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

OF about S6,UO,OOU while its entire assessed
valuation - less than double that amount
being sll ,2s2O 600. Hall the value of an the land
is owned In the east and pays to the east an
interest OF about s6N,O0j annually, besides n
tax of about $4,000; total, over 81 0ON0 This
is over sl5O for every acre, and So so for every
man. woman and child ia the county Add
this TO the immense debt unsecured by land,
ana consider that crops have been poor four
years IN success sion, and Ii can readil, be seen
why cur farmers are almost bankrupt, and
scores of larms in every county are being sold
n der trust deeds."
This may be AN exaggeration, but with all
the allowances IL Is ImpCSsiO e, Mr. President,
for me TO add anything to the picture thus
pres nted of the deplorable condition Of one
OF The garden spots of this great agricultural
commonwealth. In view, then, OF the condi-
lion or affairs IL seems TO me that any measure
that tends in any degree TO uphold the value
of property, or To prevent its fun Their ueprecia-
ton, ought TO meetth concurrence aud sup
port OF all and while do not entertain the
exalted views of many rs TO the beneficial
efpctS OF the measure upon which we are
deliberaiins, yet do entertain a strong cor
V ctlon that by putting once more into
the arteries and veins of our inter-
nal trade and commerce a sound and
substantial circulating medium which Is not
only an article OF value itself, but the basis of
credit, we Will do something toward the re-
storatlon OF confidence which alone can cause
trade To revive and business 10 flourish. and
thus enable the debtor class once more TO move
along under their burden of debt without be-
ing crushed ny IT'S weight.
am equally we convinced that to refuse
to do so. 10 attempt to return To a sDe OF basis
upon the single standard of gold, would SO dis
hearten and discourage the debtor class OF this
country as 10 precipiIate what is now threat
ened: universal IUin and bankruptcy of the
country such as has not been witnessed in Oun
history before, and which may end, possibly,
in overwhelming alike the debtor and credi-
tor. 1t is not worth while now 10 speculate
upon the causes which have led us int This
condition of things, nor 10 consider whether
which proceed the present crisis a wiser fol e.
cast or greater degree of moderation, with
less extravaganza, might not have avoided the
accumulation of the debt and have averted
the evils which now threaten us. Even If all
this had been done when our people were in
conn aratively easy circumstances. It would
have been found very difficult to return to "a
specie bass without greatly deranging our
business for the time being and caus-
naons more who hays s p sgaedng The eher
ordeal through which we are now pass
ng have found il so; and there is nothi in
our circumstances as a people to induce the
belief that we can escape wholly the effects of
a policy which for the time being necesSari v
tends to contraction and to consequent depre-
Sir'Archiba d Alison, I'm his History of Eu-
rope, thus graphically depicts the effect upon
the debtor class In England of the attempt of
ginning with the year 1918 and extending To
Inc year 1921. He says:
"The effects Of this extraordinary piece OF
legislation were soon apparent. The Industry
of the nation was speedily CONCEALED as flow
ing stream is by the severity of an arctic
winter The entire circulation OF England fell
| put it in dollars from S232 5i5,OOO In ISIS TO
sl4l,757,O o in 1921 The effects of this sudden
and prOdigiOus contraction of the currency
were soon apparent, and they rendered the
next three years a per cd of ceaseleSs distress
and suffering in the British Islands. The dis
counts at the bank of England, which in 1910
had been sll5,l00,0O and in ISIS not less than
sl03!a OWO, sank in lS20 to s2S, SO 90 and lS!
OSi3.6 OOt0 The effect upon prices was not
tess immediate than appalling. The
rate of wages fell one half"
i have ALWAYS believed. Mr.. President. that
an enforced resun ption of specie payment by
legislative enactment would aggravate the
evils incident TO such return and that the
only safe mode was through the gradual but
certain processes of the laws of trade. which
tehn constantly 10 graNIate towara tilaI point,
and therefore have always been opposed to
what is known as the resumption act now
upon statute books, and shall
vote for its modification or reveaI
notwithstanding the near equation we have
reached between the money value of our
paper circulation and its par value with gold
as feel confident that TO continue that law a d
attempt 10 resume under its force and eject
would be 10 cause such contraction In the
volume Of currency as to repeat i'm our own
case the disasters the pes pie OF England sui
frred, and which have been so vividly por
lrayed by her historians. At the same time il
seems to me quite clear that the measure un-
der consideration for the restoration of the
silver dollar and its replacement iD our system
Is n part of our currency of value is the door
through which we must return 10 specie pay
ments.
The next most important consideration. as
il seems to me, in favor of the proposition To
remOnetiZe silver springs from thu fact that
we are It's largest producers; that OF The sew
enty million dollars worth of silver bullion
annually produced by the mines OF the world
more than half of IL is the product Of the
mines of the United States; twO-thirds OF the
remaining haf Is drawn from the mines OF
Mexico and South Anne lea, so that seven
eighths of the annual yield of the silver mines
of the world are the product OF the mines Of
North and South America. Silv r and gold
have been classeG as precions metals as far
'ack as the light of history reaches, and both
have always been in some form in use as
money.
Even now in those countries where what is
called the I'd standard has been opted sill
yer continu TO circu ate at this time en-
tiers more largely into the business o. those
countries that IL ever has in the United States,
and to day England has in circulation 90 IN
silver coin to one in circulation IN The United
States, Notwithstanding Ii has nOminaily been
demoaetiZed there since 1916; so that we are
not called npon to select some product that
never has had any other value than n COM
mercial value and give il a new character and
value springing from It's use as money, but
simply whether We will consent to the reduc-
tiOn of this i'm porta Mt product from its position
as one OF the precious metals to the mere con
dition of an article Of trade, aud instead OF
measuring the value of other articles by IL,
measu @ and determine its own value by the
uses II can be- put To as an article for manu-
facture, and In that manner eliminate nom
our circulating medium the thirty six million
dollars worth Of silver which we annually
produce, and by that means enhance the value
of gold coin and increase the burden OF all our
indebtedness public and private.
We are also large prOduct rs OF gold, and OF
the annual yield of the gold mines o. the world
we furnish at least one-third. Being the
largest producers of both gold and silver Is un :
questionably strong reason why we should
rec tablish our financial system upon
the precious metals, yet ii affords 10
reason at all why we shOuld com only
far circulation the forty Millions of gold which
our mines annually produce, and turn over
the thirty-siE millions Of silver To the smelling
pots of the manufacturer. But IL is said that
we can not maintain the bimetallic STANDARD
for the reasons: First, thai the nations wit "A
which we are most Intimately connected IN
trade and commerce are gradually adopting
the gold standard. and thar we must, 20 be- in
accord with them in business follow their eX-
ample. Second, that ii is imp0s .ible 10 mann
tain that equation between the Nalue OF the
gold and the silver dollar which is essential to
re ain both in circui alton.
AS 10 the first objection, it seems TO u c that
II begins by begging the whole question, Tor
while IL may b. convenient that tn re shou d
be "A uniformity of values between the differ
ent commercial countries, IL j. nor essential
that they should adopt the same circulating
medium. As to the second, there has been no
demonstration yet in the practical use of silver
and gold coin circulating t0ge her In the same
channels of trade to show that they viii not