The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-08-16

10 the country a practical demonstration
of an honest and wise execution of a
great trust, he gained the confidence of
all except those who We're blindly par
tisan, and he taught our people the real
purpose and desire of the democratic
party. Weighing well the responsibility
or power. our party, after four years
of honest and economical administra-
ton, was confronted with two great
questions-how to reduce taxation and
how to dispose of money taken from the
people and not needed or required for
governmental expenses. The money
power Of the country answered and said:
Spend the surplus and increase taxa
tion.' and to carry out this desire by
unfair and disreputable methods caused
the republican party TO be again placed
in power.
After four years Of democratic adj
ministration we left to our successor a
surplus in the federal treasury of $780,,
100000. The annual excess of revenues
over expenditures was $4,000, 900; the
gold and silver purchased was coined
and not stored away as useless metal;
the government was not engaged in
specializing off its citizens; the free gold
above the reserve was 500, 900, 600, and
the gold stream from Europe was turned
toward our shores, the net gain during
the Cleveland administration being S54
G2,CO0 Four years of republican con-
troll and we are confronted with another
question-'What shall we do with the
deficiency and how shall we meet the
increased expenses of the general gov
eminent made necessary by a reckless
and extravagant administration? Be
cause of this condition of affairs, brought
about solely by the late administra-
ton, I cannot congratulate you over
the financial and business condition of
the country and it is no pleasure to
admit that our opponents come before
the people of Ohio, hoping that with
business demoralized, confidence de-
stroyed, the debtor class in distress and
nearly ruined, that ii is possible the
voters, seeing the effect OF their eXtraV-
agant administration, may mistake and
not understand the causes that produced
and brought about the financial distress
that now affiicts our people. In other
words, republicans base their hopes Of
success on the supposition that our peO-
pie will Censure the assignee Of an i'm
provident and reckless spendthrift and
reward the spendthrift that caused and
created the trouble and difficulty with
which the assignee must deal.
AS long as the federal government
undertakes the business of regulating
our currency and by a prohibitory sys-
TEN Of taxation prevents the states from
participating in this matter, it is the duty
Of the general government to see TO it
that the volume Of currency should at
all times be sufficient TO meet the wants
business. Our federal constitution pro-
vides that congress shall have power to
coin money and regulate the value
thereof and OF foreign coin and fix the
standard of weight and measure Whilst
the congress may limit coinage of either
metal it was never intended that our
federal government should purchase and
store either gold or silver or should pur-
chase for any purpose whatever. The
true intent was this: That after the
weight of either a gold or silver dollar
had been fixed by law, the citizen might
have his bullion converted into money by
the government under the rules, regula-
lions and weights provided by law.
A law requiring the purchase Of silver
for storage tends not only to burden tho
government but to depreciate bullion
not coined and discTedit the money OF
the government already in circulation
and ought to be repealed. If we should
limit coinage of either metal or change
the standard Of weights the matter Of
coinage should be free up TO the limita-
ton, but the government should never
enter the market 10 buy metal for coin
ing purposes. We should have a sound
and stable currency, founded upon a
coin basis, and it is not necessary for us
to adjust that basis to suit the govern
mentS of Europe as to the ratio between
gold or silver, or adopt a standard to
suit their peculiar notions. Nor is it nee
essary for our whole country to be DOM
ineered in this matter by a single city
whose business relations and selfish in
terests favor the adoption of European
notions and ideas without regard to the
interest OF her own country. When we
fully realize that our own country can
furnish all the material comforts neces-
sary for mans happiness we will not be
required to give attention to European
money standards and become in this
regard a follower of any nation or people.
1T is proper and right that we should
again declare in favor of tariff reform
and against the so-called doctrine of
taxation for the protection of individual
or corporate property. The theory of
taxation for protection to enable the en-
plOyer to pay higher wages to his en-
ploye is a delusiOn and snare. Such a
theory logically involves another and
that is governmental control and super
vision Of all protective industries. If
the government collects money by any
system of taxation or assessment, or
allows another to do so for a specific
purpose, il is the duty of the govern
ment to see that the money does not
become lodged in the pockets of en-
ployers or stored away in the treasury
for political campaign committees. The
leading advocates Of the doctrine of
taxation for the protection of capital de-
clare and insist that the financial diff
culties and business depression results
from an apprehension that a democratic
administration may comply with the
wishes and desires of our people, ex-
pressed at the polls last fall, and re-
model and reform our tariff laws so that
this form of taxation may be reduced.
1t is not complimentary to the intelli-
gence and good sense of our people to
charge and say of them that they are
alarmed and stricken with business
paralysis because of an apprehension
that part of the burdens of taxation
may be taken from their shoulders. An
honest man, viewing our present condi-
ton and looking industriousIy and hon.
estly for the cause thereof would not
agree in this regard with the advocates
of taxation for protection. Who can trace
the failure or suspension of any of the
banks 10 an apprehension that the tariff
may be reduced2 Who can say that
this apprehension had anything to do
with the many assignments made by
business firms or individuals of great
financial sagacity during the year last
past, or that the business depression OF
Europe was brought about or induced by
an apprehended reduction Of taxes in
our country or that the worlds erea test
financial institution, the Bank Of Eng
land, when it inaugurated or started the
stringency in the money market tina
was felt all over our country and con-
tinues TO exist, had in view, or was in
huenced or affected by our question OF
tariff reform? The people must not
shall not, be deceived on this great ques-
ton. The democratic party, ever true
to its pledge to the people. must per-
form the work OF tariff reform and with
out injury TO any legitimate business
reduce taxation TO an amount sufficient
for the wants OF the government econom-