The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-05-30
THE SCHEME TO BANKRUPT THE
COUNTRY

Inc country is now confronted with
scheme which Hayes, the presidential fraud,
and John Sherman, a financial mountebank
and hair Drained fanatic, are pledged to
carry out at the expense of the material
prosperity of the country, and in direct con-
fiict with the welfare of the people. There
is a law looking to the resumption of specie
payments on the 1st of January, 1879; but
this law does not give the secretary of the
treasury the right to contract the currency.
which, in defiance of its provisions, Sher-
man has intimated he will do A Wash
ington special of late date refers TO the opin-
ion OF Senator Jones, OF Nevada, upon the
question of specie resumption, and says:
Senator Jones, of Nevada, is hard at work
upon the report of the silver commission. He
represents at present in the senate the ultra
wing opposed TO specie payments. In an in
he said congress would interfere with Secre-
tary sherman in case of his attempting to con-
tract the currency in the interests of specie re-
sumption. He thinks that the anti-specie
resumptionists will not raise their hands un-
less Sherman attempts TO control the currency.
In case Sherman asks for legislation In aid OF
resumption, Jones claims that the anti
resumption people will be strong enough to
d. feat such a request. He has no doubt but
what the present act would amount 10 moth.
ing except EN- barrassment without additional
legislation. Men IN congress VINO are opposed
10 q specie basis will not offer to amend or re-
peal the act. They will not consent to post
ponement of the day set, as they believe that
defeat the resumption act. The secretary of
the silver commission says that Sherman was
the only member Of the last congress who
the resumption act. Upon the 2lst OF Febru-
airy Sherman introduced bill for funding
100000, 900 in greenbacks. He.warmly pressed
this bill, and even to the first moment of the
closing hours of the Forty fourth congress he
urged It's passage, claiming that without some
such additional legislation resumption would
be inoperative. The secretary of the commits
sion says that he is perfectly confident that
Mr.. Sherman, In his coming report to congress,
measure as he advocated in the last congress.
Senator Jones thinks that such request
would concentrate at once the opposition. For
bimself he does not believe that the time will
sumed.
Manifestly Mr.. Jones is correct in his views
in regard to additional legislation to make
the law of 1875 effective, and in regard to
Sherman's powers under the law to
further contract the currency additional
legislation is absolutely required. In that
regard the sole powers of the secretary over
the subject, as conveyed by the resumption
act of July IA, 1875, are embodied in the fol-
lowing language:
And on and after the first day Of January,
Ammo DOmini eighteen hundred and seventy
nine The secretary OF the treasury snail re-
notes then outstanding on the presentation
for redemption at the Office OF the assistant
treasurer of the United States in the city of
New York, in sums of not less than
fifty dollars. And to enable the secre-
tary OF the treasury to prepare and provide
for the redemp' ion in this act authorized or
required, he Is authorized to use any surplus
revenues from time to time In the treasu
not otherwise appropriated; and to issue, sell
and dispose of, at not less than par, In coin,
either of the descriptions of bonds of the
United States described in the act Of congress
approved July fourteenth, eighteen hundred
and seventy, entitled "An act to authorize the
refunding of the national debt" with like
qualities, privileges and exemptions 70 the
extent necessary to carry this act into full eff
feet, and to use the proceeds thereof for the
purposes aforesaid.
"There is no possibility" remarks an ex
change. "of honestly mistaking the purport
'of this language" and adds: 81. The secre-
'tary of the treasury is required to pay in
coin any United States notes presented at
the treasury for payment on and after jan
'uary 1, 1879. 2. To enable the secretary to
prepare and provide for the redemption in
this act required, he is authorized to pro-
cure, il necessary, the needful coin for pay
ing legal tender notes, by selling for coin
United States bonds; and g. He is required
TO use the proceeds of such sale of bonds
for the purposes aforesaid viz, to redeem
legal tenders in COIN" This being the case,
II Sherman carries out his purpose Of fur.
Their contracting the currency, he ought to
be impeached, for his policy is in violation
of the law and will prove more disastrous
than war. 1t will be national
bankruptcy, and viii bring about
a condition Of business prostration which in