The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-06-13
THE BATTLE OF THE STANDARDS.


came into power is marked by wrecks as
wildly as the track of the tornado. Its pol |
icy of contraction has been marked by bank |
ruptcy. The figures are irrefutabie. The
great mass of the people have suffered and
are still suffering In consequence of the fam
atical ideas of such financial mountebanks as
Mccullough, and repulsive lunatics as Sher-
man. The Washington correspondent of the
New York Daily Bulletin says that Shei-
man "sits back in his chair a very
'Rhadamanthus or Minos, and tells
he knows his business and every
thing is all right, that some day he
will tell us all about it; which is all very
well for him to say, and he means every
word he says Congressman who come here
say the country has a right to know his fl
'nancial policy. Secretary Sherman answers
that they will know in time, and, what is
more, that he, himself, with his own mouth,
will, through the entire press, tell them.
There is no use talking further about his
policy. He has none except contraction of
'greenbacks, and he is like the general of an
army looking for the weakest place in the
fort. He promises to accomplish this in the
best way he can without Imaging business
Interests or doing violence to public senti-
'ment He is in favor of economy-practices
it; is in favor of accumulating gold-prac-
'tices it; is in favor of contracting legal ten
ders-practices that; and is in favor of fore
ing silver into circulation, which he also
| practices"
The country is steadily yielding to the be-
lief that contraction is to go forward, and as
a consequence of this capital is retiring from
such enterprises as furnish employment to
the laboring men of the country. Under
such circumstances it need not surprise the
thoughtful to witness further shrinkage of
values, an increase of bankruptcy, and the
most intense distress the country has ever
witnessed Let it be borne in mind that the
situation is directly traceable to the policy
and to the legislation of the radical party.
| The result of such a policy benefits the
creditor class, but it Is death to the debtor
| class. 1t makes the rich richer, and reduces
the men of moderate means to poverty, and
the poor to the condition of starving paupers.
| Among the infamous acts of the radical
party that which demonetized silver is con-
spicuous. The motive that prompted it
was ubiquitous, and its purpose was to bene-
fit the bondholder regardless of all honest
considerations. To understand the demon
itization business thoroughly idshould be re-
membered that from 1892 to 1878 (eighty-one
years. the country enjoyed the benefits of
the silver dollar. 1t was a legal tender with
out limit and without inconvenience. On
the contrary the double standard worked
harmonIously and beneficislly to all parties.
The people demanded no change whatever.
| The gold coinage of eagles and fractional
eagles, and at last, in 1s49, gold dollars.
brought about no conflict with the silver
dollars 1t has been the unit of value, the
center of our monetary system, and thus it
continued down to 1873.
We have said that the people did not de-
mand the characterization of the silver dol
lar. The question had not been discussed,
and the legislation that brought about the
change and the disastrous consequences
that followed was probably the most venal
that disgraces radical legislation. Upon
this subject the Chicago Inter-0cean says:
The legislative act which wrought this revo-
| luton was literally struggled through con-
| gress. Except by It's title the bill was never
| once read in the house OF representatives 1t
was reported TO that body without any regular
| action of the committee to which its consider
| ton had been referred, and without the
| knowledge of part OF its members. AT every
step Of its movement toward passage by the
| house investigations into the provisions of the
| bill were automatically avoided or adroitly
| thwarted. In the senate like tactics were pur-
/ sued There the bill was once read in two dis
| jointed portions on different days. Discussion
was eyaded. Inquiries were skillfully parted.
| The final vote was taken In the dark. Only
| chosen few OF either representatives or
| senators were knowing TO the real object and
| IL passed to the president for his SIGNATURE
| Its meaning and design were unsupported.
There was vague impression in certain quar-
| whose suspicious had been excited could not
point out anything amiss, because the bill had
members In either house, as befitted its i'm
| portance. From first to last, this bill. numer-
Gus In Its sections and complicated in its pro-
/ visions, was conducted through the laby-
| rinthine windings of concealment, deceit, sub
| terfuge, and imposition, thus partaking of the
| elements OF a conspiracy and being an attack
upon the general welfare Indeed, several
| years passed away before the country was
made aware of the true meaning, design, and
titiously placed upon the national statute
| book.
In view of these facts the people will con-
tinue to inquire with increasing emphasis
| Why was this measure brought forward and
this iniquity consummated? There is but
one reply. 1t was to benefit the bond
holder. Tie statement is not controverted.
The bonds of the government were made
payable in coin, gold and silver. The bond
holders objected TO receiving the interest in
silver. They wanted gold, and utterly re-
gardless of the law under which the bonds
were issued and sold, and equally regardless
OF the interests OF the people, they sought to
have the law changed and were successful
| in the manner we have above stated