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

panty Llns the productive industries OF the
country TO an alarming extent Indeed il
matters go on in the present way much longer
IL VIII soon be impossible for the industrial
ana business classes 10 pay their taxes much
less their current obligations When AZ is ,9rT1
posed by this house to undo the Iascaiity
which was perpetrated in 1873 and re.eSfabiiSR
the silver dollar ofthe country a great bne ana
cry is raised by the money power that ininS-
ice Will be done 10 the creditor, meaning
more particularly the bOndhOlders ana
much Is said about maintaining the credit
OF the government. Why, the credit of the
government as represented by our bonds is
per cent. or more above par in gold TO-DAY. hnt
where is the voice OF any one heard denounc-
ing the raseally policy that is reducing the
value OF property of all kinds from % to 20 per
cent. that is driving the business classes Of
the country into bankruptcy and is snreoding
land? 'iou' the
We possess a land rich in natural resources
far more SO perhaps than that possessed nv
any other nation under the sun; we are in The
naDlt OF DoaSting al our intelligence our skin
and our ent rpi Use, and vet TODAY Doyrrfv,
ana want are Staiking through the land. and
rs a people are the poorest of any ciNili1-S5
nation. l. there not a reason for thisp WonId
be statesmen and political economists who eat
thelr ore al IN the lear of the money power saw
that II Is due TO overproduction, extravagance
on the part OF the people and like causes This
Is more IMAM nonsense, and will deceive none
b put the ignorant Human ingenuity is
ton can be increased and men ebeapeb ps9du in
order that the good things of this world NAV
be brought within The reach of all and such a
thing as over production, as society is now
constituted, Is an abSurdity. The charge of
eNtravagance Is equally groundless The in
dustrial and producing classes of society labor
year IN and year out, scarcely enjoying the
common comforts of life, and are only too glad
under the present system if they can accnTnn
late a little property after years of toll No
Mr.. speaker, the only extravaganza that has
manifested itself TO any great extent in Amer
lean society is among those who are enabled
to rob the people while occupying positions of
pubic trust or by means OF the present false
and corrupt financial policy
The simple truth, Invested of all the falIacies
by which IL has been surrounded by Interested
parties in these halls, in the press and In COL
leges, is this: The powers of production of
late years have Been increased enormously
put no corresponding advancement or progress
has taken place in the machinery of diStrihu
ton, IN which money, the tool of exchange
plays the most important part. On the con-
trary, every effort has been made by the
money power not only to represS any advance
ment in that direction, but to still further in
crease the power of money and labor over
property by further diminishing its amounf-
as compared with population and trade This
Is witnessed in the old world by the attempt to
demonetize silver, and in this country by the
decentralization of silver and the effort 10 re
tire the treasury notes of the federal govern
ment.
In European countries, except perhaps i'm
France, where enlightened system OF
money exists, the money power has had ahSo-
Lutte sway, and by limiting the legal tender
pared with the growth of population COM
merce and trade, IL has been enabled TO reaD ,
Tie tntlIt Oh INDUSTRY Tor generations
until now We see 1t as a result that the wealth
of the world is being rapidly concentrated i'm
the hands OF the few, and the masses are con-
signed To drudgery and poverty. Do American
statesmen desire TO produce similar results in
this country? The legislation of congress dur-
ing the past ten years looks very much as il
they did.
A nation can not have any more wealth
than II produces II is therefore of the first
Importance 10 give free development TO al OF
its producing forces: its soil, its mines lis
water power, its machinery, its labor, etc.
This can only be done, as is fully demonstrated
by experience, through the fundamentally of
an abundant and cheap currency As well
talk about farming without implements or
transportation without or wagons as to
talk about producing wealth i'm civilized
nation without a currency sufficiently CHEAP
and abundant TO circulate naturally in the
supply and demand. IL will he said, however,
that we have sufficient currency in the banks
anu that IL can easily be got out If
another of the plausible fallacies used to hood
wink the public in regard TO the source of our
present financial troubles. Why is money
plenty in the banks? This fact alone, that the
money and currency of the country are all
concentrated in the banks and the money
centers, l submit, is conclusive proof that
there is something inherently wrong with our
system of money. Why is it not filling the
lions for which money or currency is de-
signed? Because, Mr.. Speaker, industry has
been robbed OF its profits ana driven TO the
wall, helpless, by means of contraction and
the tribute exacted by the banks as middle
men, is supplied by the government free OF
tribute in the legitimate conduct of its affairs.
No revival of business or production can
possibly be looked for as long as money lend
ers and bondholders are permitted to furnish
us with theory or money and a financial
policy calculated to advance their own inter
ests alone, nor can we ever hope to extiDguish
the Vast vas oad 81 dept national; STATE corpSr-
people. And In this connection wish 10 call
attention TO fact connected with the nation
al banks which think is not fully considered
or appreciated by the public at large. The
basis of the currency OF the national banking
system is the public debt or the bonds which
represent it, Is 10 not perfectly clear that IL is
to the interest of the national banks to per-
petuate the national debt i'm order that it may
stacle will be thrown by them in the way to
prevant its extinction. This Is one
reason why silver has been de-
only in gold. Good care will be taken that the
government shall never be able to get the
gold, and i'm this way it is expected, not only
that our national debt shall never be extln-
guished, but, on the other hand, that il will be
increased. The late message of President
Grant, recommending the funding of Sl50,OO0,-
600 of greenbacks in interest bearing gold
bonds, is step in this direction that has been
contemplated all along, and will be pressed
aroused to a sense Of their danger. 1t was not
expected that the recommendations contained
in the message referred to would be carried
out at this session of congress, but ITS object is
to familiarize the people with the proposition
by having IL favorably commented upon and
Endorsed by the organs of the money power
throughout the country. This question in re-
lation to banks-I allude TO the power with
which they are clothed by law TO issue their
own notes to circulate as cnrrs ncy-is
one of paramount Importance at
the present time, for during the next
the circulation of the government to obtain
sole control of the currency of the country,
and fasten upon system of money the
effect of which will be here, i'm Europe, to
concentrate the wealth of the people In the
hands of the few and reduce the masses to the
ignoble position of "hewers of wood and draw
ers of water" for them.
may add further, in regard to the charge of
initiation which wiz be raised against this SUBJ
stitute, that the whole amount OF treasury
notes proposed TO be issued under its provi-
sions about So, 600 900. will not equal the
amount of bank currency retired from cir
culation during the past year. Besides, these