The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-10-01

demand mat inc volume OF the cur
requirements; but every interest
the supply OF coin How is that 10 be accom-
pifshed: BY encouraging an increased pro-
auction Of our great staples that command the
foreign market; BY reducing our expenditures
in foreign purchases, and by reversing the
fatal policy which has sought To make our
of foreign goods, and sell more OF orr pro-
due lions abroad. and cease 10 pay so much of
the interest on our debt abroad, and pay it to
our own citizens the current oil gold vii, turn
toward our Shores and then specie payments
will be certain, natural and PERMANENT. and
viii become the basis of an enduring pros
perity."
Mr.. sherman claims for himself the credit of
resumption, and that the policies OF his party
have given us assurances of better times. 1
have made n summary OF events that pa ssen
within your own observation, TO aid you in
passing upon the faiacy of that claim. What
mad he or his party to do with resumption?
How have they contributed TO a return OF
prosperity? In the winter OF 1873, Mr.. Sher-
man, as the represen tafive of q party caucus
reported aud urged the resumption bill. IL
became a law by the vote OF all the Republl-
cans, and over the vote against IL OF ali toe
Democrats in Congress Who now claims for
That measure that IL facilitated resumption or
in any degree alleviated. the caiamities of
hard times, or that It's tendency was to place
the business OF the country upon q firrner and
surer foundation: Is any man SO creduious as
to believe that resumption, permanent and
reliable. could rest upon borrowea gold?
not be maze to rest upon borrowed gold y
When trade and commerce gave assurance
permanent. aud would constantly increase,
then confidence became established, and The
gold and silver.
You all now know that resumption has come
OF trade and commerce, the result of foreign
balances in our favor. and not at all because OF
any congressional declaration requirement.
The resumption clause properly de-
nounced by the st. Louis convention az a
hindruncc 20 resumption. IL was as well
T. ne wa ,e .errJT 70
ment oflaDor., Our money. paper ana coin, Is
now OF equal value, ana readily convertible,
| In spite OF the resumption law, and or Its
Kindred party devices. All along the pathway
OF that measure are strcwn broken fortunes
and ruined enterprises.
DO you believe our country needed TO have
| been the scene OF IL financial and con- mcrciai
| panic; Our lands are rich. our people inteili-
Kent and industrious, aud the worlds markets
panic did como; and It's continued aud terrible
hold upon the country for the long period OF
nve years, IN spite OF me great efforts OF the
policies and IN NEUTRALITY-SUSPICIOUS.:
| Inflicted. nor what hopos OF happiness lie
buried amid ~ ruins. May ] give you an
not most obs ioos duty 10 reduce the public
| expenditures by rigid economyg IL WINS not
| done. From 1876, 20 1875 tho expenditures con-
tlnued enormous and oxtfavsgant.. Then the
| Democrats came Into power la the liorse, and
service could rs We'll and efiicienty be niInin.
| istercd with an annual reduction 81 s80,V0U,0O0.
At their first ,ossion, that wa the reduction.
| Now, please tell me, had that reduction been
commenced In 1893, and continued for eight
yenrs, and until 1886 had so 90, OF the taxoa
neis OF trade, giving life and energy 10 bust.
ness and commerce. do yon believe there
would have been panic aud Huoh financial
disaster an covered tho land with ruin? Reform
| In that ono particular alone would have saved
Mr Sherman tells you that prosperity II
now coming, aud that Ito IL ia author You
AMI are thon tnlstakon IN supposina that
! purchases abroad. IL was not the dilgont
labor OF the people. the rich lands the abund.
t.lat enabled us 10 supply. the. extraordinary
foreign demand, such u demand indeed ny we
IL. IL was his ioars OF sympathy over the
euiferlngs OF tho people,, and not the
the oarih aud caused II 20 yield so abundant.
| ly. Never was claim fnnde 40 bold aud brnzcn,
and yet NO falso. To him aud his party We ro-
ply; You squandefcd me public money; you
| continued exlravagant appropriations; you
nindeied prodscton by pfomoting the striiu
OF sections aui tho hatred OF raoes, you lcgls-
lated for fayorite Interests aud ngainat tho
| people: ana now, when the rlsid economy
roas seons anu iays raSs Il Se
foreign market, combine 70 give as better
times, and 20 gladden. sosaor Us with The hcpO
NOT claim md merit OF inqlpppor1f pns
resumption inv, aud wo cherish tho hope OF
better times, IN spite OF the eyl Influences OF
Tho great difference between ms was that we
Insisted upon rcnching specie payments by an
REDUCTION Of the i paper money" 5y eontra,tion
You provided Tor your policy In the resuinp-
70 TO" the Ss'' country '' IN The act ' q june
previous, that tho legal tend.r notes
nasq yo mp' policy S'S was i'm
short OF universal rum, Tor contraction HIN
derod production. u was Democratic DC
for Ia coinage. u was Democrntio Hons.
that modified tho resumption law, aud
| stopped contraction by tho act OF May VI, 1919
which forbade the secretary OF tho treasury q
cancel or retire any moro OF the legal tender
l nos IN "n elroustson Tho '@ i
of silver over foolish vetoh hna
Tho profession OF The Legal lender e, ,,,
and the great demand nbiond have brought
all classes OF the currency 70 par. and Civ,
The contest IN which you ne engaged 4
charac tcrized by reckless accneation. why
charge the Ohio Democracy with "a purpose
10 innate and deprecinto, tho currenuy3 They
have been and stu nLo opposed 70 contraction
notes shall take tho place OF tho Nationa
hank currency. For that do you dare atlrib
IL tho banker inat eivcs credit aud character /,
the bank bills? Nay, you know I'll me GOV
ernment'a oplisatioas pledged as security tina
That security Withdrawn, the bits become
worthless as falling leaves OF autumn. Is TN
security less II the Issue aud the promise
! be direct from the public treasury
I aud not through the medium OF banks
Have the bank bills not been always nj par
neither above nor below the treasury notes
and that only because they were redrefnab'
| In treasury notes. Tho demand for streasuI,
notes as u substitute for the National bani
notes IN demand for money always ant
, everywhere OF equal vnlnc. But pleas
this policy IN asserted the Ohio Democracy
demand that the issue OF treasury notes shat
be regulated by legislation or consiiutiQna
provision, NO Ms to secure tho greatest poshbl
stability OF values. You must md som
other ground of accusation. Can you mud a.
good motive for the support OF this policy? II
/ deciding upon its merifsrfs IL not 10 be con
sidered that In any possible view the substitu
ton viii "a We 10 the people aud their tressur.
over sli,0Oo0O0 every Year, And you and
! can not be indifferent TO the fsct tns
: the National banks under harmoniou
. management now seeks to control the polite
OF the country In defiance OF the will OF tn
people. Please tell me now ~ was that In TIL
State. but one year ago, The chairman OF IN
| Republican state committee did venture {
j demAnl of the banks money % cOntrOl IN