The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-09-09


repeal: However earnest we may be for re-
turn TO specie payments We car not wish To
irighuut increase OK our iofelSn pubic dept,
Because OF my strong belief that this measure is
fiaught with calamity TO The commercial inter
eSts. 10 the industrial pursuits and 20 The labor
OF the country. have responded 10 the COM
mitiees invitation without reference 70 many
other questions that may De ulscuesso among
you. Have you considered the reasons which
Senator sherman says controlled his party in
passing this lawe He himself wanted another
measure, whether better worse than this I
need not consider. He wished TO fund the treas
/ ury notes until the residue should be at
destructive TO business no ooe can say.
PROBABLY the country would bscome strewn
with broken fortunes. and the highways hllsd
party friends would not agree TO It. He says
they had gone into the canvass OF last year with
DIVIDED counsels. and the result was defeat
| the defeat that the party IN power must agree
uron some measure and the result was the pas
confession may say-thst a law affecting every
interest of the people was the child OF party ne
ceSSity. Will you ADOPT it. and rear II, that IL
may destroy yo": Your decision will be in
your vote
SPECIE PAYMENTS.
Having stated my objections to the last devel-
oped financial po,icy OF the administration and
its party, ssk your permission to read what
said to the people OF Indiana last year in respect
/ to specie payments: 1.-The expression in favor of
a return to specie payments is very general, but
the real question is when and how can that be
accomp Iished? 20 long as the supply OF coin is
so small rs compared with the paper
money, It is impossible. The effort
now would liz, pro2 r,y result 81 b,,, IN
I No sentiment attributed to Mr. Greeley in 1872
was more hurtful TO his political fortunes than
the demand for Immediate specie pay ments.
To render it p ssibie, without hurt to the coun-
| try, coin and paper must come nearer together
! in quantity. They Will then be nearer. II not
uniform, ia. value. How shall that be brought
| about? BY reduci the paper currency? With
the present burthen of national, state anu local
taxation, aud the large volume of other indebt-
edneSs TO be provided for, that can not be borne
Ii would cramp business and paraIyze labor. No
earnestly than myself, for L believe gold and
silver are the real standard OF values, universal
and permanent. As had occasion once before
10 say, the existence of commercial mediums of
diGe emit values one description OF money for
ent class and purpose is too serious an evil TO be
long endured. All the money of the county
should be OF uniform value, and readily con-
vertlble. But we are not in that condition
Our paper money exceeds the coin uy nearly
five dollars 70 one. bow VII. we orlng them
nearer together in quantity, that they may ap
proach and meet in value? Shall we commence
at tne top and tear down, or at the bottom and
build up? Business enterprise ana iaOOf, every
imp orIant Interest OF the country demand That
the volume of the currency be maintained 20
meet their requirements; Dat every IN
tfrest viii be Strength ened BY increasing
the supply of coin. How is T. ct to be ac-
cOmplished? BY encouraging an increased
command the foreign market: by reducing our
expenditures In foreign purchases; aud oy re-
make our debt a foreign oebt. When We pur-
chase less OF foreign goods, and sell more OF our
productions abroad, and cease TO pay 50 ElUch
of tbs interest on our debt abroad, and pay it TO
our own citizens, the current OF gold will turn
towards cur shores, and then specie payments /
will be certain. natural and permanent, and
Will become the basis of an enduring prosper
ity;" IS socn as the BUSINESS OK the teo1ntry,
trade will justify the opinion that gold
is accommodating, and is likely 20 remain, Goa
Tedemption of The treasury notes. When | adj
dressed these sentiments to my fecw-citiz7ns
of indiana a year ago il did not occur 10 me that
there was craftsmanship beyond and above all !
1 had thought. 10 be found simply in borrowing
gold, increasing our national debt and the ever
recurring payment of interest abroad had
supposed that our ability at all tines TO redeem
the paper currency in gold pended upon per-
had thought that gold brought into the coun-
try under the influences OF increased production,
and com merce; woaio remain, Put Ina poTIO~Sa
development of the resources of the country, in
its increasing and extending productions, and
in the stable laws that regulate trade and COM
meree, rather than ia TEMPORARY and arbi-
trary devices by congress. More than once dur
ing the war, under the lead or senator sherman,
congress undertook to regulate transactions in
gold with view to conIrolling It's price, and
al such attempts proved 10 be.
REPUBLICAN DISTINCTIONS TO RESUMPTION,
The party that now seeks continued
power is responsible fer the two
great impediments in the way OF re.
sumption. BY strange and questionable devices
they have sought TO mako our debt foreign in
stead of domestic debt. The consequence is
that every payday large sums in gold are sent
abroad to pay interest coupons. The red blood
flows from the veins and arteries of the coun.
ioyyds. who expended their rents
abroad. Cheap Chinese LABOR eats
at the vita!s of our prosperity on the
Pacific coast, 50 long as the wages are sent back
in gold 10 China. The farmer grows poorer eV-
cry year who returns no nouriShmant 70 his
fields. To our state convention Last year l made
this statement OF the second impeachment:
Cotton and tobacco are the most important
staples II our exports, at some times eAceedlng
all other commodities. Since the close OF the
war it has been the suggestion of wisdom 10 en-
courage their production IN the largest possible
quantities, as il has been the dictate
of humanity, christianity and patriotism,
to promote reconciliation and harmony
between the sections. But political and partisan
interests have been made paramount 10 human-
a 1sg have Been estaSlisRed and as far as
possible, maintained, in the South Intelligence
and virtue haveb been placed under the domln-
ruDtion has borne sway; public indeb edness
has become frightful, and taxes too heavy to
carry, and development crushed and enterprise
of hatred. and all this that party migot
bear rule" They have nourished the noxlous
plants OF corruption, violence and fraud in Lou
1siana and other states, rather than the cotton
ant and Agriculture can not
flourish under bad laws, corrupt administration
and cruel taxation. / suppose IL Is entirely
clear to your observation that had state author
ity been respected IN accordance with the con-
stitution, apd the people been left in the con-
troll o. their domestic afsirs, without pref adice
or denial of right TO aay class, In ac-
cordance with the constitution, greater
harmony would have prevailed between the
races, prosperity would have returned TO those
communities more rapidly, and the production
of the great staples would have been much
more abundant Then our valuable materials
of export would have been in larger supply,
and, as a consequence, our supply OF gol1 more
reliable and permanent and specie payments
nearer possibility. Individual ha -piness, and
the geneI al interests of the country, have
been sacrificed 10 party policy. Har-
mony based upon justice, aud the
protection OF the rights of all classes
must be restored. Prosperity Will follow, as
pure water flows from pure fountain;