The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-06-20

~ unforeseen Dy SIdLtcA1Cns NACA wiz uCAC
capable of forecasting events, who, reasoning
from cause to effect, mapped out results,
pointed out the dangers and sought the best
way they could to arouse their slumbering
countrymen to sense of approaching dam
gers Their efforts were not in vain, not
withstanding, the storm predicted is upon
us. The cyclone of bankruptcy has streyed
the country with wrecks. Old houses have
fallen, princely fortunes have melted away,
industries are paralyzed, confidence has
fed, labor is pleading with outstretch-
ed arms, capital is retiring behind
locks and bars, machinery is rusting,
idleness is increasing, values are shrink
ing, the whole country is alarmed,
contraction Is progressing and the cyclone
is gathering power. What now? The best
thing to be done is to take observations and
ascertain as nearly as practicable our lati
tude and longitude, and in our future voy-
aging be governed by common sense and the
lessons of experience.
We have recited somewhat the difficulties
that environ the people. We assume they
are absolutely artificial; that they have been
created; that they are the outgrowth of
illiberal and venal legislation, and can be
corrected. The legislation upon finances
has been vicious; it can be purified. There
must be starting point. What shall it be?
Fortunately we have not far to look for one.
The rallying point is at hand. We submit
to the readers of the Sentinel bill, intro
duced into congress March 8, 1877, by the
Hon. Franklin Landers. which meets the
exigency. 1t embodies series OF automatic
principles, the adoption of which solves the
problems which are perplexing the country.
They are valuable because they are prac-
teal. The bill is as follows:
An act to compel the gradual retirement of
national bank currency, and to authorize an
issue of United States treasury notes in lieu
thereof; also to repeal an act Of congress en-
titled IAN act to provide for the resumption
1879, and also to provide for the coinage OF
silver dollars
Belt enacted by the senate and house OF rep
resentatives of the United States of America
in congress assembled, That each and every
banking association in the United States shall
pay tax upon its circulation, in addition to
the tax now authorized by law, as follows, to-
wit: One per cent on the LIST day of January,
1878; per cent. on the LIST day OF January, 1872
per cent. on the list day of January, 1880, and
after; and the secretary of the treasury is
hereby authorized and directed to levy and
collect such tax from said banking associations
at the times herein specified, in the manner in
which the tax ON bank circulation now au-
thorized by law is levied and collected.
ISIS. the notes of bansine assoeiations shall
not be received i'm payment OF debts, dues, de-
mands, imposts or taxes due to the federal gov
eminent
Sec. 3. That the secretary of the treasury Is
HEREBY authorized and directed to provide an
issue of non-interest bearing treasury notes,
not to exceed the sum of four hundred mill
lions OF dollars OF the denominations of five,
ten, twenty, fifty, one hundred, five hundred
and one thousand dollars, In the same proper
ton ofeach denomination as has been adopted
in the issue OF the legal tender treasury notes
authorized by the act of congress OF February
y, 1862, and acts supplementary thereto; and
shan be reeeivable bV the United States n gov
eminent for all taxes, duties, imposts, excuses,
deb and demands of every kind, including
customs duties, and shall be in the following
form. to-wit: "The United States will receive
this treasury note in payment of all taxes du-
ties, imposts, excuses, debts and demands of
every kind due to the United States to the
value ofsi," or whatever sum or denomination
may be expressed thereon.
Sec. f. That the secretary of the treasury is
hereby authorized and directed to issue said
treasury notes in payment OF the current ex-
pep SeS of the federal government at the rate of
the retirement of the circulational of national
banking associations, or in exchange for suIu
or silver bullion at the coinage yalue thereof
or for non-interest Dearl'g ponds of theUnited
States at their par value.
Sec. D. That the secretary OF the treasury is
hereby authorized and directed as often as
$4,000 or more OF said treasury notes paid
out of the treasury in the current expenses of
the federal government to apply an equal
amount of the legal tender notes received in
payment of current dues and taxes to the pur-
chase of interest bearing bonds of the United
States or of gold and silver bullion at the mar
ket price thereof which said bullion shall be
coined and applied TO the redemption OF the
interest bearing bonds of the United States in
the manner provided by law.
Sec g. That the secretary of the treasury is
anG silver buion presented at the ~ mint o. the
United states, or any OF Its oran an coined
lion coined under any ofthe provisions Of this
act shall be coined into standard silver dollars