The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-05-12

democrats would not dare oppose him in the
East. The West was not so united for imitation,
sesPecaIly Illinois Indiana and Ohio Their in
states He appears to be alone in the belief
that the veto is the breaking up OF
Kelly, OF Pennsylvania, says the veto
of the bill is unimportant The doctrines of the
much as the presidents position that there must
De no increase OF treasury or bank notes until
they shall be interchangeable with gold, makes
an appeal 10 the people necessary and newt
able The currency question will be the issue
next, in the coming congressional elections,
when the republicans OF New England and the
hard money democrats of the country will coal
csc; while the republicans of the center, West
such as Holman, of Indiana, Beck, OF Kentucky,
and Buckner. OF Missouri, who believe in fire.
banking and the right of the people to the benee
nopoly, held b. the national banks of New Eng
land and New York city. Senator Fenton freely
and fully in conversation to-day expressed his
opinions on the veto message and It's probable
consequences upon the legislation of congress
and upon the republican party, First" said he,
people, rejoice in the good fortune to the coun-
try of this veto message, but there are several
points in 1t in which think
THE PRESIDENT Is MISTAKEN,
and one in which he assumes an untenable
position. 1t is this 1.-THE si4,OOOOO0 of green.
backs, he says, have always been regarded as a
reserve to be used only in case of an emergency,
and such as must occur where, from any
cause, revenues fall below expenditures, such
reserve is necessary. he says, because the frac-
tional currency of s5000o 900 is redeemable in le
gal tenders on call. Here" said Senator Fen
ton, "the president assumes his right. establish.
ed under Tie law TO the full control of the green
IL Is dangerous power to assume, and power
which, If the president can be justified in exer-
cising 1t under existing laws, should be taken
pansion or contraction. Again, the president
says that paper money is valuable exactly in
proportion to The amount Of coin into Thich 1t
money, but not Of the volume of paper curren-
cy in any country. For instance in the volume
pap cur bh per a In w g1d 70 In
france, with much smaller proportion than
one per cent. below gold standard. We can
never have resumption upon the theory that it
have in paper. Public confidence will cover
two-thirds of the stock needed for redemption.
Nevertheless, the veto rests upon the true
Pratt, OF Indiana. one OF the steadiest supper
tiers of the vetoed bill, appeared TO day seri-
pectsd Change in Situation Snad Me had but M
tie 10 say To inquisitive visitors, beyond the ex
preston Of hope thet some way OUT of our
existing financial difficulties satisfactory for
the time being to the West and South would be
discovered and. adopted before the close of the
sion. He Is
EVIDENTLY MUCH DISAPPOINTED
not know what TO think about the presidents
action. 1t has confounded and disappointed all
his friends. He has killed things in Illinoisand
has created great deal of dissatisfaction among
the people there. He can't say what will be the
effect of it financially, in Illinois but he thinks
the president has acted in direct contravention
of the wishes OF the republican party there.
Senator Ramsey, of Minnesota. says that his peo-
because they are not involved to any great extent
in hazardous speculations. They are, howeyerNn
common with the other states of the Northwest,
has had very few memorials from them in re-
gard to this bill. He understands that in Chi
cago, where speculation is apt TO run little wild
there is great excl ement. and also at Indiana
polls, another speculative center, especially in
RAJ naor M Se ihngcbf tSev Wond
weather this storm without any serious dis
turbances, financial or political: The veto,
political commotion. but he hoped there
would be disastrous results, political or other
Senator Mitchell of oregon. regards the veto as
great political mistake. His state Is by no m cans
a unit for hard money. The lack OF currency on
the Pacific slope is as serious y felt as In the
West and South, and it was for this reason that
he supported the Merrimon amendment. What
the effect OF the veto would be ultimately he
would not at present attempt 10 say. Mr.. Saw
yer, of Wisconsin, one of the shrewdest men on
the floor who is the only an imitation republi-
can from his state, put the position in this wise
WE DON'T WANT ANY QUARREL.
this bill as the best compromise, without loss of
principle or inconsistency; but he did not think
so, and we ought 10 acquiese. L never thought
the bill amounted to much, and voted forit only
because l am really convinced the people of the
West demanded something OF the Sort Mr..
Sawyer's view is dc fdeuly of the soothing or der
AS far the Northw estern republicans are con-
cerned they are openly hostile to the veto, al
but two, Mr.. Sawyer and MIR. Waldron of Michi-
gan, of whom the remark is made "He is n
banker and, of course, could go no other way
The democrats divide evenly, Mr.. Eldridge go
ing for imitation and Mr.. Mitchell against. 1t
was openly said that there would not be a con-
gresham reelected who accepted or acquiesced
in the presidents views in the;three Northwest
ern states. The same assertion Is made OF the
central West. Ohio leans by a small majority TO
the president by direct sympathy. A canvass of
that delegation gives two or three majority In
i'm the delegations of Indiana, Illinois, Iowa,
Kansas and Nebraska, in all % men,
bers, of whom IL are democrats. There are but
10 known OF either party opposed to some
of imitation. Judge Buckner, of Mis-
soup, who is a democrat, has taken prominent
part in suggesting a war on the national
rency instead. He said in conversation to-day
that the large majority of the democratic men,
lJerS had in conference resolved to make antagO-
nism to the national banking system their war
cry. This was, he said, the policy of the democ-
racy in the West and South. He said also that in
rigid resumption indicated in the message,
rather than the veto of the bill, would in the
West and South almost obilterate party lines,
and 1t was sustained by others OF either party.
THE ILLINOIS WHIRLWIND.