The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-03-06

To represent it; and this restoration
or the silver dollar would do 10 more than
1873 was passed; and IT, AFTER we have made a
fair experiment IL shall be fourd that silyer
mas IN iact permanently deprecated in value
IL VIII De time enough TO consider how far Y
may be NJ & Ssary for 10 readjust the stand
ard be ween gold and silver ; TO make the
dollar which, passes into the hands OF The
lab)rer IN payment Of his wages equal n all
respects TO the dollar which the merchant and
the banker use in adjusting and settling me
balances of uadein large com errial dealings
-for certainly CO not W Mt the laborer IN se
compelled TO receive money of less value than
tha5 which commerce demands.
but, Mr.. President, 10 seems 90 me that there
is an easy solution To this whole question.
The sole power In tfi> nation to provide for
the coinage of money and to regulate its value
rests under the constitution IN The congress of
the United States. Tn power has also been
assumed to autborzs the sSuauce OF treasury
notes. and TO declare them IS 10 an private
dc lings lawful money and a legal tender TO
any amount nj the face value OF these notes,
but has Withheld from them the quality OF
money in the payment Of certain dues to the
government. Let the powers which are clear
~ conferred by the cOnStii ution upon congress
10 coin money aud to r gUiaie its value be ex-
ercised TO restore the silver dollar with all the
money power that il pos, essed at the time il
was eliminated hom the list OF silver
coins, and then TO declare the legal
tender notes Of the government 10 be
receivable fer all dues to he government, and
thus place cur paper Gil culaiion and coin cur
rency upon the same legal footing, anu in n
short time p practical RESUMPTION of specie
payment will be reached.
ON principle, the governm mt ought to re-
ceiVe its own promises 10 pay for All govern
Inent dues, and nothing but the dire necessi-
teS OF the government could sanction the dis
Grimm elton mat Was made in the law author
izing the issuance of treasury notes against
ihelr rece ipt for duties upon imports. 1t was
no doubt Justihable at the time, and It's efiecS
fenced To the support of public credit ard TO
retain portion of our coin currency in the
country, but the discrimination ought not to
be C nt1nued after the necessity for il mas
passed away; and so iOng as We keep faith
the terms Of our contract with tn In il is not a
matter OF any concern TO them in what kind
OF money all or any part OF our federal reve-
nues are paid. The treasury notes are now
Tecei vsble for all taxes, state, municipal and
national, except import duties, and have been
so receivable since their issuance was author
lied.
Is IT not time that they should be received
also for tsrif dues, and thus appreciate their
money value by enlargiug their money
Lowerf Our financial legislation for the
the interest OF the bondhoIder, to strengthen
the pubic credit AS was said Is IL not time,
Mr.. President, that something should be done
for the bene fit of the billhol er? The power
TO declare the paper credit of the government
a legal tender IN the payment OF private debts
is, to say~the least, a doub -ful power. Bot the
power 10 declare il receivab ( all public
dues is not only unquestioned but il right and
just in itself, and should not, ia my opinion,
be longer delayed.
have not attempted to discuss the many
phases presented by the house bill and the
suD-titutes and amendments offered IN this
Piles involvedJHn Them, being willing 10 ex-
press by my vote the particular form in which
i desire 10 see them aSSed into law. There
are one or two questions upon which II may
be well enough TO express an opinion as con-
tToiilng my action m the votes that shaH
give. ] do not THINK thai the free coinage
feature OF the house bi should be retained or
the principle of free coinage applied 10 the
coinage of the silver dollar until the market
value OF silver bullion shall eqnal the money
value Of the legal tender coin, and that what
ever seiSnioEage or p oft acerues by ats COIN
rcd I'M ftnfa
the benefit of the whole people. Unlimited
free coinage seems To DE "a popular idea
az IN i;yer 5l,a tue r. t
be because the operations of the measure are
not clearly understood.
can see no reason why the holder OF the
bu.IiO shouid be entitled [, receive The pro-
fits that would accrue from ia difference be-
tween the market value of the bullion and the
money value of the coin, SO long as there was
any difference; and when the market value OF
the bullion should equal the money value OF
the coin, have IL in has power 10 either stop
the COINAGE OF the silver dollar In row upon
the government the expenses OF its coinage. L
think also that we should guard, IL 20 Sible,
against the imposition by the holders Of foreign
sIiver coin in those countries where silver has
been either In whole or in ri cemonetized-
1t Is very important 10 Us as a 9eOple that
while we are laying anew the foundations Of
our money system We should M Ike them as
secure and stable and as Tree from tuctuation
Yet, Sir. President, If majority Of the senate
should differ with me on these que>tiODS,l
aud shall trust 10 future legislation 10 adopt
sDch safeguards AS may be- nee SAY, beiieV-
ing the speedy determination Of the question
i'm favor of the principle 10 be more important
than the periecting OF its details
Mr. President, the present condition OF
affairs Is by no means encouraging, and
the difficulties that surround
sea cey be exaggerated. "The industries
of The nation have been congealed rs n
flowing stream by the severity of arctic
winter" The cry OF distres and financial
ruin -omes up TO Us from all over the land, and
we can not close our ears to il. Much Is eX-
pected OF congress. The people arc looking 10
10 for the adoption of such measures will
arrest the downward tendency of business,
and unfortunately u can do but little. Yet
something may ue done TO inspire confidence
in the future, restore hope a I'd re-establish
credit and give time for the recuperative
energy OF the people 10 reas>ert itself and
bring out the dormant resources OF the
1t has been said that tre present stagnation
In business Is not cauSd by a want OF sufficient
currency; that money is redundant in the
money centers and lies Idle Tor want OF en-
ployment. This may be true, 4 r where but
little business is being done hut little money
is reluired, nor can we expect II To be other
wise until there shall be an upward tendency
IN business affairs. No prudent man Will in
vest to-day when the probabilities are that
the VSStment viii less valuable to-
morrow, or next week, or next month, than
IL IS to-day; and what is needed at This time
by the people is some assurance hat tn le-
gislation of congress will be dire ted as far as
may be In favor OF such measures as wilt tend
to enhance the value OF property rather than
10 enhance the value OF money and while II
is imDOssi blc 10 avert All The evils under
which The debtor class are ~ this time Suf-
fering. yet believe that something may bs
done: mat II congress Wi pass the measure
now before us and provide for its faiihfu and
steady execution. and viii also spec lily repeal
much OF the act OF January Il, 1873, known
as the reSump ion ACT, aS fixes the day FIR the
resumption Of specie payment, and put stop
by law 10 any further contraction OF the ma
tional currency for the present and there
rest ana let the. people rest, that m ch and
very much VIII have been done to inspire
belief shall contribute what il may be in my
power 10 do as one OF the representatives OF
my state In this body TO accomplish these
ends.
Any Sfeal8Ec.
II l. related of Garrett Davis when be was