The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-08-26

Va VIC SOuheAJ aS ~ S1OOu OoiO1o, NOf-
MORTON MAKES MOST ASTOUNDING DEcLARA-
TONS
in his speech in reference to restoring the
democratic party to power. BE said, in
effect, that it would reduce the Africans OF
the southern states to a condition OF
quasi slavery, that it would also
seS9s IN war a tRs payment Of the
lieve it. Ny friends, we have got debt
enough upon us now. / am not very anx-
ious to have any more debt. Yet this great
leader OF the republican party has the su-
dacity to stand up here before an intelligent
community and make char yes as ground
less as charges can possibly be.
But let us come on TO the next question,
the deranged condition of the finances of the
country-and for ten years the republican
party has done nothing but create
that condition of the currency of which they
now complain. We find ourselves now, at
the end OF ten years, suffering under one
OF the SevereSt money pTessures,
or panics, that has ever visited our
country and il becomes matter OF grave
Importance TO us what is TO be done in refer
ence TO our fnsncisl condition Upon this
subject, my fellow citizens, L propose TO
state 10 you the position that | assumed in
the canvass in my own state one year ago.
ticket in the field placed me at
the head OF the central committee
of the state. In the discharge of the duties
that devolved upon ms, 1 opened the can
vsss IN that state just one year ago yester-
day. In discussing that question used the
following language Reads.l
SENATOR MC'DONALD's FINANCIAL POSITION.
am free TO admit that our situation is one
OF great difficulty, and it's solution not easily
to be arrived at, yet still l have some old
fashioned ideas on the subject springing from
the democratic principles that were early en-
grated into my mind, that for ms at least
are certain landmarks even in so wide a sea
as this. In the first place il is clear to my
mind that the normal condition of the finan-
ceS o. any commercial country should be a
specie basis, because specie, In some manner
forms the standard OF value in all CONNER
cial countries. II we have no trde or
commerce with any foreign nation it would
matter very little to us what we should
adopt as the medium of exchange betweeu
ourselves. We are not only commercial
nation, but we are a commercial people;
therefore il becomes necessary to have for
our standard of values something that APP
proximatss the standard used in other
countries. We cannot afford to always use
deoreciated currency, and the moment we
pass our borders the money we use is at a
discount If we disregard the worlds cur
rency, providing one for ourselves. A nation
driven out of this normal condition by any
extraordinary combination circumstances,
must lose, TO some extent, its position in the
mars 9th world, unless it returns to it, as
soon as practicable, when the causes which
have driven it out of the ordinary channels
of financial economy have ceased TO operate.
The natural tendency OF trade and business
is to
RESTORE THE NORMAL CONDITION.
When, then, the war ended and the neces-
sity for extraordinary expenditures ceased,
and all apprehensions as to our national
destruction had passed away, speedy re-
action set in and the difference between the
value of gold and our paper circulation was
rapidly reduced. The reduction has been
going on ever since; but as the gap grew
smaller the process of closing it up Became
more difficult, until now 1t may be almost
said to stand still. And the question now is
how to bridge over the chssm without seri-
Gus 6etriment to the business interest Is fthe
country. And what, in the meantime, are
we to do in regard TO our currency? We
find ourselves with nearly eight hundred
millions of a paper circulation, little more
than one-half OF which is made up CT tres s.
ury notes, aud only about enc hundred and
forty millions of specie and this no longer
any part of our circulating medium,
but an article OF commerce, like any
other commodity. 1t is very clear that the
government and the banks can not resume
specie payment on SO small capital of
specie, or while the volume Of paper to be
kept shoat so far exceeds the amount OF
specie available for its redemption, and any
attempt TO do it would be worse than mad
ness. And 70 attempt to close up the gap
by reducing the volume of paper currency
would break down the industrial interests
OF the country. | am not much in favor of
al
form TO change the value or force the cham
nels OF trade, and therefore prefer to wait
ntil the Legitimate business OF the country
shall enable us to grow out of the dilemma,
keeping constantly in view the fact that we
are cut of our true position as a commercial
people, until that period is reached. and
THERE SHALL BE NO LONGER ANY DIFFER
ENCE
between a gold dollar and paper dollar.
IApplause.l The aid that the government
can properly give to bring about this de-
sired end is we'll stated by Governor Hen
bricks, in his able address to the democratic
convention, apd consists mainly in stimula-
ting production and increasing our trade, SO
that gold will come in and remain with us,
instead of being constantly taken away to
settle the balance against us in our
trade with other nations. [Great sp-
plause.1 This still leaves the question
of our currency in tho meanwhile
and until specie payment is resumed, 20 be
settled, and is as difficult as any financial
problem We have before Us. At present we
have two kinds, the one issued by the gov
eminent and the other by the national
banks; the national bank system was in
augursted during the war, and for the pur-
pose of furnishing a market for government
bonds. 1t was not designed to be continued,
and the right OF repeal was reserved in the
not ont nfeT lZI no Aa OF Iowr
ever looked upon such moneyer institutions
existing under the authority of the federal
government as dangerous engines OF politi-
cal power. and do not feel willing to see the
system perpetuated for any supposed adj
vantages that might spring from it, and
therefore am anxious TO see the national
banks OF this country i'm the certain and
sure process OF liquidation-not in any vio-
lent way, as that would do harm, but under
such policy as would eventually accom-