The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-09-10

than when he bought it; the manufacturer
cost more Tor raw material and labor than
they will sell for; the farmer must pay debts
Value. Money loaned in productive enter
prises is, therefore, Withdrawn because the
enterprises themselves become unpros-
porous and the loan hazardous; money flows
from the veins and arteries of business and
congests in the vaults of the hoarders. 1t Is
act b as had tendency to luce prices, and
to lead us thus slowly and surely to the specie
tracted fall of prices, caused by the resump
ton law, OF which the people have COM
Heasy times" is preposterous, unless easy times
are those in which money shrlnks from all in
vestment or loan In productive industry,
eminent bonds, or is loaned only on collater-
ais which can be converted into money on
days notice.
HAS EQUALIZATION BROUGHT PROSPERITY?
The two secretaries bring to the people OF
Ohio the intelligence that prosperous times
have come again; that all labor is fully en-
ployed and well paid; every branch OF manu-
featuring industry prosperous; trade flourish
ing and that we all have reason to rejoice and
be content with the present situation. admit
that some special branches of business are in
better condition than before the Democracy
stopped contraction and partially remonetized
silver, but can not learn of any general re-
vlval of business. the iron industries are
specially quoted reviving rapidly, yet
Pittsburg friend, who is N anufscturing IRON,
told me the other day that wages have not
increased at all, and that there IS a very large
surplus of labor. Hanging Rock mill and
foundry iron sells this year lower than last,
and sold last year lower than the year before.
1 saw hundreds of ore-diggers in Lawrence
county last week whose average wages don't
exceed so cents day. The coal mined in the
duct of the State-se1ls on the cars now at
IS TO rs cents ton against 80 cents last year,
the panic The coal-diggers there now
get so cents a ton and half work. as against rs
after the panic and the year before the in
dustries of the country were put under the
screw OF preparation 1T for gold resumption.
benviile, Marietta and Pomeroy, have re-
their cost. Salt which sold at the furnace at
an average of sl.26 per barrel in 1874 now sells
coal and GEMS Salt industries Of ohio
SO far can learn, are paying,
ton, and that based on starvation wages
counting their capital and investment as
which Is always gotten up in speeches and
newspapers by the Republican party in its
important campaigns; l bel1eye 1t to be true
un prosperous now as it was in 1878 or 1877 that
the condition of debtors generally whose debts
of their property four years ago is IN effect
hopeless; that the burden of taxes increased
pressive: and further believe that the people
ought 10 and must have rise of prices above
the present low gold level before general pros
periIy can possibly return.
THE RESTORATION = SILVER.
This relief is offered by the Democracy in
the bill which passed the House of REPRESENT
atfves last session, and will unquestionably
pass the Senate next ser sion, for the unli united
coinage of the old silver dollar and the issue of
certificates for silver bullion. That act would
cause an early increase of metallic money, or
of paper representing and redeemabe in me-
lions of dollars, followed by a yearly increase
of thirty or forty millions. This would raise
prices very nearly TO the old bimetallic level,
tightening the burdens OF debts and taxes,
stimulating industries, and bringing into play
all the productive energies of our people. 1t
is a great, wholesome, Indispensable measure
OF relief-open to no just criticism, either in
respect of its honesty or sound policy. 1t
viii bring down the purchasing power
of gold, which has been dishonesty in
creased by the demonstration of Silver-an
act to which the American people never con.
the purpose of robbing the masses and piling
up the fortunes of the moneyed class.
The two parties are squarely at issue on this
question. Mr.. Sherman and Mr. Schurz both
take ground in favor of stopping the coinage
existing law shall reach sum supposed to be
the largest which viii hoat at par with gold:
more valuable silver dollar for the benefit of
the creditor class. Either of these methods
involves the perpetuatlon OF the wrong In;
fraudulent act of demonstration. thank
these gentlemen for their frankness on this
great question, and call on the people of Ohio
to decide by their votes whether our great
American money product shall ne put on an
even par with gold, and whether they will
have the old dollar of the fathers or the new
dollar of the Shylocks.
Mr.. Sherman, who was the first to propose
the decentralization of silver in the interest of
the moneyed class, attempts to sustain it by
the following statement: MANY causes con-
trlbuted to reduce the relative value of silver,
and it requires Is ounces of silver
to be equal to one ounce OF god and there mere
either wholly or partially suspended the coin
that silver at the old ratio of l6 to had
deprecated as compared with:gold, and for
\, dor naff zph ms Sfr ting
again his fluent disregard of facts. The truth
is, the American silver dollar was always
W iisal it was was demonetized, and at that
per cent. The depreciation of our silver, as
compared with our gold dollar, was caused by
through conspiracy Of nsurers. # Nj. sher.
man does not know that fact he is less in
formed on the subject than nine out OF 10 OF
his hearers. He ought to know why 1t was
demonetized, fer he introduced a bill for that
purpose in the United states Senate in 1868,
and advocated its demOnetiz alton before the
congress of bondholders in Paris. The sole
reason was that the Unsuitable avarice of the
appreciate the value of their bonds and depre-
ciate the value OF ali property and labor in
which their bonds were payable by striking
lie money.
treasury notes for National bank notes, which
is one OF the great issues between the two par
ties In this campaign, Is met Dy Mr.. sherman
with an oft-repeated but utterly fallacious,
assertion that there would be no saving to the
people by such substitution. He admits that
with the S32s 000,0O0 of treasury notes substi-
tuted for ban notes. about an equal amount
of per cent bonds could be bought up and
destroyed, thus saving Interest to the amount
of Sl3,l200cO per annum; but he asserts that
one fourth of that sum must be added to the
coin reserve to redeem the new treasury notes,
and the bonded debt increased correspond
ingIy, in purchase Of such coin. have
already shown that this substitution does
not involve the addition OF dollar to the
coin reserve, the United States being now the
redemptor IN coin of bank notes as well as
greenbacks. He further asserts that the banks