The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-02-20

will soon be recalled. The telegraph says this
morning that $6,0O0,O0O are on their way from
England. Ihey VIII De getting oac ,so, .ne eoT
were every one of them payable In silver
coin. and were the depreciation of silver TO
greater than any equally safe European puolic
stock affords. But, again, they Will not De le-
turned unless they can find purchasers In the
United States Suppose they do find such pur-
chasers, will not every one OF you. senators,
congratulate yourself that our public debt Is
member Ibat a PRINCIPAL reason why England
can endure her immense indebted ness, why
France can live under hers, Is that Engl SD
debts by Frenchmen? And will you not hail
the day when American d BITS shall be held by
Americans and by AM ricans alone?
REASONS IN SUPPORT OF THE BILL.
have thus, Mr.. President, endeavored to
answer the principal objections that have
been made to this bill. In doing 50, have
necessarily indicated some of the reasons that
lnouce me TO give 1t my support. l wish TO
and TO briefly state enc or two more. Then
my task will be done.
/. Mr.. President, the people Of the United
states have been so long accustomed to "A
paper Currency, and it has been found so con-
venient, that II ~ not reasonable to suppose
they will ever discard il. Indeed, IL Is not
probable thst, for many years To come, they
will even consent to he ulSuSe OF small notes.
Our currency then will continue to be almost
wholly paper money, and the problem TO be
solved is upon what basis shall IL rest. Shall
it consist of government issues resting upon
the public credit alone or snail 1t rest upon
a specie basis and be convertible into coin
at the will of the holders? All those who
oppose tn bill are in favor of the specie basis,
and IL is to them that address myself when
exp the opinion that we can not
maintain paper currency convertible al all
times into coin, unless we employ silver as
well gold iOf its base.
We ali know how often suspensions of specie
payments have occurred even when botn sill
yer and gold were legal tender, and how can
we doubt that they would be more frequent
and of longer duration should we have gold
alone? There is more silver coin than gold
coin in the world, and yet IN many countries
specie payments are not maintained. How
much more difficult would IL be 10 resume and
yer as legal tender money be discontin ued?
AS long az both gold and silver are used we
will have the whole stock of both metals
throughout the world to draw upon. Continue
the characterization of silver and we will haYe
less than half that stock to resort to.
Mr.. President, may be greatly I'm error, but
II does seem plain to me, II we refuse to make
silver, equally with gold, full legal tender,
the idea of specie payment paper currency
in the Unied States Will ere long be abandon
ed. Under our old state bank system specie
payments was often delusion. Make nothing
but gold legal tender,as the most of the oppon-
ents of this bill contend, and they will be
more of deluSion than ever. And twill not
take much time for the people 10 discover it
and TO come to the conclusion that promise
that Is made only to be broken, and with great
loss and suffering to them, ought not 10 be
made at all.
do therefore most earnestly maintain that
every opponent of an lrredeeme bic currency,
every friend of a specie currency or specie
oasis, ought 10 insist upon the full and COM
plete reconciliation of silver. In no other
way, as IL seems 10 me can specie payments be
maintained, and / must freely confess that
this wi not be enough to prevent suspensions
from time to time. VIII ther our paper cur
rency shall consist of government issues alone
or bank issues alone, or partly of one and
partly of the other, we will need larger coin
basis than We have ever yet had IN oroer 70
other Safeguar S that 1t is not necessary to
speculate upon To-Day.
2. Another reason why / support this bill
have already mentioned, namely, that if ii
become a law its tendency will be To put a
stop To the characterization OF silver in other
countries.
We hear it said by very many persons that
silver money is "a good thing, but that in order
To use 1t 10 advantage and without loss, its
relative value to gold must be permanently
establish q, and must be the same in the chief
commercial nations of the word, and that to
attain such a regulation OF value and make 1t
permanent n compact between those nations
Is Indispensable.
Sir do not deny that such a compact, if
faithfully exc cued, would be of immense adj
vantage, hut do not fear 10 assert that ii we
postpone the reconciliation of silver until
such com pact be made, ii will never be re-
monetiZed. The ON way by which you can
induce the nations To negotiate upon The sub
j. CT or to come to common agreement,
whether by treaty or otherwise, is ts range our
country alongS de OF the. bimetallic states.
Let the commercial world know that we do
not intend TO discontinue the use of silver and
other natio s, strengthened by our example,
will conIiOue TO use 1t, and may in time come
to general understanding with you what
shall be its relative value TO gold.
J. Another consideration, it seems TO me,
deserves the earnest attention of the senate
The United States is the greatest silver pro-
ducing country in The world. 1t is one Of the
greatest products of our country. Many mil
lions OF dollars and the labor of thousands of
men are employed in IFS production.
Now, Ii does seem TO ME that 10 destroy or to
cripple tins industry would be not only bad
policy, but also cruel injustice. l shall leave
IL to the senators from the silver producing
states 10 speak at large upon this theme, if
but can not help making my earnest though
il may be feeble prOfsst against the destruc-
tion of a great American industry without
just cause or wise motive, as 1rmIy believe,
and to the great injury of a large body of en-
terpriSing capitalists and a far larger body of
meritOriouS laboring men.
Mr.. President, / shall not detain the senate
longer. / have endeavored as briefly as pos
sibly could to state my reasons for supporting
this bill and to answer as well as could most
of the objections that have been urged against
In. | am very well aware that L have done It
quite feebly; but, sir, IL was duty that ed
to my self, TO my constituents, aud perhaps to
the senate, 10 express my opinions. / now
surrender the floor.