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

and many thought II too large. Time and exper-
fence, however, have proved that IL " as not II
made we would have been spared the scenes
that have followed. The contraction now called
for from the gilded saloons and sqmptuous
and more intolerable; IL is not only not
needed, but is an impending curse, fraught with
caIamities unspeaKable Empires. shams and
pretenders in finance, cite the condition of an
Individual stimulated by intoxicating liquors;
that although he Is exalted to-day ne must De
depressed correspoDdingly tomorrow. III, on
the other hand, however, his stimulation was
his natural and most healthy condition, II he
then prospered the best, and would 1--we longer,
and be more use III he remained so, there
would certainly be little wisdom in depriving
die.
STANDS sQUARELY OF THE PLATFORM.
therefore stand squarely upon that plank of
the OHIO platform, as / did year ago upon
similar one in Indiana, which calls for an
amount of this money in circulation equal to
the healthy, natural business wants of the coun-
try. At the time the greenback currency was
authorized by congress. there were democrats,
as there were republicans, who doubted the ex-
pertinent and feared the result. l was one of
them. What we claim, however, Is that the ex-
pertinent has proven success: IL has proven
hts are Indispensable and inure to the iaooring
and producing classes, and not simply TO the
bondnolder or the banker, we are determined
TO sustain the policy. The republican leaders,
on the other hand, in obedience TO the hard be-
their purpose to reverse it, and like some OF the
baser animals, destroy their own Offspring.
of congress 10 increase this outlawed currency.
They have filled the whole country with the
CRY that such an act would be UNCONSTITUTIONAL.
They base their argument upon the act OF June
30, lS64-an act or congress which declared
against the issue of more than four hundred
millions of legal tender notes. IL is graVely
claimed that this is finality; that a simple act
of one congress, binds all future congresses 10
the end OF time; that whatever calamity may
overtake us, however urgent the neces-
sity may be. however plain the duty of
additional issue of legal tender notes,
yet IL can never be done, because an act OF con-
as long as the American republic exists. II a de-
spairing party ever advanced anything more
ridiculous. less entitled 10 human respect than
this, have failed TO find 1t. II is too contempt
ible and trifiing TO merit REPUTATION. This law
of congress can be repealed as Wei as any other
least four solemn, deliberate enactments, made
by congress, and afterwards found not to ne suf-
and say here that If a law of congress in the
interests of the PEG ole can at the pleas
so can the law of June, 1864, or any other law,
whenever IL Is found TO stand in the way OF the
true interests of The people.
no longer be borne. 1t has already passed the
limits of intelligent endurance. IL the people
do not arrest its aggreSsions they VIII soon
stand In the same relation to it that the
black laborer of the south did to his master
fifteen years ago. Its whole career has been one
OF plumber and oppression. IL has been a task
master for the totling millions from the first
moment the present financi Il system was put In
operation. Let facts be submitted in support of
this statement:
THE FIRST ACT OF ENCOURAGEMENT.
/. When the act of February, 1862, laying the
foundation of our present system of finance,
and authorizing the first issue of government
bonds and legal tender notes, passed the lower
House of Congress, both the principal and inter-
est were made payable in legal tender notes.
no one intm ted he use of coin for the payment
oil any part of the bonds. BY the time 1t reached
money eenterS of the World was aro9 ed and on
the alert. The capitalists OF the great cities,
intending to seize upon distressed coun-
a a 1871 rallied Se BIRDS Of prey at
Washington. and secured the passage OF an
ment of the interest on the bonds and fduties on
imports in gold. With this amendment it re-
turned TO the House. A most memorable fight
there ensued in which Thadeus stevens, Mr.
Spaqlding, of New York, and other able repubi-
as the work OF 'gold hsrpies," "money
changers" ''bullion brokers'" and associated
banks" That debate viii be found in vol;
session OF the 9th Congress, on the pages be-
tween 800 and 90l. In the course of it, on page
Now, in less than year, taking the public
debt at what my colleague makes it'll make Ii
more 2eOOOcO,o, what VIII the interesS De
center in that of interests 1t will be sS7 O00,
and Ol6-nalI IllS interest,
be raised every six months for the pay ment OF
this interest and ii is TO be raised in coiD which
nobody holds but large capitalists. Does any
body suppose they are going TO give that coin for
such notes as we are now about to issue,
at par? They will sell the gold for what
their consciences will allow, aud compel the
government to give anything they choose, IN
less the government consents TO become dishOn-
%ent will TX the value of these notes witch we
issue and declare TO be legal tender. The sale
will fix their value at 10, ~, or % per cent dis
his beef, pork and supplies must submit to this
Is or Is per cent. discount because you have said
that shall be the value of the very notes which
you have made a legal tender TO him,
but not legal tender to those who
notice recently Mr.. Hugh McCulloch. once
CT izen of indiana nov an English banker,
name, that during the debate authorizing the
issue of the 20 government bonds, they were
never spoken of in congress except as gold
Globe, and is thoroughly discreditable to its au-
| thor. The exact opposite Is true. They were
never spoken of except as payable in legal-ten
der notes; and all that the money power at that
| time dared to claim was that discrimination
| in IT'S favor should be made in the payment OF
the interest and OF import duties. This was
finally conceded, and In that concession ON
Scs of the our financial syste
| 1t presented the spectacle of a government
DELIBERATELY DIsREGARDING ITS OWN PAPER
which it said should be a legal tender between
its own citizens fer all debts public and private,
whether contracted to be paid in gold prior to
| that date or not. When the government said it
would not take its own currency for given pur-
pose, and that the bondholder should not be re-
Quired it for his interest, like all other
people, its depreciation was inevitable, as
pointed out in the passage which 1 have just
quoted from Mr.. Stevens. The capitalists fore
saw this depreciation. They intended it should
| take place. They knew how the bonds were
made purchasable. They knew they
were to be sold for this currency at its
face, although it might be worth but
fifty cents the dollar. They foresaw that they
would thus be enabled TO become the heavy
holders OF government securities by the use of