The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-05-08

which 10 buy into the pockets OF the peOpiri
and every bond now paid or hereafter to be
paid is simply redemption by the people,
dollar for dollar, in coin, OF the deprecated
paper originally invested in bonds. A system
of finance that discredited its own money at
the bidding of the bullion brokers and asso-
ciated bankers" in order that the capitalists
Of the country might so invest that
discredited money as to compel the laborlBg
classes to redeem 1t at par IN gold and SILVER,
cunningly devised scheme, snd fraught Win
great injury and great loss to al classes OF peO-
These, however, are not the only historical
circumstances which cause the people to lis
ten with Impotence to the complaints urged
against the evils OF a deprecated currency
They do not overlook the TACT that these COM
plants were never made exceptin the interest
of capital. They u ere never heaIu III Denall
of the laboring masses to whom this currency
has at all times been a legal tender; nor We're
they ever heard in behalf of that class ofAmerl-
can citizens whose services ana whose claims
are paramount 10 all others. When the muster
OF millions took place for the preserva-
ton of the Union; when the young,
the strong, the brave and The hope
full came from their homes ron one
ocean TO the other and formed in legiOns I'M
der the flag, not a whisper was ever heard to
emanate from the money centers, from the
cold, hard lips Ofcapitallsts, that deprecated
and dishonored currency was not good enough
to paw them for their blood and their nves.
This money then paid the most sacred oollga-
tons ever contracted by government Ia all
the expanded realms of history. 1t paid the
soldier and the sailor i4r au the PeFirS ms ana
phans for all the sOrrows OF bereavement
Even, the ,efore, ii the authors OF the original
depreciation We're compelled, as the soldiers OF
the Union and the taX-payink laborers of the
country. were, to reap some of the fruits OF
their own cunningly devised scheme, itw0uld
still be less than act of even handed JUS
tice toward Them. But no such result will
follow the repeal of the resumption act, esPe-
cially If its repeal is accom- panied by the
proper and necessary legislation for which
bills are now pending in this body.
The repeal OF the resumption act, and law
compelling the secretary of the treasury to re-
ceive without delay United states notes for
duties on imports, Will at once equalize all our
currencies and bring Immediate Telef 10 all
useful classes The existence of the act of jan
uary IL, 1875, on the statute books is
ernment 10 contract its circulation but
also TO every bank in the United States
to do the same, in order to be ready FOR
for specie in redemption of their notes on and
after the LIST OF January, 1873. IL Is a threat
that whoever has an obligation out to pay
money on that day, whether 1t Is the govern
ment responsible for its legal tender notes or
the banks responsible for bank note circula-
ton or the citizen liable on his Dromissory
note, shall be subject TO a call for payment In
in coin. 1t requires but a moments reflection
to perceive the inevitable consequences of
such law. From day to day. working un-
der its provisions, the government is max
ments by diminishing as far as pos
sible the currency IT viii have to redeem.
At this very hour this work is going on. An
announcement appears in the public press
that legal tender notes to the amount of 81 ,l61
900 have just been destroyed by order OF the
secretary of the treasury, that being 50 per
cent. of the additional bank note circulation
Issued during the month of April The banks
have been and continue to be Systematically
boarding their circulation, in order that they
may be as well prepared as possible to meet
the runs for specie redemption that will be
made upon them. Private parties who have
money to lend in the ordinary way withhold
it, except upon such securities and under such
circumstances as render them doubly safe,
fearing. they reasonably may, that but few
debtors will be able to meet their obligations
less than year hence in coin. The result is
that contraction has prevailed in every quar-
ter, and sent forth ITS deadly influences in
every direction. While there Is perhaps some
thing over six hundred millions of a paper
currency il existence at this time: there are
scarcely three hundred millions this hour in
the hands OF the people aiding the business
and labor OF the country. Nor Will this con-
dftiOn OF affairs cease when we have nominal
resumption of specie payments, whether that
be az the opening OF the COM
ing year. To say that we have resumed specie
payments because paper money ana gold ana
silver money are quoted as equal in value, is
easy solution to superficial minds. To
maintain resumption when specie payments
become widely and generally demanded, and
OF daily occurrence in every branch of BUSH
ness, and in discharge of all obligations, old a.
well as new, IS quite another thing. The sec
rotary of the treasury In his recent Interview
with the house committee on banking and
currency admitted that to maintain specie
payments il would be necessary to maintain
contraction. He admitted in substance that
the boarding system by which the govern
ment and banks have already taken the life
out of the active business of the country will
have to be continued This is the absolute and
pie as long as the present law for the resump-
ton of specie payments stands unrepealed. 1t
makes certain a dark, perIlous and unhappy
future, linking itself TO the present and the
past, which have already far too heavily taxed
the endurance of the people.
Sir, in addition, however, to the great sum
of evils which the financial policy of the gov
. ernment has fastened on the American people,
and which seen and known OF all in their
daily contact with them, there is another
which has grown up more silently and unnO-
ticed, but which has already reached the most
dangerous
The insufficlency of money in circulation
among the people with which to transact bus
mess and emp Oy labor has led the farming
classes throughout the country, and especially
I'm the west, TO a opt the most perIlous and
desperate exDedients to relieve themselves.
They have been driven TO mortgage their
homes TO obtain money at usurious rates OF
interest in order to meet their debts and the
ordinary oDhgatlons OF business. It has been
estimated that the lOaning associations of the
east hold mortgages on western farms To the
amount of over S3UO,tO0,0O. On this enormous
sum of borrowed money the interest account
VIII average S5O,OOO,O0 per annum; Such trib-
ute was hardly ever before in the history of
the world paid by one class of citizens TO
another class in the same government. 1t
could not take p ace anywhere on the globe
except in a land cursed by the most fragrant
anu wicked class legislation II could not
have have fallen ike a deadly blight on
terests OF this country but for the fact
that all the great powers of the gov
foster the gains and swell the profits of idle
wealth AZ the expense OF labor. Instead Of
AuFnlSnln2 10 the people circulating medium
equal TO their business wants, a policy mas
prevailed which has driven them TO the ten
der mercieS Of the money changers, and 10 lay
the title deeds TO their homes on he counters
Of the broker and the usurer IN pawn for a
currency that could be obtained in no other
way.
And now, with contraction and boarding
still to continue on the part of the government
and the banks, these titles to De redeemed
after the lst day OF January next in coin or be
forfeited. n this fact is to be found the mean
ing of those threats now often made by the
Ti1sas
OF the soil will change, and a system OF great
landlords and numerous tenantry he estab-
liSled ~ our midst after the European models.
1t means that thousands and hundreds of
thousands OF the present owners OF their farms
shall either be dlspOssessed under DEGREES of
foreclosures, remain 5 tenants and nav
rent to nonresident landlords. 1t means that
a landed arist0cracy shall be built up In con-
nectiOn with the moneyed aristocracy which
already exists, and that the entire spirit Of
this government shall be subverted Ii
means that those who have always
Thought the British su-sfprn Of nnNarnrnnrf %