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

to keep the reserve intact The attack,
therefore on the head of that column
was swift and strong. With intervals Of
delay for ample and skillful prepara-
tion those attacks have been repeated
again and again, and have only slack
ened In their frequency and force since
1t was found that the executive depart
ment could not be coerced in that way
The campaign of capitalists seeking a
new supply of Understanding govern
ment bonds did not confine itself to any
one point Of assault, while they operate
TO break down the gold reserve and to
that extent impair the public credit.
They startled the country and thrilled
the world with the cry that American
gold was running away from the silver
blasted country, chased out by silver
money and that there was no way TO
lure 1t back except to bail plentifully
with government bonds. The Sherman
act was made to do double duty and was
charged with grave offenses in which II
had no part
He never believed that our silver had
driven gold from the country, and I'm this
connection he recalled the wall of dis
NAL prophecy that went up when in 1878
the attempt was made to check the tor
rent or bankruptcy and ruin occasioned
by the decentralization of silver In 1874
1t was predicted that gold would fly TO
the uttermost parts OF the earth, from
beneath the folds OF the American flag
What did occur2 The government
coined $24,000,000 Of silver per year for
twelve years. and meantime the gold I'm
the United Staes increased at the rate
OF A0OOO,OOO per year. Such was the
fulfllment OF the prophecy OF 1878. and
yet he was now expected to believe that
the free coinage of silver at proper
ratio would Danish all our gold and nut
us on single silver basis. He must be
pardoned for believing nothing OF the
kind.
The Unpatriotic banks.
The gold shipments were 10 be nc
counted for as part OF the plan 10 sack
the treasury. which was TO be accom-
panied by concerted outcry from the
terror-stricken business circles and from
the whole national banking system that
nothing could restore confidence and
credit save the issuance OF $500. 900 900
or bonds. lie had no desire TO assall
the national banks. IL was the system
he arralgned. and not the individuals
who conducted IL. The unrestricted, UNI
restrained and unbrldiod power OF these
banks. whereby the circulation OF money
I'm the hands OF the people can be ana
often has been suddenly fuetuated from
prosperous maximum To a stunned
and distressful minimum, constituted
standing and frightful menace against
the safety. the welfare and tho happi-
ness OF the great and most useful body
OF the American people.
The idea presented was appalling, and
no other nation on earth had ever per-
mitted such power to private parties
In the attempt 20 force tho government
in the attitude OF n borrower 10 escape
bankruptcy the banks had endangered
their own credit and in many instances
caused total loss OF the confidence OF
those who had trusted them most
Without unklndness In his heart, still
he must say, the consequences be on
their own heads. In the midst OF n
fair and reasonable degree OF prosper
ity the volume OF our circulating me-
dlum, even while the people were look
Ing at a, suddenly shriveled away and
practically vanished from their sight.
AS II by some Internal enchantment,
money disappeared In a single night
and left the people in mourning and
deep trouble when morning came. The
men OF active business and the toiling
millions who suffer most have been
tempted I'm their distress TO say that
there was no longer any money In this
country. The books showed that some
thing more than 81, 500. 000, 000-nearly
twenty-four dollars per capita-was
In circulation within the past year, and
should be In circulation today. The
government was not I'm direct contact
with the citizens on this subject. The
national banks were between the gov
eminent and the people. and in their
vaults today lay hidden millions and
hundreds Of millIons-not less than
two-thirds OF the whole amount dedi-
Gated to circulation on the books of
the treasury. held there by the coward
ly. unpatriotlc fear which has always
haunted great earthly possession. Could
any one be blind to the fact that the
banks had not only and without cause,
except their own interest, turned their
keys on all business prosperity, but
that they had also attempted to seize
the government itself by the throat and
TO play bully and mastiff toward those
highest In authority?
In this connection another great evil
arising from the selfish and greedy In
stincts of the money-power demanded
thoughtful attention. On general prin-
ciples the contraction OF the currency
throughout the whole country was an
object eagerly sought by that limited
hut powerful class OF people who control
four-fifths of the wealth and nearly the
entire volume of the circulating me-
dunn Of the United States. The power
of the millionaire over the property. the
depended not merely upon the great
sums In his own Golfers, but equally as
much. and far more, on the fact that
the great Industrial classes had scarcely
any money at all in their hands, and
were deprived Of every reasonable
chance TO obtain more. A condition OF
the two extremes of vast, consolidated
wealth on the one hand. and absolute
poverty on the other-both very danger
ous-was rapidly eliminating in this
country. Every proposition TO put more
money I'm circulation and within reach
of the peoples daily toll, was always
fearfully denounced by those interested
in minimizing the wages OF labor and
the exchangeable value of property. Ev-
cry dollar which tended to make the
people Independent of the banks, Of
usuers and taskmasters was looked
upon with aversion.
The Pension Money.
Even the pension rolls of the govern
ment-those records sacred to the blood
and tears Of millions, shed for the ex-
istence of the American union, had not
escaped determined and vindictive as
sault. The fact that the amount of
money in circulation Is largely increased
every three months I'm the year, by the
payment os pensions, that IL is done
without the agency of the banks and
beyond their control for fluctuations, has
excited the open and bitter opposition
of the great money centers from the
very beginning of our present pension
system.
The charge made OF fraudulent PEN
sions was simply a continuation Of what
had been heard from the start and had
the same inspiration as In former years.
That frauds were sometimes committed