The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-01-20
AS TO WESTERN BANKS,

The more currency is expanded, the
greater will this evil become. He didn't
agree with his colleague, Bogy, that the new
national banks should be started in the west
or that the issue of these should be increas-
ed as he did not believe the money issued
by them would stay there and benefit that
region. He argued that the relief sought by
the imitation of the currency would be
mere illusion. Let it De supposed that every
individual in the country could wake up in
the morning and find $40 in his pocket or
safe i'm the place of 81 the dav before. What
jubilee thereAgould be among fools. Did
any sane man suppose the wealth of the
country would be increased by it? Not the
least. Or the wealth of the citizen any
greater? Not particle. For on going 10
market next morning he would have
to pay $40 for what 81 would have pur.
chased the day previous. Every consideration
Of good faith and sound policy urges us to
put an end to the iniqitous system. In
regard 70 the return to specie payments he
said he desired to enter his protest against
the two plans, that presented by the senator
from Michigan, Ferry, to first expand the
currency and revive the prosperity of the
country, and second, that proposed by the
senator from Massachusetts, Boutwell, TO do
nothing but let things remain as they are
now. The return TO specie payment must
be preceded by severe retrenchment in our
public and private expenditures; by pru-
dence in our business enterprises; by
a recognition of the truth that honest
and productive labor is the true source
of wealth. He thought if the resolution of
the Senator from Michigan should prevail, it
would be goodbye retrenchment, goodbye
economy. Let imitation prevail. AS TO the
plan of the gentleman from Massachusetts,
Boutwell,. he said it was do-nothing policy,
and the country had already seen the evils
of il. The gentleman had adhered to that
the treasury, aud his successor had followed
the same course. BE, SchurZ, thought the
country should understand these teachings
and profit by the lesson. The plan of the
senator from Massachusetts, was the most
dangerous, because 1t bore the same aspect
OF plausibility, and would present itself as
feasible to a large class OF the people who did
not study deeply questions of finance.
1t was not proper for congrss to stand still
and let the disease work its own cure We
would present sorry spectacle to the world
by hiding our heads in the sand and saving
we are afraid to move lest we break some
thing, when the break down had already oe-
CURED. He declared it to be his candid
opinion that the present time Is the most OPP
perfume since the close of the war to return
10 specie payment. IT this time be lost, we
would have to wait another financial crisis,
and overcome greater evils. Many of diff
culties in the way of specie resumption had
been surnounted by the crisis. Let 1t De
understood that we are to return 70 specie
payment and every sensible man viii
take care not TO run IN debt more than
absolutely necessary, when ne knows that
with which he is TO pay such debt will daily
appreciate in value. He argued that the west
and south had never been benefited by in
fiation but those sections would be greatly
benefited by resumption. Another difficult
ty which presented itself against specie re-
sumption arose from the sinking Of prices
which would accompany sucn resumption.
AsTo PRICES.
That difficulty is less than ever now, the
crisis having brought down prices, and for
months past merchants have bought care
fnlly, and losses from shrinkage in prices
would now be lighter than ever could be ex-
pected. The resumption policy was opposed
by three classes: first, the honest .nan who
had formed erroneous opinions; second, men
who think every move TO increase the
currency popular, and join in it,. and
third. set Of thoroughly reckless
gamblers and spectators, who wanted infia-
ton without end, that they might settle up
old scores and set out again in full sail. The
first class could be convinced by sound argu-
meht; the second bv a new breeze OF public |
opinion, and the third to-day were fOrtu |
nately in crippled condition. and would
give less trouble than ever. In conclusion |
10 In