The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-08-19

the peace, which lead to extravagant costs
aud the loss of great portion OF valuable
time." IL "Nexstious losses arising from the
depreciation and fuctuation in the value of
bank notes, the impositions of brokers, and
the frauds OF counterfeiters. II "A gen, raj
inability In community to meet with
punctuality the payment of debts even
Tor family expenses, which is experienced
as we'll by those who are wealthy 10
property as by those who have hitherto
reneo upon their current receipts to dis
charge their current engagements" With
such mass OF evils to Cypress them, it can
not be wondered at that the people should
De dispirited, and hat they should look 10
their representatives for relief. Their pa
Hent endurance OF suffering. which can only
lntermingled with them at their homes and
oy their hresides, merits the commspdaiion
OF the legislature and prefers q powerful
claim to their interference"
we have now got along to 1920 aud have
not caught single specie paying bank yet,
was not organized on a specie basis. Now
we come 20 the
BANK OF THE UNITED STATES,
which VAS to regulate all these uncertain
values, but the notes came in very
slowly, and every device was resorted
to for. the purpose of keeping the notes in
circulation Do you understand the origin
ofthe term "carpe.- bagger?r Some o. tire
Young men suppose it t. he a modern
phrase applied to class of Northern men
who went South at the close OF The
war to engage in the profession OF poll
tics. But IL is OF earlier date and
refers to those days when mso were sent Of
with carpes bags tull OF currency 10 get rio
OF it As far a. possible from home. The bank
OF Frogtowu-end in those times there were
no telegraph lines, and the banks were often
IN rather obscure and inaccessible places
would send $4,000 Of its currency of % the
Bank Of Skunk5Own, and they would
exchange the Skunktown fellows shoving
the Frogtown currency and the FrogtowE TEL
lows doing the same thing Tor Skunk
town bills, while the people who used the
money didn't know where either of the
banks were located. / give YOU historic
truth when tell you that
this was the origin OF the
term carpet bsgger. The bankers bad Il
good thing OF IL as brokers buying up cur
rency at heavy discounts and redeeming be-
tween themselves at good profits. 1t was
thought tbst the United States Bank would
check these evils. bat it came very near
being checked itself England banked on
paper everywhere and in all lands. In
1919, with cruelty less absolute and IN
exorable titan that OF the forty
third congress, parliament issued a decree
that at the end of four years the Bank of
England should redeem in specie. She had
creditors all over the world. Specie flowed
over to England, our banks went into sus-
pension, and what was the effect? The
Vincennes (Ind;) Bank undertook not to
suspend, and printed on its
notes, Payable at the branch in Vevsy,"
while in fire letters, visible with glass.
was inserted, mine months after ca-e. ~
TIE government had to interpose to save
the Bank of the United Stats. Some OF
the effects in the Yves, l have gathered from
Mess Register.
DEPRECIATION OF VALUES.
Never" SAID the Frankfort (Ky.) Argus
as stated in Niles Weekly Register, "withil
the recollection OF our Oldest citizens, has
tae aspect OF the timer, as II respects prop
erty and money, been so alarming Al
ready has property been sacrificed in coz
siderable quantities in this and the neigh
boring counties for less than hall lis valUs.
We have but little money in Circulation,
and that lfttlo is daily diminishing by the
universal calls of the banks. Neither lands.
negroes, or any other article can be sold for
half their value in cash, while executions %
the amount of many hundreds OF thousands
OF dollars are hanging over the heads of our
citizens. What can be done? In a isw
months no debt can be paid; no money will
be in circulation to answer the ordinary
purposes of human life. Warrants, suits
and executions will BIZ more abundant than
bank notes, and the country will present
a scene of scuffing for the poor remnants Of
individual fortunes which the world has not
Witnessed"
A writer in the Kentucky Gszette, also
quoted in Niles Weekly Register of Novem-
Der g, observed: "Slaves which sold some
time ago, and could command the most
ready money, have fallen to an ina iequate
vslue. A slave which hires for $50 or 500
per annum may be purchased for $500 or
5000. A house and lot on Livingston street,
for which Sl5, 900 had been offered some time
past, sold under the officers hammer for
81 500 A house and lot which, / am in
formed, was bought for $4,000, after $4,000
had been paid by the purchaser, was sold
undsr mortgage for $500, leaving the
original purchaser (besides his advances)
s., 500 ia debt. A numbsr of sales, which
excited at the same time astonlshment and
pity, have occurred in this town. Compare
son OF local sufferiDgs should not be INDUCED
in, but / am told that Lexington is less az
fic ed than almost any other part Of the
state.
Further extracts were read, showing that
four barrels OF flour sold for s., corn ten
cents bushel, wheat twenty five cents. A.
Ohio, wheat twelve and a half
cents per bushel, and whisky dull al fifteen
cents per gallon, twelve barrels OF flour
bought yard of broadcioth. etc. That was
the efft CT of the forced resumption in Eng
land. / might draw picture of what will
oe under the act of the lass con-
gress for resumption, but IL II
goes into effect you will see
TOR yourselves what it is. The speaker here
reviewed the situation, and the tariff acts
from 1922 down TO 1877. From that year to
1857 we had such season OF PR sperity as
the world never saw. A great demand tor
our grain abroad, 500 600, 600 OF gold annual |
ly produced from California; really were
we hot on the high road TO prosperity?
News startled the country that
that the Ohio Trust Company had failed, |
then the Bank of Pennsylvania, and then |
along the whole line the crash came. Ever
man wanted Thompson'S Bank Note De
tector. A fellow alarmed pulled out his
TO see what sort of money he |
Dad, and thanked God that he found he
hadn't any at all. The pigs and bull pups
were better than the currency. Here wss the
gold basis again. Credi. had again toppled
nX6r and crushed all hanaath IL Then come |