The Democratic advocate., 1874-08-01
Aoltital 4Hairs


Hendricks On Specie Payments
We take she following interesting extract |
from The address delivered BY Gov. hendr'cks
before ne Democratic State Convention of
Indiana. On wednesday last OF the great
question of the National currency, he said
We desire to return to specie payments.
Ms 1 serious evil when there are commercial
mediums of diIefcrt values when one de-
asg;psian 81 money is for one class and pur-
nose. and another for different class and
purpose. We can not too strongly impress
he Importance Of the policy that shall restore
uniformity Of valae 70 all the money Of the
eountry, 30 that il shall be always and readi-
bly convertible. That gold and silver are the
real standard Of value is cherished Demo
cratic sentiment not now or hereafter to be
abandoned. But do not look to any arbi-
trary enactment Of Congress for a restoration
of specie payments. such an effort now
would probably produce widespread COM
mercial disaster A ACongressional declaration
cannot make the paper currency equal 70 gold
in value. Il cannot make amy bank note
worth as much as your gold dollar. Tho
business Of the country alone can do that.
When we find the coin Of the country increas-
ing then we know that we are moving in the
direction Of speeiepayments. The important
financial question is How can we increase
and make permanent our supply Of gold
The reliable solution is by increasing our
productions and thereby reducing our purcha-
ses and increasing our sales abroad. He can
readily obtain money who producesm more than
he consumes Of articles that are wanted in the
market, and suppose that il Is 50 trne q
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 return
10 specie payment more difficult, and made
its postponement inevitable9 That party has
exerted all its powers to make our debt :
foreign one, and for that purpose and to thai
end has established singular relations betweer
our Government and European Syndicate
or combination Of banks, giving great adyan
tage in the arrangement Now, every pay-dal
large sums Of gold are sent abroad to pa,
interest coupons, the red blood drawn from
the veins and arteries Of the country. be
lieve it would be better for the country to pa
fourth or q third larger per cent. upon ou
bonds to our own people than to ioreig
holders. Ireland was made poor by he
landlords who expended their rents abroad
Cheap Chinese labor eats at the vitals Of ou
prosperity on the Pacific coast so long as tn
wages are sent back in gold to China. tn
farmer grows poorer every year who return
no nourishment to his fields.
Our foreign trade has been largely again'
US. The difference between our experts an
imports has been supplied in interest.bearin
securities and coin. This great and constal
drain upon our gold has contributed to h
depreciation ofourpaper currency. Sixyeai
ago, at the commencement Of the gnbernatorii
contest, / had occasion to speak upon tn
subject. ! then said;-ssWe cannot meet Oh
dollar Of foreign indebtedness with our pap'
currency, and therefore, when the balance I
trade is against US, it Is constant drain upc
our gold and silver Howlong can we endul
this without financial rain? And when ca
we return to specie basis, if the specie |
constantly Withdrawn? Our reliable remed
is in an increase Of production, especially I
those great staples that command the foreig
markets. Then the specie viii flow to OF
shores in payment for our productions the
we win sell more than we buy, and then ou
financial difficulties will rapidly disappear
and we will soon stand on speice basis.
Cotton and tobacco are the most importar
staples in our exports, and sometimes exceed
ing all other commodities. Since the close
possible quantities, as it has been the dietai
of ofhumanity, Christianity and patriotism
promote reconciliation and harmony betwee
the sections. But political and partisan il
terests have been made paramount to human
ty and the welfare Of the country. Bad 20,
ernments have been established, and as far q
possible maintained in the South. Intelli
gence and virtue have been placed under tn
dominion and servitude Of ignorance and vice
Corruption has borne sway public indebted
ness has become frightfal, and taxes too heay
10 carry, and development crushed and en-
terprise manacled. In word it has been In
government Of hatred; and all this that
party might bear rule. Are not Virginia an,
Tennessee and Georgia and Texas greer
spots Of the South? And why2 Becaus,
theyare able tothrow oifthe horrible despotisn
before their utter ruin was consummated
Who, to-day, would buy lands for son o.
daughter in South Carolina or Louisiana
For the good Of the whole country, would
rejoice 70 see prosperity restored to the lane
Of sugar cane and the cotton plant As j
sand in the Senate, | would have the whole
country aid in restoring the levees that hold the
mighty river in check and reclaim the country
from inundation the country that Jefferson
acquired; the lands that the people fought for
rather than surrender An increase of twenty
per cent. in the production Of our great
staples would turn the balance Of trade in our
favor and the cafrent Of gold toward our own
shores, and contribute to an carly resumption
Of specie payments more than any enactmen,
ofCongress.
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