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

notes ardrefuss to take them for all debts due
S US at tneiT face value on pre-
preciated IL, and lost our credit and standing
In the business community and acted with
bad faith toward the public. The same rule
applicable TO business men equally applies to
conducting the business ofa great govern
ment- No man or government can make their
business circles II they deliberately dishonor
their own paper; consequently, II IL IL deslfa-
BILE TO maintain the good faith of this govern
menf, and to make Its silver coin and paper
money par or equal 10 gold coin, TIT must De
honored by the government, by me- ing them
legal tenders for all dues TO re maker
Of them, as well as TO indiyidu, for pri-
vate debts. The advocates OF contraction
currency, and keep money ana currency out
of the hands Of the people, may Dy such sys-
tenn starve laborers and drive business men
to ruin, and q slavish submission TO measures
necessary TO maintain an aristocracy In this
country, but 1t will never make silver and
n0oeS P an but s viii Inn
povertsh the country and starye the people.
Such are the ruinous effects OF the contrac-
ton and bank currency measures advocated
by the gentlem an from Maine and those who
are opposed to us; and in the face OF these
facts we are at loss TO see now any mSn
ncan can uphold such aristocratic and ruin
Gus propositions, or hesitate for moment TO
exercise their great power In this House by
applying the remedies necessary, not only TO
maintain the credit and good faith of the gov
ernment DuJ 10 reneVe
DISTRESSED AND RUINED PEOPLE.
have been sent here to represent an earn
est people, who demand par money; no cur
rency, recurring "specie basis and redernp-
ton, and the enactment of measures TO reduce
taxation, and 10 revive, make active, and
maintain the labor and wealth producing In
no measures to relieve the people are passed
by this House, the responsibility of such
crime shall not rest ON me. A powerful
press against us they may employ adherents
70 denounce Us for daring to oppose their sell
fish and heartless schemes; knowing, as do by
a long and extensive experience in business,
that our propositions are correct and would
promote the public good and the honor OF our
country, L shall not abandon them. Having
referred to the fact that greenbacks not
payable or redeemable in other money, that
no act creating them can be produced that
other money, and as the people, after July l,
1883, were deprived OF the right TO convert them
has informed us that he Is ashamed OF the act
that increased the premium on the bond
value of the peoples greenbsck, let us see
whether we can not discover the design of
passing so ruinously unjust an act of bad faith
l98 of his history says: "The attempt OF sec
rotary Chase TO float per cent. 10 40 bonds"
caused the premium on gold coin to rise as
l55; on the 18th of April it was us; June Is
IL was l@; on June ~ IL was from
70 obtain 81 in greenbacks, which conse-
quently enabled 40 cents in coin to obtain a
dollars worth OF bonds to draw interest on
and deposit in the treasury, and obtain 50 per
cent. OF the face value of the bond in national
bank currency, on which additional interest
rover of that currency, making to the bond
holder and banker three rates of interest on
each dollar of bonds which cost him from
thirty-five to forty cents on the dollar. There
fore the gentleman from Maine has just cause |
TO be ashamed of the acts of his party while |
over legislation. But worse follows: On July |
II, 1864, the premium on gold advanced to 2S5% |
at the board Of brokers in New York, making |
80 cents in gold coin equal to 81 in legally dis
honored greenbacks, which enabled the /
30 cents in gold coin to obtain a dollars worth /
OF bonds. No such deliberate robbery of any |
people by cunningly devised legislation can |
be found in any other country on the face of
the globe, nor do we think that any other
than the law-abiding people Of this country |
would so long and so patiently have endured
1t. Mr.. Chairman, this Is a question between
an oppressed people and their oppressors-be-
tw cen the doors of wrong and the sufferers OF
wrong-and our oppressors and their supple /
tools say we are lunatics for Directing any i
calculated to drive a once Tree
and +, prosperous so people into worse
Der, 1854. He said In the course of a few days |
the price of this article (gold coin) rose from
fell, in as short period, to 81 81,
and then again rose as rapidly 10 81 so; and /
all without any aSStgnable cause, traceable to
an increase or decrease In the circulation OF
paper money, or an expansion or contraction |
Of credit, or other similar influence on the |
market, tending TO occasion nqctuation so
OF the problem may be found In the unpatri-
otto and criminal efforts OF spectators, and |
probably OF secret enemies, to raise the price /
OF coin, regardless of the injury inflicted upon
the country or desiring TO tnf1ict Ii. Doubt
less ex-senator Fessenden, COMPOUNDED, and |
mics" should have taken advantage of his |
own act, and that of his party, to obtain q |
dollars worth of federal bonds for thirLy-five |
cents in gold coin, when that very act was |
dictated by those "specu ators" and
SECRET ENEMIES" OF THE PEOPLES |
RIGHTS
and interests. In disregard of those bankers |
and brokers, that able, firm and determined
man, Thaddeus Stevens, had procured the pas |
sage OF the legal tender act in the House MAX |
ing the ''greenba full legal tender equally |
with gold coin; and had Secretary Fessenden, |
then senator and chairman of the finance
committee not permitted himself TO be led by 4
bankers and brokers In opposition to the pub |
bonds would have brought more than thirty |
fve cents on the dollar in gold coin and we |
would now have vastly less OF Understanding |
Congress, by adopting our measures, can
put q stop to gold gambling, prevent any more |
9PsIsions o. mat KIND; and begin TO protect
rights and interests as well. The national |
bank act was approved March Is. 1863 more
than year after IL was proved by the act of /
March ~ 1862, that full legal tender notes not Il
in coin were equal in value to gold |
coin. Mr.. Spaulding, on pages lS7 and 1SS Of |
his history, says: No nation al bank currency /
was issued until about the LIST of January, 1864.
After that time 1t was gradually issued. On
the LIST OF July, 1864, the sum of Sz5,OU, 90 had
been issued, and on the I'D Of April, 1885,
shortly after the surrender of Gen. Lee, the
whole amount of national bank circulation
Issued TO that time was only GAG, 1856. IL
will, therefore, be seen that comparatively lit /
tie direct aid was realized from this
currency until after the close of L
sssna vss IN fact a., ad,,,iora1 ,,tia,,o,, ~ ne,
currency. 1t Is not only an inflated but a |
nctftious currency. A currency is inflated Il
when Its volume exceeds its basis of redemp-
ton; IL Is redeemable in greenbacks, and the |
volume of 1t vastly exceeds its redeemfngl
basis OF greenbacks and the national banks
can not redeem their currency in greenbacks,
much less in coin: therefore the absurdity of /
rod hon a.,