New-York tribune., 1874-07-20
GOV. BENDRJCKS ON INITIATION.

COZ. HENDKIChS ON INfLA IION,
The chief object of Gov. Hendricks, in his
! lawyerlke address to the Democrats of Indi-
ana at their State Convention, was to harmO-
nze his views with those of the platform.
The platform is fat footed for Imitation, and,
whatever private opinions Gov. Hendricks
may hold, those he expressed at the Indianapolis
Convention, though thin and colorless, were
not discordant with those of the Convention.
a great variety of notions are entertained as
well by those who oppose as by those who
favor Initiation. For our part, however, we
value no mans opinions in favor of q return
to the "orignal and only genuine" standard
of value who is not willing to join with us in
opposing any addition, no matter what the
pretext, to the quantity of deprecated paper
already aflOat. 1t is because the com
promise measure reported by Mr., Dawes
sanctioned an increase of twenty-six millions
in the legal tender circulation that we op-
posed it before 1t became law and have de-
nOunced it since. We dread not so much the
actual material consequences of this "m0der
cate increase" of the paper money as the
perniciOus effect of the precedent. In Gov.
HendrickS's address we find no trace of this
first principle of the advocates of an honest
currency-0ppOSition to the further issue of
paper on any pretext. But we do find prn-
ciples which are quite the contrary, and
which, if adopted as n rule Of action, would
give us paper money forever, or until the pub
lie confidence in its constantly diminishing
value utterly failed and the promises were
finally repudiated by the Government which
issued them.
The first of these unsOund principles is that
the volume of the currency should be adjusted
so as to meet the wants of the business COM
munity. That we call undoubtedly an in1a-
ZIONIST principle. What is meant by "the
"busiDeSs community" and when and why do
they want the currency increased? We sup
pose men who have bought real estate, or
stocks, or cotton, or grain, or any merchan-
disc with borrowed money, and who want the
prices OF these things to rise, or at all events
not to fall, are included i'll the business COM
munity. The property of any country is about
twenty times as valuable as its money. 1t is
property rather than money with which the
business community deal, and naturally among
men who are buying and selling, for one man
who wants to see prices fall there are twenty
who want to see them rise. 1t is true the
interest of the Masses who live on salaries
and wages, is directly the other way, but these
last do not so well understand their own in
terests, or at least do not make so much
noise about their wrongs as spectators, pro-
jectoIs, and Others having things which they
are anxious to sell at high price. The fact
is that, in spite of the immense productions of
the gold and silver mines. the "business com
"muuity" all over the world is constantly
wanting more money than can be had, and
getting into distressing predcaments. Panics
and commercial crises are among the con-
sequences of the impossbility of supplying
this want. 1t Is, moreover, a general prin-
ciple, of the truth of which every reader of
these lines has had proof from his individual
experience, that the wants Of man are in
satiable, and the most constant, incurable, and
universal of all buman wants is the want of
money. What sense, then, is there in tins
talk of adjusting the supply of paper money
to the wants of the business community To
favor any such principle of supply as this is
to advocate the most boundless Imitation.
The second of these unsound principles. so
plausibly dressed up by Gov. Hendricks, is Mr..
Boutwell's old theory of the Balance of Trade.
The fallacy of this we have exposed again and
again. Mr.. Boutwell, and Gov. Hendricks
gravely tell us that if the people would only
exert themselves, and produce greatly, and
manufacture abundantly, and export enor-
mOusly, the country would fill up with gold,
and we could resume specie payments, just as
lady steps into the carriage which is brought
to her door. Well, for the last twelve months
we have produced largely, exported immensely.
and manufactured until no further purchasers