The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-08-26

do not went to see any violence
/ done to the trade or business of the coun-
try. Now, what has the republican party
accomplished in that line. What have been
their measures? What Is
THEIR POLICY NOW
before the country? Shortly after the panic
cam9 upon the country they undertook to
equslize the currency, having first predicted
that there would be no panic nor any man.
Der of reverses so long as the republican
party was continued in power. Morton
was brought into your state two years ago.
and trsversed 1t from one end to the other,
and even pressed into the service of the re-
publican party the munificence of Provi-
dence in protecting the crops to maturity
Laughter and spplause.l He had promised
the people OF Ohio that If they would con-
lican party, this prosperity should
continue. He passed on to New York. The
| sound OF his voice had scarce vet died away
before the scene changed. The busy hum of
the manufacturing establishments had
ceased; the hectic glow OF health that per-
ness, and where there had been
@ aaa l R.eO'y appsaE ga%nt
Il burst upon the country like a
storm that had given no warning
that it struck the country Morton rushed
TO the msrts of New York and urged upon
the president the issuance of $4,000, 600,
| retired currency, retired greenbacks re-
deemed in another legal issue. He had the
impression then that Si4 900, 600, issued TO
the country, would arrest this
panic SO little did he understand the force
aud the effect of the causes that had brought
that state OF affairs about. My friends, what
| brought this panic upon the country?
Would the failure of few houses in New
/ Work hrool- q ha I'D
of the country? One day any man could
| be trusted, next day no man could be. In
less than 81 hours the credit of the country
had contracted to an amount incalculable,
and yet he proposed to check it with straw.
when congress assembled
THEY PASSED RELIEF BILL
which the president vetoed. Gov. Morton
was one OF the loudest advocates of the
passage OF the bill and one of the first to ac-
quiesce in the veto of the president. Zap
plause.l Then they passed a bill for the
equalization of the currency, as they call it.
They had sn impression that when q note
WAS issued by bank that it would circulate
around in the Deighborhood of the location
OF that bank until it was finally called in.
Therefore they proposed to give the West
and the South additional currency re-
curing the banks in the East to draw in a
certain portion OF their currency
and anthorizlDg reorga Mat n Of
South. Now there is not a merchant that
sells goods on cross roads to the amount of
$50 per day, but knows that bills once put in
circulation go wherever they are called tor
OF $50 that you might take in at ran
dom, you will perhaps find as
bills, and more OF them Eastern than West
EN- banks. Ifthere is any difference in re-
gard TO our circulation il is the policy OF
those banks to put their bills as tar of as
possible. OF the three hundred million
one of them is issued from
Washington city in the District of Column
bia; and yet, these wise men at Washington
propose to equalize the currency by
CALLING IN BANK CIRCULATION
In one place and authorizing il in another
They next passed specie resumption bill.
That is the last embodiment of the
wisdom of this republican party.
In speaking of it here the other day Gov
ernor Morton said that it was neither for
simply to keep the volume of currency in
circulation where it now stands. And yet,
no man who has given any thought
to this subject Ca, can take up and
satisfied that if it is to be carried into COM
plete effect. that on the arst of January. 1879,
the paper currency of this country will
have 10 be down to less than one balf OF what
it now is. [Applauss.l When you come TO
examine that bill you will fl nd further that
it puts sufficient power under control of the
secretary OF the treasury to ac-
complish that purpose at the expense OF
saddling upon the country a bonded debt of
two hundred millions more than we are
now grooming under. Now, my friends, you
know from the speech that l read you and
reafIirmed, that 1 favor resumption of
specie payments, recognition OF the fact
that specie is the standard of value, and
must, as matter OF course,
be- Appropriated by everything that circu-
lates as money, or to greater or less extent
Vo suffer from that difference. But 1 ex-
pect before 1879 comes around to vote Tor
the repeal of the present resumption law.
| TCheers.l If it is carried into full force and
effect il Will
WRECK THE BUSINESS OF THE COUNTRY.
A voice-T.sThat's sound."l Even Gov.
Morton in his speech only pledged himself
to stand by 1t as long as he thought it the
best thing. Laughter In the discussion
OF the question, and in that connection the
discussion of the legal tender notes. Gov.
Morton assumes some very peculiar posi-
tons. In undertaking to give you
history of that class of paper
circulation he denouDces in unmeasured
terms one of the distinguished citizens of
YOUR state, George III. Pendleton, because he
had advocated before the passage of the
gold act Of1S69, the payment Of the $40
bonds in greenbacks; and yet Gov. Morton,
in reviewing his own record upon that
subject so far admitted that he
had himself, to certain extent, favored
that same idea with a qualification
that is more singular than any other posi-
ton that he assumed in that speech.
! Here Is what he says upon that sub
/ iect 1Readsl: F" 1t was the opinion of many
distinguished lawyers, in congress and out
of it, that as these notes by the terms of the
law were made legal tender in payment of
/ ali public debts. except interest on bonds
and duties on imports, the government had
right to use them in payment OF the
principal of the five twenty bonds. In favor