The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-03-08

garchy. The people dsmsnd q halt IN this
ruinous policy, and viii have their Will re-
spected sooner or later; IL Is only q question
Of time. The only policy proposed 70 rs by
the advocates of bank currency is continued
contraction, more distress to the weslth-pro-
ducing industries of the country, in order TO
return to coin basis for bank currency and
specie payments In the face of all the facts
which 1 have shown, ask the advocates OF
bank currency why they persist in q denial OF
the fact that "a great contraction" has taken
place, and why they also deny that IL cansed
the commercial crash and money panic OF
1873? They do IL becaufe they do not wish to
piled TO remove the effects of a commercial
crash and money panic. Moreover, II they
were 20 admit the truth, they could not de-
fend the resumption act or any other measure
looking TO contraction. Their professed fgnor-
ance of well-established facts is their only ex-
cuse for turning a deaf ear to
THE DEMANDS OF A DISTRESSED PEOPLE
FOR RELIEF.
Mr.. Chairman, these advocates OF bank cur
rency tell us that they want to come down to
"solid basis" to touch "hard pan." am In
favor OF placing the business Of the country
on solid basis, but not on one which pro-
duces bankruptcy and takes the bread out of
the mouth OF the laborer, and surrounds him
with his wife and children suffering from hun
ger and nakedness, while he is willing to work
and begging for employ ment and can obtain
money and currency are abundant. They
may be abundant with bondholders and
bankers, but money Is not abundant for gen
high a rate OF interest as it now does. When
money is plenty, the interest on it is low;
present; and to-day we witness the remarka.
able spectacle OF real estate and the
productions Of the farmer and the
manufacturer, falling in price and the
value of money going up, with an increased
cost OF producing, as contraction goes on. The
solid basis want is the entire wealth of this
MT n hQSi for frnn nurolf ador
money OF sufficient volume TO revive and
make active the wealth producing Industries
on money, and thus cheapening the cost of
productions, without IMPOSING unjust wages
upon the laborer; in creasing our exports until
the balance of trade shall be in favor of this
country. No individual is on a safe or solid
basis unless he has more credit than he has &C.
casion to use. And have no confidence In
the business capacity rjud ment of any man
In this House who thinks or affects to believe
that it is possible TO resume and maintain
specie payments with the balance OF
tries crippled or Frustrated, our labOrers out OF
employment, and the capital that mploys
labor and produces wealth commanding from
business capital pays in the c1untTies with
which we must compete: a difference and
difficulty which no amount OF tariff subsidy
10 manufacturers will enable them to over
come, SO long as the currency is scarce, pro-
d9eipg nsurious rates OF interest beyond
ploys the laborer: and so long as 1t concen-
trated into the hands of bondholders and
bankers, who draw interest on their bonds,
with exemption from state and local taxation,
and can lock up the currency and live, until
the laborer and those whose business 1t is to
submission to the unjust de-
mands of speculative capitalists.
Mr.. chairman, this question OF return to
has not been entertained by nae TOR one
moment, and shall not be, producing, as 1t has,
the present ruinous state of affairs; and no
q will give in favor of lOOk.
ing toward permanently fastening on the peo-
pie an institution that periodically prostrates
our Industries controls the volume and regu-
lstes the value of currency; an Institution
that expands and contracts the circulating
medium at the pleasure of selfish Spectators,
who never risk dollar in producing wealth,
and who insist on maintaining the legislation
dictated by them, which has enriched them
s snd ISs Interest," wean Ne2ee
or support until il shall have shown
itself willing to aid In placing
indicated by me. will not make myself re-
sponsible, either directly or Indirectly, iQr the
continued and increasing distress OF my
countrymen, produced by the contraction
policy.
THE PROPER REMEDIES ARE EASILY AP
Piled,
and would be instantaneous in their opera
ton but in consequence Of this conflict be-
tween aristocratic and democratic republican
forms of government, legislative relief so i'm
peratively demanded by the interests of the
people If delayed. although this House is
largely controlled by representatives elected
by democrats and independent republicans,
who desire full legal tender money and its
substitution for the national bank
of issue. Why shall congress give
to individuals or corporations the high
power to make a currency and regulate Its
value and volume? The powers OF congress
are delegated, and not sovereign; therefore I
ask by what part of the constitution is con-
to give up No 70
contitutional argument on this subject, said
the whole control over the standard of value
general government. That this is a correct
conclusion is obvious, from the fact, that the
constitution does not contain any clause
or "pubIic bill, authorized by law to circu-
late as money or currency, promising pay
ment in lawful money; and as such
distinct vote Of the framing conven-
ton denied TO congress, IL would be an act of
uals or corporations q power not delegated to
congress, and destructive OF the public good.
For the past fifteen years the Eastern bond
holders and bankers have controlled the leg1s-
lation of congress in their own interest 20 the
injury and oppression OF the great agricultural
and commercial interests OF the country.
Their acunningly devised scheme' to make
the interest on bonds and duties on imported
goods payable in gold coin, as the only full
Ackdl tcnQST hOBtyp Creating al ncIedseQ Qe-
mand for II, and thereby creating premium
on it by law, which act Mr.. Stevens, Of Penn
sylvania denounced, have shown
and Mr.. Spaulding, in his speech on the
10Th of February, 1862, In opposition TO the
Senate amendments said: Who are they
that ask to have preference given to them
IL Is a class of men very sharp In all money
transactions. They are not among those who
by their labor and skill M make the wealth Of
lend money to the government II you viii
make the security beyond all question, give
them a high rate OF interest, and make II paya-
bic in coin. Sir, the legal tender
treasury note bill was intended TO avoid all
such inanciering and protect the govern.
ment, and he people who pay taxes, from all
such hard bargains. d. In every aspt ct
in which you view this hard money provision
its practical working will be disastrous. As
soon as the country was at peace. these bank
ers and money lenders generally, In bad
faith with the people, exerted their
power to procure legislation to compel
the people to pay the $40 bonds In
gold coin order TO defer the payment of
them, as they knew there was not the gold