The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-06-13
THE IMPENDING STORM.
What a New York Business Man
Thinks of the Outlook.
The Devilishness of Sherman and the
Infamy of ConfracffOn--A National
Bank SwindIe Exposed.


lished a letter under date of New York,
June 8. in which the financial outlook was
referred to and the damages that threaten
the country pointed out Referring to a
gigantic national bank swindle, the CORES
pOndent says:
Coming out of the Chickering hall meet
ing while Purdy was blowing his trumpet,
We met gentleman named Stewart who,
since the passage of that infamous act of
March IA, 1869, making the national debt
payable in gold, and which robbed the peo-
sple of this country of at least a thousand
millions, has been right on the currency
question, and laughed at the calf worship
ers who have predicted again and
again brilliant outlooks and revivlng
trade. Mr.. Stewart is a dealer in real estate,
and has the business acquaintance of the
best men in our city. He is a clear thinker
and a man of brains, living however much
in his brains, as he is afflicted with deafness.
What do you think of the outlook, Mr..
Stewart? Where is all this business prosper
ity that they talk about? Did you ever see
New York so listlessly dull, or the country
so stagnantly prostrate?"
81 view the situation" he replied, with
the greatest concern and anxiety. We have
not yet seen the worst of it under the re-
sumption programme of Mr.. Secretary Sher-
man. The banks have entered into gigan-
tic conspiracy to aid Mr.. Sherman in his re-
sumption scheme, and make tight money
market They see that he can not get any
gold to redeem the legal tenders, so they are
bent on carrying out a bare-faced fraud to
help him hoard the legal tenders"
How are they going to do it?' we asked.
"The fraud on the people" he replied, sis
this, and it threatens another panic worse
than that of 1873: Under the resumption act
bank can send hundred thousand of
bonds to Washington and receive back ma
tional bank notes, and thereupon the secre-
tary is authorized to retire so per
cent. in greenbacks. AS soon as the
bank receives the notes and the
secretary retires the greenbacks it
sends the bills back to Washington and the
bonds are returned by the treasury depart
| ment This is a measure of contraction, and
defeats the working of the resumption bill
entirely as to expansion of the currency,
and therefore such action on the part of the
| banks and the secretary is in bad faith. The
resumption bill was considered a compro-
mise measure at the time of its passage Mr..
Sherman will continue on with his policy of
forced contraction till the country is on the
verge of another panic, and bread
riots are imminent and thou
sands are perishing for food and clothing,
and then he will suddenly release his fifty
millions of legal tenders and play the Lord
Bountiful to the admIring plaudits of a lot
OF Wall street speculators. You remember,
in 1925, when England was in a state Of revo-
1
riots ragged at Manchester, London and Liver
| pool, and newspaper offices and banks were
| sacked Sir Robert Peel played the same role,
and stopped the panic and riots by letting
out bundle of old rags-Bank of England
notes that he found in the vaults of that in
/ stitutiOn."
"Then you.think. Mr.. Stewart, that Secre-
/ tary Sherman viii not be able to resume,
even if he gets in the 500 900 of legal
| tenders?"
HE can not resume without at least
500, 600, 900 of gold. The bank of France
has as much gold and silver as she has notes
out, and yet she does not resume Why
does she not resume? you ask The reson is
that Germany is coming gold, and the bank
of France does not wish to aid Germany In
that and at the same time lose her coin. l
tell you, sir, if the people only knew what
they have got to go through in the next Is
months, they would gather up what little
they had and emigrate to some other land.
Our sufferings are but commenced; but
| courage, couragel
People who have bonds or receive regu-
lar salaries have not yet felt the pressure
They laugh at us yet as croakers, and they
have laughed at us during the last ten
years."
But Mr.. Stewart, people appear prosper
lous, and you see very few peo' lie in trade or
business who show signs of pc srty."
"Our people are a brave people and a
proud one; there is one word in their lexi-
con that they hate to part with, and that
word is success. They will spend their last
dollar to keep up appearances and go hun
cry. There thousands in New York
who are doing that. go among the trades
people just to mark the course of events.
They are courageous, butts are growing poorer
every day."
'sWell, Mr.. Stewart if man like General
| Ewing comes before the people and shows
them how they can get relief, do you think
they will listen to himT'
"Yes, sir; the people see that there is
something rotten in Denmark and as Gen
eral Ewing demands the repeal of the re-
sumption act he is likely to become very
| prominent leader. By-the-by. where can L
see the Enquirer? l admire that paper; it
is large hearted and warm in the cause of
the people. 1t is indeed a friend of the
people"
We told Mr.. Stewart that he could see the
Enquirer at most any of the hotels, and babe
him good evening. Here was a man who,
Il now, was able to make handsome liv-
il, in buying and selling real estate on CON-
mission, but who had not made transaction
for Sny months and most of whose friends
| who lad real estate were either bankrupt or
on the verge of bankruptcy. We know many
men now (infatuated foolsl) who are dancing
| attendance on John Sherman, and waiting,
| waiting for the grand imitation of the ma
tional bank certificates of Indebtedness.
WAITING FOR SWEET By-ANp-BY.
Our financial pyramid of three thousand
millions of bonds, greenbacks and national
bank note certificates of bank debts has
gold basis at last accounts of $40, 700, 900 in
| the United States treasury, that being the
amount held by the secretary of the treasury
| free from all claims. The statement of the
secretary of the treasury, in answer 10 the
resolution calling for it of Mr.. Speaker
| Sayler, represented the amount so held
i to be $4,000, 900. So since that time
it has been growing beautifully less. The
New York Times begins 10 show signs of un-
easiness and can not make out how Sher-
| L. nnino N The hat,lxa hor