The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-10-14

son said: 1--WE are within twenty-four hours
of barter" so utterly gone was confidence
| in currency and each other. Really, Mr..
| Schurz ought 70 blush for such statements,
even in stump speech. Doubtless he knows
that Ricardo, the great bullionist, allows
now we have no security on any system;
that the panics in England iu lS47, 1857 and
| 1866 were ell experienced while specie basis
prevailed; that again and again in specie
basis English history the permission given
| by the government to the banks 70 suspend
specie payment has been the salvation OF the
business community. The men OF Ohio must
be green, indeed, ii such perverson OF his
tory avSi. to mislesd them, especially when
they remember that all our former panics
have arisen under q specie system, and we
got out of them by suspending specie paw
ment. A specie basis will "giVe stability TO
current Valuesr What does Mr.. SchurZ
mean2 Does ne not know that during our
| late rebellion gold rose in price more thar
any article OF merchandise except cotton?
Talk of such an article giving stability to
pricesI II is Sinbad anchoring on whale.
| 1t is like the other green native of that land
of science and philosophy, Germany, who,
drawing "a Landscape, took COW Tor the
fixed point of his perspective. She moved,
and the picture became just such MIDDLE
as these specie basis speeches are. God save
the Germans from their specie basis friends!
The ablest of European writer's, themselves
bulliouists, allow that the time when it
was either necessary or prudent TO tie our
selves 10
SPECIE has PASSED AWAY.
Even Ricardo, the high priest OF the bull
lionists, the father OF the present British
system, allows this. He says: "a regulated
paper currency is so great an improvement
in commerce that should greatly regret if
prejudice should induce us TO return to a
system of less utility. The introduction OF
the precious metals, for the purposes OF
money, may with truth be considered as one
of the most important steps toward the i'm
provemept of commerce and the arts of civ
| iliZed life. But it is no less true that, with
the advancement of knowledge and science,
we discover that it would be another inl-
provement to Danish them again from the
employment to which, during the less en-
lightened period, they had been SO advsnts-
geously applied" We need larger
facilities. We need a real bssis-that is,
the country, the sovereign people,
the wealth of our country-uot a sham like
this pretense of specie. Says Bagehot, the
highest authority in England:
$50 far from our being able TO rely on the
proportional magnitude of our cash in hand,
the amount of that cash is so exceedingly
small that a bystaDder almost trsmbles
when he compares its minuteness with the
immensely of the credit that rests upon it,
bystsnder tremble, as the cash is fifty cents
coin to 500 paper. To initiate that system
is Mr.. Schurz's finance! And even that
minute quantity in coin is a sham. Carey
tells us that thirty-seven years ago Albert
Gallatin, then president of the Bank OF
North America, in the city of New York,
said at meeting of bank presidents: I'VE
all know that while bank note
MANSION IT'S FACE A PROMISE TO PAY
the amount CT the denomination in coin, ii
carries with it the implied condition that
the coin shall never be asked for" II
this be all the wisdom foreign travel has
furnished our senator, better will it be to
get some one elsa to answer the compact
logic of Ewing's speech at 1rontoD. Schur7
parades his bugbsars to alarm the plain
sense of our overburdened and impover-
ished people. No boy theorist can be ex.
pected to comprehend the vast interests o.
those forty millions of people sent by Goo
to subdue the continent, dot 1t with cities
and bind the oceans in marriage by ircr
; roads. The continent is yet giant in it'
8 neutrality-suspicious.. The grand work anc
a destiniss of our people refuse TO DO cabinec
in the six-penpy methods of small, fully
developed states and their financial usage'
1 of two hundred years. To-day our dis
( tress is too bitter for IDLE specu
: lations. The labor of the land sweats under
= debt of some twelve or fourteen thou
: city, railway and mortgage debss), drawing
!, at least seven per cent interest on the av
I erage. The greed OF capital forces the gov
! eminent into one pathway; starving labo
clamors to have it move otherwise; conf
. dence gone, widespread bankruptcy Grip
! ping business, stocks depreeiatiDg. real eE
i tate unsaleable. In this dread winter be
a fore us how will the avings banks stand tn
: demands upon them? Instead of this hair
splitting of Old theories practical statesman
ship uses the wisdomof experience, learn
from our own war policy, profits by tn
glorious example Francs sets US, and b.
: using all modern expedients as she did,
o TURNS DISASTER INTO OPPORTUNITY,
o setting hand, spindle, steam engine an
= sail all at work, pouring content and plent
. through all our channels. It disdains, a
France did, to yield to unmanly fear an
& shrek "wolf, wolff" from the watch-tower
y but with the cries OF "victory!" and "fOT
wardr from the head of the rank, pour
/, confidence into every heart, and makes til
success we prophesy. 1t is poor govern
ment, and they are but sorry leaders, VIII
n stand up TO whine before the people Will
even at our doors and at this very time an
( year. other lands show US the safe pat
out of all trouble, and how to plant our
selves on solid ground. Talleyrand said
: Everybody is wiser than anybody" an
the plain common sense of the people viii
g yet save us from this "much learning
. which makes our statesman "mao."