The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-01-12
The Senate ON the Finances.

the Senate to provide for the resumption of
specie payments, and, in doing so, pr efaced
its introduction by the significant remark
that he presumed no senator there was In
favor of the repeal Of the resumption act,
therefore 1t was necessary to prepare for
carrying out its provisions, that tie secretary
of the treasury may redeem the greenbacks
by the time appointed. The Sentinel does
not propose to discuss, at this time, the
merits of Mr. Morrill's plan OF preparing
for resumption; suffice it to say that the
bill would never have been passed if there
had been Incorporated in it any such pro-
visions for carrying it out are now sug-
gested. Senator Schurz and others, again
and again, demanded to know how Mr..
Sherman proposed to carry out practically
what was proposed, but received no salts
faction. Senator Morton, in his advocacy
of the merits of that bill in the
Ohio canvass, declared that it was not
the purpose of the bill to retire
the greenbscks, but to float them. That
reduction to three hundred millions would
place them on par with gold, and then the
people would be satisfied vith them and
they would continue to be the currency of
the country.
But now Senator Morrill, reveals in his bill
the concealed policy of the Republican
party, and with the hope that the House of
Representatives, said to be in favor of re-
sumption of specie payments, win indorse
the plan. All that the country feared is pro-
posed to be enacted. Would the Republican
party have dared to go before the people of
Ohio with this sort OF supplement to the
legislation of January IA, 1875, on finance?
By no means, and the members of the lower
branch, whatever the majority of the Sen
ate may do, can not surely be so suicidal as
to give moments consideration to this
plan OF radicslism to secure the favor of
the money power and get the Democratic
branch to assist them. If the representa-
tives understand the situation they surely
will not divest themselves of all power be-
fore the people, by giving moments con-
siderstion to this plan to ruin the whole
country.
1t can not be denied that since the as
sembling Of congress there has appeared
around Washington disposition to yield
to the demand of the. money power,
and Cypress the people still further
by financial legislation. 1t is alleged
that the committees are selected in the
interest of resumption. However this may
be, the Sentinel undertakes to sound a note
of warning to the representatives there as
sembled, that If 1t is designed to throw
away every advantage that the Democratic
party has gained in the change of MAORI
ties in the present congress. all that is
necessary tor our Democratic friends to do
is to refuse to repeal the resumption act,
and place q burden of twenty millions per
snnum of interest upon the people in pre-
pairing forit. If they do it, not party rep
resent alive would be returned from this
state next fall. The Democratic party is
now in no way responsible tor the financial
legislation that is expressing the people and
depressing trade, and it should enter the
next presidential contest with clean hands.
There should be an early, distinct and de-
cided expression of opinion of the House of
Representatives on this subject, an ulti-
matum, and then leave the matter to the
Republican Senate to accept or reject, and
on their vote OF rejection, according to
Senator Morrill's suggestion, let them 60
before the country. The West and South,
as the Sentinel reads the current opinion
of the people, are not clsmoring for infis-
ton, nor are they claiming that there shall
be any revolutionary legislation on cur
rency or finance that conflicts with the gen.
orally received decisions of sound political
economy. But there is demand for the
repeal of the resumption act that must be
needed. Senator Morrill, counts without
his host, and will put in the saving clause
that he had not consulted the opinion of
others in the sentiment that no senators de-
sired the repeal of the resumption bill.
will vote for the repeal, and 1t is greatly to
be desired tina. Mr.. Morton also shall be put
to the test on this question. Ii Is correctly
reported that his Western opinion or posi-
ton is for repeal, and that his Eastern opin-
ion would favor the bill of Senator Nor
rill. There are two senators from ILL
nois that would not like to be forced
to vote on that question just
now. The Sentinel is rather pleased
than otherwise that this bill has
been introduced into the Senate, and it is to
be hoped that it will be put to speedy issue
before that body, and also before the House.
The respective positions of the parties upon
ahat question ought to be decided, and then
let congress address itself to the good work
OF the purging out of corruption, of which
they will have enough to do to keep them
busy until warm weather.
Morfon,s Financial position.
number of years ago, when Senator