The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-10-07

aeCUIluIHIlng INTEREST, InakIng
interest bearing debt of his firm an interest
bearing debt, and so pay the original liability?
How long would such business ma figure as a
member of that firm? Is 1t not very evident
that on short notice a dissolution of the firm
would occur, and this sagaclous business man
republican members have recently walked
"down and out" Of congress?
The policy Of the democratic party is to deal
at first hands, TO have no ''middle men," to do
indirection makes unnecessarily expen-
now already over burdened with taxation 1.
We demand that the federal government alone
backs snd the siOoooooO ' fTacSioSS Currency
shall continue to remain in circulation; that the
national bank currency shall be retired, and
bondholder and the people.
By this policy the people will exempt them
selves ives from the guardianship Of bank officer
annually, the difference in the non
expensive national bank 'G note. A people p who
are competent for self-government in every
Vi6ual life cannot be " incom petent to de-
termine the volume of currency necessary to the
easy and successful transaction Of ,neir bust
plicable TO the exigencies OF supply and de-
mand, we combine the wisdom of the people
with that of the bank officers as we combine
the entire capital of the country as a basis Of
the greenblck currency.
MAKE THE YOKE EASY TO THE SHOULDERS OF
THE PEOPLE.
We recognize the doctrine that "war legis-
lates," and that as an unavoidable consequence
OF the comes this public Indebtedness
While we do not regard the national debt as a
national blessing, we do not hesitate to adopt
such measures or public policy will avoid
grinding the faces or the poor by imposing upon
the labor of the country, not merely the burden
OF the debt, but additionally the usurous
interest snd extortionate profits of coupon
clipping bull 20 1ists Nor will we hesitate TO
utilize as circulating medium that money
to the financial wants and necessities of the
people. The creation of he greenback currency
came, during the dark hours of the war, equal TO
the discharge OF every public ana prive monted
obligation. IL was good enough with which to
pay the patriot soldier in the field. 1t grew In
favor with the PEOPLE not merely because OF
their con tdence in its security but also for the
reason that they were taught to be-
were their own creditors, and to
ing them nom liability for interest on their
public Indebtedness.
Now when you consider the national bank
circulation as l have shown It, when you refiec
| that IL can not have more credit than the
greenb lcks, II is not surprising that You shou
lbs In sucn iaVTr me green , der tne
Indeed its circulation is a source Of profit TO the
people, while the national bank note is a thing
OF expense.
NJ
OF THE "IRREsIsTIBLE DEMAND"
In this connection, allow me to quote from
| letter of ex-Secretary Mccullough to the Ga
zette, of this city, dated August 81, 1874. II,
says:
ain regard TO a substitution of bank notes TO
greenbacks, 1 have only to say that there ough
not to be, and there Will not ong be two kind
| of paper money in circulation. One kind or tn
| other will occupy the field. This, | think, is In
| evita BILE. We shall get rid of the United State
notes, or there will be an irresistible demand 70
4 more OF them. advocate the substitution O
bank notes for United states no,es because tn
latter stands In the way OF a return TO specie"
/ Secretary Mccullough in this letter recog
nizes the fact that any delay which gives on
and deciding Tor themselves which Of thes
/ two kinds OF paper they prefer and counsels hi
bullionist friends to make haste to force the i'm
mediate substitution of bank notes for green
backs. Following his interested advice, be
cause he represents the bondho ders Of Europe
the repnocsn congLess IN January last unde
| choking down debate, passed what is known
| As the re- sumption act, providing for the ute
| backs The democracy accepting this issue, ten
dered In which the supposed Interests OF ma
tional bankers demands the sacrifice by the In
terests of the people, appeal from this hasty ant
Iinconsiderate gag law legislation to the 1ndin
and judgment of the people themselves Tn
business depression OF the country, the sagna
ton ofcommerce, the millions of unemploye'
labor, 9eess0ned by what has already been don
II
making the demand for but one currency, tina
The buliionist nnding it impossible to keer
/ this question from before the people to TIT
kind OF currency that they will have, and fearin
that the demand of the people will prove ire
| ess and even te egraphed to Europe for Car
/ Schuz, knowing him TO be one o
| the ablest advocates in the United States
Schurz that he regards the republican side O
this question as indefensible, and betakes him
self to the artful Misrepresentation and miscon
| siruction of our position upon the question an,
/ the defamation and abuse OF Gov. Allen. AmonI
/ his notable misrepresentation OF our position
Is his assertion that we favor an unlimited issu
of greenbacks. This is no part of our policy a
1 Mr.. Schurz and his friends may lie arm by refer
/ ence 10 the explicit language of your resolution
/ that the circulation should be made and KEEP
/ equal to the actual business necessities of tn
| country.
FINAL LEGISLATION THAT WAS NOT FINAL
The national bank advocates claim tina
under the law of 1854, the government can no
issue more than s4OO,0OO0OO, the limit OF issu
then established by that act, and which 1t is t
their interests to claim final legislation upo
that subject. IL is the misfortune of monopo
lists(and bankers are no exception to the rule
that, ever persuaded TO their own interests, the
| always regard that legislation which favor
them to the detriment of the people as sacre
and irrevocable; but legislation OF a contrar
nature and fayoring the public interests is q
| ways repealable. Now, we have been laugh
Pile; that they hold the right and tn
power to repeal any act of legis
| iature whatever; and that such thing a
the irrevocable DEGREES of congress are unknown
to our system of government. II this Is no
true how are the people to rid themselves OF act
of iious legislation, and are not our member
of congress, instead of being the servants of tn
people, their lords and masters?
In additi N to all this, while we claim Ii as al
incon trovertible proposition that any act c
congress is repealab'e, and that in our legisls
ton there can be no irrevocable DEGREES, no i'm
nut Bile laws yet in this matter of the nationa
banking law the act itself cor taius the expires
provision that congress reserves the right
amend, alter or repeal this act"
IL will then be no act of "bad faith
| to so amend our banking system ths
the business shall be predicated directly upo
| greenbacks; that there shall be no monopoly {
Is hnsiness hut thai. any 9th ar hnsi es