The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-12-08
The presidents Message.

IL Is n6tulcSS W ulIoCb bu0 dObCnbtOh "a IL
reader to the presidents message, given In
full in the columns of the Sentinel this
morning, as public expectancy has long
been on tip-toe to catch a glimpse OF the
document.
1t may be remarked in a general waythat
the message reflects credit upon its author,
whosoever he may be, and upon the presi-
dent for adopting such a series of sem
sible views upon public policy. The docu-
ment will go as far to re- establish the credit
of the administration as any mere declara-
ions of good intentions can possibly go.
The sad experience of the people, however,
will teach them to look with cynical sus-
picion upon the best of professions until re-
deemed by moderately fair practice.
Heretofore, neither the president nor his
friends have so harmonized their perform
ance with their promises as to render the
people over confident. However, no matter
what sort of legislation may follow this mes
sage, it is but fair for us now to welcome the
presidents u%tterances with Sallust's maxim:
at is we'll to have acted nobly in behalf of
the republic, and not inglorious to have
spoken wisely"
The most important part OF the message,
perhaps, is the portion treating of the finan-
cial situation of the country. II the sub
ject matter be OF less vital political value in
the long run than the policy to be adopted
toward the Southern states, it is certainly of
more immediate interest to the people at the
present juncture. On this one point, it may
be said, all the public curiosity has been
concentrated. Aware of that fact the author
of the message has concentrated his whole
force upon the discussion of the
financial problem. His argument on
the subject is clear, sound and strong. He
proceeds on the assumption that the nation
throughout the season of depression which
it has passed through has possessed the main
elements of prosperity, namely, capital in
abundance, labor at command, and rich
The panic and the evil results
which flow from it, he attributes to the pecu-
liar and disordered currency of the country.
The first step toward relief, therefore, is
to establish the fuctuating medium
of exchange upon a firm basis, so that ali
uncertainty in regard to values shall be re-
moved and the tendencies to luxury and
speculation be checked. To effect this a return
to specie payment is urged as the most
natural and easy method. The advantages of
such a consummation are forcibly set forth
and are by no means new TO the readers Of
the Sentinel; the objection to such a policy
on the ground hat it would be injurious
to the debtor classes is also fairly considered
and neatly rebutted. By the following re-
ductio dd dbsurdum the injustice of expan
sion is plainly stated:
Looking to a return to a specie basis, it is easy
to conceive that the debtor and speculator may
money abundant until they can throw a por-
ton of their burdens upon others. But even
rreesenSfst,- n oe . co9,s sV shoniS bs pDpsned Whiic5
viii keep in doubt the value OF the legal tender
Medium OF excna aass IA "A r rely Sias Oh pro1 1
more than the holders of property of what
ever sort, with debts to liquldate for realization
classes of citizens are to be benefited by expan-
sion, would it be honest TO give it? Would not
Would it be Just and honest and prudent
70 authorize each debtor 10 issue his own legal
lenders TO the extent OF his Liabilities?
than to do this, would it not be safer, for
he fear of over issues by INSCRIPTIONS creditors,
20 say that all debt obligations are Obl1tera;ed
n the United states, and now we commence
new, each POSSESSING all he has at the time,
rec from encumbrance?
The method of resumption proposed is a
nipple one, namely, the repealed the legal
ender act, and the subsequent adoption of a
ystem of free banking, under which the
mount of the currency will depend al
upon the exigencies OF the country. {
And the president tersely remarks in
losing his discussion of the sub
bet: "The experience and judgment of the
people can best decide just how much cur I
is required for the transaction of the
business of the country. 1t is unsafe to
leave the settlement of this question to
congress, the secretary of the treasury OF J
the executive"
The subject next in Importance is, of =
curse, the condition of the Southern states;
nd in his treatment OF this theme the pres
lent is by no means O clear or so decided