The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-12

modities in foreign markets to a sufficient
amount TO create a balance Of credit IN
their favor, the amount to be Withdrawn
and the other TO ship gold, that beng the
only money recognized in the settlement
OF international balances.
But Independently Of these considerations,
cur own people have a clear right TO de
mand a sound and stable currency for use
in the transaction Of their business at home,
while their purely c0mmsrcial relations with
the people of other countries, upon whom
the producers OF exp0rtable cOumOuiueS are
compelled to rely for the consumption Of
their surplus, can not be profitably MAIN
tanned unless they are always in a condl-
ton to pay for what they buy in as good
money as they receive for what they sell
We can not, therefore, preserve our trade
relations with best customers for our sur
plus products unless we maintain none
tary system substantially in accord with
theirs, and until they manifest a dispose
ton to cooperate with Us IN erecting a
change upon terms just and fair 10 all our
interests, we ought to continue our ad-
hesion to the gold standard Of value with as
large a use Of silver as is consistent with
the strict maintenance Of that policy.
Menace TO the Gold Reserve.
Since the resumption of specie payments,
on the 1st day Of January, 1879, United
States legal tender notes and treasury notes
issued under the act Of July IA, 1850, have
been redeemed in gold to the amount Of
$500. Gee eco, and all the notes so redeemed
have been reissued, ana are now outstand-
ing. They are a constant menace TO the
gold reserve, and no scheme OF financial re-
form can be complete or effectuaI winch
does not provide, at least for their gradual
elimination from our currency system.
To continue their redemption and reissue
under present conditions endang3rs the en-
tire volume Of our currency, dlscredlts the
obligations of the government and people.
Increases the public debt and seriously en-
harnesses the administration Of our finan-
cial affairs.
While no proposition should be enter
tanned that will have tendency TO de-
grade the currency, OF in any degree i'm
pair public confidence in its safety, ] am
convinced that the interests of the coun-
try require such changes IN our legisla-
ton viii discharge the government
entirely from the business Of Issuing or
reissuing circulating notes, and thus re-
heVe its fiscal department of the pel0ci-
cal demands upon its resources, which,
under the existing system. must continue
10 disturb the financial and general busl-
ness affairs of the people.
1t is not the capitalist alone whose in
terests are affected by the use or threat
ened use Of a deprecated and fluctuaung
currency and the consequent defdnge-
ment and dminution of business. y pa
ralysis of business, whatever may be Its
cause, strikes first the Weage-earner, then
the man of moderate means and lastly
the capitalist who has accumulated
surplus store of goods or money.
Arbitrary regulation of the volume of
circulation TO be kept outstanding is
wholly inconsistent with the mainten-
ance Of a healthy financial condition,
and is the exercise of a function which
does not properly belong to the govern
ment Of the United States or any other
public authority. It's effect is to force
paper currency upon the people when il
is not needed, AID deprive them of IL
when it is needed. thus establishing and
maintaining improper and unwar-
ranted connection between the goven-
ment and the private business affairs of
its citizens and making their successful
prosecution LARGELY dependent upon the
judgment or caprice of superior au-
thority having no interest in the trans
actions, except. perhaps, partisan IN
| terest. not in harmony with sound fiscal
arrangements.