The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-08-26

guish or perish in the cure.
1t is in vain for the republican party or its
advocates to assume itself to be hard
money party, a sound currency party. 1t
can not steal the livery of heaven to serve
the devil in. It can not don the lions skin
to hide the fox, or conceal the vampire.
That party inherits from it's political ances-
try paper money principles, and would dis
own them now. Long before "Big Bill
Marcy" and "Small Bill Seward" ran on
this very currency question for the govern
orship OF the Empire state, the progenitors
of the present Republican party were
paper money men, and this too in a normal
condition OF affairs, when gold and
silver represented labor and the products of
labor. Per contra, there is not an intelligent
elector in the United States, who does not
know that the Democratic party in all times
has been the advocate and defender of a
sound specie basis; but like the Democrats
of Ohio, it does not propose to extirpate a
disease, and thereby lmperil and inpover-
ish the people and the whole body polite in
the act. There is nothing inconsistent with
old and recognized principles of the party
Gratis. 1t is not party of extremes, but
sdapts its principles to emergencies, and
deals with evils 1t did not originate, on
the principle of ''subserving the greatest
good ofthe greatest number" All honor to
the Democracy OF Ohio. The election there,
we trust and believe, will be a triumph of
sound principle, tempered by due regard
to polite measures for the benefit of the
whole people, the key note of a national tri-
umph, in the direction of honesty in the adj
ministration of affairs, in the direction of
subscribing the imminent needs and welfare
of the country.
The present action of the republican adj
ministratton in monetary affairs under an
act of Congress passed by thrilling debate,
is not only specimen OF shallow states
manship, but of wicked folly. 1t proposes
to call in and destroy the whole body of
fractional currency and institute silver &C.
cumulated for that purpose. The con-
sequences of this will be disastrous.
If practicable, and it conld be done in
stantly "what would become of the coin"
That which is not boarded by misers, would
follow the flow of trade as the tide then
runs-probably to Europe-sooner or later
there to pay interest on our bonded debt,
and tor imports. 1t proposes also to retire
greenb backs and force the use of gold. This
at the present time is the idlest chimera-
where is the gold to come from, and what
will bring it here? The government may
and does receive only gold for its customs
dues, but it Immediately goes back
whence it came, for it is due
there. Enough perhaps is kept for
Wall street gambling. But
coin is to be bought at premium, adding
Co our national debt, and then
contraction is to begin by redemption of
paperl And this gold will still flow to Eu-
rope, where the chief creditors of our gov
are. Gold being the standard of
values, represents the material prosperity of
a country; represents the products of labor,
and agriculture.
In normal condition OF affairs, under
well ordered and economical government, a
government owning little or nothing abroad,
ample in resources and valuable products of
ts people; never having been obliged to |
substitute its promises to pay for payment, |
md thus compel its people to receive these |
promises as money; not compelled to issue |
ponds and promissory notes to buy what it |
reeds, and receive the same back as income |
or taxes levied. When, in a word, its credit
has not been substituted for coin among all
is people, and the gold it receives, or
Buys or coins is not due abroad,
hen, in this healthy condition the products
II the country are paid for in money, and
lot in an exchange of credits-paid for in
he main by the standard currency of the
world, not altogether, for there.is no Tsuch
sufficient for the uses ofthe world,
iut enough to form the basis of currency,
nd it would circulate and remain, and ebb
nd flow equally in the tide of trade.
But we are living in an abnormal condi
ion of affairs. War has desolated a large
of our country, staid its indus
ry. parslyz ed its labor, robbed its people of
millions-not alone robbed, but
this wealth so that it exists no
more. 1t has blotted out its trade and inter
hsnge ofproducts in the other sections Of
he country to vast extent. The govern
nent itself, to maintain its integrity of ter
itory and unity OF rule. has been driven to
Is credit alone-its promises to pay to OBJ
ain the means to conquer a peace.
t has bought money from its own
people and exchange from abroad at
enormous premiums and for an exhorbitant
interest, and the interest of its debt, due in
yold, defies all its capacity to make or buy |
DIN, without increasing enormously the
lebt, and a still greater drain of gold to pay |
t. 1t has torn millions of men for long |
periods of time from the ordinary pursuits
If lite and industry for its armies, and sud-
ienly dropped them back into the throngs
}. population, without money and without
adding a mass of pauperage to
lisorganize labor. The feverish and I'M
,at ,nrocnoritv roSu ltin0 from the fiood If