, 1875-08-20

Craana sIec,al SAYS Senator Mcdonald, of Indi-
ann, made speech there tu-n,ght, which wAs
n,a.n,y III ror,y to sol'ator Aorton's Bpcor,. dc.
livcfet al tho same place como dnyB ago, upon
financial matters. Sonator McDonald sail: !:
II Te4tato my position a. takun last
year ii, tho Jnd'ano campaign. 1 mn
ileo to admit that otIr bluati0n IL QUO of great
difficulty, and tho BOutIoH III hot GasaIy arrived
at; yet still l havo sotno olA-fa4lin nlrAs Oil
tho subject RprlnglnE from Democratic prit-
clples that wero eat'j engI afted lnio u,y
n.nd, tba. form, lor nla ht iuaet. CERTAIN 1and-
marks. Ia the tlrat place. 1t III clear to INV
mind that the normal condition Of tho finances
OF commercial country should Le on a al,ecy
basis. bcuatlte bpecu IN hotsie tnanhar fDimB tho
stasldAra VI value IN all cunrsc,al lraunactluns.
III Wu Ind no siauo VI coMtnt1cO with foreign
nalIons, it would Iualter worry little tu us
wllat we stlull[d aIUpt lneliu1n
of exchange between uuI solves. We aro nut
only cotuinorctai ualinH. hut Nj arc rortner-
cial prorlc. a'sd ;Aeraforoi It 6ecninea necessary
TO have for onr stuutlard of Values something
tnat a:pr0xmateH tho standard used IN other
Countries. VIC rannot ATorI to always use a
doprccmted currency. anu tho moment wo
pass our bJrtler tile money We u2e
il at discount II we disregard tho worlds cur
,tucy in provldnlx ono for ourselves. 4 ration
driven Git of tins normal condition By any ex-
traordlnary combination nj rircunhl ances must
lose, to Hosnb extont ltd position in tile marts Ut
tho world unless it retnras tu 1t soon pi ac-
tlcabe. When the clnsag which have driven uB
ont OF the ordinary cl,aullolh of financial
economy havo ceaHed to operate. the natiollal
tendencv Of traao and business Is to icbture tic
NOT ma1kolditUn. When tile War ended and tho
Necessity for extraordinary expenditures ceaB.d
speedy reaction ret IN, and tho difference be-
twecn tho vaiuo Of gold ami onr lyapor was
rapidly reduced. That redhctlnn has been
gong on ever Hlnce, but. az the 'g.p grows
smalier, the process OF coRing mp l,na 6ee1,
difficult. until now it may b. almost eal TO
stand still. Tue gueation now Ia, how to bridge
over the chaBtn without sertolla det1imsnt 70 tile
bnHincBs ihtoroBts Of the country. l am not
much In favor Of allo king tho Government, ,u
amy v.ulent form, to change tho values or
force the channels Of trade. aud therefore prefer
to wait until tho legitimate busuoss ct tile coun-
try shall enablo Id to grow nut OF tho dilemma,
keap,ng constantly In view the fact TINT We arc
out Of our true position aB a commercial people
uutil tl'nt period lB reached. aou thcse shall bo
no louEcr difference between the gold dollar
and papor dollar: Tue aud tLst the Government
can properly gitc to bring about tlo desired
addfefs to tue D. mocra'tc Convention, aud con-
aists mainly In stlmufa ing production, a,Ill iu-
creasing o"1 trade so that gold viii como in mud
roman tonan With u.s. tn.tead s.,i being constantly
assia.t a"s u in ''ss9 our 'us trade 0'sasS ~itt
other nations. AM sn1louH to SEQ the Nationai
banka Of tho coun'ry in tho ccftai,i and suro
procssa Of acknowledgements In any violent wuy
AZ that would do, but under such q policy az
would eventually accomplish thu end. havo
never been able to bring m.self to bclleyo
the legality Q: tho logAi-toDtler act. cannot
believo Congress posscsaes power to con money
out Of pauor. ict ! bel,oyo in tue fullest man
Nor In tho right Of tho Goverutnant to use her
credit In tho form Of tsaas1ry"notos to any n1-
tont her creditors will receive them. and that tho
poopIo may ma them among themselves AZ cir
cuiatinx nlodium, aud. while the Government iY
carving largo debt, 500 no roaHou w.,y
VIC SHOULD not al far ~ possible relieve tue pep
pIe from the burden OF tho obt AZ to Interest by
q lrbo uBo Of tteaHurY npt0s. hpl thus IRhtou
tue burdons OF Government and at tho Same
time fusuah q safn circulating modiurn for tho
people, bnt am 1ec!daaly In favor of the
doyernn,eut providing Tor the right or local
taxation on all paper credit deslgnsd 10 ctEcu-
late as moroy as other Property IL taxed. de-
ARE 10 10 distinctly understood ttlat In bringing
about this deni,o enL Of erecio resumption. I do
not dsAire to SEQ Any violence luna to tho b1si-
ness interests OF the counlrY.