The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-01-16
Shall silver be Money.

Hon. NJ. l.. Bunby in New Castle Courier.I
Two great nations in Europe have made
gold the only standard of value. These are
England aud Germany. They had special
reasons for doing this. None of the depend
encies of these nations produce silver, an
in addition to this, Germany had extorted
from France a thousand million dollars in
gold as indemnity for the war; and to cripple
her rival more, determined to reduce the
purchasing power of the silver left in France
The United States, on the contrary,
is a great silver producing country
and that product is likely to be
very much increased though it is
now $50, O00, 600 annually. The annual pro-
duct of silver and gold in this country is
nearly equal in amount. Silver and gold are
by the constitution of the United States
placed on equal terms, and this of itself
would be sufficient reason for maintaining
double stan lard. But can this country
afford to debase and discard as money that
metal of which it annually produces such a
vast quantity? The federal government
alone owes more than two thousand millions
of dollars, and by the debasement of silver
deprives itself of one-half the means at its
command to pay that debt. Is this wise?
An individual who voluntarily destroyed
half his means would be characterized as q
fool.
If England produced silver as we do, does
dDNDOuY SUPPOSE sue WOulQ voluntarily U6-
base and destroy that metal as a medium for
the payment of debts? England is a credi-
tor nation; the world owes her vast sums of
| money, and when three great nations like
| the United States, Germany and England,
| combine to demonetize silver, the natural
effect is to enhance the value of gold, and,
as consequence, the poor debtor nations
must suffer. The same reasoning applies 10
| New England The west has taken immense
1 of1 ,ar nj tob Of M
and now she too proposes to squeeze her
debtors for a few more drops of blood by
| asking payment in gold / am not surprised
| to find the members OF congress from this
| section denouncing the silver bill. The
western members no doubt, reflect the SEN
| timents of their constituents by advocating
it. New England lent out deprecated
| currency to the west, and now that she has a
prospect of gathering back her pay in gold,
| the profit is to great to forego.
do not wish to enlarge on this topic at
present, but in my opinion If congress shall
adhere to the exclusive gold standard of val
ne, payment of the vast debt which the west
owes the east will never be made. 1t will
be an impossibility, and bankruptcy and re-
pudiatlon must follow. If the eastern states
were as wise as they have credit for, they
could see this, but they are blinded by self
| interest. 1t is less than year until the re-
| sumption act goes into effect How is the
vast volume of treasury and national bank
bank notes more than six hundred millions
of dollars, to be taken care of? The holders
of these notes may demand gold, but the
gold is not in the country. What is to be
done, then? The treasury and the banks
combined confess they are powerless, they
have not got the gold. Can they get it? No
sane man believes they can. The only hope
of the resumptionist is that when the act
goes into operation nobody will want gold.
We shall see the vanity of this hope.