The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-09-17

lead does Intelligent men everywhere begin
to have double standard Ia 70 have unlimited
coinage: then you have double standard
with gold and silver of the same value j
Some insist that we should have larger
dollar-I mean some of our Republican friends
know of none of them who have denounced
the Republican party for demonetiztng the
trade dollsr-a dollar with 40 grains OF silver
in liza much larger dollar than the standard 4
clamor for larger dollar, they never would
have demonetized the trade dollar. John
the committee on finance in the Senate, made
his report In favor Of demonstrating the trade
dollar, and ever since he has been insisting
larger dollar than the standard silver dollar. L
merely refer to this TO show that all that Is
said upon the subject of larger silver dollar
is pure demagoguery.
Mr.. Sherman Is now passing over the conn
portunity offers, of the great prosperity of the
country and the success of his financial
Knox pays him high compliment and
claims great credit for his chief in his speech
(August) at Saratoga. 1t is claimed that his
financial policy has wrought wonderful
change in the condition of the country. 1t Is
well Tor us to examine, as far as we can, anG
know, If possible, why 1t is that there is more
confidence in the country than there once vas;
and see whether Mr. sherman Is entitled TO
the credit that he claims for himself, or rather
that his friends claim for him. of being the
author of the financial policy that he is now.
the Senate finance committee, end leading
DOWN his IF finaneiaI poIcy before s the , Demo mo-
cratic party obtained control of the other
brancn, of Congress The leading features of
the ns''oh law of P@' isss de%onetisins silver.
known as the resumption act. providing for
the retirement of treasury notes or green
backs. You sill Will recollect that this
was the well-defned sherman or Republican
policy. Is that the policy of to day? VINO are
you indebted to for the change In this policy?
control of the Lower House OF Congress at the
first session of the Forty-fourth Congress.
which met in December. 1878. The business of
the country was parayized, and bust
ness men by the thousands were
Sherman or Republican policy. The losses by
creditors alone because Of the failure OF debtors
| to pay as shown by Dunn s commercial reports,
was more than the amount of the entire debt
| OF the general Government, to say nothing
about the loss the debtor sustained in the
| depression in the value in his property when
| he sacrificed it In order to pay what small
proportion of his Indebtedness he did pay.
the driving of silver from circulation, and
I had the honor to be a member OF the Forty
| sixth Congress from the Indianapolis district,
and during its first session, In order to avert
country by the characterization of silver and
| the contraction of the various Government
1876, the following amendment to the bill that
| had pas, ed the House for the issue OF subsi-
the the : House from the Senate, amended
| by recommendation of the finance
committee, OF WHEN o1 m rad was Gnair
| no longer be a legal tender. The amendment
| offered reads as follows-I read from the Con-
| gressional Record, page 42l4:
| "Mr. Landers, of Indiana. move to amend
the proposed amendment by adding the fol-
| lowing:
| And it is further provided that the secretary
| of the treasury is directed to authorize the
| same weight and hnenesS in use January
1861, and said dollar shall be a legal tender in
payment of all debts, public and private"
The yeas and nays were called by kasson, OF
| Iowa, and Landers, of Indiana. The amend
ment was adopted by Ill to %. This was the
| ton of the silver dollar and find. in lookiD g
over the names of those who voted against
the coinage of the silver dollar, the name OF
| the present candidate for governor on the
| Republican ticket, Mr.. Charles Foster. He, 1,
| appears, was for the Sherman financial policy,
and opposed to the present financial policy
The bill, with this amendment, was S ant back
to the Senate, and that body refused to concur
You Will bear in mind, now, that the Senate
| at that time was strongly Republican, with
committee was called for, and granted by the
House of Representatives. The members Of
Iaae PaYne Of % ob te s Samuel " Ransa 5
| Pennsylvania, and Franklin Landers, of Indi
ana; and on the part of the Senate. John
! Sherman, Of Ohio, George 5. Boutwell,. OF Mas
| sachusetts, and Louis V. Bogy, OF Missouri
| The conference committee, thinking il
Change Rshat the Ell 0p Crowded for
| and seeing the lmpossibility of passing tn,
of ffe by me ana adopted by the House o
Representatives,, deemed ii their duty TO re
port against concurring in my amendment
| Before the close of that session-sometime il
the latter part OF July-a silver bill wa,
brought forward by the committee on mines
| and mining, of which Mr.. Bland was chair
man. a large portion of the remainder of tn,
session was occupied in its consideration, bu
| whenever the bill was called up to be put OF
its passage, the K publican party resorted Il
all the means known to parliamentary law u
defeat its passage, ana did defeat 1t during tina
session.
To show the bitterness of leading Republi
cans 10 this measure, 1 read from a speech o
Mr.. Garfield, o. Ohio, found on page i,o6l o
the Congressional Records He said:
"At the present moment the relation o
1eITes n nearlY IL is proposed o,
the amendment OF the gentleman from In
diana (Mr. Lauders), that at one fell stroke
one fifth of all this enormous sum shall bs
wiped of, repudiated, and that this process
shall be called honest legislation. Blu
aside from the political ethics involved in thi
scheme, We should consider its effects upoi
the business of the country. Gentle
1851, the later snock of 1851. and that stlI late
shock of 1873. Conceive them all united il
one vast crash, and the financial ruin, tn
overthrow of business, would be light In com
parison with the shock which would follow
: the principle here proposed were adopted"
e II Wish to
your attention to the views of Republican
then to the disaster that would follow tn
RECOMMENDATION of silver. Mr.. GARFIELD say
that 1t would be worse than all the shocks Q
, 1897 1851 and 1878 combined This measure wa
opposed by all leading Republicans. MI
sherman insisted It would destroy. the credi
of the Government, and many insisted tina
Government bonds would be sent home from
abroad by the ship load. -iua
Mr.. Sherman, sometime since, visited You
State, and, Notwithstanding, now we hav
4 silver remonetized and in as none
brought about by the Democratic party, h
stated that the credit of the Government
was second to none, and Government bond
have been selling at a lower rate of interes
than they ever did before. This shows tn
value of the judgment of these distinguish