The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-08-14

debt, whether that stamp be upon silver, pa
per, gold, copper or nickel. II government
found to be impracticable and injurious to the
people, 1 would redeem and retire it with
was more practicable and for the public inter-
est. Had been one of the demoLetizers of
silver 1 would have insisted that the
silver money outstanding, and pay for it in
the substitute, instead OF repuoiating 1t, as
was done by the passage OF that wicked law.
But am not one of those who believe th6t
the issue of treasury notes was an impractical
act, and am not in favor OF their retirement
or redemption. II experience should prove
them impractlcable, would say, redeem and
destroy them. Nothing can be more dishon-
orable In a government than to adopt circu
men are bound to respect, and then take all all
the value from Ii that they have given it by
making 1t legal tender in the payment of
debts, and leave IL to depreciate in the hands
of the holders. A full legal tender needs no re-
demption, for 1t has no superior.
THE REMEDY.
have given the subject of the expansion
and contraction of the currency much atten-
ton, and though have been denounced AZ an
inflatiOnist, Ii has been the study of my life
how to avoid this result. Initiation. or expan-
sion II you please, robs the creditor, if the in
hation takes place after the debt Is made.
Just as contraction robs the debtor for the
benefit of the creditor If done after the debt is
made; MADE Honest payment Is the payment Of a
which the debt was created. i have tried to
convince you that this honest payment OF a
maintained upon specie basis. We want a
fixed amount OF paper money, made and
kept In circulation in order that jus
tice may be done to both debtor and eredi-
tor, that business may be done with more
certainty. A business man ought to have but
two questions TO study-they are enough-the
quantity of the article that he trades in and
the demand for ii. In addition to tnat, his
having been compelled TO study the value put
upon IL by the money in circulation has
nd rrrf fIxaf
men OF the country. fixed amount of paper
money will give fixed value to all real estate;
Ii would offer inducement for investment that
would absorb the surplus capital of the coun-
try. If there was no change in the value of
real estate except that brought about by the
improvement OF the country the surplus funds
of the country. which, IL invested in. that,
would always be accompanied by demand
for labor TO improve such land; the wealth
labor thus employed. The landholder VINO
put , mortgage % upon the land for one-ha1f its
in the land; it would not be turned over as it
is now, by contraction to the mortgage; the
labor would not shrink one-half in value as il
furnish the people with fixed 'n or 'es given 10
amount of currency through the medium of
banks Is an impossibility. Ihave no hostility
as a commercial necessity, without which a
commercial community could not thrive; but
after studying this question as have, feeling
hoping to remain in II for some length of
time, have made up my mind that the
only way to bring about stability In trade
and a certainty IN inves estments which regard
as so necessary to the business community
and the laboriug men of this country, is
through the government. She can, If she Will,
II the amount of paper money at any number
of dollars per capita, and kee o IL there. Then
all m can know how much money is in cir
culation to give values. You ask me how
much money the government ought to put
out. / have no hesitation in giving you my
Ssnop sne to put out dollar
coin, and believe she could keep $40 per cap
ita, which would give us from $500 O00,0OO to
it ali the credit % Dit she i cam bv making Il a
full legal tender, and giving 1t all
the paying qualities she gives to coin. III an
and it was found to be too great to be kept at
par with coin, would adopt the policy sug
gested oy MIR. Jefferson in 1872. would open
government loans, aud take the government
legal tender note as L would coin for bonds.
government that does not keep in circulation
TO be kept at par with coin, so as to give the
largest price possible for lands and labor and
commodities in coin or paper as its equivalent,
so as 10 give the largest price for labor and
commodities and the lowest interest, does not
look after the true interest of those that pro-
duce the wealth. II commodities are sold
coin either, the paper and coin being
equal in value; IL they had sold for or q
more than they would bring with stinted
amount of money in circulation, the gold thus
received for it-lf preferred by tho seller doth
being equaD-is worth lust as much IL sent
abroad as though the man had worked two
amount of commodity to get Ii. To say that
any civilized commercial government has
have paper money, and most of them have
that paper money a legal tender as fully as
coin. France, England and Russia have made
their paper money legal tender. The paper
money of France and Russia is not redeeIna-
BILE; the paper of England is; but,
being. legal tender, the same as
gives value to commodities and labor just as
gold would do. That Is just what we mean in
our platform when we demand that the gov
eminent alone shall issue money, paper as
well as coin, all made a legal tender. We mean
10 reduce the value of coin by having paper
perform precisely the same ONCE.
as to what our republican friends mean by re-
sumption. know what they meant by the
eeSecmted i il. They meant by that
law to retire every dollar of govern
ment notes, and when they were retired
coin not coin of both gold and silver, but
gold alone. The remark is now often made
that we have resumption. We have par money,
eminent notes not destroyed. want our re-
publican friends to let the country know what
they mean by resumption. Is IL possible that
they passed the resumption law, with provi-
sions for the retirement of every dollar OF gov,
ernment notes, that has spread ruin ana
ing it as mere joke, declaration that they
never Intended to carry out, or are they only
now holding in abeyance, trying In every way
those questions? Since their declarations
in state conventions that the financial
question was settled and they deprecated fur
fher agitation of IL. am satisfied they only
want to get the people of their guard, 20 that
they can carry out the letter and spirit OF that
Infamous law. The republican senate per-
mitted a bill to pass making 1T the duty of the
secretary of the treasury TO keep greenbacks
i'm circulation and cease retiring them, but
., N a
ton law that had passed the house. The coun-
try ought to know what they mean. From
succeed this fall in electing a congress they
intend to carry out this law. They don't want
IL agftated now. We have them on the
retreat, and our only security now is in agita
tion, and am willing to 90 my part to keep
up that agitation until the last law they have
passed to build up their moneyed ar1stocracy
Is repealed, and the government re-established
and carried on in the interest OF the people
and against this aristocracy.