, 1874-04-29

10 tnntlo tint when tho aim Of coin accumulated
In tho Treasury sha1 roach given amount. to bc
specified In tho act that thon redemption Of such
notos shall commence; and, until Buch limo ~ Tho
coin accommodations In this country ntall 10 much
to enable tho people to conveniently obtain II for
a. egal.tcnler, We demand thnt rcducslon what
10 ado Of tho volume Of cgal.tondcr notes. but
that tts volume bo loft to be tncroaacd 1mnallod,
Al tho people Of tho naslon may In their own Judgment
doom moat proper.
Rtsolp<d, That w],oro tho dovcrnment crodlt ntone
gyea value to tho papor circulation It Ia III conravon
ton Of tho spirit and genius Of tho Govornmeut Of tho
nitcd atatcB 10 paco tho exclusive control Of that
toncy within tho powor Of combined capital a. is now
done In tho NntionRl Banking syaten. Thai tho bank
gvo no credit to it's asuo for The shue Is ~ good with
the bank broken whom 1t Ia nolyopt, Tint wo de-
nand TINT, an money Is ncceaey to tho business Of
tho country, thcro should be no spocia rights privl
legca and powers Of controlling conferred upon tho
fow that shall not bo alike open 10 Ill upon the
terms.
Tho nrat Of thoso resolutions inBsts that Con-
gross elal not adjomru until 1t has passed. a law
to enable tho pooplo to "unfund," at their op-
tion, tho national bonds, roootying thorofor To-
ga1-sondor noteH. X this resolution means TINT
tho people slall be loft froo to exchango their
intorest-boaring bonds for logal-touders It has
no Significance. The honda arc worth at thia
time something ovor par In gold and aomo 115
In currency. Holders will not likely o1ohapgo
their bonds Ut par for grcenbacks whom they
can got that much for thom III gold. Tho reso-
luton, to moan anything, must mean that tho
process to "nnfund" tho debt ahali DO m in
voluntary ono; and that tho United States must
issue tho noteB and compulsory retire tho
| bonds. OthorwlHo, tho dobt will never DO 'un-
funded" Tho plain English Of this is that the
"Goyornmont, to Ravo intorost on tho bonds, :"
shall confscAto largo portion Of thoir yatuo
by paying them OF with IN irredoomable IN d
Notwithstanding currency.
Tic second proposition Of Mr. Morton'a Re-
publican constituents is that no time shall ever bo
fixed for the redemption Of these Treasury notes,
Which IL tho present irredoomablo condition, aud
that tho amount OF notos issued shall nevor bo
reduced until such timo as tho coin accumula-
ttons In tho Treasury shall justify it's uso In re-
dooming tho notes. Tho third resolution is
mined ut the National Bank systom, under which
| It is asserted tho bank gives no credit to the
| note, because tho "issuo is as good with tho
| uhAA Oluhtu hd HLtA ~ ID h0!fouts 4ulb u4obk
desirable fact, TINT in no evont can tho holder OF
| q National Bunk note sustain q loss, Hooms to ba
grievance to those Republican constituents OF
Mr.. Morton. from this exposition Of the yiewa
Of tho indianapolis iuhationiats, it is clcar
that 10 measure lkoly to be proposed at
Washington as compromise will satisfy these
people, What thoy want is not an increase oi
National Bank noteB, but IN incroaso Of legal.
tender notes. They want the latter Issued ir
such quantities tint 1t will be cheap and plenty
and to got 1t In circulation they insist on 1orc
bic surrender Of tho Understanding bonds IT
exchange for grocnbackH. Here. then, is al
ayowal Of purpose that cannot he mistaken. I
1neans the aubsritution Of IN rrodeemublo non
interest-boaring logal-tondcr currency in place
Of tho bonded debts Of the Union. Measrs
Morton md Logan did not avow this as tho cut
sought by them, but their constituents, NOR
trunk and leaspolitic. hayo braveiy told what the
want and what they o1poct. It is ropudiation,