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

| policy of the republican party since the close
ernment. as S orisinaiy designed, from gov
| ernment by the people and for the people TO a
moneyed aristocracy administered IN the IN
| accept the democratic platform on which we
stand as meeting the issue squarely, and VIII
business interests Of the many. which Is the
true democratic idea.
| FINANCIAL THEORY OF THE DEMOCRACY.
The first resolution of our platform declares
"that national bank notes shall be retired and
in lieu thereof there shall be issued by the
| government an equal amount OF treasury
notes with full legal tender Quality, ~, Tho
| constitution given TO congress. That body
has the power to make money and regulate iIs
value. Nothing is said In the constitution as
| to what shall be legal tender, or what ma
| terial shall be used in making this money, or
how they shall regulate its value. These
| things are left to the sound discretion of con-
| gress, and that body has wisely authorized the
coinage Of gold silver into 6SIia dollars and and
| shall have in the payment OF debts:
| Gold and silver having been adopted
| ciaI nations of the earth, 1t the part of
| wisdom in our congress TO adopt them as that
medium also. This wisdom is clearly shown
| in settling the balances between governments,
| and at the same time 1t is shown that they can
not be relied upon to perform the offices OF
| exchange between private individuals because
| they flow to and from governments according
/ TO the degree of prosperity or adversity.
/ may be almost entirely drained; therefore, the
| wisdom of all commercial governments has
/ led them to adopt domestic or home money.
This Is done by the government issuing paper
| money or authorizing the banks TO do so.
THE COST OF MAKING MONEY AND WHO SHOULD
| MAKE 1T.
| There is little or no profit to the government
/ in coinng gold or silver, because Of the cest OF
/ the bullion; but paper money is made OF an
/ article OF but little value, hence the govern
/ ent or bank issuing Ii makes a great profit out
/ OF ii, because they never part with dollar OF
Il q a.ralao fHoxy nfc In
Therefore, when these facts are considered,
you will readily understand why there is a
| There has never been any contest over the
coinage Of gold and silver; the raw material
that that while H firm '" the az government m may may
coin the precious metals. But our republican
friends have turned over to the banks the Is
cogntry and then G passed the res1mption on ia%
to enable them to get the other half. Is not
this an infamous fraud upon the whole peo-
| pIe3 L know of but one thing equal to Ii, and
that is the formation of fast freight lines
which enrich the freighting companies while
iaboringmen are in bankruptcy. brought
about by republican legislation, which mas
given the issue Of cheap money TO few while
the many are called upon to guarantee the
| payment of these notes to enable them to
has been displayed in perfecting this scheme
of robbery OF the whole people for the benent
| of the few.
GOVERNMENT SHOULD ISSUE THE MONEY.
This policy of the republican managers ena.
bles the banking corporations to loan their In
| debtedness to the other members of the gov
| ernmental firm, While al others-you, my
| hearers-who have notes out pay interest on
them. The democratic party asserts the right
| of the government to issue all of your money,
benefit Of all the profit resulting from its IS ne
or the use of the credit of the whole
people. We demand, in the language of
their currency and the issue of paper money
be restored to the government, to whom it
belongs" But ii is said that ruin and distress
would follow the closing of the national banks.
We don't propose to wind up the banks
When the national pank act went into effect
high tax was placed upon state banks,
which compelled them TO abandon the circu.
latiOn of their notes, and yet the business of
paper money took its place, and the banks
were changed from state to national banks.
In the same way the national banks could be
count and deposit only. Doubtless
some of the bankers would try to retain their
hess for Interest, and they might desire to
embarrass the business of the country, but
this point can be guarded by the issue in ad-
vance OF government notes. The business
community would derive great benefit from
government currency, because the govern
issued by Ii, whether paper or coin, because
the paper would cost the holder just as much
as coin. AS 1t is now, coin costs the banks
100 cents on the dollar, whereas the paper
money issued by them costs them just one
a cent on i1o each dollar; The IN, governnment govern mt
be kept lying idle, aud the banks
would loan 1t at the best rate they could get.
CHEAP BANK MONEY MAKES HIGH INTEREST.
| AS 1t Is now the banker pays so little for his
money that he virtually has nothing invested,
and he can keep half of it idle in order to force
a high rate of interest on the other half.
THE USES OF MONEY.
The object of having circulating medium
Is to facilitate exchanges, and not to embar.
rass them. It is said there is plenty of money,
but II there is, II is not in circulation. One of
the largest bankers in the state informed me
was locked up in his vaults. aud had been for
some time, and when 1 asked why, he said he
was preparing Tor resum ption. Certainly
require the banker 10 retire his circulation
when the business of the country is depending
upon II to perform the necessary exchanges
The pretext thst the government needs ma
tional banks as fiscal agents Is a fiimsy one.
II the government has deposits to make at
hence the issue of notes by the bank is no part
OF the fiscal agency, and is OF no benefit to the
issued to perform all exchanges. BY the present
plan the profitable business Is turned over to
favored few, who 9 are building up an, moneysd
ing and producing classes.
THE DEMOCRATIC LEADERS AND THE PEOPLE.
There has never been an advocate of demo-
cratic institutions who was not in favor of the
people as against the only kind of an aristoc-
racy which can be founded in this country
one based on money. Jefferson fought Ham
the firmness OF Jackson to stamp the life out
| of the monstrous monopoly which existed In
| his day.
WHAT NATIONAL BANK CURRENCY costs THE
PEOPLE.
The defenders of the national banks are con-
stantly pointing TO the revenue derived from
| them. They pay no taxes that banks of dis
count and deposit do not pay except tax of
one per cent. on the average amount Of cur
rency they have in circulation, and this tax Is
| levied to the cost of the issue
| of their currency and the renewal of
| the same. And whatdoes this review amount
to? Suppose the banks should keep their en-
tire currency in circulation, that Is, the Whole
1000, the entire tax would amount to but
s3,j0lO00. Now make seven figures and see
| what you have to pay the banks to get this
| revenue of s3, ,5O0s 20. You have paid since the
establishment OF the banks as inte est on
| bonds deposited to secure this S350,00o 900 of
circulation, si99 54 1854 80, or in round numbers,
900, every cent of which could have
| been saved II the government had issued this
| currency IL IL is continued Is years longer,
you will have pay S5OO0 900 more inter
est, or total amounting to near one half OF
the national debt, and you Will then
| the princiDal the which