The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-01-23


equitable mode of supplying the country with
circulating medium can not be framed by
our legislative wisdom? In fact can any one
for a moment defend such a system Of monop-
oily and oppression? He who desires its per-
manence desires also the permanence of the
national bonded debt.
The two are inseparable. One rests upon the
other. HtAe national banks are a blessing
then our public debt rs a blessing, for the debt
supports the banks. This idea is embraced In
the act of January, 1875. Provision Is made in
the third section OF that act for an increased
number of "bankilg associations" 10 be based
on an increased number of interest bearing
tCO by this section with hostile powers against
the legal tender green back. With the aid OF
the secretary of the treasury they are author
lied to eXterminate this favorite money of the
peope. For every SlUO issued after the date OF
Che act of January, 1875, by the national ban ks
then in existence or organized afterward $50
in legal tender notes are TO be with
drawn from circulation and destroyed until
that currency is contracted to the limit OF
s5eO.OO9,00e. The purpose OF this legislation is
financial situation and TO subordinate all the
wants and interests of the American people TO
their will and pleasure. And in order TO facil-
itate this purpose the greenback dollar has
been denounced with every epithet of con-
tempt and derlsiOn known to the English
great money i'm its contest with those who are
bent on its destruction. Its reputation in
peace and IN war is known to all. The soldiers
PERIL their S Widows their orphans, ana their
MANNED and crippled comrades have known
Ii ever since.
The people of every class and of every party
engaged In business and labor know that, In
spite of all assaults, In spite OF the fact that
the government dishonors II by refusing 10
take IL for government dues, and in spite OF
the fact that there is not gold enough In the
treasury to redeem IL at ten cents on the dol
lar, yet to-day IL ranks but three per cent. be-
low gold in the money markets that are most
known and treasured up, and do not dwell
upon them now.
sir, thus far have spoken in pointing out
what conceive TO be the vicious legislation of
this country on the great and paramount ques-
ton of its finances. There are two opposing
ideas on this subject now thoroughly aroused
into vigilance and activity. On the one hand
is the vast money power In all its veriQus
developments OF bonds, banks and loaning
associations, and on the other are. the great
industries, the active business and the labor
ing people. The issue has been years In max
ing up, but 1t is now Joined. Nobody need be
deceived. All the widespread influences sof
capital are organized and combined. The
holders of public securities in America and in
Europe work together. They think and act in
concert.
The national banks OF the United States
have a solid organization to protect what they
have and to get as much more as possible.
They are asking now TO be relieved from pay
Ing taxes on their circulation and deposits, in
order that they may enjoy their enormous
profits free. from all burdens for the
obtaining mortgages at IL per cent.
interest on western FERNS, on account
of The scarcity Of money In that section,
are not only striving TO make ali such mort
cages payable in gold a year hence, but they
are threatening these in pecuniary distress
that they shall have no further fav0rs at the
same rates unless they sgree in advance to
pay gold I'm return for greenback loans. The
power Of money in the midst of times like
these is very great, but am much deceived In
the people II they have not turned at last In
defiance and bold warming upon their oppres-
sore, They are not In favor of repudisting
single dollar OF their public or private debss.
They intend to pay everything they owe, but
they intend to submit 10 no more changes of
contracts, violations of obligations, and
breaches of public faith, In order to increase
their Indebtedness or. TO. take away their