The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-10-07
OF THE HON. D. W.Vo0RHEES.

IL hid itself from danger and sold its assist
snce only for enormous pay while lie the rebel sol
cept his devotion to erroneous principle,
While the soldiers OF the North, 100. were freely
going 20 the front by the million. the capitalists,
were allured nom their safe retreats in the
midst of their boarded treasures only by vast
golden brides. Neither in law or In equity,
neither in the sight OF human courts or courfs
divine, have they any claims upon the forbear-
ance or gratitude OF the American people.
THE SECOND STEP.
2 The next step in the history of the en-
croachments OF the money power was the estab-
lishment OF our present system OF national
banks. Not content with its vast gains, In OBJ
tanning the government bonds. the money
power perfected plan by which TO hold them
as the foundation OF banking. The wealthy
classes were unwilling that the government
nish them with cheap and safe currency.
They insisted upon standing between the
sisted Upon A becominx s6a "middfey nm
in the matter OF furnishing a circulating
medium; and the profits that have accrued TO
been paid by the taxpayers, without par
allel In the history of any other insncial sys-
tenn upon the face OF the civilized globe. 1be
magazines ard official reports of bankers show
thai the 100 national banks of the United States
10 two hundred and fifty per ceut. This is the
frigh, full bonus which the taxpayers have paid
ing from their own government n currer cy on
which TO transact business and obtain the nee
esssries OF life.
people in order to fulfill plain duty 10 them.
can only be properly characterized as a legaiZed
robbery. IL has CO { the laborers OF this country
far more than our entire present circulating
medium 10 obtain a currency since this policy
was en- acted.
THE THIRD MOVEMENT.
3. The next act, however, in the history of the
encroachments of the money power was even
ho1A
pointed out. The act OF March, 1862 known a
the gold bill, in my judgm ent stands alone in
the history of legislative crime The people were
already loaded down with debt, but their debt
had been created in manner which they
understood. They knew what money had
been paid for the bonds, and they knew that
win the same kind of money they were to be
l.quidaied. This was the setti. d. understanding
and was ratified by public opinion. The various
laws were themselves plain aud explicit on the
in that construction OF the laws, but they loudly
and afiirmatively declared against any other
construction. Grant carried Ohio itself I'm 1868,
on distinct platform declaring that the 500
bonds Were payable in legal tender notes and
not in gold. The Republicans all voted for
that declaration only seven short years
ago. The republicans of Indiana cid
the same. II e democrats OF both states
conspicuously did likewise. The public men of
Ohio and Indiana also concurred, making the
SENATE MIR sherman attached the odious eni
tibet of "repudlator" 10 any bondholder who re-
fused TO take legal tender notes in payment of
his bonds. He said he han carefully considered
satisfied such would be the decision of a court of
justice. Senator Morton was even more con-
spicuous il possible. In his strenuous defence of
the p ain and well known contract. He went so
far that he can not now make his new allies be-
lieve him sincere In his new faith AS new
convert he is dis rusted and hideously carl
catured in the camp of his friends. II is not for
NE me-, to say Why lie and others have changet
What influences were brought TO bear know
not. l only know that they do not profess TO
have received any new lights in the way of argu-
ment upon the questions they once so plainly
understood and so pc itively determined. en-
dorse the right and the duty of public man TO
change his his. Opinions and assign his reasons
out the approval of the people or any
chance for their approval. with the last vote OF
fresh in the recollection and binding on all the
infamous act of March, 1859, followed
close upon the heels of the canvass of
the people involving thousands of millions of
dollars was set aside by the mere breath o, their
representatives. AS Senator Motron said, four
plain and explicit laws in their favor were an
nuled, and the money power again procured in
coin a shameless gratutty OF more than five
hundred millions OF dollars from the industrial
classes of the country. I'm the most degenerate
crown was sold at public auction, more afro
ciouS outrage, than this, was hardly ever con-
summated Whether 1t is to be borne through
generation and the generations 10 come are to
toll and sweat, TO make good this stupendous
10 throw it of, does not change the character of
the crime itself; nor are those who have pur-
chased bonds since the act of 1859 entitled TO the
plea of innocent holders. They bought with
their eyes open. They knew what the original
contract was. The money power is not blind.
The purchasers OF bonds are the most vigilanL,
keen-eyed, keen-scented class in the world.
They knew that great fraud had been perpe-
trated, and they came in, and, by their subse-
quent purchases, sought and obtained the ben
ehts Of this frapd; Whether t that act hoMever
which we all agree, aud that is to punish with
perpetual Punishment, from the public conf
dence, its unprincipled authors
THE FOURTH GREAT ACT OF ENCOURAGEMENT.
4. The fourth great act of enroachment by the
money power is the present law, to which 1
have alluded, enforcing the contraction of the
currency, and the resumption Of specie pay
ments. The Sherman bill is the elimination,
for the present of its long series of expressions
and wrongs. 1t was dictated by the capitalists
to make money scarcsr, in order that the money
a greater power. Those who are possessed of a
commodity on which they desire TO OBTAIN a
profit are always benefited by scarcity OF
it in the hands of others. monopoly OF
the Chief aims Of This last Enactment mt
1t will reduce the value of real estate
and of personal property, and of all the COM
modities which the farmer and mechanic have
to sell more than nifty per cent, while all pub
lie securities, government bonds, will increase
in value and taxation will grow in the same
proportion. Under this law all the private
that remain unpaid, at the period of resump-
tien, will become payable In gold. From this
hour the debts OF the debtor class will increase
in weight and size, in proportion as the currency
is Withdrawn to make way for specie resump-
ton. The debtor class is sometimes sneered at
by the agents OF the money power, but If this
class is not taken care of, the creditor
class will fare badly. too. The one is dependent
on the other. Il the man with mortgage on
his farm, either to some Eastern insurance
company or TO some money-lender, becomes un-
able, by reason oil contraction and the resump
ZION of specie payments to satisfy his mortgage,
his creditor must take his farm and become the
land owner in his place. or lose his debt. II the
present policy proceeds it is not hard to foretel
that such changes in the title of real estate will
become frequent everywhere