The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-10-07

children after MIN, mode OF investment by
which his gsins already made win continue TO
increase Without labor on his part and by the la
Dor OF others AS this country Is growing older
we are assimilating In many respects 10 the old
and wealthy countries OF Europe. The rich are
England the aristocrscy is based mainly upon
large hereditary estates. They have tenantry
instead Of tSeiI own. The incomes ns thus ob
tanned naturally seek investment. Commercials
hazardous, speculations In land at an
as for the government itself to provide
| their capital. They thus avoid the anxieties of
an active business life, as well as It's hazards.
And so in this country; there is rapidly grow
intellect or virtue but In fact, founded upon
wealth. This class has, by the
POWER OF MONEY,
shaped the entire financial legislation of this
country for the last fourteen years. 1t owes
and controls body, soul and brain, the leading
powers and governing influences OF the republi-
can party. 1t dictates measures for It's own
begets the sherman enactment 1t
does In order TO give itfelf more
room and wider scope for the investment OF
capital, withdrawn from active business. The
people at the behests of this moneyed aristoc-
racy ale to be compelled to give up their clrcu-
lation, surrender the favorite greenback, in
order that the capitalists of the world may in
crease to that extent their investmen Is in gold
Interest bearing United States bonds. IL is
senseless to say that all may purchase these or
any other government bonds IL is only the
man who no longer has necessity for labor, who
has accum ulated enough to live on its i'm terest,
who, therefore, wishes TO withdraw his capital
from active trade;i IL is only such man who
can become a holder OF the bonds of the govern
ment.
Admitting even, therefore, that IL may be de-
sirable TO return at some day to a gold basis and
specie payments, IL sufficient gold should ever
exist for y, such PURPOSE and the bIsi ness in
still the method taken at this time by the party
IN power, 10 reach such results, is one OF the
most enormous evils ever attempted 10 be fas-
of determination, however, which has been de-
clared against the greenbsck currency, and
people, has to be sustained by some pre- ext,
whether true or false. We have there
fore heard a wild, fierce hue and cry,
and bitter vituperative clamor from the
wealthy subsidized newspaper organs of
monopoly against this species of money. 1t is
now hooIed and pelted wi h filth and execratiOn
fraud. No street mob ever shouted after a fee-
ing thief more furiously, or with coarser, viler
epithets than they do now against the legal
tender notes of the United States. To read their
long and scandalous arraignments OF this
money one would suppose that It's career had
been evil, and evil only, and that continually.
One would suppose that IL had aided and abet-
ted the overthrow of the government; that IL
had connived at the commission of revolving
crimes; that IL had planned and plotted trea-
son that III had brought deSolat1on and bank
ruptcy upon the business marts of the country
that it had depraved the morals of the
people; that IL had
CREATED AND SWlNDLED ALL CLASSICS,
that il had made glittering promises
that had never been fulfilled, and that
in all imaginable ways 1t had been an
instrument of destruction, calamity and woe to
our country and our people. If 1t had, in fact,
done all these things, 1t would no more than
Justify the course which the agents of plumber,
robbery and accursed greed have pursued
towards IL. Instead however, of the greenb back
currency being the malignant spirit of mischief
which IL is now daily and hourly described, let
il has done. When the greatest trial that ever
assailed this government, strained every timber
and bolt of the fabric, when disunion came,
of gold? 1t disappeared like dust in hurrf-
cane 1t had no power TO save. Ii was invoked
its inability, and Il our reliance had been upon
il, our government to-day would be torn and
disme mbered, beyond the hope of healing
reconciliation. 1t then that this much
maligned currency came forward and served a
purpose, which calls for gratitude and not curses
said that il can only be the creation of the war
power OF The government. 1t is said that 1T is
unconstitutional to issue such money except in
time of war. IL is true our fathers who framed
the constitution thought otherwise when they
the United States. 1t is true that the Supreme
Court OF tibet United States has repeatedly held
that congress itself must be the judge of its own
coDstltu t1onal point, the power OF congress TO
issue such money may be described as power
to save the government when IL is imperiled
Ito protect the people from r9in-to
promote the pub &c welfare, insure
domestic peace and tranquility and ad,
the people. Exercising this power in February,
1862, when gold had failed to accomplish any OF
these results, congress babe the greenback go
forth and try what it could do. 1t performed It's
mission well. 1t upheld the honor OF your
country and your flag, at home and abroad 1t
fought the our bitter years OF war and brought
victory and union Pm II fed the soldier on the
field, for his suffering and his death. 1t has
paid, and still pays, his widow and his orphan
for his loss. 1t has transacted all the private
iucalculable millions, from the hour of
its birth. The country has developed its
resources, expanded its cultivated boun-
money than during double the number of
years at any other period of American history
While we had a sufficiency of 1t, and before this
war of contraction and determination was de-
ciared against 1T, our prosperity in trade and
commerce was general and widespread. IL has
withstood panics as no other currency ever did.
At the period of its greatest imitation, during the
years 1858, 1854 and 1860, so excellent was our
financial condition that the entire liabilities of
ali commercial failures in the United States
during those years averaged but fraction over
eleven millions per annum. When contraction
commenced, however, in 1856, under
THE DISASTROUS POLICY OF HUGH MCUL-
LOCH,
Ii was soon seen whether an abundance or a scar
city of this money was beneficial to trade In 1885,
the first year under this policy, the aggregate
liabilities for nercial failures amounted to
s47 1888 600. Dur. the next three years OF con-
traction, the years 1867, 1868 an 1859. the iabili
| ties for commercial failures reached the enor-
nous sum of s2OS,739, 100, being an average OF
$50 $50 per annum. During the year 1870, 1871
and 1872, we find the liabilities growing out of
comtL ercial failures in this country, amounting
to the sum of SYST, 0O5,OOJ, being an average of
| $685. 600 per annum; and a climax to the
policy of contraction we find that during the
year 1873, the year of the panic made ineviJa-
bic by this policy, the liabilities arising FROM
similar failures amounted TO the APP
palling sum of S2iS,499,0O0 These
| II cures tell their own story. They tell
| the scenes of bankruptcy business failures, and
consequent want of employment on the part of
i the Iahnrer which have nrecadad the wide