The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-08-23

value OF property to one-half what 1t was
when the contracting policy b gan. This has
the same effect as Initiating the debts of the
oneubaif in ysipe shs = y, re- s
particular dsot, II is the same the debtor as
~ his debt was Increased twice. maintain
that any reat change in he vo umeof the cur
rency does great Injustice to the creditor.
II IL is imitation, AID to the debtor,
II 1t is contraction. In order that jus
tice may be done to both debtor and
creditor, that money may possess uniform
value, it must be ke Dt uniform in amount.
posed IL b. cause OF the settled principle that
money ts the measure of ali values, and that
us value always depends upon the quantity
ume be much or litIle. IL its volume is great
/ tue values OF all commodities will he eat,
and SO, II its volume be small, all values, OF
VIII ch money is the measure, will be small.
also oppose contraction because all the ir-
oeotedness OF the country wss contracted
when there was T. hation, and 1t is proper that
the DEBTOR should pay his debt in money
which has the same value, as nearIs the
same value, as pos ible, winch IL had when
The debt was contracted. The creditor
mas no right to ask any niug more.
Therefore maintain il is doing great iDjus-
tice TO the debtor class to contr4 CT the cur
| rem as it has been, and as it Is to be con-
| tracted. Deb S remain the same until paid
while the values of commodities, wi n VIII ch
the aebt is 10 be paid, are seriously affected by
the contraction. The taxation upon this
country is now enormous. Our taxes for
national, state and municipal purposes, are
nlne'een dollars pr head, which are more
than the whole net increase of the veal OF
this country. This taxation Is an enormous
and unparalleled burden, which Is nearly in
support able, even in sea on of coDpar 4tive
prosperity. Contraction of the currency will.
at least, double this tax burden, by reducing
me nall the value OF labor and property, by
about eight billions OF private debts winch viii
also be double d by this vast reduction Of the
currency.
IT Is LEGISLATIVE CoNFIsC ALTON
of the property OF the debtors to an amount
our times greater than the sum Of our national
debt, and a legis' alive gift of the plumber 10
the creditors. During the process of contrac-
ton while money is rapidly rising in pur-
chasing power and while labor and its n a.
lucts are failing, ali p oducuve industry must
depr ciate unoer an aosolute law OF political
economy, which forbids manufacturing on d
of this policy, most of the business men of this
country Will be dragged rom competency Ia
Jverty. Millions OF artisa s, me .hanics and
tor years, and bankruptcy, wan, agony
and despair will fill the land. This
Is no exaggerated picture as is shown
sumption by forced contraction. Great
Britain was a creditor nation and had Vast
stores o. god. Her currency was less than
stood al but from tnree TO i've per cent. below
par IN gold. Yet her resumption law o 1919, from
which his Repub lean resumption act Is
copied, caused a contraction of over iorty pc
cent. of the paper currency To reach and
maintain resumption, blighted her industries,
IMPOVERISHED her debtors, Starved an peg
holders from on hundred and sixty thousand
| TO less than forty, and doubled the wealth and
power of her artstocrac We are seeing some
| Of the fruits of this law now in this country
Thousands Of our worKingmen are out of en-
ployment, being rapidly reduced to the condi-
| gland, we can now point to many
| millionaires. Some count their
wesi tn even by tens and twenties
and even thirtieS and forties of millions. This
Is new in this country. No such accumulated
wealth existed before the war, when the gov
eminent was managed in the interest OF the
many. 1t Is the legislation of this country
that has enabled capitalists to amass their
enormous wealth; and il is that, too, thai has
desraded and impoverished our laooring men
and producers of all classes. The ggrega ion
| of business failures in the past six mo1ths Is
shown by statistics To surpaSs that of any
equal period of our history. The manufactur-
| so Frustrated as now. Probably million OF
WOrkingmen are idle, and many millions OF
dependent women d children are drifting 70
winter of starvation and misery. The
threat of early re- umption, for which neither
the government. the banks nor the people
| are prepared, has in fact thrown the country
into a chronic panic which Increases the APP
prehension which IL feeds, and which, before
the day fixed for resumption, will cause
THE DEATH OF ALL INDUSTRIES,
| the subve sion OF order and prosperity, and
more cruelty and general woe than wsr, ter
rible war, itself inflicted. In proof of my
statement that the government is not pre-
pared for resumption, refrr you to the state
| ment OF Lot NJ. AOrrill, secretary Of the treas
| ury, m sde July g. 1870, to the House of Rep
resentatives, which reads as follows:
TREASURY DEPARTMENT, July %, 1876.
SIR: am in receipt of he resolution of the
/ House of Repre-, entajives, dated the 2ith ip
| slant. requesting me TO report TO the House
| within one week from the passage OF the reso-
luton the amount of go d coin md gold bull
| lion, respectively, in the treasury ana aciu al
/ ly owned by the government, with full de
| tailed statement of the amount OF gold ceru
| ficates outstanding, go d interest due and un
| paid. called bonds, and all other obligations
1 payable ia sold on demand on that date, anC
| in reply / have the honor to state that tn
| availab e coin balance The close OF business
on the 9th instant was So, ljS,223 As, made III
| as follows:
/ God coin ........... .-...-.. Sal ,627, $50 56
| God bullion .........-..... u,u3U,'S5 81
4 81 Yer coin ana bull