The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-12-08
He Urges a Speedy Resumption
OF Specie Payments,
And Gives His Reasons Therefor
in a Neat Little Essay.
The History Of the Southern Con'
plications Recited at
Length.
Arkansas with its Army OF Gov
errors Receives Share
OF the Executive
Attention.

AbbOaDAOAs
-orHER SUBJECTS NOT OVERLOOKED.
ARxY AND rAvY-INpIAN AFFAIRs-FoREIaN
RELATIors-THE rosroFFIcE DEPARTMENT
--Boss sHEPHERD's DoMINIoN-sUBsfDiZ-
mo sVEAMsHIrs--cHEAP TRASsPoRrA-
TIoN.
20 the Senate and House OF ofRepresentauves:
Since fhe convening Of Congress one year ago
the country mas undergone prostration In
business and industry such as has not been wilt
messed with us for many years. Speculation as
10 thecauses for this prostration might be In
dulged In without profit, because as many theo-
ries would be advanced, as there would be ind :
pendent writers OF those who expressed their own
views without dwelling upon the sui ject and
without INDUCING in theories as TO the cause OF
this prostration, 1 will only call
your attention 10 the fact and one
question 10 which IL would seem there should
be no disagreement. During this prostration TWO
essential elements of prosperity have been most
abundant, labor and capital. Both nave pesn
und0ubted capital has been attainable at very
moderate rates. Where labor has been wanted
compared with what OF the necessarles and
comforts of life could be purchased with the
wages demanded. Two great elements OF pros
perity. therefore, have not been denied us
a third mieht be added. Our soil and climate
are unequalled within the limits OF any con-
tiguous territory under one nationality, for tho
varieties of products 70 feed and ciothe people;
less favored peoples. Therefore, with these facts
in view. il seems to me that wise statesmanship
at this session OF Congress would dictate an ig-
these great elements OF prosperity.
To oar people debt =, abroad Ills Is
a sound currency, enter into our affairs TO cause
any continued depression in the industry and
national existence made necessary for tempo
rary purposes the raising OF large sums OF
may have been n necessary in the wisdom of Con-
gress,. and l do not doubt their wisdom In the
premises, regarding the necessity or the times, TO
devise system of national currency which
it proved TO be impossible TO keep on par with
This begot a spirit OF speculation involving an
extravagance and luxury not required Tor the
happiness or prosperity al People rslgn
debtedness. The currency, being OF a huctuating
value, was therefore unsafe to hold for legiti-
mate transactions requiring money, became
subject of speculation in itself. These two
causes how ever, have involved us in a foreign
borrower and leader, which should be paid in
coin and according TO the bond agreed upon
when the debt was contracted, gold or its equiv
alent. The sood faith of the government can
not be violated toward creditors at a national
disgrace. Our commerce should be encouraged,
American ship building and carrying increased,
foreign markets sought for the products OF the
soil and manufacturers. to the end that we may
be able TO pay these debts where a market can
be created for the sale Of our products either oil
the soil, the mine or the manufactOry. A new
Is TO be discovered OF utilizing our Idle
capital and labor 10 the advantage OF the whole
people. But in my Judgment the hrst step
toward this object is
TO SECURE A CURRENCY
good wherever civilization reigns, one which,
if it becomes superintendent with one people
will linda market with some other, a currency
which has as its basis the labor necessary to
produce Il which will give its value. Gold and
silver are now the recognized mediums of ex-
change tie civilized world over, and TO this we
Il -rotf WI the least nOSSihlp QalaV In
view of the p edges OF the American Congress
adopted and de bt contractor there should be no
delay, certainly no unnecessary delay, IN fixing
by legislation a method by which we will return
to specie. To the accomplishment of this end in
vite your special attention. believe firmly that
there can be no prosperous and permanent re-
adopted with legi Station to carry IT out. Look
ing 10 a return to specie basis 1t Is easy to con-
think ft of vaIu to them to make so-caled
money abundant until they can throw portion
/ believe, woul i be disappointed in the
result, II course should be pursued
tender medium of exchange. revival of pro-
ductive industries is needed by all classes, by
none more than the holders OF property OF what
upon its sale. But admitting that these two
classes of citizens are to be benefited by exPan-
sion, would il be hoItest to giveit? Would not
the general loss be tc'o great TO justify such re,
lief? Would 1t be Just and and, honest honest
to the extent of his liabilities? Rather
than to do this, would II not be
unscrupuious creditors, 20 say that all debt OBJ
legations are obliteratcd in the United states,
and now commence anew, each possessing
all he has at the time, free from eneumbrancef
tanned for a moment by a thinking people Ev-
cry delay in the preparation for nnal resump-
tion partakeS o. this dishonesty, and Is only less
in degree the idea is held out that
a convenient season will some time arrive 1or
the good WORK Of redeening our pledges TO COM
merce. IL will never come, In my opinion, ex-
cept by the positive action OF Congress. or oy
national disaster which will destroy, for q time,
at least, the credit OF individuals and ihe state
at large. sound currency may be reached
TOTAL BANKRUPTCY
of the credit and integrity OF the nation aud In
.dlviduafs 1 believe it is I'm the power OF Con-
gress at this session to devise such legislation as
will restore confidence, revive all the Indus
tries start us on the career of
prosperity. and save the credit of the
return to specie basis are the great requisites
to this, and devoEtly 10 be sought for
and there are others which 1 may
touch upon hereafter. nation deal
in value iabors under two great Disadvantages:
First, having no use for the worlds acSnOWl-
edged medium of exchange, gold and silver.
these are driven out OF the country because
ond, the medium OF exchange being
OF fiuctuating value, for it is !
only worth just what it will purchase of gold /
and silver metals, having an intrinsic value
allowed for profit by the manufacturer
and producer. It ismonths from the date =