The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-03-08

producing the balance OF trade in favor Of
France,
CAUSING AN INFLUX OF IHE PKEC1oUs
METALS.
In the mean time the French government,
to make the stipulated payments OF the in
demnity, took the full legal tender notes OF
the bank and purchased foreign bills of ex-
change, thus enabling the French government
to obtain the means OF paying Its indemnity
to Prussia IN advance OF the times of payment
stipulated The Bank OF France is still pro-
hibi.ed from redeeming its notes In co n (; they
are continuously on an equality or par with
ton; the French eovernm s R is pfapidiy psy
ing the loan made II by the bank, which il
mel OF circulation for the coin flowing into
France No candid man who properly con-
siders these indisputaole facts wlll
notes and coin equal legal tenders
would compel the federal government TO pur-
/ think that no enc viii rresnme to assert
that the credit OF the federal government and
its full Legal tender treasury notes would not
France and its notes, backed by the French
government. That our full legal tender treas
ury notes would be par with gold coin, and
would purchase exchange on Europe as favor
ably as gold coin, there can o. be q question
OF doubt; because they will purchase, at the
same price as coin, ali commodities Of expor-
tation that command coin In Europe There
is one other fact in connection with this sub
ject OF French experience which it is proper TO
call 10 the notice OF this House. That fact
ielates 10 the volume OF the csrculs-
ting medium required in France 70
has POPULATION aSopt equal no
the populat On of this country; Its terri
tory being much s.aaller and the population
freely and q less volume will accomplish as
great an amount OF trade there here. The
total amount OF circulation in France by the
lowest estimate, as stated by bagenot, Lom-
bard Atreet, North American Review, January,
1874, and review OF the Two Worlds, Noyem-
q, iUz,Sll, gives an amount OF money per head
OF sSi o.; and OF this amount of circulating
culating medium of this country is stated by
the same authority at $500 ,UU,O0, making
Total circulation per head OF s2l.72; by deduct
ing reserve fund OF only s2UOOU' ,Ot0, IL would
be an amount per read OF only Slo ", as COM
pared with that of France, amounting
10 sA ~. IL those who assume ~
be statesmen can learn no useful lesson from
these facts TO profit by, all common-sense
exp iienced business men can. Money may
De too abundant in this country TO promote
the Interest of those who have a cash capital
and are engaged In the trade OF money lend
ing and note shaving, but that IL is far below
the wants of the productive Industries ana
the interests of l. X payers, there IL not ques-
ton OF doubt in my mind. My third propo-
sitlon Is 10 pass an act substituting par
treasury notes for national bank currency.
This would be saving TO the tar
payers of over s2U,OO,0O ennua. ly, and, had
the national banks never been incorporated
and state banks of issue been abolished, the
treasury note made q ulI legal tender and
came redeemsble, we would now have at least
s., 2O0 UOe OOO less debt wi some sixty millions
less taxation. and we would have avoided
commercial crash and money panic, and
thousands OF business men would
have avoided the ruin and poverty
a stealthy contraction of over 81 40 100000 In
the interest of bondholders and bankers. Mr..
Chairman, In the face or these facts am al a
ms and xun n fs
itate about what course 70 take on this ques-
ton when there is
BUT ONE CORRECT COURSE TO BE TAKEN.
The national banks, being founded on special
laws TO promote the interests OF Especial
cla.s at the expense OF the public good,
ever have and ever viii oppose
sound democracy and genuine republican
ism, any attempt to compromise with such an
interest is, in my judgment, useless Divided
as the House and Senate are, and threatened
by presidential veto, we may be compelled
for the present to accept less Than should be
done; but Tor one am resolved not 70 COM
promise any principle TO obtain any thing, as
the eopie. Mr. Chairman, the fourth PROPOSE
ton 10 make the treasury notes
inIerconvertible with certificates OF deposit, or
bonds bearing low rate OF interest 70 insure
the notes being kept on an equality with full
legal tender coin and If no more money ~ to
be issued, it will be measure inoispensably
terest bearing bond; to loan the money now
in circulation 10 bay up in the open market
which greatly aids in keeping the balance OF
trade against us. Mr.. Chairman, have SHOWN
that the democratic party has one UNIFORM
ury notes and of determin cd hostility TO banks
of issue. The democratic party In convention
in New York In July, 1855, In It's third resolu-
ton, says: Payment OF the public debt as
speedily as practicable, where the obIiga-
tions of the government DO not expressly state
kofr la
were issued does not provide that they shall
be paid In coin, they ought IN right and IN JUS
Lifted % e ssaes i1 rhnndsrs OF %
T. Equal taxation of every species OF prop
erty according 10 It's real value: including
government bonds and other public securi-
ties. lRenewed cheering, and cries OF "Read
s. One currency for the government and the
people, the iaborer and the oficeholder, the
pensioner and the soldier, the producer and
thebondholder. Great cheering, and cries OF
agaia read and again cheeredJ
6. Economy In the administration OF
the government, the reduction OF the
standing army and navy, Igreat cheer
ing,l discontinuance of mquisi-
tOrisl modes OF assessing and collecting inter
nal revenue, so that the burdens OF taxation
be equalized and Iessened, the credit OF the
government and the currency made good:
We have this clear snnouncement by
the democratic party 60 early as 1858 In favor
of the popular doctrines OF to-day. 1 had the
honor 70 be for them then as one OF tEeir
against any and ali opposition; l am pre-
pared to stand by these principles as an is
sue superior TO ali other questions OF public
policy; they do not admit OF any c0mpro-
mise whatever. The credit Of the govern
ment can only be made good by paying its
debts, and its currency can only be
an equal legal tender with gold
coin; and 1 for its being done
without further delay. Mr.. Chairman, carry
out these principles and government viii no
longer take from the mouth OF labor the
bread 1t has earned II representatives In
this House honestly desire to give the people
par money, and TO restore goId and silver TO
circulation, and TO maintain the good faith
and credit of the federal government, oon-
gress must pass act to enable the govern
ment TO honor its own paper by receiving 10
for all dues TO the maker OF IL, as IL can notbe
done by any other means. again cali the al
tention of this House, and especially the at
tention of the gentleman from maine, 70 the
fact that the contest is between United states
notes and bank currency and Bapks Of issue.
o ar opposition is TO all banks of issue, "bills