The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-09-24

state of facts q triumphant shout 10 raised
that specie =, asury Is punnDe for ano
presidency on that asAertion. A more braxen
and Perfectly trsnspads tanned % IN, nss not
ton at ali. and no such thing az specie pay
Q bold and audacious attempt 10 deceive the
people on this point, but II VIII fall.
AN EQUALIZATION or CURRENCY. -
/ Will tell you what has bean accomplished
and all that has been accomplished: For many
years the greenback was quoeeo below coin in
ment refused to receive il for o ustoms, and
authorized the bondholder to refu.se 1t In pay
ment OF interest, and, after the act OF March.
1853, in payment also Of the prineil ,al OF the
bonds.
1t was thus a currency stigmatized from the
inferior currency, and its total dsst, uction
was demanded and constantly threaten ed by
below pal. judged by the coin standard, but
within the last two years an aroused and in
different treatment at the hands OF its enc
mics. Congress has, by law. put a stop TO II 8
shall remain the money the country. Tina
gave It place In the estimation OF the world
blers ' and jdbbers in NeE so'" Yo1k
began to abate their sneers, and TO
ousIy styled a "rae baby" had not really be-
come giant in strength, and made himself
The polite mention OF dishonest money"and
'greenback lunatics" became less frequent In
the people declared that the sfeenbacE doiIar
should not be driven out but should remain
VA, With ~, .ae people, Apa when hlo IN addition to
drove the secretary of the treasury to announce
tnat at gwen time he would receive the
the equal OF any other money in the world. 1t
did SO because the Government which created
1tgave 1t fu credit An equalization of our
different kinds of currency has been effected,
and this fact, brought about mainly by a
Democratic Congress, and in spite of Repub-
hcan opposition, is now seized upon, and de-
clared to be specie resum ption accom- plished
ought to be an authority with Republicans in
a letter from Boston on the 18th OF last month.
speaking of the present condition OF the Re-
81 have watched politics for so years, and
my judgment is that the fault of tins party is
one-third ignorance and two thirds knavery."
do not by any means quote this rrmark of
the great New England orator as applicable to
the masses of the Republican party, but moth
those party leaders who boast OF having es-
tablished a resumption of specie payments,
because the Democratic and National voters OF
the country have forced the greenback TO an
opposition. II it should be claimed for the
secretary of the treasury that he gave the
claim would hardly be more absufdly false
than that he has restored specie payments.
could just as well have been placed at par with
coin at the start, and kept there it can be
tender. That was ali that was wanting, as
Thaddens Stevens SO clearly pointed out in
1911, the paper circulation of France was
declared a legal tender for all debts, and
peT Cent com for is
is largest depreciation was az per
cent. as oomipaT t Wild goia IN Novem Der,
nae for 1878, a most valuable work, the notes
of the Bank of France remain still incon-
vertible, but are at par with gold" This would
also have been the history of the greenback
in this country during and since the war, but
for the fact that unpatriotic and avaricious
capitalists determined to create DEPRECATED
currency worth say 10 or 20 cents on the dollar,
with which to purchase Government bonds,
dollar for dollar, now to be paid by you in
coin at their face. 1t was vast scheme of
creation of our bonded debt began.
But the equalization OF our currency having
equal in Saine i, p gold and slSer snd far bes
ter for the transaction of business, see it
Sometimes asked whether would now vote to
repeal the so-caled resumption act. en-
braced every opportunity to vote Tor its re-
peal in Congress, and know no reason why
should not do so again. II is true attach less
Importance TO the act now than heretofore.
Its power for evil has been very great, but in
the course of events 1T has become almost, if
not quite, nullity. 1t never had any power
for good, and has produced not single bene-
fcent result.
sHKRMAN's RECORD.
Bnt as l am arraigned for not implicitly
following Mr.. Secretary Sherman as a safe
moment the s FORMER positnon Of the RspuSean
party of Ohio under his leadership on the great
question OF the Just paymssn EN- 81 or NanonaI
of Ohio declared in their state platform
that the say bonds were legally payable in in
write that platform with his own hand he
cordially Endorsed ii, and all the Republicans of
| this Stale did the same. But he was not content
with merely standing on the platform OF his
party. He was a jealous believer in the pay
could not rest content until he hid Written a
| letter more emphatic even than the platform.
.My construction of the law is the result of
| careful examination. and l feel quite sure
case could be tried before court.
II think the bondholder violates his promise
money mnee ne he heiuSI paid for the bonds. n
| the bondhoIder can legally demand only the
and an extor'ion-r to demand money
N 5re valuable than he gave"
beore t tss follo~ins March. its
Tor his miraculous conversion, had Joined
described as regulators and exrortioners, and
| was aiding Them, by the act of March, 1863, in
bonds vastly more valuable than they gave.
He tried. believe, in his recent speeches in
Maine, to ex PLAIN this letter. He aid in sub
| stance, If / saw a correct report that he meant
| the payment of the bonds IN green backs,
when green backs should be equal TO coin-
| The very opposite of this meaning, however,
| is contained in the letter, for he there speaks
| with great bitterness the man who would de-
mand better money than he gave in exchange
Philips. in the letter to which 1 have already
| alluded, thus describes this shifting and unre-
| liable minister of finance:
| but, my friend. 1t is as impossible to an
| swer John Sherman to find fault with q
weathercock. That can always claim that it
| points the way the wind blows, and SO can he.
| There is no doctrine in finance that he has not
| advocated, and none that he has not denied :.
no principle on either side that he has not as
| serted, none that he has not secuted. His
record Will be equally good whether hard
| money carries the day or we GreenbacKers
succeed.
Like that cautious early Christian at Rome.
| who always took Off his hat 70 the old statue
| of Jupiter, observing that There was no tell
| Jig but what the old faith might come up
| again. wide-awake, canny John sherman has
always kept his bread DutIered on both sides.
! 1t IS he alone of all our pub ic men, who has
proclaimed, with catholic and generous IN
difference that the bondnolder who asks any
| thing but greenb scks for his bonds is ex-
| tortioner and a repudiator March, 1859; and.
a so. that any man who proposes to pay ponds
| In green backs Is repudlator! llo1ol. Can