The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-09-02
Democracy and the Currency


earnest and sensible advocates of measures
for emancipation were people in the South
ern states, who knew just what slavery was,
and were able to discuss the question with
intelligence and frmness. But the efforts
of these philanthropic and fsr-seeing men
were hindered and their work crippled by
the extreme views and mis-
representations OF men in the North,
who did not know what slavery really was.
The southern stakeholder knew ne was mis-
represented by these outside extremists, and
was enabled to resist for many years the
effort to fairly present to the people of the
South the true situation. If the South had
been unmolested by the noisy clamor Of
the early abolitionists, it is very probable
that the South would, of her own accord,
have abolished slavery before this time, or
at least initiated measures that would have
gradually, yet efectually done away
with the institution and saved
the country the blood and treasure that
its final abolition by the war cost.
There are extremists on both sides of the
pending issue over the currency. So far as
the Democratic party is concerned. its pres
ent policy on that subject is not to be judged
by the extreme views that every man
chooses to advance in favor of the use of
paper currency. Democratic statesmen and
the views advanced by well-informed
men through the Democratic press.
coincide in adhering to the old doctrines of
the party on the subject of a gold and silver
currency. But the best thing is not always
attainable. The credit of the government
has deprecated in view of its hsavy obligs-
tions. Its finances are in disordered con-
dition. That which was possible and best
under good old Democratic rule, can not now
be enjoyed alter Republican extravaganza
has depleted the treasury and heaped up
taxes mountain high. Nobody favors re-
pudistion, and the country being already in
volved in monetary distress, the Democracy,
expecting soon TO have complete control OF
the finances of the country, proposes to do
the best and wisest thing that can be done
under the circumstances. The assignees of
a firm do not commence paying
gold as soon as they lay their
hands upon the assets. On the con-
trary, they, If judicious, By delay, caution,
prudence, economy in expenses, strive to
make the assets go as far as possible toward
liquidating all indebtedness. The Democ.
racy will take control of the government,
not as they surrendered it to the Republican
party fifteen years ago, but receive it with
an impaired credit. There has been reckless
extravaganza. A financial system has OBJ.
II.
with justice to the people. The effects of
bad legislation can only be rooted out
by counter legislation, in honesty and
wisdom, and will take time. The govern
ment of the United States can not resume
specie payment at once, and there that mat
ter ends. There is no use in fixing a day
and say that then the government will COM
mence paying. That will be suicidal and
damaging to all commercial enterprises up
to the very day that resumption is set
for, when the general crash would
surely follow. With this state of
things staring everybody in the
face as common axioms, the Democracy
proposes to not impair the public credit
further, by forcing resumption, when snch
a course would simply bankrupt the gov
ernment and half the people of the country.
Nor has the Democracy such purposes as
he enemies of the party would al
ege, the making of hundreds OF
millions of greenbacks and give every
man hat full. Relief would not come that
way. 1t is proposed, however, to remove
all legislative hindrances to the proper de-
velopment of the enterprise and natural re-
sources of the country. 1t is proposed to
abandon at once the project of forced re-
in the method prescribed by the
act of last winter. That act is fraught with
evil not yet clearly and fully ap-
pretended by the country. II is
watering the stock of the nations credit
and is a direct step toward reputation. No
firm can approach toward liquidation and
confidence when impaired, by
increasing its debt. The resumption act
increases the debt and increases the interest
that the government must pay. It takes
away the currency from the people at an
expense, and against the will of the people.
It lays the foundation for q broader and
more controlling influence over
the finances of the country
by the National banks. This will be
checked by the application of Democratic
doctrine. The abolition of this whole sys-
tenn OF banking appears TO be one OF the
of the hour. When the true his
tory of our whole financial distress
in late past years shall have been
written, it will be discovered
then how great has been the evil to the
country resulting from this pampered pet
Of Republican legislation. When the I'M
Just legislation that now hinders the natural
AMI legitimate course of trade and pros
perity shall be removed, when the
two thousand national banks shall
no longer have protection of the government
in conspiring to keep up the rate Of interest,