The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-06-14
TIE RADICAL PARTY.
IT MADE THE GOLD BEARING INTEREST
DEBT AND PASSED THE RESUMPTION ACT
THE RESULT.

/ IT MADE THE GOLD BEARING INTEREST
DEBT AND PASSED THE RESUMPTION ACT
THE RESULT.
Judge Jordan addressed a large audi
ence at the Hendricks club room
last evening on the issues of
the day in general and the tightness of the
times particularly. He said in substance
that the deplOrab.e financial condition Of
the country is 1T toe pre- sent time en-
gaging the attention of ali our people.
My purpose tonight is to call attention TO
causes which have contributed to our
present financial embarrsssments, and fix
the responsibility for the widespread dis
aster which has overtaken our people.
There is no room for controversy on THESE
subjects, tor the publican party for the
ten years past has shaped and controlled
all legislation. Up to the meeting OF the
present Congress both houses have been
overwhelmingly Republican. Important
financial questions were discussed and de-
termined In caucus, and under the party
lash the action OF the caucusts became the
law of the land. Free and independent
discussion and action was not allowed
in either house, and the support OF the
caucus bills was made the tess OF loyalty
to the party. By this means the whole
financial legislation has been controlled
by much less number than one half oil
boc COm VIC WV OAoANhCS
OF our national legislature. At the close
of the war large amount of the Obliga-
tions of the government was drawing
currency interest. These obligations to a
very considerable extent were held by
New England, and the policy was sdpoted
of funding them into bonds bearing
gold interest. This policy has
been steadily followed by the Republican
party, and more than thousand million
of orr currency debt has been
CONVERTED INTO GOLD INTEREST BEARING
BONDS.
1t was a fatal policy Tor the masses of
people, and has added hundreds OF
millions to our national debt. This act On
of Congress was so unjust and ruinous
that IL almost became a crime, aud the
wonder is that its authors have not long
since been driven irJm power. l am proud
to say that in Dec mber, 1867, L made
speech, which L hold in my hand,
opposing this proposition to fund the
currency obligations of the governmental
to bonds. At that ds'e the debt bearing
coin interest was 1,778, Ito, 991. The first
issue OF $40 bonds were then maturing,
and instead of increasing the bonded DEBT
l maintained that some OF those bonds
could and she aid be paid in greenbacks
In two years, from 1865 TO 1867, there had
been a contraction of toe currency of I'VE
hundred million dollars, and this enor-
nous contraction was seriously affecting
trade and the prosperity OF the people;
A large amount OF these $40 bonds could
have been paid In greenbacks without in
cressiDg the circulation hey ond what 1t
YVES on the 3lst day OF October, 1865.
now read from the speech made in De-
cember, 1867, what said about our paper
circulation and
THE EXTENT OF INITIATION THAT EXISTED
IN 1865.
"Ssys the secretary OF the treasury in his
report to Congress, made in December,
1865:
The paper circulation of the United States,
on the 3lst OF October last, was substantially
as follows:
1. United States notes and frac-
tiOnal Gu reDcY ZlSO3e 80
q Notes OF the national banks...- lS5,UOO,OUO 81
g. Notes OF ate banks, including
outstanding issues OF state
banks converted into ma
tional banks...................... 65COO,OOO 90