The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-10-28

1t at about sl7.0OO,OO1, but the report made in
September authorizes the conclusion that IL will
require sale of bonds exceeding 500, 900 tOO nd
the increase OF our annual interest about $40
men7 Are the men of Pennsylvania prepared
nous sum OF s1OO,OOO,OOO for the purpose OF TAX
ing mp the legal tender and fractional currency
OF the country? IL is an important question,
IL is this: "Where are these bond soldP" or
the bonds already sold suppose that up to this
time not one single bond has been sold in The
United States. 1t has been the policy OF this ad-
ministration to negotiate the sale Of our
bonds abroad: That negotiation takes place
the syndicate; and the bonds are not sent
to Phiiadelphia, they are not sent TO New York,
people of this country TO purchase them, but
they are sent directly TO England and sold 10 for
debt S4OOOO0,OoO and TO our annual interest
abroad S2O,OO00cO. Are you prepared Tor this !?
Some men talk about the democracy not being
true TO The public credit 1 say that the man
WHO unnecessarily proposes to increase the ma
tional debt-the interest bearing the gold bear
ingdebt OF the country hbroad-is,of all men, the
man VINO endangers the public credit. lSeries
OF cheers.l Who, ask, wants the legal-tenders
about such an increase OF our national debt and
such an increase OF our annual interest abroad?
haps, in your pocket a legal tender? Have you
ask ed congress TO make provision for borrowing
gold for the redemption OF that legal tender?
curren VI L would rejoice IL all The paper cur
rency were equal 10 gold, and look forward TO
the time when all the money OF the country
shall be
OF EQUAL VALUE WITH GOLD.
[Cheers But do not look for the attainment
OF that desirable result through the borrowing
OF gold. do not believe that permanent, sure
and reliable return 10 specie payment can be ac-
complished upon borrowed gold. think that be-
have In this country gold that will remain In the
country. lApplauseI -Four hundred millions
OF inerSase 20 our debt for the purpose OF taking
nader par with gold when we shall have re-
stored the industries OF this country and re-
and private, so that the tendency of gold shall
be toward our own shores and not from US.
[Applause. For the present. what objection
lection is that they are not on a par with gold.
Have not the legal tenders been the active
which they were issued? II was in 81 that the
tiTst legal ten ers were provided for; Az thal thal
suH pubic The The s6idfisrs Gpea
paid, In gold, because the government
S0sd not and % FGld IsancT sen ~ s6
public service the act OF February, 1864, wal
passed, authorizing the issue OF the legal ten
| though there Is the promise OF the government
| TO pay, upon the back OF them is stamped the
quality ola OF mSoney IS & hat they shall be lega
be lawful money. Why was that done? Because
the soldi.r receiving this money down upon u,
ltne OF battle needed to send IL home To his wifi
that she might pay of his debts, that IL nigh
meet the necessities OF the family and 20 A. se
came necessary in order TO promote tn pubic
service that upon these bills should be stampe,
the quality OF money; that IL should pass a
money, and 10 paid the soldier, paid the soldiers
debts, and from that time 10 this IL has been TIT
active servant Of the people From pocket tC
pocket IL has gone, and OH, how many storie
this bill could tell lift only had ca 10 hea an,
| "a Al knqpEi and 1
many debts IL has paid OF, how much propert
IL mas purch Ised but IL has never been stoPpe'
OF questioned until now. Right now, when In
COUNTRY Is IN THE MIDST OF A PANIC,
when all industry Is stagnant-now il is Pre-
posed to declare this 10 be bad money, question
able money-and even 1t is said the governmen
must increase our national debt in order TO re
deem IL. / would be glad II that bill were equa
in value with gold, but with great respect {
con gress 1 do not believe that it IA within tn
power OF the congress OF the United states
unless the laws of trade and O. nmerce give
that VA ue. lTumultuous enthusiasm, culmiu
ating in series o chsers,l Aud when any pC
lltical party tells you that that can be accom-
| piiShed by an arbitrary edicL of congress, the
mislead the people. There is higher powt
than congress-it is the power OF the trade an
Z commerce OF the country. But let us look O
some OF the other consequences of The bill. Ii
the first place, in my Judgment, II Is TO produc
! contraction OF the currency OF the countr
which the business of the country can not eu
:
for the redemption of greenbacks, shall az
prOach, what will be the natural effect OF Ia
! law? Every man who has money that h
: ployment and Industry will put that none
into greenbecks, so that he may have the benet
that have to redeem their currency in gol
3 or in legal tenders Will put away the greenback
To meet the exigency when gold alone remain
available for REDEEM ption. The effect OF the bill
! 10 retire The legal tender currency of the coun
3 try, aud to reduce the currency upon which tn
hnCf srrfs
? on from one-third 10 one-half at least. What
: The advantage o. it? What has been the effec
E OF II up TO this time? believe that when thi
1 bill was passed go was about ten or clever
cents IT to-day, as understand fifteen cent
! that was intended TO brinZ gold and paper neare
together has had the effect TO increase the dis
( lance between the two. The speaker then rel
Z financieTs IN placing our loans all in foreig
markets, and attributed great deal of our pref
eat monetary and business condition TO tina
policy alone. [ don't know how IL is with othe
countries, said he, but consider that our father
! dis covered the true theory of our government Z
[ that a III national matters and relations wit
) foreign governments should be left with TN
federal authority, and for these purposes th
, government of the United states is clothed wit
full power. Butt respect to local matters, dc
mestic policy, the home like affairs of the Deopl
by that doctrine Heaven has blessed us, and tn
earth has given up Its richest treasures. lAI
plause.l
KNOW OF NO GREATER HONOR
than that which the people of Indiana cor
ferred upon me three years ago, when ths
mighty people selected me as the chief execU
tive officer of the state. But, on the other hanC
L would know OF no greater humiliation than
1 were required to bend my head and appeal L
the administration of President Grant for mil
tary power 10 suppress a local and domestic di
turbance. Applause long contiuuedl. In IND
, ana to-day the state tax Tor ordinary purpose
exclusive of the public school fund, is l5 cents o
Sl0O. In Louisiana IL is So on every Slt0. In III
diana, the people, according the constitute
and laws OF the American people, control the
, own affairs. They select their own legis a,or
who enact laws according to the wants of the
several counties. And in separate bodies the
enact laws. And In case of a dispute upon sea
In either body, that body ITSELF as the hovereig
power, decides II, and there Is no appeal. L
Louisiana foul blow was struck in the breast
American institutions, I'd the bio Dd OF libert
flowed when The military, at the point OF IN
bayonet, excluded II We men from its legislativ
halls and put five Others in their places.
come back to the proposition that tn