The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-08-14
HON. FRANKLIN LANDERs' SPEECH.

Elsewhere in to-day's issue Of the Senti-
mel will be found the full text OF the Hon.
franklin Landers' speech, delivered at Lay
fayette on Saturday. Mr.. Landers confines
himself to the financial questions now be-
fore the people, and hisutterances will CON-
mand, as they deserve profound attention.
Few men have studied the financial situa-
ton more thoroughly than Mr.. Landers. His
analysis of the subject exhibits throughout
a clear comprehension of the wants of the
country. Starting out with an unqualified
Endorsement of the democratic platform put
forth on the Goth of February last, the
cogency of his reasoning is maintained
to the last Grasping all the details of finan-
cial data that properly enter into the discus
sion of the subject, he eliminates
the sophlsms of charlatans, exposes
the subterfuges of demagogues and
holds up to merited contempt the schemes
of Shylocks, and presents in arguments at
once lucid and conclusive the real wants of
the people. Mr.. Lsnders has few equals as
alclose. practical reasoneri and enjoys a ma
tional reputation upon financial questions,
and his speech, which we lay before our
readers to-day, should beread by every voter
in the state, as it makes plain great many
abstruse points in the various financial :heo-
mes that have misled the people. The rea-
sons stated by Mr.. Landsrs why national
bank notes should be retired and govern
ment currency substituted are invulnerable.
He says:
The policy of the republican managers ena-
bled the banking corporations to loan their in
debtedness to the other members of the gov
ernmental firm, while all 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,
both coin and paper, that you may have the
benefit of all the profit resulting from its ISSUE
or the use of the credit of the whole people.
We demand, in the language of jefferson,
chat the banks should Surrender their cur
rency and the issue of paper money be restOr-
ed to the government TO whom IL belongs"
But il Is said that ruin and distress would FOL
low the closing OF the national banks. We
don't propose to wind up the banks. When
the national bank act went into effect high
tax was placed upon state banks which COM
PEELED them to abandon the circulation of
their notes, and yet the business of the coun-
try was not disturbed, because other paper
ehapEed rom STATE TO national banSs IN the
same way the national banks could be changed
from banks of issue TO banks OF discount and
deposit only.
In urging the substitution of government
paper lOI udIlOudl Dduk DlllS MI. LduucIS Ic-
fers to the cost the national currency has
been to the people, and makes the statement
so clear that all fair minded men ought to
admit the necessity for prom pit change. He
says:
The defenders CT 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 cover the cost of the issue of their
what does this review amount TO? suppose
the banks should keep their entire currency In
circulation. that is, the whole $3.50 O0J,0OO, the
entire tax would amount to but S35OO,OOO. Now
make seven figures and see what you have TO
pay the banks to get this revenue of SS,5JD,OOO.
banks, as interest ON bonds deposited to secure
this S3J0QOO000 of circulation, S499, 54l s6f5O or
in round numbers, S500,0O0,OO0, every cent OF
which could have been saved IL the govern
ment had issued this currency. II 1T is con-
tnued ID years longer you VIII have to pay
10000 900 more as interest," or total amount
Jog to near one-half of the national debt, and
Won will then own the principal of the bonds
which we deposited as security. VIII you sub
NIT to. the continuance Of this robbery?
Upon every other branch of the subject
discussed Mr.. Landers was equally explicit
and convincing. Weshould be glad to point
specially to. other arguments, but our space
will not permit, nor Is it necessary, since the
ensinent abilities of Mr.. Landers are a guar
antee that his entire speech will have a care.
full perusal