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

thateven the bondhold would favor It? We |
are his debtor; he is certainly interested more
than any other in the prosperity of the country.
The same mistaken and ill-advised policy was |
inaugurated in England in lsls after |
a suspension of specie payment for mere
than twenty years 1t made lords of the
| lew and peasants OF the millions. The |
| family OF Sir Robert Peel. had Invested very
largely in English bonds at very low figures,
sumption Of specie payments was pending he |
remarked 11s to to-. his son, VINO DOW, was at that
Der OF parliament, and strong advocate
for for the passage OF the measure, If you
! the weaIthiest in England, but 1t will ruin |
England" The bill passed. The banks, for pro-
half. Lands sold for a mere pittance of their es-
timated value previous TO the passage Of this
Ine tsee iamy gqS goa ror sees oopas
the sale, and SO became the richest family In
reigned supreme You may well guess what be
came of the thousands of families WHOSE lands
nothing. England has had her pessantry ever
since. If we adopt the like policy of the re-
sumption act of congress, may not our people
and financial disasterf
In contrast with this kind of ruinous legisla-
the action of France in her recent war with
Prussia. AT The commencement of the war the
notes Of the Bank of France were,by enactment
of law, made legal tender for ali debit, public
and private Although vanqufshed In the con-
conqueror, within period of two years France
| liquidated the Indebtedness of a thousand mil
lion dollars, and this, too, while preserving her
cent discount. The volume OF currency was
more than doubled and instead OF this fact de-
preciating the CURE ncy, and .hurtfuly initiating
values it contributed largely TO the stimulation
and announcement of industry, manufactures;
trade and commerce and enabled
the goyer T, to meet its obli-
much 10 ne regretted that our republican legis-
lators did not follow the wise example of this
French legislation and make the greenback
wi hout exception? And is 1t yet not more TO
| be regretted that, after having made them so far
cTestion Until now, sought to discredit ana n de-
| base them by unfriendly legislation?
| MONEY AN INsrRUMENrALITY.
Money is the creation oflaw; to have honest
money you must have honest legislation to sup
porS it. Money is also the tool of busine S. If
you des re the farmer to produce a large crop,
you would not certainly seek to dispossess him of
any portion of his plows or other instruments Of
labor necessary to the increase of his produc-
lions; nor would you encourage him to use
more hands than he could probably employ in
the absence Of a suffciency OF implements.
OF manufacturers, deprive the manufacturer OF
any portion OF his machinery, nor the mechanic
OF his 1it of tools" with any object of stimu lat
ing industry aud adding to the productions OF
the country. The means are always necessary
TO the accomplishment Oft ends Bat II Is
not prude9t business sagacity In the man
ufacturer or producer to keep on hand surplus
of implements machinery idle and unem-
ployed, and II is just so with the volume OF cur
rency. To be prosperous We must have every
dollar that we can employ probably. A small
volume Will enable those who handle 1t to make
la sge profit in the way OF interest; but a high
rate OF interest is injurious to the business in
terests of the country, and particularly the pro-
Queer the mechanic, and the l.borer, upon
whom the burden OF, usury falls. Moneyed men
estimate their money at the interest 1t will bring
T ON Investment and in considering a business
enterprise they never forget TO consid sr the cost
of the necessary skill anu labor and weigh IL as
| or he "a m nj
on loan. When this rate OF interes. is greater
than the profits of manufacture, it is manu-
features that are neglected and languish, and
hands that labor who go unemplo- ed. High
rates of interest are, therefore, who ly to the dis
dustrisi Classes labor 81 the countS S
always the result of an insufficient volume of
SUFFICIENT volume Of the circulating
medium, and hence the rate of inter st, whether
indication of the volume OF currency. So the
price of wheat, pork, or any other commodity,
To-day, as you ali know, money lending is the
: most profitable business OF the country. IL you
} wish the prosperity OF the country, your fnap-
Interest t of the money lender. The manufactars
ing and producing interests, which take the risk
OF on er s1e ean The 70
lender, who makes no venture and takes no
risks.
THE IRREPREssIBLE CONFLICT.
Let pass to ths consideration of the
policy already initiated by the republican party,
of abolishing legal tenders, and giving Nation al
Banks the power to furnish all the currency,
will increase the power of an already dangerous
monopoly, and the enormous burdens now op-
pressing the people, without any compensating
advantage, and that we oppose to this policy the
: demand that all National Bank circulation be
promptly and Perm as Re , retired and that
This then is the issue: The policy of the re-
publican party is to retire all the greenbacks,
uregcy and the enre Control OF tRe
! of circulating medium, and this, too, supported
, by the credit OF the government pledged 10 the
: redemption of their issues. In opposition to
this, the policy of the democratic party and the
people is that the National Bank currency shall
legal tenders shall be substituted in their stead.
The government stands pledged TO redeem the
National Bank notes, and so, In fact, stands as
! the endorser of their issue. This obligation
Of the government TO the holders
: credit, second only to that of legal -tenders.
! There are but few persons who do not respect
= the most their own monled obligations rather
than their guarantees for the GOOD faith OF 9th
: ers. will say but little of the superiority of
the legal.tender currency; as l regard both as
) good and hold that the credit of this govern
3 ment will make any currency good. But will
: say this is strange business transaction, that
. a people should guarantee the payment OF all
notes issued by The national banks. while the
STOCKHOLDERS Of the banks alone are interested
! who will guarantee the debts OF business firm
having no interests in the profits, as Is the case
. with all our people VINO are not stockholders In
these banks. insist that 1t is the credit of the
government alone that makes and keeps this
currency good. have said that IL is the credit
: of the people which sustains the banks. L.
= proof of this, submit that when national
bank fails its notes are then current as before
the failure and, Ii this is so, the bank organiZa
ton amounts to nothing to give credit to Its
= own paper.
o A GRAVE QUESTION OF ECONOMY.
will now discuss and contrast the distinc
e policies of the two parties the score OF econ
: omy The interest the people pay upon the de