The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-11-11

The question of finance has been discussed
very fully in certain relations during the
progress Of the fall campaigns in several of
the states, and yet the practical difficulty that
has given rise to the discussions. the de-
preston of the business prosperity of the
country, has not been affected by public
opinion as expressed at the ballot-box. This
shows that the question of the finances can
only become semi-politicsl question, that
the contraction or expansion OF the currency,
though il needs legislation to accomplish it,
must take place, not by political sentiment
or public opinion, but by the laws of trade
and commerce, or rather the necessities of
commerce. Money, after all that can be
said about it, is practically but a medium of
exchange. 1t is in the abstract good for
nothing. 1t ministers Of itself nothing to
the comfort or happiness of the human race.
1t is simply useful as a means where by the
holder of large amount Of produce, or real
estate or anything In itself useful to mans
comfort or convenience, may be exchanged
for number of others things that
he wants. If there was no medium
of exchange there would be endless diff
Guilty in securing the general necessities CT
life that a man might not or could not pro-
duce. Without this medium the owner of a
horse who wished to dispose of it for the
purpose of purchasing his winter house.
hold supplies would be forced by necessity
not only to find q man that wanted the
horse, but one who also had every article he
al al
other things. Whatever is acknowledged
or made a representative of value,
no matter what 1t is, 90 1t can be
made a medium of exchange, may be
called money If the people choose, and they
may use 1t as such. The man sells his horse
for so much of 1t, and then, by dividing it
up in small parcels, makes it a means OF
securing the several things that he wants of
many other men. This might take place
with the use OF anything that was convent
ent Anything that the government should,
by authority, stamp and declare to be a me-
dunn, might be appropriately called money.
Gold and silver have been adopted
by most nations as a medium. The
lanly advantage that It has over paper Is that
the scarcity of ths metal prevents it from
oecohing an article OF commerce itself, In
stead ofheing a representative of value. If
whole rAnuntain of gold should be dis
covered, and everybody could get IL as
easily as so much iron, 1t would cease to be
a medium, doubtless. IL Is the stamp of the
government that gives 1t It's representative
value and makes it medium. II gold were
as plenty as iron, paper would be great
deal better medium. the stamp of the gov
eminent being harder to counterfeit.
All nations ought to have enough Of this
medium or currency to do the proper busl-
ness OF the country. The trouble in this
country is that the heavy foreign debt drains
the country of the metallic currency for In
terest, and the government, in providing
for this, makes demand for this kind of
currency for custom dues. OF course this
demand will cause the depreciation
of the other currency that the
government has established In pro-
portion to the scarcity of gold.
There is not enough gold in the country to
pay the annual interest on the public debt
and all other expenses of the governments.
and yet leave suficiency for commercs
and trade. It Is therefore the scarcity OF
gold and the imperative demand for it that
increases its value compared with the other
currency that the government has Endorsed
as legal tender or representative of value.
The evil therefore of the resumption bill is
that it demands that every man shall need
gold to psy all his debts, while now he only
needs it to pay certain kind of debts to
the government. The greater demand for
gold, while the constant drain for foreign
interest goes on, renders it still harder to
get, and hence, 1t will, speaking in the or
binary way, make this gold higher. The leg
islation therefore that rs needed Is not to
force this necessity, while the gold is SO
scarce, but, ifpossible, lessen the demand for
gold for specific purposes. This will tend to
the equalization Of the gold and other cur
rency. OF course the diminishing Of the