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

are INIT he would not be a true scion of Ken
lucky stock If he were unsound upon me nnsn
cial question II the management of our finances
were in his hands i, for one, should De Wi.
| ling to AXE him uyon trust, not doubling tnat
he " ould pursue the right course 10 relleVe the
country from the burden-fOr so IL 1s-o1 an II
redeemable currency. But such is not the Iact.
| what shall be our financial policy, and this de-
termination may depend on the result OF
THE APPROACHING ELECTIONS.
As parties now stand, the financial question can
not be made a richly party question, nor Will
1t be- as In the bitter part Of the late session II
was feared might be the case, a sectional one.
1t is question upon which there will be differ
ences of opinion among men of the same party,
and the same state That there should be speedy
legislation, and a definite policy established,
| every who is a gambler in business admits and
desires. Nothing but further imitation can be
worse than uncertainty upon matter so I'M
portant to the well-being of the country as the
| currency. 1t is for these reasons that now feel
/ at liberty [ give my opinion upon the financial
| leeis alton that is re uired. / state my views
/ frankly, not as presenting the only way, but as
that whcn seems 70 me the nos, csrealn sno a.
wiser plan shall be adopted, no one Will be NOR
pleased than myself.
December. lS76-the time is not material if it be
remote-after which On ted States notes should
2 The secretary of the treasury should be au-
thorized to retire, by the use OF the surplus
revenue, land If this should be insufficient, by
the sale of bonds, at least s500O0 OO0 of United
States notes per Lnum until a have been re-
tired and he should be prohibited from reissuing
the notes thus retired under any p.etext or cir
cumstances whatever.
3. In leu of the United States notes retired an
equal amount OF bank notes, If they should be re-
quired should be issued 10 national banks.
4. When the specie standard has been re-estab-
banking should be made free, and Congress
should cease TO interfere with the currency, ex-
cept so far as may be necessary to prevent illegal
la lon by authority of law shan be secured be-
| yond contingency, as Is now the case, Oy de-
/ post of United States bonds in the treasury.
/ 1t is obvious that as long as United States
no are legal tender, the specie standard will
| not be restored These notes should be grad
| ually retired, because until the volume Is re
duced, they will not permanently improve In
value and because, until Ihe banks perceive
will make effort 10 supply themselves with
coin for the protection of their own circulation.
| for supplying the place of United STATES notes,
as they NAV be retired, because the bank notes
will not be applied for II The business OF the
ought TO be furnished If il does. 1t is not likely
that an issue OF bank notes, corresponding to the
amount of United states notes Withdrawn, VIII
paper money will be steadily increasing.
and specie will be taking the place OF
and ultima ely, as circulation among
iating matter. AS the United states
notes are retired the banks will fortify them
selves with coin, SO that when the time of coin
to meet the calls which may be made upon
them, but which can not be large, as the prepar-
the business of the count y into a healthy con-
dition, and there will be little demand for coin
| for expectation. Nor will this withdrawal OF
United States notes preparatory TO
RETURN To SPECIE PAYMENTS
nor the return ITSELF affect the value of property
or disturb business. Some intelligent men, who
are anxious to stand again upon sold ground,
are apt to speak of the 'shrinksge" which might
occur before this can be brought about, not re-
fected by the standard 1t is estimated by. Prop
erty is not dependent for it. value upon fiction.
We speak of the price of gold of its rise and fall.
and some of us seem to think that we are richer
as 1t rises and p orer as 1t falls, while its
as 1t is affected by the Yield of the mines.
In spite OF the legal-tender acts, 1T is to-day,
and 1t must con inue 10 be, the real
foundation, therefore, for the apprehension of a
shrinkage In value of property as a conse-
there any more foundation for the apprehen-
| sion that such a change in our fina cfal policy
| have already sa d, money, whether 1t be gold
| or paper, gOes where Ii Is wanted. The advo-
were chiefly rom the western States. HOW truly
| they reflected the sentiments of that section
can not say, but am sure that what is needed
in the West is not so much more money as bet
ter money, ard greater and cheaper means for
the transportation of its products TO markets
| Tn, re is no class OF men who are 50 much in
Ijured by IRE deemable paper money as the agri-
| culturists. 1t is the farmer esp cially who is
cheated by fictitious money. 1t is said L know,
that he pays his taxes with it, and for what he
needs to purchase, but IL is not true also tht it
increases his taxes and ADDS Largely TO the cost
the South, and The grain. beef and pork of the
West, are needed at home and by the foreign
mand money. The people who have them To
dispose of must decide what kind of money it
or gold and silver and convertible bank mo- ss.
Ihave been for long time absent from the
country, but am greatly deceived If the demand
of the West for more currency does not come
chiefly from those who have little or nothing to
sell, and who would be consequently injured by
a compliance with their demands. There may
be at p esent depression in the price of agricul-
turaI products, but this is not owing to scarcity
OF money, but to falling OF In the demand.
Consumption at home is less, and the foreign
demand is smaller than 1t has been. Many of
kets are disturbed by our financial troubles. 1t
Is these causes-that are only temporary-and
not scarce money which occasions the depres-
sion which at presenT exists There has never
been time when he products of the West 1
can speak advisedly of this sectionl have failed
to bring what they We're really worth, according
to prices at the home and foreign markets,
for want of money 10 pay for them, and there
never will be. know that these products have
commanded at various times extremely low
prices, but this was owing to the lack of means
demand. The fact that nine out of ten of those
who have been engaged in buying and shipping
THE PRODUCTS OF THE WEST
to the seaboard, where prices are usually regu-
4 ulated by the European markets, have failed in
business. is evidence that those products
have not been sacrificed, or sold at home for less
than their value, by reason or scarcity OF
money. There need then be no apprehension
on the part of the farmers of the West that they
will be Injured, or that there would be a scarcity
of money by reason of the withdrawal of the
United States notes, or reduction of paDer cir
cu1ation. For every dollar of depreclaf Nd cur
rency Withdrawn they would have a do ar, In
value at least, Of convertible paper or OF specie.
What is true in regard to farmers Is ecu. ly true
in regard manufacturers M Ia
borers. My own deliberate opinion is that we
shall never have really cheap money, as we
can never have reliable money, until the
United States notes are stripped of their false
character, retired from circulation, and their
place supplied by specie and perfectly secured
convertible bank notes. Specie then will cease
to flow out of the country now IL does but
will a0x ing drfx