The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-05-09

make somewhat different application OF it.
1 too, Mr.. Speaker, am opposed TO tinker
been entirely too much of II
done. Scarcely a session OF congress
witnessed the passage of some law relating to
our financial policy i'm the interests OF the
bOndhOlder and the inoney-lender, anu
against the property owner, the manufacturer,
the business man, the farmer and the l9borer.
Instead of those who demanded an honest
currency issued by the government being the
thinkers" IL is the other fellows. They nave
had their hands on the throat of industry ana
in the pockets of the people long enough ana
they must be made to let go their hold, ~
order that industry may have an opportunity
to revive and lend its aid in restoring pros
perity to the nation.
IL will perhaps be urged AGAINST the treasury
note in the form provided for by the eleventh
section of the substitute that II will
stitute a deprecated currency. There
never has been an instance of a treasury note
issued in the proper form and made recelY-
able for all taxes, dues, and demands, inciud-
ing customs, that deprecated a farthtng. Even
during the darkest period of the war the
treasury notes issued in this form, known as
the cold demand notes." circulated at par
wth god and went gP With Il to am
for no other reason than that IL was receivable
by the government the same as gold coin.
That 10 will not do so now when no uncertain
" viii attend it's use, and the revenues of the
government exceed S2JO,OOO,OOO year, Is graz
tuitous assumption based on neither reason
nor experience. 1t is far more likely that they
will not only be equal TO gold but preferable
on account of their greater convenience.
With such currency filling Tn channels OF
circulation, the producing forces OF the nation
would find free development, and our produc-
tlOns WOuiu Increase Win sucH IaPluley Silv
TO such an extent that our national ueDt
would prove but a mere Dagatelle. During the
period immediately succeeding the war, be-
fore McCulloch began his INFAMOUS pOllcy,
our production of wealth was so great, owing
to the abundance of paper money In circula-
ton, that we paid off $500 900 900 of our public
q xnprioncinU
on account of taxation. A SOunder currency,
such as this will prove will enable us to pro
duce wealth more rapid y than we did then,
and render it possible for us TO pay off our for.
eign liabilities and by our excess of produc-
tiOns obtain all the gold and silver required
for specie circulation, in case it is desired, in
very short time. 1t Is impossible in
speech of this character to notice
advoeates io OF ths Bank Currency system
OF money, but will dispose Of one more. 1t
Is said that such currency as propose viii
drive gold out of the country. If we reach
reason OF producing an excess of products in
stead of an unhealthy one, such as exists at
the present time by reason OF our poverty,
what, would like 10 know, could take gold
settle balances, but If the balances are in our
favor, what, repeat, could take sold abroad?
Would it not rather flow in this direction if
ties?
But have given more consideration to this
brauch of the subject than had designed, and
i will conclude with a brief review Of the Lead
ing features of the substitute, which Will
here remark has been offered not in the in
terest of any corporation, as may bs Judged by
the Stringency OF its provisions, but in the sim
cere hope that this house may be induced to
ance, especially at the present time, in a way
that win result in utilizing our own resources,
retain ali the dement's that may flow from
IL within our own borders and in the hands
our own people.
Ia conclusion, then, 1 think have shown
L. That we have an undOubted right to aid a
work OF national Importance of this charac-
ter, where Ii extends through a new region of
which the government is part proprietor.
2 That the government, having no right to
enter upon a general system of internal inn
prOvement, should not aid the branches. pro-
posed in the original bill.
3. That it is not to the interests of the gov
Pacific of California, which is identical with
the Central Pacific that owns and controls the
west half of the Texas and Pacific
4. That the policy of issuing bonds, whether
government or railroad, WITH view to their
unnecessary but vicious method of obtaining
money, resulting in drain upon the indus
tries of the country, and should no longer be
resorted to by the federal government, directly
5. That the nation possesses abundance of
capital in its natural resources and labor,
which latter is lost forever If not employed,
that can be rendered available for all purposes,
greatly to the advantage of the government
and nation, If touched by the vitalizing infiu-
ence of money.
3. That the treasury note OF the United States
constitutes the cheapest and most convenient
tool of exchange, money, that can
be devised for the purpose of developing the
producing forces of the nation.
Z. That the plan proposed will not only Sc
cure the construction of the road in the most
economical and speedy manner possible, and
also cheaper transportation, but will enable
to retain all the profits which will arise
from the development of the country and the
operation of the road in the hands of our own
people
8. That instead of the road being burden
upon the government or people, it will be a
source of revenue to one and of wealth to the
other.
9. That under the provisions of the substi-
tute, all revenues of the company being paid
directly 10 the government, 1t will be mpos-
sible for the company to evade its obligations.
TO- That the business interests of this coun-
try Will be greatly benefited, not only directly
by the construction of the road, but indirectly
by the use OF a considerable amount OF par
paper money, now so greatly needed in the
channels of trade.
II these and other objects of like nature
can be secured by the passage of this substi-
tute, submit that IL would not only be wise
in this house to aid in the construction Of this
road, but that, considering the PROSTATE con-
dition of our industries, IL Is also duty.
Hand Shaking.