Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-08-07
SENATOR M'DONALD
opens the Campaign in Indiana-Syn.
ODsis of his Views On the Question
of Specie ResumptiOD, and his
Explanation of Why he Sup
ported that Measure.

LoGANsPoRT, IND, August 6.-Senator
NJ Donald opened the campaign here tonight
to large audience. Speaking OF the financial
question, he said his views were the same as
four years ago; that specie basis is the nor
NAL financial condition OF every commercial
country, because in some manner 1t forms the
standard of value. If we had no trade or
commerce it would not matter what mediu N
of exchange was adopted between ourselves,
but we are a commercial nation and people,
and it is necessary 10 have our standard OF
value approximate to the standard Of value
in other countries. We cannot afford
to use currency, because in disregard to the
world currency, but we fall to provide for
ourselves. A nation that has departed from
this rule must lose its position unless it re-
turn to specie payment as soon as practical
BILE. The close Of the war ended the neces-
sity for extravaganza expenditure. A speedy
reaction set in, and the difference between
gold and paper was considerably reduced,
but there came d time when the
process of closing the gap became
more difficult. For this reason we have nearly
seven hundred millions of paper circulation
ard only about one hundred and sixty mil
lions specie in the treasury, and the attempt
to reduce the volume Of paper currency too
suddenly would break down the Industrial in
terests of the country. Upon this account
voted in favor of the repeal Of the resump-
ton bill. l preferred to wait until the leglt-
innate business Of the country should enable
us to grow out of the dilemma,
keeping constantly in view the
fact that we are out of our
true position as commercial people, until
there should no longer be any difference be-
tween gold dollar and a paper one. l don't
consider the question Of our currency settled
until specie payment shall be resumed. As
a Democrat, l ever looked upon such moneyed
institutions as national banks, existing under
the authority of the Federal govern
ment as dangerous engines of politi-
cal power, and 1 do rot feel willing
to see the system perpetuated for any sup
posed advantage that may spring from it.
In addition to this, the perpetuation of the
national banking system, as we now have it,
renders it necessary to have a perpetual ma
tonai debt. | am anxious to see the national
banks of this country In a sure and certain
process Of liquidation. l cannot believe that
congress- possesses the power to coin money
out of paper, yet l believe in
the fullest manner In the right of
the government to use her credit
In the form of treasury notes to any extent,
her creditors will receive them, and that the
people use them among themselves as cir
culating medium; and while the government
is carrying so large debt | see no reason
why she should not, as far as possible, relieve
the people of the burden of the debt as to
the interest by the free use of the treasury
note, and thus Tighten the burthen of the
government, and, at the same time, furnish
a safe circulating medium for the people.