The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-09

RA0tls AAACNA(aA nAoeNhN@ ~" ~< -
Bhown to be himsy ami unsound.
know. TOO, that they boast OF making a large
reduction Of the public debt. especially IN 1884.
believe they did pay OF in that year and before
xhey were due nearly one hundred millions OF
attention / think I can Demonstrate that the time
and manner OF paying OF these eon1s msterlany
s siar5asies ,n,o BUSINESS Tlh : and besides II
there was any merit IN paying them on
II belongs TO Democrats as wei ss Espuencans a.,
people when they were sofeiy distressed. Inese
bonds were payable az the pleasure OF me Govern
nenf,and consequently there - No Necessity iOl
payment at that time
They were the only bonds that could be used
with any pro6t By National Banks "a a basis for
banking. because the only bonds not a. an ex-
cessive premium They were held almost exclu-
ronnected win the business of the country.
The fsct that these bonds were liable TO be called
In any time, and were being so rapidly paid, pro.
extent p~aFalyzed these institutions, and thus un.
rorbtedly added to the troubles IL business OF
rourse eve-v dollar Of the public debt should be
paid according ID the promise In the bond. bat
zoe : bends not dnS. which were drawing onIy
psrcent interest. and probably could have been re-
funded for along TINS stonly 70 per cent interest
was to say the least q mistake on the part OF
those in authority, especially as the effect was TO
increase the embarrassment OF the banks and the
And viii here say that the possibility Of the
Continuance OF calling in these per cant. bonds SO
ought to be speedily removed. It's bad effect is
Visible every way. Twenty-Five millions OF bank
Totes were drawn out OF circulation last year, and
much more Is likely to follow. Taree
prominent Indiana National BANKS
have gone into voluntary liquid.sion
hire, and elsewhere, If the taxing of the people
TO take up before they are due. the ouly bonds
r npon y hl T. |, ss , sIs esR 4 ssnk t wa.n a n6S e one sh Is afn,
business men will no. fail 10 consider. the, the
If he v hole expire in ISIS Government bonds
are the foundation OF these institutions, au1 the
policy to which refer mas been ee 20 tax
~ paying of before they are due a low interest
1onc. and the only one that Is not at al exces-
len attention TO this not so much in behalf OF
Abe banks as In behalf OF the business communi
az. VINO, / am sure. Will realize Its importance.
Aside from this view, IL was oppressive to take
this money from the people. Money costs them
only 3 per cent. interest. The Government could
asveprobably placed long bond at only "a per
The banks would have used them as a security
Tor ejaculation and q security for deposits. Be-
1ies IS investments for trust and otner like funds
occurring pernanency.rathef than a high rate OF
submit, then. that this Republican ~fnancier-
5ng was not good dnanciering for the people. It
had lis origin and can be traced back to tue folly
Abe Government. Tor the purpose OF protecting
nome favored class OF industries a. the expense OF
1t was one OF the causes. I think. that produced
the hard times.
Now. / DO not claim that the Republican party
was the author os all the causes that produced the
great business depression OF 1881 IL Was prob
ably produced by a com OF causes: causes
not easily understood. and about which the best
informed people differ.
would MOI Intentionally do that party injus-
tlce. With sll It's SHORTCOMINGS IL has done some
good things. AID 1 think II would be a great mis-
take TO suppose that because IL was defeated at
the late election IL Is either dead or likely TO
die soon. / don't know mat it IS best that it
should die. because it is a pretty good thing to
have an opposing party to watch the party IN
power and lake advantage OF 1t. errors and its
vronsdoings. but hope the Democrats viii be
free from both errors and wrongdOing.
1t Is but fair. therefore. that l should add that l
do not know bat over-production sded IL pro-
lido not know but the vast increase OF labor.
SAVING mschine-y may have injuriously less ,ned
ise hs asm-n 10 u hSd l sS1 wh ANA hundreds %s Of
thousands OF persons should lie Idle
or N want, in a odntry where thee are untold
millions OF good land that Can be had Tor the AK
But the fsct still remains that under the rule OF
was brought to a ruinous condition at a time
when there was abundant crops. good heaHn and
- And whether the party in power is or is
not wholly. responsible 70, such times,
Tor S he ie psopla 81 to defeat &c the ps sG0a in g be- sef wh 6sle
ever 1t allows the business OF the country to get In
But the point j have endeavoted to make is that
some of the acts Of the Republican administration
contributed to produce the''hsrd times of 1874,
and that the defeat OF that party at the late cleo
zion was in part the natural and inevitable result
OF the existing business depression"
Whether business will improve and prosperity
he restored under Mr.. Cleveland's administration
is Q problem OF the greatest possible Importance
10 the country and the future OF the Democratic
He comes into power in a period of "hard
tir es" inherited from a Republican administers
tion. but he will have the benefit of that reaction
which follows periods OF great business depres
kion.
lie comes into power possessing IN large de
gee the confidence of the business men OF tn'
country. and they bave great hopes tnas ms sd
minist ct on viii be wise, pure. conservatives and
1 am sure. gentl men. that you all join me in The
feivent wish that these hopes and expectation
1Jsy be realized.
. 'THE GRowrH OF INTELLIGENCE"
IN. w. Carr responded to the toast, 9Th,
CIR with Of MISUNDERSTANDING nf th'
Ultimate Success of Democracy" Mr.. Car
Haid:
Mr.. President AND GESrIENEN-The sentimen
which yen have just heard so happily expressed 4
. most pleasing one to contemplate from on
point OF view, iDaSmuch as the growth OF lnteill
rate with the establishment and peapetuation o
I our Tree institutions. II is also rendered add
tionally agreeable to us when on further investl
CATION We ind a principle underlying it whose 40
strict truth Is daily crystalized into a tangible lac
aud practical reality. To feel that as we advanc
fn the way OF intelligence we a. the sametime I'M
prove in methods of government. is q knowleg
SO grateful 10 Us that the pleasure of the former
coupled with the benefits of the lstter0 consti
futss a force impelling Jus 10 the end proposed il
the tossi--the sultimate triumph OF Democrat
ncaicn.
The genius OF Democrcy presupposes inaliens
bic natural rights of liberty. property, life Gu
1he pursuit of happiness, and its success Is pre-
d'ca.ed upon a suficiency OF apprecistive intell
zeuce to perceive these original truths aud {
esteem them valuable. not oaiy In themselves
but also because of the blessings growing out Q
szheir partial or general scceptanceby the people
The most stable and popular government possiol
is that wherein the mad and the citizen are iden
ficai: where the leait and the greatest are equa
before the law a1d where government by tn
/ people and for the people is so intelligently an
justly administered as 10 pc entitled 10 be calle
> democratic Rovernment. The education
/ of the mssss Is a necessary condi
i lion to such q desirable dwellin
1oeether in harmony. and never were men NOR,
4unu inprnssad nth fha nnorfanca o. fhi