The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-05-26
FINANCE AND BUSINESS
GENERAL MARKET REVIEW.
MONEY NOTES.
FINANCIAL SCIENCE.

PAPER by PROF. w. @. SUMNER, READ BE-
PORE THE SOCIAL SCIENCE ASSOCIATION.
The views of scientific man who has no
hobby and no "bill" to offer, may be Of use
to the honest financial student. Prot. Sum-
ner said: In looking at the actual circum-
stances of the country it will not be expected
that this report shall enter into facts. The
general features OF that situation are well
known to all. It's character is such as to
cause the grsvest anxiety to those whose
aim il is to develop the methods and condi-
tons of national prosperity. The ca uses for
this can be easily determined. They lie ir
those errors against which the associs tion
has been compelled to protest from year
TO year, and which many of us ans
bound to combat on all proper occasions.
History furnishes US hundreds OF illustrz-
lions OF the very evil to which disordered
currency gives rise. The decline OF national
and mercantile credit, the deterioration of
public morals, the contempt for patient In
dustry as compared with smartness, the in
crease of the class OF middlemen, the love
meretricious display, are all oil worn-out
features in their purity, OF fictitious and in
fased currency. These are IFS mora and
social effects, which to this Association must
always be ofthe highest Importance. But
its financial effects are no less disastrous.
= belOngs,to the operation of the system
that there should be sudden crises,
errstic -dsvslopmeats.- heats aud chills
in the financial history Of the country. We
can expect nothing but a series OF them so
long as the system lasts. A community in
which one-hzlf preys upon the other cannot
prosper. This brings me to speak of one of
the wider social aspects of the subject, its
bearing upon the socialistic doctrines. Es-
-pscially in a period of industrial stsgnation,
when suspension of credit has drawn a
great majority Of the population into the
debtor relation, such doctrines gain power.
It is true that they don't take on such forms
TO our science to recognize principles
In their various manifestations. which
Button IS sn nos s ssis
II has often been urged that if The distribu.
ton was made. the equality could not last
which she distribution OF property can DO
is by gin ihe othar by Tobbefy Eobn ons
is the sort Of transfer which it is the PROV
incs Of society toreduce to- minimum.
power In s as s is 6e
coming greater. Sometimes the opposition
of those who resist it is often disposed of as
sel6shness, the money power. the oppression
OF capital, esc., but il is nothing bus the de-
sire OF the man who has earned something
not TO have il taken away from him. IL Is
= hII0ocoA s1.s ceN-a . PS4A~J ,A@<A " .
RUIN ON The COMMUNITY.
1t will arrest the Industrial power of the
country for half century. BY this policy
we are already placed far behind where we
ought to be. If the people divide upon the
question by geographical division. It will
bring results in the political situation of the
country that will make great distress. This
Is simply suggested here, not because IL is
likely to happen. but because IN view Of the
great interest at stake, 1t should be brought
before those who are in the position to edu-
cate public opinion upon this matter. There
is fund of good sense and intention 10
the minds Of the people On this subject TO
which We must appeal. If we fail in this
the situation Is hopeless. We also consider
the organic laws which underlie all these
questions. The mOiety and revenue laws
are diseases of the financial system. We
must expect that time, labor, and agitation
must be spent in trying to cure the symp
toms, ins cad of searching out the cause OF
the disease and applying remedies. The,
revenue system and the currency are inter
fwined The system under which we have
been living for II years, testing 1t. has de-
veloped ia results. We look In vain
for that one or that group which has
gained by the system. Each one OF
ham, when charged with obtaining benefit