The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-07-21
or compass, with most of the crew down

or compass, with most OF the crew doWr
with the scurvy.
To proceed in plain English, the organi
- cation in the State of Indiana claiming te
be still the old Democratic party appears
to be equally destitute of common honesty
= and common sense. Thinly disguised re-
pudiation of the Public Debt was put forth
in 1865 and in 1870 as their chief claim to
= popular support, and it is again put forth
in 1874 Reputation of the greater part
of the debt of France was accomplished
+ by the Revolutionists at the end OF the last
century, by means of the dssignats, in the
precise way which the Indiana Democrats
have now three times declared themselves
lin favor of. As we are making a grave
charge against the Democracy of Indiana
we shall, according to our custom, endea-
yor to substantiate it by documentary EVIL
dence Here are the resolutions relating
!, tn the Public Debt adopted by the Indiana
Democratic Convention, held in January,
1868:
pesolred That the National Bank system, organ.
lied In the interest Of the bondnoiaers ougn, 10 pe
abolished, and United States notes suostlhted IN
lien OF the National Bank currency.
Resolged That we are In favor OF the payment
| of The Government bonds in Treasury notes. com
monty called greenbacks, Except expressly made
payable in gold by law at the earliest practicable
I point.
The following resolutions were adopted
at the next convention of the Indiana Dem
ocracy, held in January, 1870:
We declare that the tive-twenty bonds are paya-
Bile in greenbacks or equivalent.
That the National Bank system, organized IN the
interest of the bDndhoders, ought to be aboLshed,
and greenbacks issued in lieu Of such bank paper
That the business interests OF the country demand
nm increased ana maintained volume of the curren-
CIV: and the burden Of the Public Debt the nigh
rate of interest and taxation, mperativey forbid
the contraction oil Inc currency III TIE lhterest oi
the bondhOders.
And on Wednesday the following reso,
lutions were adopted:
Rssolred. first: That we are in favor of the re
demntion Of five twenty bonds and greenbacks &C
cording to the law under which they were issued.
Sfc0ad: We are in favor of the repeal OF the
law of March, 1869, which assumed 10 consrne the
law go to make such bonds payable exclusively
in gold,
3nird: We are in favor of the repeal of the Ma
ti0nal Banking law and the substitution OF green
backs for the National Bank currency.
Fourth: We are in favor OF return to specie
payment az as the business Interests OF the
country will permit,
FTJYi. We are in favor Of snch legislation from
time to time az will adjust the volume OF the cur.
rcncy to the commercial and industrial wants OF
the country.
These are the principles" of the Dem
ocracy of Indiana and they are the prlncl
pies Of that Revolutionary Government
which paid the public creditors of France
in dssignnts, and then repudlated the as
signats. The duty OF the nited States
when the war closed and the
Treasury found itself with ample funds at
its command, was to pay the promises
which it had made legal tender This was
but common honesty, but common honesty
was thought too expensive course tor the
Government to adopt in its dealings with
its creditors. The Indiana Democrats
explicitly enunciate a policy of repudia !
ton, which we oondense into two PROPOSE
tons:
/. Depreciate the value of the green.
backs by substituting them for National
Bank notes by paying off the five twentles
with them, and by adjusting the volume
of the currency to the wants OF the lnsol- |
vent debtors of the country.
II. Repudiate the greenbacks, as the as
siqnats and Continental money and every |
kind of paper money always has been re-
pudiatcd after passing that stage of depre-
citation to which the Indiana treatment
would soon reduce the already dishonored
promises of our Government.
Observation-Disclosures these two
words embody the entire financial policy |
Of the Democrats of Indiana. Common
sense and "A very slight knowledge Of his
tory, or failing that, ordinary power to rea
son from cause to effect can give no
other Interpretation to this thrice protested
Democratic" creed The declaration in
favor of return to specie payments las
soon as the business interests of the coun
try will permit" is a stupid phrase which
costs nothing aud naturally drops from the
lips OF politicians, as those men are called
who cater to the base instincts and igno-
rant prejudces Of thank God, the minority.
~ I Tribune.