The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-07-21
party, but they cannot be too often rs-as-

finances, and the consequent interruption OF
cur commercial and manufacturing pursuits,
and the partial suspension of the employ
ment oflabor, have arrested general and apx-
| ious attention; and suppose you may regard
it. proper to express some views in respect 10
| our national policy. Our paper money Is
| necessarily confined in its circulation to our
own country; for our foreign purchases and
payments we require coin. The latter is
/ the universal and permanent Standard OF
value, and il should be our policy to increase
4 its supply until we reach a condition where
specie payments may be safely resumed. In
the meantime, the paper currency should De
maintained in such quantity as will facilitate
the business of the country, encourage legit-
| innate enterprise, and secure remuneratlve
| employment to labor, but not so increased
as to cause its own depreciation, or to de-
velop reckless spirit of speculation and
adventure. Surely wise craftsmanship
NAV avoid the extreme of contracted cur
rency, cramping business, choking enterprise
/ and paraly Zing labor, on the one hand, and
of an inflated or deprecated currency upon
the other. / can not say which would be
! the greater evil. They are the extremes of
gluttOny and starvation. Health and
strength belong to neither.
If we are to have paper currency-and
believe all )ncede that our condition re-
Quires its continuance for some INDEFINITE Pc
rIod-then / know of no rule or standard to
i
the Legitimate business of the country. Our
paper currency consists of treasury notes de-
clared by congress to be lawful money, and
national bank notes am not in favor of
the policy that proposes to retire the treasury
notes to make room for an increase of ma
tional banks and their paper. The treasury
notes are the cheaper currency to the people
and command public confidence. They are
not irredeemable. For their value they rest
upon the pledge and conscience of the coun-
try. The relation between the holders and
the government is direct. The people are
not required 10 pay interest upon national
bonds deposited as the basis OF their security
and value as in the case of the bank notes.
Passing everywhere and without question
they are the fsvorite and popular currency.
SPECIE PAYMENTS.
We desire a return to specie payments. 1t
is a serious evil when there are commercial
mediums OF different values; when one de-
scription of money is tor one class and pur-
pose, and another for different class and
purpose. We cannot 100 strongly express
the importance of the policy that shall
restore uniformity OF value to all the
money of the country, so that it shall be al
ways and readily convertible. That gold
and silver are the real standard of value is
cherished democratic sentiment not now
nor hereafter TO be abandoned But do not
look to any arbitrary enactment OF congress
for restoration of specie payments. Such
an effort now would probably produce wide
spread commercial disaster. A congress
sional declaration cannot make the paper
currency equal to gold in value. 1t cannot
make nv bank note worth as much as your
gold dollar. The business of the country
alone can do that. When we find the coin
of the country Increasing, then we may
know that we are moving in tine direction OF
specie payments. The important financial
question is: How can we increase and make
permanent our supply of gold? The relia-
BILE solution is by increasing our productions
and thereby reducing our purchases and in
creasing our sales abroad. He can readily
obtain money who produces more than he
consumes of articles that are wanted in the
market. and suppose that is also true OF
communities and nations
How can the republican party atone to the
people for its evil policies which have driven
gold from the country and rendered re-
turn to specie payment more difficult and
made it's postponement inevitable? That
party has exerted all its powers to make our
debt foreign one. and for that purpose and
to that eud has established singular re-
lations between our government and Eu-
rOpean syndicate, or combination of banks,
giving great advantages in the arrangement.
Now, every pay day, large sums OF gold are
sent abroad to pay interest coupons. The
red blood flows from the veins and arteries
of the country. 1 believe it would be better
for the country to pay fourth or third
larger per cent. upon our bonds to our own
people than to foreign holders. Ireland
was made poor by her landlords who ex-
pended their rents abroad. Cheap Chinese
labor eats at the vitals of our prosperity on
the Pacific coast, so long as the wages are
sent back in gold to China. The farmer
grows poorer every year who returns no
DOurishment to mis- fields.
THE EXPLOITATION OF GOLD.
la~o
us. The difference between our exports
and imports has been supplied in interest
bearing securities and coin. This great and
constant drain upon our gold has contri-
buted to the depreciation of our paper cur
rency. Six years ago, at the commence
ment of the gubernatorial contest, had &C.
casion to speak upon this subject. then
said 1--WE cannot meet one dollar of foreign
indebtedness with our paper currency and,
therefore. when the balance of trade is
against us il is a constant drain upon our
gold and silver. How long can we endure
this without financial ruin? And when can
we return to a specie basis, il the specie be
constantly withdrawn? Our reliable remedy
is in All increase of production, especially of
those great staples that command the for
eign markets. Then the specie will flow to
our shores in payment for our productions;
then we will sell more than we buy; and
then our financial difficulties will rapidly
ulSdppcdf dnO Wo Will SUN stduu vi poClc
basis" Cotton and tobacco are the most i'm
portant staples in our exports, at sometimes
exceeding all other commodities. Since the
close of the war, ii has been the sug-
gestion of wisdom to encourage their
production in the largest possible guam
titles, as it has been the dictate
of humanity, christianity and patri-
otism, to promote reconciliation and har-
mony between the sections. But political
and partisan interests have been made para
mount to humanity and the welfare of the
country. Bad governments have been es-
tablished, and as tar as possible maintained
in the South. Intelligence and virtue have
been placed under the dominion and servi-
tude of ignorance and vice. Corruption has
borne sway: public Indebtedness has be-
come frighLful, and taxes too heavy to carry,
and development crushed and enterprise