The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-09-08

what is ne eded for circulating medium. NO po-
of making money, or what Is called money,
scarce or plenty. at pleasure. Let the United
States notes. then, be retired. Let the restraints
upon bank circulation be removed,
LET BANKING BE FREE.
and the business of banking be managed by
those who embark in It. Let the circulation OF
banks, secured by the bonds of the government,
be regulated by their ability TO redeem, and by
the requirements of the country, and we shall
have that freedom from political interference,
and that flexible, yet stable, because convert
ibie currency, which is needed TO stimulate en-
terprise and secure TO labor its proper reward.
The loss that the people would sustain in the
matter of interest by the withdrawal OF the
United States notes would not be fell. If this
loss should not be made up by the taxes assessed
upon the banks, and the facilities which they
render to business, IL would be small in COM
parison with what would be gained by the with
drawai of the currency que ton from the arena
OF politics am no advocate OF banks I they
did not exist l might regard the creation OF
them q ques ton of doubtful expedency. but
they are so interviewer with our financial inter-
ests that they could not be destroyed without
financial revolution. And il must borne in
mind, in considering our banking system,
that it is a very different one from
that Ii superseded. inasmuch as IL gives to the
people circulation of uniform value and I'M
questionable solvency: 1t is undoubtedly the
sustained until better one is devised, or until
the country is prepared to do without banks al
together. In what have said in regard to the
United States notes must not be understood as
rejecting upon the financial minister who ad-
vucaIed or the Congress that authorized the
issue. In regard to the wisdom of this measure,
there are now, there were then, differences of
opinion; but, admitting that this was not the
wisest measure, the advocacy of 1t oughI not TO
detract from the great merit OF Mr.. Chase, to
whose administration of the treasury the sue
cessful termination of the war very larg ly
TO be attributed. If Mr.. Chase lacked financial
training and experience. he possessed what was
better in the trying circumstances in which he
was placed-courage, nerve faitn. Great vlcto-
rieS in the fie are but seldom won by strict
adherence to the scientific rules of war. Great
commanders are seldom found N distinguished
financial contests, and the struggle for suprem-
cy betw en- the government and the Southern
States was as much contest of dollars
down financially the rebellion would not have
been suppressed. That 1t did not break down
Chase for the position he held. He undNubtediy
made Mistakes but there is cause for wonder
that he DID not make more | do not believe
there was another man in the Union who would
have made less.
There is another subject to which should not
allude If there was not a ''plaDk" in the "plat-
form" adopted by the recent democratic cOnven-
ton at Indianapolis in favor of the payment of
the five-twenty bonds in greenbacks. Although
ii is known that party platforms are usually
made to be disregarded AID "spft upon, 7" the ex-
preston of such sentiment by an Intelligent
and highly respectable body of men, claiming TO
represent a reat political party, whose record
upon financial questions has been most credita-
bic, is calculated to mislead well meaning peo-
pie, If not o damage the national credit. This
subject is rapidly losing its interest in pecuni
airy point OF view by the fact that the six per
cent. fve-twenties are being pidly converted
into five per cents which, in oder to prevent
any question in regard 10 The currency in which
they are to be paid, are, on their face, made pay
has been for the consideration OF
THE VOTERS OF INDIANA,
it is not without Importance. L feel it to be i'm
portant because it affects the good name of my
own State. That such proposition should be
revived by men claiming TO represent democ-
nd a on
their part and an Abandonment by u EN- of
principles TO which the democratic party in the
palmy DAYS its greatness and power cOnsc en-
tiously adhered, and which ii must again avOw
and adh, TO III il is to become the parry of the
future as II has been OF tie past. IL this reSOiu
ton of the convention truly expresses or reflects
the sentiment of the democracy of Indiana, it is
hoped that the spirit of Jefferson anu Jackson of
Benton and Wright, and thu host of other demo-
cratic WORTHLESS whose fame is the nation pride,
do not witness the apostacy of those who claim
to be their followers.
That the ii, e-twenty bonds should not and
can not be base upon deprecated greenbacks is
evident for the following reasons:
l. These bonds are national obligations, in
tended to be circulated and held in foreign
countries, as well as IN the United States, and
all such obligations are always understood TO be
payable in the currency which alo is recog-
nized as money by the common consent of the
great family of ma ions.
p They can not be paid in greenbacks because
1t could not be done W thout Increasing The is
sue OF legal tender notes beyond $1,000 OtO0; and
a large portion of these bonds were issued after
the faith of the government had been pledged
by act OF Congress that this III nd be the limit
and, also, because congress by special act in
1869 declared that these bonds were payable in
coin.
between the government and the people when
these bonds were issued that the principal as
well as the interest should be paid in coin.
The language of the Indiana resolution, 1--WE
are in favor of the redemption of the five-twenty
bonds in greenbacks according TO the law under
which they were issusd If moth It'll positively sh n5
should be paid iu greenbaclxs is not in accord
ahce with the law under which the issue was
the law does not expressly state that they are
payable in coin, but 1t is provided that the in
terest be so paid If is silent in regard to the
principal, III is because no one at that time re-
garded the United STATES notes as anything else
than temporary currency, which was 10 be re-
long before the boz dis by their terms would be
brought under the control of the government,
Who ia fact, ever heard of a national obligation
the interest on which was payable in one kind
of currency. and the Iineipai In another and
of a people who should take advantage of The
technical construction of their own law, and
compel the holders of their bonds to take in pay
ing their servants in the treasury departing Il.
their agents who solicited subscriptions, and the
pr the Misn poWer had pna
ed the principal, as well as the interest of the
bonds to be payable In coin! By every member
in the debate. when the subject of the issue OF
the bonds was under consideration, and who in
terms alluded 10 Lnen1, Jney were SPOKEN Ot as
gold bonds. To repudiate all these promises
now, the people of the United States would reach
greater depth of degradation and dishoner to
which no nation has yet descended. The state
ment of the proposition, stripped OF ali Its dis
guises, is enough to condemn It in the estimation
OF all honorable men. 1t is not, am sure, in
harmony with the sentiments of q majority OF
the democrats of Indiana. As a bid for votes,
the Re solution of the convention was a blunder,
which, in politics, is worse than a crime. Nor
ally and economically considered, as We'll as po-
liticaly, IL 1t was an expression OF the intelll-
bend 1t was mott, it might Jointly be pronounced
crime and blunder combined.
THE TARIFF.
have said so much upoa the currency ques-
ton / have neither time nor space to dwell long
upon the tariff. Nor is it necessary that l
should, as 1t is q question which is being dis
cussed by those who have given to il much
more attention than have, and who under
stand it better: favor revenue, not pro-