The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-03
GOV. HENDRICKS VIEWS.
what He Thinks About Financial Ques-
ti0ns-ln Favor of RemOne-
thing silver.

A correspondent Of the Cincinnati CONNER
ciat interviewed Mr.. Hendricks last Friday
| He said.
| You know very we'll what think about the
resumption law, | made my objections to it
very fully in the Ohio campaign Of 1876. [
was exceedingly an xious for Gov. Aliens re-
election because / thought his administration
merited popular approval: but more especial
| ly because [ thought it would contribute to
| bring about d repeal of the resumption law.
After his defeat had no hope of it's repeal.
| supposed the Republican Senate regarded his
defeat as an Endorsement of that policy. The
| passage OF the resumption law was not sl1g-
gested by any supposed interest of the courl-
try II was the result of party necessity y' as
declared by Gov. Morton and Mr.. Sherman in
the Ohio campaign of 1876. In my belief the
resumption law has been the source of the
greatest calamity to the business interests
effect of causing men to hoard greenbaeks,
and the banks to withhold circulation for fear
| OF being crushed out by forced redemption in
gold.
Correspondent What do you think of the
| repeal Of the resumption law?
Gov. Hendricks do not feel that the re-
peal of the resumption law Is q question Its
fate was sealed by the inauguration of Mr.
Hayes. who is pledged to sustain it. Every
man who voted for Mr.. Hayes voted for the
repeal will be vetoed by Mr. Hayes, who in
SO doing, will carry out the views he clearly
and positively expressed before he was in
| augurated. No man who voted for him could
be unreasonable to expect him to act other
wise. II any such idea was entertained, the
appointment OF John Sherman as Secretary
Of the treasury was enough to show it's fall
lacy. John Sherman, whose views and pur-
poses are not modified by any consideration
for the wants, hopes, welfare or suiferings of
the people, was made master Of the position.
The resumption law has brought evil, and
no good to the country. 1t has not even con-
tributed to specie payment.
Cor.-What has ?
Gov. H,--The approach Of paper and gold
toward each other In value has been the result
OF fortunate foreign trade. Balances of
trade being in our favor, the tendency Of gold
has been toward our markets. This is illus
trated by the two vessels now upon the ocean,
each bringing us million of dollars in gold
Cor,-Are you in favor OF the reconciliation
of silver?
Gov H.-Certainly. From reliable evidence
on the subject the legislation demonetizipg
The people were not consulted at ALL They
had no intimaton that such thing was being
contemplated. 1t seems that most Of the
members of Congress had no knowledge of
what was being done. Because Of this, Il for
no other reason, silver money should be placed
just where it was. Experience will then de-
monstrate to what extent the depreciation of
silver below gold has been owing to the fact
t1aJ 10 was stripped oil It's quality OF money
quality OF every Importance to it's value.
Ii experience shall establish the fact that
there is o permanent and increasing difference
between gold and silver, because Of the in
creased production Of the latter, then Congress
will be charged with the important duty of
regulating the coinage and value of each, so
as to avoid the evils OF double standard.
Silver has become an important product Of
this country, and, inasmuch as the world
recognizes 1t as money medium of exchange,
| cannot see why we should not utilize our
large product Of that metal to the greatest ex-
tent that may be found practicable. Its value,
% @ money, to this country is too great to be
thrown away,
Cor:@-Bo you think the restoration of silver
would be a breach Of the public faith?
Gov. H-By no means. The law Of 1869, the
first act signed by, Gen. Grant, pledged the
faith and honor OF the nation to the payment
OF the public debt in coin. The silver dollar
was then part of the coin of the country, as
honored 10 law and commerce as gold. Mel
ther public faith nor private obligation can be
impaired by a compliance with the contract
IN its letter and in its spirit. To me 1t is plain
that the public faith Is made more secure by
such policies as enable the people more easily
to meet the country's obligations. Surely, to
restore silver money will facilitate the dis
charge OF every public obligation, and pro-
mote return to specie payment A prosper
GUS condition Of the country. is the best GUAR
anty Of the observance Of public faith /
think congressional action upon these ques-