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

gagged in moving the heavy crops ofthe country.
The result is the merchants, manufacturers and
mechanics are often left a great need in order
engaged in the wheat and pork trade.
Wewant to see these crops removed and desire
some way provid TO remove them without
disturbing the regular business of the country.
IL you have these bonds, bonds into VIII CHI this
money could be invested and drawn out on de
mand, you would find tuat wi enever the tins
came there would be plenty of money with
which to handle the crops OF the country, and
you would not ind this surplus money in the
money eenters encouraging Wild speculation OF
various kinds. But that is policy our bankers
deposits OF the country would not be placed i'm
bank, but would be invested in these bonds. But
there is another point that is of great interest TO
there would be no failures. In many
portions or the country we have savings BANKS
their earnings. If these bonds were OF low de-
nominations these earnings could be placed
in them, aud would be perfectly
that policy was adopted by the government
THE MONEY WAS NOT NEEDED
for business transactions it would be invested
in these bonds, and whenever it was needed it
could be drawn out by pi esentIng them at the
federal treasury or the government de-
positorIes. can not think of any
policy that would so completely regulate the
volume OF Gu rency 10 business wants this.
Now, gentlemen, want To notice another ques-
tiOh. You near our specie payment friend
they want honest money. Very well; n w we
want honest money, too. They want
honest money: You have got no
money, you never did have unless the law made
IL money. Gold and silver are not money. Gold
and silver are not legal tenders without law
The constitution OF the United States does no.
left solely with congress. Congress shall have
The power To coin money and regulate the value
thereof as well as the value Of foreign coins"
But not one word is said about what shall be
legal tender. The question is solely with con-
gIess. How can you expect 10 have honest
money with dishonest lee1s alton against IL !?
There never was currency issued against
which there has been so much legislation
as the greenback currency of this country The
act of 1867 provides that tie legal tende tn n
issued should be convertible at the will of the
holder into six per cent. gold interest bearing
md that contract upon, the back of every
note issued in 1852. How did the
In that case? One year afterwsrd il repealed
that law. That bond into which that money was
to be converted hes been al premium in gold
other acts of legisl lion against that money, be-
cause want you to bear in mind that money is
made by law, and money, 10 be valuable must
can use It, and while you have two kinds
oflegal henderson three, IL you please, as you
tween them by law, you will always lave d =
preciated MONEY. Do you not see that silver il
Is not a legal tender equal with gold. 1t is MOI
legal tender in amounts over 30, and Ior that
reason
1T Is NOT OF EQUAL VALUE
with gold. Your legal tender notes are legal
tenders between individuals, but the federal
government refuses to take them for debts due
it. and has provided that this large debt they
owe TO others shall be paid in gold. For in.
stance, these 7SO bonds all were payable in legal
tender currency, both principal and intere 1.
The act of 1885, passed by the congress Of the
United States, provided that all interest airing
rency bonds, should be paid in gold With such
legislation against this money, contracting its
use, ask yon, isit not strange that thai money
to-day Is as nearly equal with gold as
the currency to an equality with gold in value
by contraction. Con raction will never bring
these two currencies to the same value. If
man is owing tariff dues and there is only one
dollar of lesal-tender currency in circulation,
NIT 10 a shave Ia order 10
get that which he can use. This currency
well with its present vo ume as to reduce it one
half or three-fourths. Is there man in all this
country who would pay any thing for gold II he
importer pay anything 10 the gold broker
of New York II he could take
you want honest money have honest leg station
in favor of that money; and il you want your
legal tenders on a par with gold, make them of
congress of the UniGed States was to to
be used for al purposes that gold is now used
for. 1t would not be six weeks until the gold
by their business. 1 would like to know where
the customers would come fIom.
WHO WOULD BUY THEIR GOLD?
We have now such a large Indebtedness pay
able in gold, made so by legislation of congress,
and unwisely made so, that IL might not now
be practicable to take all the tariff dues il legal
tender currency. 1t might be that these gold
brokers would be SO enraged that they
would aim to quarter the government
but there is one thing We could do with perfect
safety. II We would take 81 per cent of the
tariff dues in legal tender currency, and L will
venture TO say That that currency would appre-
ciate TO the value of gold the next day after the
law passed congress, The government now col
lects al the tariff dues in gold. 1t does mo-
need the gold, but 1t needs more legal tender
currency than the intern al revenue IL receives.
The internal revenue duty is payable IN legal
tender currency. There is not as much received
m that way as the government needs. IL takes
its gold and sells it in New York and
ouys LEGAL tender currency. ask you, gentle
when by taking n portion of the revenues in
legal tender currency the federal treasury is
money SN appreciates nearer the value O Of
gold Now, then, upon this proposition
East. There is no doubt in the world that many
OF our Eastern friends will vote with us upon
hs on par With Ras Gold ne and Psf Of
them have said 10 me that they
would vote to take a large portion of the reve-
nues In legal tender currency, believing, as
do, that That act alone would increase the value
of the legal tender notes. We ought, gentle
men: to be able TO learn something from the ex
amples of other nations. This same policy
thai is being pursued by our govern meat under
the direction OF the republican party was
adopted in England some years ago. England
suspended specie payment from 1871 until 1923,
during her war with Napoleon, and during
that time she never had panic.
In England the business of the country was con-
Quoted without jar. Eng and increased in
prosperity and wealth during that time more
than she ever had, although she had profound
peace before that. Napoleon said at one time
that he was conquered by the spindles of Eng
land After the there was a party tners
that became clamorous for specie paymen is ust
as the bondhoders and money lenders
are doing in this country
An act passed parliament very simiia to this
act which passed the congress of the United
States providing tn At specie payments should
b commenced by the government OF England
in four years. The result was that the banks, to
protect themselves, were
~ no Ar TUT TINT