The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-01-05

carry out its provisions. Now. IT is argued again
by some men who favor this resumption act
that
THE eREENBAcKs WILL NOT BE RETIRED.
that they will remain and circulate among you
as money ana be equal in value to gold, as soon
as it is known that gold can be realized on them
say to you that this is a mistake. We must
view all those questions in a
business light. We must not conclude
that men who now go upon Wall street, New
York, and pay premium for gold are not busi-
ness men. Whenever IL is possible for them TO
evade this premium which they now pay for
10 them until 1879, but after January. 1879, then
The importer can :. get :. gold for
against that day, the day Of redemption. 1t is
reasonable to suppose that the national bankers
to time, so as to be prepared to redeem their
notes Long before 1873 you viii ind no green
backs in circulation. The national
bankers as business men, will lay them by be-
cause they cost them nothing. and they can
redeem in greenbacks as we'll as In gold. want
you TO notice now, that after that time, when
there Is from sl75 O0OOOO to 500 100000 of tariff
duties to be paid, which can alone be paid I'm
gold, the importer will be looking after that
policy that will sa hi money. He can get
hold of national bank notes, which he can pre-
sent at the counters of the banks issuing them
and get the greenbscks. AT the federal treasury
they are bonnd to redeem these green backs in
old. So that in a short time you will
passed I'LL Into the federal pOe treasury nnrS
and disappeared from circulation.
1T Is NOT REASONABLE
to suppose that they will remain long with you,
although they may be par while such large
debit due by the importers to the government
which only be paid in gold. 1t might
be argued that il the importer
drew the gold from the federal treasury and
raid IL out for his tariff duties, that il would go
straight back to the treasury. That is true. But
the federal government, owing such large debt
abroad, Is bound to pay II out TO 10. elgners in
few years will all disappear. Let
me say to you, gentlemen, that
it is deluson 10 suppose that IL is practical or
possible for us to resume specie payment in this
country with the balance of trade against
Therefore, the policy which will turn the
balance of trade In our favor rs the policy TO
which we shou d looe to extricate US from our
WINS ,bs ana GIVE us PermanenS prosperity
dustries of the country? Will Ii encourage pro-
duction? Production must be encouraged be-
more than you buv, and turn the balance of
trade in cur favor before ever you will have a
yo9me % OF gold noi In this country
The policy of the greenback party and the
democratic party in this state is one that will
encourage industry incr aSe production, and in
that way turn the balance of trade in favor of
the United States, and make ii practicable to
resume specie payment. Now, this declaration OF
IN intention to resume reminds us very much of
an individual that is spending more than he is
earning;
unable to meet his obligations and still spend
ing more than he is earning, declaring that at
future day he will resume the prompt payment
OF his debts. Do you not know that it is impos-
sible for him to meet his legal obliga-
ions, when he is spending
more than he is earning. Just so with the
government. The idea of the government re-
delusiOn. But there is another phase oil this
ques ion want to notice. There is not one dol
lar OF gold in the federal treasury which car be
spared 10 redeem those notes. If redeem d
at all the bonds OF the fed
eral government must be sold to
take at least suOO 900 in gold to retire the rac
tiOnal currency and the legal tender notes; $780,
go 900 of your bonds must be sold. bearing five
the country. This interest will amount TO s2O,
o sSGS9 each year, WHICH @So must be
is to make an Interest bearing debt, to re ire a
now interest bearing debt with an interest bear
after year of s21,OOO,OCO. L am at a loss to know
why 1t is that congressman desire the retire
nno0s and ensg s e ~ 0fbsr oIe
traction measures have done. 1 have
heard no man insist upon it. the
people are not asking for it. The legal tender
currency has served us well for years. 1t car
rled US through the war of the rebellion. 1t has
paid the soldier in the field. 1t now pays the
all the purposes of money, and let me say to you
that the terrible panic of 1873 taught Us
not to 70 be forgotten. There never
was a panic before that but what the paper
money of the country went down, but when
THE PANIC OF 1873
came no man lost confidence in the peoples
money. The legal tender currency appreciated
nearer the value of gold at that time than ever
before or since In establishing financial sys-
tenn, the credit of the governments su icient
to keep any money good when it is based upon
IT,. This basis covers all the gold, all
the real estate and property of Ihs
country. The reason why the people
was bee suse it " as based upon the credit of the
government. Now our speci5 payment friends
desire is one-third or one-fourth the amount in
gold or the bank circulation, deposited
to keep that currency good. DO you
not see, that if you have the credit of the
you not only have a small portion of the gold
bound for that currency, but you have every
dollar of gold, 1t atters not where 1t is Do you
fornIa failed. Right in that country where the
god is produced, where gold is most abundant?
DO you not recollect that? II your banks had
been BASED upon specie at that time you would
have had panic in this country similar TO the
one of 1873 Because your currency was based
upon the credit of the government You felt no
shock in business here, whatever when the bank
of California went down. The specie basis fer
always will be, for II pro esses to be something
that ii is not. How can you know what the
ban ker has 10 redeem WlL0E how can you KNOW
the amount of gold and silver that he has in his
safe? Do you not know that In many cases
IL is pretended that there is a
sufficient amount tn ere to
PROTECT THE CURRENCY
when investigation has proven there was not
dollar? 1t is because OF that that the demo-
cratic party of this country has taken ground
against banks of issue because the people uni
versaily have lost largely by them But
there is another thing that is true,
and that is this: This issuing of
treasury notes by the federal government is not
a thing Ind was always supported by the
democratic party, and yet no man has ever lost
single dollar by those notes. 1t has been prac-
ticed by the gov ernment since its foundation,
and they have always been upon a par with
gold or neariy so. They have always
been receivable by the federal government for
whatever was due IT, until the republican party
came into power. Hear the father of the demo-
cratic party. Thomas jefferson in his letters
10 Mr.. Eppis. volume of his works, says;