The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-07-24

debt three hundred and fifty millions, on
which the government or the people pay
say and Az per cent interest, which
would be saving TO the people of at least
sixteen millions of money annually. If
this were done there would be no more
paper money outstanding than there is now.
1t would be merely substituting greenbacks
for national bank notes, save the people
sixteen millions interest money annually
and reduce the national debt three hundred
and fifty millions of dollars. Some would
argue that this would in reality not be any
reduction whatever, as it would simply
change the form of liability. This is true
to certain extent, but 1t would certainly
stop theinterest account on the bonds and
would have the effect OF giving to the gov
eminent the advantage of its own credit,
instead of giving that advantage away 10 a
combination of capitalists to make money
out of the people,"
There is manifestly no sound financial
reason for perpetuating the national bank
bills, while, as we have shown by arguments
that can not be refuted, the greenbacks
ought to take their place in the financial
system of the country. The democratic
theory, as set forth in the state platform,
with regard to greenbacks and national bank
notes becomes more acceptable to the people
the more it is considered. The substitution
OF greenbacks for national bank bills would
at once release the reserves the banks are
now compelled 10 hold. THE present banks
says the Globe, from which we have quoted.
might continue to bank, only they would
not be banks of issue, as is now the case
But, say some, We must pay the intere Is
ON our bonds in gold as we promised to do
so say we; but we would at ence call in all
the outstanding bonds which are payable in
gold, principal and interest, and reissue new
bonds at a rate of four per cent. interest
and in small denominations. 50 that these
bonds can be taken up by the people,
and make the interest payable in green
backs. The people would make their in
'vestments in these bonds instead of deposit.
ing all of their surplus earnings in the saw
ings bank. What would the effect Of this
be upon the public fund? We say that if
the government should refund all os Its
bonds in four per cents, the interest paw
able in greenbacks, the government would
have no occasion to use gold in any of its
financial transactions, gold, not being re-
'quired for the redemption of government
notes, nor for national bank notes, OF for
customs duties, would only be wanted TO
settle balances between this and other
nations with whom we trade And as our
exports are greater than our imports the
flow of the precious metals would quite
likely be largely in our favor. Besides, we
are a gold-producing nation. and, with a
proper financial and commercial system,
gold would be drug in the market as sill
yer is now. Should the system we have
here indicated be adopted, it would at once
strike deadly blow at the gold gamblers
and the stock spectators, and that class of
men who make money by and through
class legislation, and all of those measures
gotten up to enrich the few at the expense
of the many"
The revolution that is now going on in
and national bank bills promises to i'm
prove the business situation of the country.
1t is no use for the radical Shylock party 10
cry Expansion" Imitation and attempt
to arouse opposition to the march of correct
ideas. The new departure is designed TO
improve the condition of the people through
out the country, to revive business, restore
confidence and usher in an area of national
prosperity.