, 1875-11-23
TIE INITIATION DELUs1oN AGAIN,

TIE 1NFLATEoA DELUsIoN AGAIN.
\ Gull is published in nj, Indianapolis puper,
purportiug to have been signed by :s,otD per-
Sous, for Convention to meet in hat city
Der. /, to adopt II memorial to Congress.
Tho call reci!es:
The ncrtssed harrt%ion q bat!nrss tesNl.!pG III
tho failure and bankruptcy Of all 1ru.luctve cner-
rrHcH tho cuforcad deneAa Of thousands Of honest
aud tndustrioua working people,: TIM continued
ahrinkago In values the vast burden Of rublfa AMI
private dcbt, relatively increased by tbs depression Ut
Al otber v.lNts -at pyoduccd by rant.1sn policy ot
0naneial legislation.
Having recited tho evils produced by flnan-
ciRl legislation, they propose as remedies:
l. Tho repeal Of tho SHERMAN bill Of Jan.
II, 1875.
2. The permanent retirement Of oil M
tionl bank notes, aud the issue in placo
thereof legal~tcn.ler grccubacls.
.. Tho refunding of tie bonded debt into
bonds bearing 3.;5 per cent interest," con-
vert;ble into legat-tent1er papor money on
demand
Of course the general reader will recog-
nizo in this tho samo old story which las
been doing service Mt Indianapolis for two
or three years, Nevertheless, it may not DO
untimely to agnin expose the shameless cf-
frontery with which these people proclaim,
their nbsurditics.
The evils which arc proclaimed to bo exist
ing nre attributed to mistaken policy Of
fnancia! legislation" but as We hare not had
any financial legislation since 1861, except tho
net OF last winter called tho SHERMAN bill.
But tho panic Of 1873, which preceded all the
real md imaginary depression, and enforced
idleness Of workmcn and s}irinkago OF val
ucs, can hardly be attributed to tho lcGisla-
ton Of 1915. Moreover, TINT act of 1876 wna
the most lnocuous piece Of legislation that
Congress ever perpetratod. 1t had no point,
no aim and has been utterly barron Of all
manner Of results. Twas purely sentimental.
It has had no oTects QUO way or the other.
It neither expanded nor contracted. It said
that at some day in tic futuro tho Govern
ment would resume specie payments. but
made no provision or preparation for any
such proceeding.
Tho pretozt, therefore, OF mistaken policy
OF financial legislation having produced any
Of tho evils enumerated, is ono Of those beg
carly falsehools to which tho cheap politi-
clans usually resort.
Nor is tho schedule Of suffering prepared
with any better regard for accuracy or rc-
specs for truth. Tho dispersion in busi-
ness has ccrtainty not increased during the
last two years; on tile contrary, business has
steadily recovered in permanency md vol
umes. Failuro and bankruptcy haye not at-
tended " all productive enterprises" on thu
contrary, the productions of the country in
1875 were greater than in 1872, and in 1874
greater than in 1879, aud in 1875 far in ex-
cess Of any previous year. That Thousands
Of workmon are idle in 1876 ia true, but tho
proportion is not BY any means as great rs in
1874 or 1879. The shrinkago in values las
been purely in speculative enterprises; noth-
ing substantial ias either wastod or been de-
stroyel.
The remedies proposed are naturally snch
as might bo expected from mon having sucll
confused notions Of the actual condition Of
the country md OF tho ca,,ses producing
financial arrangements. The repeal OF SuEn-
MANS bill would repeal nothing having any
!cgal force or operation. The other remedy
In Ia double tho amount Of nntional legal
tondev notes and mako them oxclaugeable
for 3.Gl bonds.
The practical remedy which il proposed is
an inaation Of tue currency for the purposo
OF further deprsciatlng it; mixing The cur
rency cheap by reducing ita value; md max
ing men rich by gfying to them two 6o-oont
dollars i'll place Of ono 10o-cent dollar.