prom
Iems OF sAe future.

Financial Expcriments.-The prom
Iems OF she future.
Il seems strange that the Experience Of the
past is not accepted as a safe guide in future &C
ton A contemporary an referring 70 the questions
in political economy which The pev order Of a
fairs will bring up for settlement. remarks. that
in this changing world, nothing that is the sub
ject Of human opinion L. ever finally settled.
Even IL one generation, after years of trial aud
bitter experience. records q unanimous verdict in
any given case, there Is sure 10 Be . renewal of
the strife. and q rebearing earlier or later in some
Of the years that follow. II then adds 10 AppIi-
cation OF the sentiment:
The country has just passed q turning peint in
its history. The effort to overthrow the govern
ment has Jailed. The rebellion, which would
have been q revolution il it had succeeded. has
been efeetually crushed. But there are grave
questions remaining. Among the most inpor-
tant of these is the settlement. for the present
action, OF some principles of political economy.
Everything is now ahost. We have cut loose
from the financial doctrines which the past gen
Grafton had established and we are now to decide
whether this severance shall be a temporary
alienation, or a total revolution. Shall We return
20 the old anchorage, or explore for ourselves the
unknown sea that stretches away beyond our
lIt has been commonly supposed that when the
exeitements OF the conflict were over, we should
swing back to the old moorings. Those who
have led IA. doubtless intended at the outset
such a return when the occasion which suggested
these innovations was past. But is that now
possible? We confess to seme misgivings on
this point. There are signs Of willfulness
among the masses of the people. II is easier,
after a lapse from truth TO add fresh heresies
than to return to the old standard of orthodoxy.
Who knows that the nation is not now to open a
new school of political economy where the axioms
Of the science. as formerly taught, will be reck-
oned on the list OF exploded errors?
Nothing in relation to recent financial expert
ments seems to be settled beyond dispute. When
inconverible paper vas substituted for gold and
silver coin, We looked for its depr ~eciation. Those
who did net were very bitter in their denuncia-
ton of those that did; and when the result
showed that they we're mistaken, they attributed
the change to everything but the natural cause.
When that paper was issued in large quantities.
we expected an imitation of prices. Some will
not even now admit that the amount Issued
has at all governed that imitation, because the
fluctuations do not exactly accord with the
amount afoat. They point to the relative fall
Of gold while the issue was undiminished. in
proof of their theory, as il it were not evident
that the prospects of q reduction of the volume
in circulation vas the chief reason for this
change.
We have been looking for the period when the
extraordinary expenses Of the national treasury
should cease or be greatly decreased, as the CON-
mencement of a backward swing to the old or
der of things. We had supposed that the re
dundancy Of the currency, if not cured by the
action of the authorities, would work its own
relief from the natural causes, leading to a gen.
eral liquidation and revaluation Of assets. We
looked forward to the debt as s burden that
would then be sorely felt. especisllyb by the classes
called to daily labor. We suggested. as the best
method Of securing an honest and cheerful re-
cognition Of this Obligation. a decision to pay
the principal of the debt within the life- time of
this generation. and the discussion of plans look
ing to such . result. Z
We shall not be surprised. however, il that
which we regard as sure to follow the close of the
war is delayed by fresh experiments in opposition
to the old rules. The new school is stronger than
many suppose. and the fact that its experiments
outlasted the war. has not only given it's supper
ta~o rr,eh rOkltc faror kpf olso ~. .l
their own confidence in the infallibility of their
views. A national debt, in their ewes, il a ma
tional blessing. Ii. is now to be used. according
TO their theory, as a vast capital TO develop the
boundless resources of the country. and create a
general overflow OF wealth.
They see in the desolation which has followed
the conflict, not the mark of wasted means. but
the herald of a vigorous appetite for tha; trade
which shall speedily restore the shrunken proper
tons. There are many seeming parado1es in
their scheme. bot they are enthusiastic, and that
which is new TO this generation has always an
element of peculiarly. Notwithstanding the wurn-
ings OF experience II NAV be tried, and with.
out the certainty of immediate failure. Those.
therefore, Who have been looking for the close
OF the war ~ the period when these vexed ques
tons were to be settled by a return Of the old
order. may be sorely disappointed. All viola
tions of natural laws are sure. ultimately, to be
exposed. but the resul, Of such vindication Of the
truth is not always favorable. 10 those who con
duct the experiment.
consistency
The New York Evening Post, an intensely re