The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-10-07
L suPPLEMENT---sPEEcH or THE HON. FRANKLIN LANDER

o.
shall at no time exc ed the sum of sl5O,OoOOOO'
By this provision of the law IL was expressly
stipulated that the amount OF the two kinds
of notes the entire issue of government money
should at no time exceed sl50.0O0,000. Now, how
long did this legislation, so limiting the issue of
same congress at its next session repealed the
pledge of limit By authorizing the issue of an
| tinued to issue legal tenders as
| the government needs demanded,
with each new issue repeating in one form and
another the pledge of limit stion, until the vol
\ ume of issue reached the sum of $40, 100000.
nothing else to offer as a barrier against the
| further issue of the legal tender currency, the
| subject. The plea of final legislation is the
| refuge only of monopolists and extortioners,
who always use or disregard it as their own in
| terests may dictate.
CONCERNED FOR THE PUBLIC CREDIT.
Again, 1t is claimed that it would injure the
| credit of the government to issue more than
| $4,000 900 of legal tenders. These gentlemen
certainly claim great deal Of wisdom in being
| able to decide to a dollar what the government
/ can Issue without iajuring its credit. illegal
tenders not bearing interest are issued, and we
| take up bonds bearing interest. thus saving .he
interest on the amount OF bonds taken up by the
legal tenders issued, am OF a loss to know how
the credit of the government can be injured by
IL on any business principle On the con-
trary, could anything be clearer than the fact
Of the government upwards o. ESQ.,
000Oo annually, as l have shown
of the government. That which augments the
interest augments the burden Of Indebtedness,
and that which decreases the interest lessons
the public liability, and so adds TO the credit OF
the government.
1t is claimed that the bond holding interest
have ground of complaint If this limit of 1854 Is
exceedei in the issue by greenbacks. If that is
true have they not ground now Tor compliant INT
yond the limit fixed in the act Of 1852 and 1868.
But why should a bond-holder complain of an
act that would save the government that owes
them so much money, thus better enabling
the government 10 pay them what ii owes
them?
and fear lest the country shall be ruined by the
substitution of greenbacks for their circulation.
! They cherish no fears. however, that financial
: disaster will result from the withdrawal from
! circulation of the ereenbacks, although =, e
! volume OF greenbacks exceeds theirs by up
wards OF s5O,0oo,0Oo. Their proposition involves
practical, Immediate substitution OF their own
} currency. This would be contraction con-
tracted. and, for perhaps years, reduce the
} proposed minimum, inevitably forcing financial
disaster upon the country.
? The greenback currency is popular with the
, people, commanding their confidence and salts
tying with them every purpose OF money. II II
based upon their own credit, and Is, therefore, a
thing at once OF their own use and OF their own
( protection. 1t successfully and triumphantly
RnoWn 70 onr h,stoTy a. q peonlep IL has pSid
millions OF state and individual Indebtedness.
E 1t stood the panic of 1873 better than he ma,
tional bank currency. IL is OF uHvarying and
@ uniform value from one limit OF the country to
the other, and to-day IL would sand in he mar
ket at par with gold bat for republican legsla-
= ton, which has persistently sought to bring
about its depreciation.
ABOUT GOOD AND BAD FAITH.
But the national ban ers protest that 1t would
be an act OF bal faith to repeal the national
banking law. They have never pretended to
keep faith with the people upon whose credit
!. they do business, nor do they themselves comply
y with the law of their existence. Do they confne
IS their rate of interest to that" rate of interest
q legal In the state where they are located In the
i absence of contracts" as provided by the law
IS IL they do not, then, according to the national
n bank law, they forfeit all their rights to any
fs5iv of t6st aT 5ee
| would in some measure, be compensated fol
:. the credit they loan the banks; The infraction
z banks has cost the business of the country
e millens OF dollars in the way of unlawful inter.
S est, and has gone into the bankers pockets. And
l. yet he talks ABOUT good faithl 1t is the sworn
= duty of the comptroller of the currency, foi
, which he receives handsome salary, TO know
3. that this and other like requirements OF the
r banking law are obeyed. And yet am not
n people have ever prompted him to seek the en-
n forcement OF the law, Notwithstanding the law
l. Itself further provides that the violation OF This
l. provision against usury forfeits their rights
y under the law.
d THE ROAD OUT OF THE WILDERNESS.
g Your resolution condemning republican
= legislation tending to the depreciation and dis
d credit OF legal tenders and indicating the true
e policy OF enhancing their value par with gold
4 by MAJ ing them legal tender 10 the last extent
compatible with the financial necessities of the
? government ought to commend the appreciation
q and sanction o. honest, well meaning men OF al
= parties. IL Is the direct road out Of the wilder
J, ness of our public Indebtedness which may be
safely travelled without crash peril to the pub
n lie prosperity. In fact, IT would have been fai
better for the country had we followed the ex.
ample OF France and the wise counsels OF the Hon
n Thad Stevens and made the g-eenbacks lega
a
: without exception. Tue manifest ten
d encdy of the cooler and wiser heads
= been in favor of so making them abs ,lutely
q legal tenders for every purpose, until the con
: with the interested purposes of the bulIionists
n Mr., Stevens himself, and others, on more than
n one occasion regretted that any discrimination
- against them had ever been made. But In spite
Of this wiser and better sentiment Of sound
:. lists prevailed, and from the very
n beginning they were not made rec ivable fol-
tariff dues and tn interest upon the public debt
d. Now this large debt due from the Importer to
lie the government has enabled the bulllonists to
% organize their gold board in New York. This
could have no other effect than to depreciate the
ID money from its very inception.
The act offs; Of 1862 provided among other taings
y verted into what is known as the five
rs twenty bonds; and received as at
go1dd by fhe ana suSect 10 re ss1e
l. These bonds have now for years stood at prem
1t ium in gold. Now, ha i the greenbacks been al
D. lowed to remain convertible into $40 bonds, fl
e IL not fair to conclude that to-day they would
s have stood at par wi h gold? But from the houl
sion Of the 5Ss. the policy Of the bniionists he,
1t maintained steady and inflexible ascendancy
Is and every act of legislation thenceforward has
rs had the direct tendency and purpose to impair
lie the commercial value of the greenback
The contract between the holder of the green
N back of 1862 and the government will be found
Of upon the back of each bill of that issue 1 ASH
n now, whether the repeal of this act was not an
l. act of fragrant reputation upon the part of tn,
al republican congress? And Ii the endorsement
IS uDon the back of these notes is, in the words o