The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-08-11

have made Instead of the greenbac KS them
selves. The Republican law provided for their
Democratic law provided for their re-
Issue: thus stopping the depreciation of
bot few grsenbacks have been offer
ed Tor redemption, and therefore
but few OF them would have went to ashes
the Republican party had been carried out
the taking from greenbacks their legal tender
quality; being then no longer useful as money
In rapidly for redemption and been as "a pidiy
destroyed. Two of the prominent Presiden-
recommended taking from the greenback its
legal tender quality now read from General
Grants message, Second Session, Forty fourth
Congress. He said:
at will be a source of qualification to me to
De aole TO approve any measure of Congress
ton"
want you TO bear In mind his language
looking effectively toward securing resump-
1on" This is his object. He says further:
"There are few measures which seem to me
important in this connection and " hich l
commend TO your earnest consideration A
makes those notes receivable for debts con.
tracted after date to be fixed in the act ITSELF
say not later than the LIST of January, 1877"
Notice the effect he states this would nave
where he says: I'VE won d have quotations at
real values, not fictitious ones, emu gold would
no longer be at premium, but currency at
measure. 1t was TO put greeubacks down.
That was the idea. And when put down he
then provides means for bringing them int /,
the Secretary of the Treasury shall be author
lied 10 redeem, say not to exceed $40 0,000
monthly Of legal tender. by issuing in their
OF $50 per cent. per annum of the denomins-
lions ranging from $50 to 81, 900 each.
ash you as intelligent Democrats and Re-
publlcans, does this look like bringing the
green back to par or does it look like bringing
them to ashes, as stated?
And John Sherman, In his late report as
Secretary of the Treasury of the United States,
recommended the taking from the green back
its legal tender quality. But Mr.. Hayes re-
mmendatiOns were the most remarkable.
He says in his late message that he wants
more stability in the paper money of the
country, and in order to have il he recon-
mends the taking from greenbacks their legal
tender quality. His conclusions as to the
effect of taking from them their legal ten
der quality were the most remarkable.
preciate them, and all other men well posted
upon the subject so understood 1t. If Mr..
Hayes does not understand this he is lacking
| in financial Judgment, and If he does under.
stand IL we must say that he Is chargeable
with playing the demagogue.
1t is very remarkable, gentlemen, that, in
view of all these facts have brought to your
attention, my competition, Mr.. Porter, before
an intelligent audience In my Own city, bold
" asserted that the Republican party had
| brought the old greenback up to par. l was
shocked and astounded at the
ssaS be much sS tSs me RT9
| OF his crowd on that occasion to hear such n
declaration from the representative of party
that had made such persistent war upon
that money.
HOW BUSINESS WAS REVIVED.
lam willing the managers of the Republic
can party should have slI the credit they are
entitled 10. They have managed the public
debt, and have shown how they managed 1t.
as 1 have shown how we checked their de-
structiOn of values and their paraly zation of
| the business interests of the country when
unfd hat 1fsoat Cchf hE
destroyed. Intelligent men pc SeSSed OF
capital said to themselves: 1--WE will have no
less value In commodities; we VIII commence
buying again." The manufacturer said: 81
| will kindle my fires for the destruction of
values brought about by the Republican party
| is now checked. There will be no less value.
can go to work, for we are now at the bot
| Iom." And il was that act of the Democratic
party which revived confidence in the minds
of moneyed men and restored the industries
| of the country. We claim nothing but what
we are justly entitled to, and we are resolved,
in this canvass, to put TO flight any demagogue
we meet who sets up this false claim: That to
| the kepub lean party we are indebted for the
return of prosperity to the country. While
Republican policy was being carried out there
until we checked 1t.
THE SILVER DOLLAR REMoEETIZED.
Another case as remarkable and as astoupd-
ing is the claim set up by Mr.. Porter that the
Republican party brought the silver dollar from
unit OF value from the DAYS of washington
until 1873. 1t never had been changed parti-
| Gle as to the amount of pure silver In the dol
lar. 1t contained SlZ grains of pure silver
when first coined by Alexander Hamilton. 1t
| contains that now. AS have stated To you,
sIways been in the interest of he few az the
| expense of the many, and its leaders were not
| satisfied in changing our bonded debt into a
| we must have but one standard of value.
| They insisted that the double standard of
value established by Washington and Hamii-
L fa41 and No hQ m a m
| admit there have been many things false
| about this standard. 1 am of opinion that
| than any other commodity; but the claim
/ that they have fixed value never did In
dorse since ( have examined the question
pally in the fact of their being adopted as
| money by the various Governments OF the
% ana ,a n2ea aS
4 by the various Governments of the world Is
/ the strongest reason why we should adopt
them as money, because our exports are very
| large.
Ionce tried to expose this false theory of
/ there being a fixed value for gold and silver
/ washington for the reconciliation of the sill
yer dollar 1t was violently opposed and found
i DIR. Linderman, the Manager of the Mint, was
| giving my measure all the opposition that
| could possibly be brought to bear against It,
| 1 studied out a proposition which as thought
would expose the fallacy OF the theory OF fixed
/ value. They were claiming that silver was an
| article that fiuctuated very much, although
they once claimed it had as fixed value as
/ gold. After the Republican party demonetized
/ il in 1873, IL declined in value, and the argu-
/ ment was then lost. On one occasion
| L met the Doctor and said to him that was
| very much annoyed with question connected
| with coinage, and would be much pleased u
/ he could explain it TO me. He said he would
do so with the greatest pleasure. ssid sup
pose you had two tape lines precisely OF the
same length made to measure space, and had
/ nothing to compare your lines with but them
l selves; they would pass into use, but after
/ some years you bring them together and IND
1 they differed in length. Now, said 1, how
woui you determine which had changed Its
/ length, or whether one had contracted or the
other expanded? After hanging his
/ head for some minutes ne re-
i piled: "By God, sir, there is no
| answer for such question; there Is no way
1 10 determine that" Well, sir, said L, want
| to know why it is you and others claim that
/ gold has this fixed value, and that silver has
/ deprecated. The Government the same year
i made % 8 10 grains of gold, or 4l2H grains of
| silver to be dollar. The market value at that
| time was the same. Now they have got apart,
i and there is difference probably of fifteen
cents. Why, sir, do you say that silver has de-
preciated aud gold has retained Its original
| value? Is there not as much argument to
| show that gold has increased In value as
there is that silver has deprecated?
He said: "That is question we settle by COM
| pairing gold with the real estate OF the coun-
| try" Said l. sir, that will not do, for the real
| estate of this country has deprecated far more