The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-07-21

The Speech
When Governor Hendricks stepped out
before the convention at the Academy of
Music yesterday, he was greeted by hearty
salutation from the great audience assem-
bled. To stranger, the leading democrat
of the state and the foremost candidate for
the presidency, appeared as man of fair
proportions, finely shaped head, open,
benevolent countenance, soft voice and
quiet manner. He spoke slowly and care
fully, as if weighing every word he uttered,
or rather, as if recalling the words be had
already chosen for the expression of his
thoughts. There seemed to be a sort of ner-
vousness or constraint over him unusual
with man so long in public life, and he did
not fling himself into the spirit of the occa-
sion until near the close ofhis address. The
speech was one ofthose which is not delivered
to the few hundred people within the walls
of a hall, but to the wider audience of the
whole country. 1t is an utterance meant
less for immediate effect than for it's appear
ance on the record. The styles very simple
and clear and the governors oratory is of
that kind which seems to aim rather at the
judgment than the passions of his hearers.
The argument of the inability of the admin
istration to do any fair, honest work as proved
ana illustrated by the failure of the attempt
at popular government in the District of Col
umbia was admirably handled and the retort
on the chairman of the republican conven-
ton was neatly followed up by the
pointed enumeration of the dem
ocratic governors throughout the
union which told with ringing effect
The points in the speech most anx-
iously listened to were the discussions of
the financial and temperance questions. 1t
must be confessed that the governors views
on the former subject are not easily under
stood, owing to the fact that two or three
inconsistent phrases have crept into the
clauses of a sound and able argument.
viction that there is an incongruity between
his pronounced adherence to a hard money
policy as one mot now nor hereafter to be
abandoned" and his acknowledgment that
we must continue to maintain a paper cur
rency, the amount OF which shall be deter
mined by the business interests of
the country. How is it possible to
make any progress toward specie payment
under such rule? Nay, more, how is it
possible to put any such rule into operation
at all? Who shall decide when initiation is
necessary and when contraction is required?
Who can say at what point reckless spirit
of speculation will set in and supersede le-
Ultimate business? 1t is time for the advo-
Gates of this plan of issuing money to suit
the exigencies of the country to state the
exact sum required, set some limit to its
future f1uctuation, and regulate the swsYing
of the tide. The circulation is not a thing
that congress can meddle with every win
ter. 1t was bad enough to have the standard
OF values violently warped when the legal
tender act was passed at the beginning of the
war. IL will be bad enough to have it dis
torted by the resumption of specie payment,
whenever that takes place. But continual
variation would render the fool and the
wise man equal in speculation, and turn
the fruits of industry to ashes. Governor
Hendricks appears, and it is we'll to criticise
so prominent and conscientious a man with
due moderation, to have yielded trifie too
far to the current of popular opinion on this
subject. His real views, Invested of all dis
guises, seem to bs in favor of retaining the
present circulation and securing specie by
increased production and expectation.
1t is true that we have battered
our gold for cannon, ammunition, wines,
brandies. silks and satins, and have put
paper money to do its work as a medium OF
exchange; and the inevitable lsw of nature
is that, if we want to get it back again, we
must pay for it 10y our productions. In this
view the governors appeal for in
fusiDg new vitality into the industries of
the South is a timely one, as increased pro-
duction is necessary to prosperity. But will
it, without a determined purpose on the
part of the people and wise legislation on
the part of the government. bring back
gold? What guarantee Is there that the
people will not continue to import luxuries
as they now do? To suppose that the pre-
cious metals can circulate side by side
with lnconvertible paper is to assume
falsity of one of the most firmly established
of political economy, that cheap
currency drives out dear one. Twenty
per cent inc ease in our productions would
make us NOR able to buy gold, but would
it makes us MOI willing to do so? That is
grest deal of self denial. Ger
tainly the hope in he enterprise and vigor
of the land in productive industry is a
more reasonable one than the expectation of
a new era of economy and frugality.
The other delicate question to be
upon, was admirably handled.
Governor Hendricks stated his views on
legislation with de6niteness
that is rarely used in dealing with it. There
can be little reason to doubt that his judg
ment OF prohibition and local option as mea-
sures that had been tried and found want
ing was correct. Without the support of
public sentiment they are less effective for