The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-01-01
THE JOURNAL ON IT'S KNEES.

1t has been the purpose of the Sentinel in
its discussions of business affairs to approx
innate the truth in SO far as reliable statistics
would permit. In this regard, the Sentinel
has sought to impress the public mind with
the dangers that environed the radical Shy
lock policy Of forced resumption. We have
stated over and over again that resumption
on the John Sherman plan involved con-
traction of the currency, and necessarily the
shrinkage of values, the prostration of bust
ness. the destruction of industries, and the
increase of idleness, poverty and crime.
And the facts demonstrating the truth of
our declarations, like fresh made graves, ex-
tend from ocean to ocean and from the cen
Journal, IN its fanatical approval of policy
that wrought this ruin, has studi-
ously obscured evey fact bear
ing upon the matter. 1t has
blindly advocated the Shylock policy from
first to last. 1t has favored contraction
when its effect shook down fortunes as
autumn winds shake down the leaves OF the
forest. 1t had monopoly of bankrupt ad-
vertisIng, and the mills which ground its
Acif,oooho " POWuCA s>doc0 W us inCOmc.
1t saw its own city and state In the grasp of
business cyclone, whose whirl and force
bore down everything in its way and lined
the strand with business wrecks; still, when
the storm was fercest and its destruction
the most fearful, it howled for q continuance
of the policy, and now, when the worst that
the Sentinel predicted has been accom-
piished. it gets down upon its knees and
makes the following confessions with regard
to the cost of resumption:
A glance AT the business directory of Indian
apolis of six years ago, as co upared with that
of to day, will show that more than twenty
have failed within that time and have gone
down and out. The records of tue county of
those who were in business al that time. while
they have not utterly failed, are SO crippled
the future revival of trade and restoration of
values TO enable them to save something of
their former fortunes.
What Is true of this city is true to q greater
or less extent of all the cities and towns In the
country.
Here then is the admission-th that those
utterly ruined, and those so crippled that
they are hardly able to maintain foothold
in the ranks of business men, amount to
fifty per cent. of the entire business popu-
lation of Indianapolis, and it is a debatable
question whether this estimate represents
fairly the sum total OF the business disasters
of the city. The Journal. in the humilia-
tons of its admissions, includes every city
in the country, as having suffered to an
equal extent, but this represents-coloesal
as the s1m total may be-only fraction Of
the havoc consequent upon forced resump-
ton.
With nearly two hundred thousand fail
ureg since the contraction forces vera put in
operation, representing losses equal to the
cost of the late war, we have q
shrinkAge of values which touched every
form of property and robbed 1t OF fully forty
per cent of its value. This cost of resump-
ton ought not to have occurred, nor would
1t have formed q part of the terrible record, if
the democratic policy had prevailed. In
thatcase resumption would have come by pro-
eessss. natural in their operation. and whom
reached would have found business, instead