The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-02-13

no American statesman OF that period ever
thought of demonetizing either, And now
let us turn to Europe for a moment. What
do we hear? The waillngs of thousands OF
lahoring men, women and children, thrown
cut of employment the cries of anguish
of thousands of her men who but year ago
were rich, but now are bankrupts In
word, the same notes of sorrow that so effect
our ears in our distressed land. But from
what countries do they mainly come? Two;
from gold mono metallic England and from
gold mOno-metallic Germany, while BIZ
metallic France, the land of silver as well as
gold, enjoys prosperity hardly exceeded by
any people on earth. 1t had been argued
that our foreign commerce would be
destroyed would be disjOinted by the pas
ssge of the pending bill Had we not carried
on business during the past Is years with an
inconvertible paper currency. and was not
the balance of power in our favor now? And
il had been argued that the national credit
would be destroyed. How destroyed? BY
us paying our bonds as we promised 10 pay
them? The United States needed no such
proof as single gold stand
resources of this country were too we'll
known for her credit to be injured. He
longed TO see our Indebtedness held at home
and not abroad so there would then be no
annual drain from America to enrich
Europe. A telegram this morning informed
us that 5000, 600 worth of our bonds were on
the way home from England. They would
be getting back there soon, whether this
bill passed or not, as the interest upon our
bonds was greater than that upon any safe
European stocks. If our bonds should
be sent home they must find pur-
chasers in the United States, and suppose
they should find such purchasers, would not
every one in the land be glad that our bonds
were held at home. The English debt was
held by Englishmen the French debt by
Frenchmen, and he hoped the day would
come when the American debt would be
held by Americans. Our currency would
continue to be small paper money, and the
problem for congress to solve was upon what
basis il should rest. We could not maintain
paper currency convertible at all times into
coin, unless we employed silver as well as
gold for its base, unless silver should be
made a full legal tender. The idea
OF specie payment in the Uni
ted States would soon be abandoned.
Every opponent to an irredeemable currency
and every friend of specie currency should
insist upon the full demonstration of silver.
If this bill should become law ats tendency
would be to put stop to the dem0netlZa
ton of SILVER in other countries Should We
postpone the reconciliation of silver until
a compact with other nations be made, it
would never be remonetiZed. He hoped
our country would be ranged by the side OF
Ul-llCldlllC OOuuNAlOcs LEU bLO NOAAAASANANA
world know that we do not intend
to abandon the of silver
Silver was an American product
many millions of dollars and the labor OF
thousands of men were employed in its pro-
ductlOn in this country, and to destroy or
cripple this industry would be cruel and
unjust.
Mr. Herman said he would be glad if we
could hold our bonds at home, but as COM
pared with European countries ours was a
new country, and needed capital cheap as
possible to develop our industries and our
resources. If the action of congress in pass
ing this bill should bring home our
bonds from abroad, our capital would
be wasted in them, and would
be diminished to that extent in
developing our resources. He referred to
the passage of Mr.. Matthews resolution, and
said il stopped at once the funding of our
debt at four per ceat. That resolution was
bringing back our bonds, and this vas det-
rimental TO our welfare. This bill, should
it pass, would not bring t5e relief expected
to the laboring classes. This bill was a step
In the wrong direction, either to alleviate
the sufferings of our countrymen or to pre-
vent their recurrence in the future. He
spoke in favor of a sound, stable currency
as being essential to the prosperity of
the country, snd referring to the greenback
currency, the history of the country during
I
doubt that with firmness, patience and
economy we have easily saved enough in 10
or II years after the close of the war to have
returned to q specie standard, but during
the past II years we had this fuctuating
currency, which inflated the prices of every
thing one dealt in. and this was detrimental
to the country. Our greenbacks would be
convertible into gold to day were it not for
the uncertainty produced by the discussion
on this silver bill. The practical result of
I the passage of this bill would be the fluctuat-
ing of currency, gold would be expelled
/ from the country and our greenbacks
would drop a little below the silver, as that
would be the coin with which they must be
redeemed. He was afraid the passage of this
bill would take us back to irredeemable
paper currency. He thought congress had
better feel its way step by step and not be
/ pushed on to an irredeemable paper cur
rency. He favored making the silver dollar
worth more intrinsically, say 434 grains or
430 grains. The legislation should be such
as to keep silver subordinated to gold coin,
and probably after time by treaties
| with other nations, the two metals might
/ be brought together.
WASHINGTON, Feb. 7.
/ Mr.. Allison presented a petition OF the
/ liberal league of Iowa, favoring constitu.
| tional amendment separating the church
| and state. Referred
Mr.. EdmundS submitted a resolution in
/ structing the committee on appropriations
TO inquire whether there exists adequate
provisions for prompt examination OF the
report and action in pension cases in the
/ pension bureau and the surgeon generals
office. and that the said committee report
thereon by bill or otherwise, as soon as may
/ be-
| After some discussion Mr.. Window moved
an amendment so as to include the ad utant
/ generals Office, which was accepted by Mr..
/ Edmunds and the resolution was adopted
Mr.. DAVIS of Illinois called. up the senate
bill to remit the taxes on insolvent savings
banks, the pending question being on an
amendment providing that no savings bank,
! having no capital stock, shall on account OF
mercantile or business deposits, on which no
interest has been allowed, be- denied the
exemption allowed 10 savings banks having
no capital stock, and it was agreed to-yeas.
25 nays, ~
The dill was then read the third time and
passed.
Mr. Sargent submitted a resolution in
structing the committee on appropriations
to have printed the testimony of the investi-
I of fbo off, ~