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


The Prussisns had no faith in her ability to pay,
and quartered her army upon her territory as a
guarantee for the payment of the debt and, TO.
their utter astonishment the dent was paid by
the French, and to-day the FIR nch are more
prosperous Than the Prussians, although France
paid the expenses of both armies. Now are we
going 10 follow the example OF England, or would
Il not be wise for us to
FOLLOW THE EXAMPLE OF FRANCE?
Let me say to you, gentlemen, that the true
policy of this country, in my opinion, is that
whenever we have a legal tender at all, il
should be a full legal tender and then there
would be no difference in the value of money.
lApplause.l This is very good time, gentle
men men, to settle this question in the in
terest OF the people Since the message of
Gen Grant was delivered TO re congress of the
Uni ed States there is very different feeling
amongst many national bankers 10 what there
wss before. The president o the United States
recommends that con yress should have a bond
ISSUED 10 take up the legal tender currency,
| lea Il the whole OF the burden of resnmp ion
upon the national banks. The national banks
are unwilling to bear this entire burden of r.
sumption, and Their currency is being rapidly
retiredJrom circulation. There is nothing 10 be
ganedb 10 the people by the repeal OF the ma
| banks are q business necessity. The banks
are ready organized, and their charters
need OF disturbing heir organization. / an
lully OF the opinion that ii the congress of the
| United States would 20 to work in the interest
OF the people and show That they meant "busi
| ness, the national banks would readily
90 FORWARD ana agree 10 an aTran ge ment fair
ana tquliaole TO them both. Ii ge would pass
| a law Tor the retirement OF the national bank
currency. for the nj of green backs TO be de-
| lvered over TO the national banks as they re-
tired the r currency, with provision that the
interest upon the bonds the national
treasury, the interest should stop as Ihe Legal
tenders are issued 10 them, eve tning would
be gained to the people that could possibly be
GAINED BY THE REPEAL OF THE LAW ~
The busiless of the country would move on
without jar. The national bankers would
be satisfied with this arrangement
h2ve had conversations with many
national bankers some representing the
| largest banks in the country, in Washington and
athome,in which they have told me they would
be perfectly willing for congress to pass law
| for the retirement of this currency, if they
equal amount TO that which was retired. Some
would l1Ee 10 have he egal terder properties
/ of the currency omitted, but we could no. affofd
| to do that. WeeFe resolved and def ermined hat
when We nave any thing which passes as money
1t shall be on a par with sll kinds of money;
| hat can only be done by maxim il lega ten
| der; that prevents the Spectator from talk ng
advantage ofthe laboripg men OF the country,
r these losses always fall on the laOorers,
| who are not posted on the value of deprecated
| money. But you say that is quite a conces-
| sion. There is national banker who sis near
me In congress. be was elected in a district
| largely republican. upon the green back plat
form in PENNSYLVANIA. He has . bill now pre-
pared for the retirement ofIhe national bank
currency and the issuing of greanbacks inse cad.
| de says he Is perfectly satisfied with the ar
| rangement and many bankers throughout this
country would be sa isfed with it arc. 1 tell
YOU, gentt men, our national bank fri IDS will
find their business disturbed as much
! as m ny business men Will md theirs ucder
this resumption policy. Tney will discover when
| the greer backs are retired and they have moth
ing but gold to redeem with, that they will
| be unable To keep one half of the volume of
their currency, that they will have 10 keep that
brought back upon them for redemption. hey
understand That tull well, gentlemen,
Grant they won be willing 20 settle the ques-
| tiou with US ow without jar to the business
OF the country. [App ause.l hope that during
| ment of that kind can be made, for say
1 Al NOT OPPOSED TO BANKS.
| L am in favor of them. No business of the co1n-
try can be done without banks, but L want
no bank of issue at all. [Applause.l 1 want all
the currency of the country issued by tn federal
government. [Renewed applause il all your
credit is to go 10 sustain the currency, L ask
you, are you not entitled 10 the profit arising
| from it? DO you not know that every
acr= of your land and every dollar o. your prop
erty Is pledged tC the redemption OF the national
bank ency, Just much as IL is for the gal
| tender currency? Now. gentlemen, is il not I'M
| the redemption of national bank curren cy when
| YOU get nothing that arises In the way
of profit? You are bound for the losses. The
bill holder has 10 be paid. If he is not paid in
any other way he has 10 be paid out of the ede. al
treasury. Is it not unfair that your property
the business of a few men snd when dividend
day comes you are not known? Gully the
credit is pedged for the
redemption of money, the government
o Ight 20 issue The money. Some OF our friends
argue that II would hurt the credst of the gov
erDment 10 issue money. want 10 notice tho L
argument one moment. Hurt the credit OF the
gOvernm ent 10 issue a currency and Ia up the
Interest bearing obligations? Is it going to help
Inc crealt OF your government 10 strike on
s4OO,oUc,OO" OF bonds bearing nve per cent. In
terest, To take up this non-interest bearing
debt? Will that help you? Will II help the
credit of the government TO p s2O0Oo.OO each
year more than il now has to Fay? don't I'M
deTstsnd such business propositions. L don
understand that IL help the credit of an in
But Ihs Sc wise gentlemen upon finances under
stand il would nelp the credit of the govern
| argument Gentle men, you may compare the
| policy that is being advocated now with our
policy, and you will find that policy we are con-
lending for will save the government at least
| s4n.tO0,HO0 per year-more than half the entire
expenses of the government previous TO the
OF the national bank currency will
SAVE AT LEAST $40 100000.
This party that passed the resumption act pro-
poses to increase your obligations $40 100000. Is
not there s4O,OOOOOO year? And they argue
that their policy is in the interest of the coun-
credit Of the government. don,i
nndeTstand such proPoslld43ns the e dSnf
of sn1 to pay oat per
year, you might say for nothing Applause ]
Gentlemen, am very much gratifed 10 know
| that the people taking hold of this question
| You wi i sotice one thing that whenever you
are in conversation with one of those gentle
men. who takes the opposite side OF the ques-
ton. he is very ready TO say TO you
| he don't unders and 1t. He tries TO maze out
that IL il no use for the common p ople 10 look
into T. at all that IL is beyond their comprehen-
10 you that il you go forward
in the Investigation of this question you will
| find yourselves able TO spprehend all intricate
points connected with IL. In travelling over The
| country meet many farmers well posted on
| this question. They understand 1t, and am
| satisfied that If this in vestigation goes on Mr.
| McCulloch rs right in saying that there Will De
an irresistible mand for legal tender cur
rency. [Applause.l Ii this policy OF contraction
is pursued, gentlemen, it will end in bankrupt
| ing the masses OF the people,
your farms for one-half will never realize an