The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-08-18

not less injurious Lnan CnOS0 Wa propose
to correct among which are the principles
upon which our institutions are founded.
There are but two principles OF government,
the autocratic and democratic. All other
forms are but modification oil the one or
the other of these principles. The laws
adapted TO the former must be such as will
vest all political power, as well as the power
over all the property in the kingdom, in the
individual sovereign. On the other hand,
the laws adapted to the latter, or democraIc
principles. must be such as will ditfuse and
distribute the political power, as well as the
power over property, equitaoiy among the
people. think il will not be denied or Sc
riously questioned by any fair minded man
that the design of the founders of the repub-
lie was to establish a government on the
principles of inherent or underived S0ver-
eighty in the people, that would give to
each citizen the largest political and reliy-
ious liberty compatible with the good order
of society, and at the same time protect each
and all in their natural rights to enjoy the
fruits of their labor and talents; govern
ment of the people in contradistinction 10 the
autocratic politics of Europe, where prop
ertY, or privileged class, and not whole
people, govern. This being granted 1t fol-
lows that when laws are enacted destructive
of these ends, il is the right and duty OF the
people to alter, amend, or abolish them, and
to institute such others, founded on the
principles of equity, as to them may seem
most likely to effect their property and hap
piness. AS all special privileges and pow
ers, conferred on corporations by legislative
enactment, are granted at the expense of
the people, they must be held subordinate
TO the rights of natural persons, and subject
to the supervision and control of the power
creating them. IL this rule is not adopted
and strictly adhered to, bank ana rail-
road corporations, and other monopolies
created by legislation, will soon have abso-
lutte control of every department of the gov
eminent, State and national. But it may
be said we must not interfere with vested
rights. / reply that it is not proposed to dis
turb vested rights, but to eliminate vested
wrongs from our system, and when this is
done there will be little complaint from any
quarter
AGAINST VESTED RIGHTS.
1 would here remark that it must be remem-
bered that without intelligence and virtue
in the governing power, whether exercised
by the individual sovereign, a privileged
class, or blythe whole people, we can not have
wise and impartial administration OF JUS
tice under any form of government. Our
government being a cooperative association
| or corporation in which each citizen is a
stakeholder, our citizens must understand
that those selected to make and administer
the laws are not their masters or guardians,
but directors or agents to execute the will
of their principals, and in the selection OF
these agents they must be careful to choose
those, and those only, who have no person
al interests adverse to those of their princi-
pals If this principal had in the past been
recognized and acted upon, Congress and the
| legislative bodies would not, as now, be
composed of men interested in national
banks, land grants, and other like schemes
for their own personal aggrandizement.
One OF the legitimate functions as well as
! imperative duties of governments is the es-
| fol liuhn If CT nHar ri IF nicf rih Nh
ton of capital and labor. and can not be
done by special legislation. The rights OF
property can only be protected by general
laws. 1t is utterly impracsicable for the
| government to have supervision over the
individual agreements and business transac-
do in this important matter, is to make such
general laws tor the government of property
as will naturally tend to effect its equitable
distribution between capital and labor
Money is the medium of distribution fol
capital and labor.
ALL WEALTH OR PROPERTY
is the product of physical and intellectual
labor, employed in the production of in
dustry and enterprise, as well as the usefu
callings and professions, and there are bu
two purposes to which it can be applied
One is the payment of the rent or interes
on capital, and the other is the reward of in
dustry and enterprise. In the present stat,
OF society society .u, capital capita and labo
ductiOn of property, and the rat,
of interest maintained on loanable capita
determines what proportion of their join
production shall be awarded to the laborer
for their services and what proportion Il
capital for its use. When the rate of inter
est on capital exceeds the average rate of in
come by productive industry, the effect il
to deprive the producing classes of wha
justly belongs TO them, and to bestow upoi
capitalists that TO which they have M
equitable claim. will add that all interes
or rent paid for the use of capital must il
the end, be born by labor, and in the end a
much charge upon the wealth producing
element of the nation as ara the taxes paid
for the support of the government, and tina
all that beyond such rate as will distribute
property: equitably to capital or labor
according to the services performed
in its production, is but
species of legalized robbery, for the govern
ment is morally bound to establish jus
standard of distribution to capital or labor
But it may be asked, how are we to ascer
tain what would be an equitable rate of in
terest on money or lOanable capital? L repi,
that as agriculture is the leading interest am
foundation of national wealth, the increas
in it may be accepted as the index to the in
crease in all other departments of usefu
industry.
| al lnNonbOIy Vi tuc loIlls duu ptOuucI
J of the agriculture of the nation, as shown
by the census reports for the three severa
decades, ending respectively in 1850, lS6
and 1870, shows
THE FOLLOWING FACTS.
The total valuation of 1850 was 81, 267, 75l,
473. In 1860 they were 5000, "a. 154. givin
a total increase in value during the decade O
81, 755, O25,6s1. In 1870 the total valuation
was 81, 2Ss, 115. PIG, showing an increase il
the succeeding decade of S265, 53S ,O65. l an
: aware that the rate of increase here show
: is greatly below the general estimate. an,
that the census reports have been doctoreG
so as to show much greater rate of increase
: but this is obtained by arbitrarily fixini
] a fictitious valuation on the several descrip
tions of property in the nation. This,
think, is fallacious, for the bushel of whea