The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-30

currency and resulting in panic. No one
believed there was want of confidence in
the governments credit, or in the
stability OF its currency, Notwithstanding
the empty treasury left by the last adj
ministration and the record of a billion
dollar congress. The American credit
was better today than that Of any other
country on the globe, and even cowardly
capital seized upon our bonds with swift
greed. Investors of capital complained
that the administration had re-
fused to issue at least three
hundred million more bonds. This
additional Indebtedness. increasing the
burdens of American labor, would be
hailed with the keenest delight and
swept with avidity into unpatriotic vaults
by the very parties who most loudly de-
claimed against the government credit.
There are many reasons why our credit
should be stronger now than ever before.
1t rested on the absolute unity of pur-
pose Of the American people that II
should be upheld. No one put a political
mailman could deem a political contest
In this country ever again possible on
lines Of sectional animosity. The public
credit Of every European government
was increasingly threatened by shadows
Of coming wars: financial resources there
were constantly weakened by vast stand
Ing armies and permanent navies, but
throughout the wide earth there were
none to modest us or make us afraid OF
war or rumors Of war. Alone as IL were,
the colossus Of the western hemisphere
and towering up in isolated power and
glory, our limitless material resources
are sometimes overlooked I'm SUMMARY
ing the elements OF our financial strength.
The interstate commerce OF the United
States alone exceeded In value the entire
foreign commerce and carrying trade OF
Great Britain, Germany, France, Austria.
Holland. Russia and Belgium put to-
gether. Developments OF internal re-
sources, OF wealth on farm, I'm factory.
on the rivers, on the ocean borders, In
the mountains and on the inland seas,
dwarfed into insignlfcance the achieve
ments OF any other age, race or nation.
Legislation had checked our foreign
trade, and we had not today n CONNER
cial friend In the world. For every law
that we enacted. denying 20 foreign pro-
auctions n place In our markets and de-
clining commercial friendships. we might
be certain OF an Injurious blow I'm return
from every trading people In the world.
He had faith that the giant evil which
crippled this commerce would be re-
moved with other evils which challenged
attention and action. and N the true
greatness OF the country was studied IL
would be seen that financial panics and
alarms could have no foundation here.
what Money II.
But there was another and exceeding
~ sensitive and powerful test OF our
government credit which asserted It's
claims. not only To the trust and admir-
alton OF the American people. but also
90 the business confidence and respect OF
every civilized nation beneath the sun.
Money was simply a medium for the
exchange OF values; money was Great
ure and congress was It's creator. Gold
and It's alleged intrinsic value went for
naught as a circulating medium unless
the coin bore the stamp OF the govern
ment, stamp more powerful than the
grasp OF the lions paw or the caeie's
claw In bestowing life and activity on n
dead and otherwise useless material.
The same official stamp on silver or on
paper at once ennobled them TO an
equality with gold I'm purchasing power.
no matter how debased or yalueless
the material may have become as com
modtties by sinister or unwise legisla-
ton. IL would doubtless sound strange
10 some ears that there were nine differ
ent currencles transactlng the business
Of this country. and to a large extent
the business OF the world. So uniform
In purchasing and debt-paying power
were they, in harmony with each
other and interchangeable, that hardly
one-half OF them were generally known
10 exist. National credit had been tested
by the smooth and harmonious circula-
ton OF those nine currencies, and had
met the ordeal In a manner 10 awaken
the pride OF every patriotic American
heart. Never was part OF IL dis
counted or discredlted. except by the
government itself. That happened once
and will never happen again.
Mr.. voorhees, referred 10 the green
back currency OF 1862. issued for the pur-
chase of bonds. for the benefit of CAPT
talists who could be induced I'm no other
way TO support their government In the
hour OF its deadliest peril. The bar sin
lister was written on It's escutcheon for
1t was made non-receivable for customs,
dues and interest on the public debt.
and disgraced before the world Mr.
voorhees, contrasted with this unjust
and dishonorable ARRANGEMENT" the
craftsmanship of France in issuing as
signats after the Franco-Prussian war
with full legal tender qualities. which
enabled her to maintain the strongest
financial credit In Europe
He said he had referred to these
things TO illustrate the power and duty
OF the government in furnishing sound
reliable and constitutional money for
the people. At this point, he said. he
was confronted by law without pre-.
cedent or parallel in American history
law which for months past has been
the theme OF all tongues and pens. and
In whose name financial panic, alarm
and distress had been invoked, and fol
whose repeal this congress had beer
convened. Mr.. Voorhees, briefly stated
the birth of the law, which resulted
from compromise, and said that in
an evil hour the worst and darkest
that ever befell the cause Of bimetal
lism. or the honor and existence Of sill.
| yer money. this perniclous compromise
| was accepted and fastened upon the
| country. The senator from Ohio CMr
Sherman) IL was true now claimed
credit for his repeated assertions OF
| late that there had never been an hour
since the compromise was effected thai
| he had not stood ready to violate IL b,
voting it's repeal In other words, hav.
I ing induced the producers of silver Il
surrender their right to its free coinag,
in exchange for the right to sell $500, OOl
/ ounces per month of bullion, the sena
tor from Ohio and his followers on tina
| side of the chamber had been willin,
| and anxious ever since to break tn,
| compact. repeal the consideration OF
| which the compact was made and leav,
| their victims OF misplaced confdenc,
empty-handed, without either the privi
| lege of coming their silver or selling 4
/ as a mercantile commodity to the gov
/ eminent. The act was not intended
/ in good faith for the coinage of silve
/ at all. On the contrary, II emanatec
/ from the enemies of silver money, ant
/ its purpose was TO degrade, dishono
and disgrace this. one OF the precious
metals. until II could no longer hold IT
/ place with gold as a part OF the speci
basis of this country and Of the world
/ In reducing silver to a merchantabl
i commodity, on level with the prod
ucts OF the field and farm, and issuing
treasury certificates on IL according Il
| tie market value. there could be blu