Year: 1874

banking be free, and the business OF banking be


managed by those who embark ~ AZ II. Let the cir
ernment be regulated by their ability to redeem.


and by the requirements OF the country, and we
shall have that freedom from political interference,


and that nexible vet stable, because convertible,


currency which is needed TO stimulate enterprise
ioss sas sSas the people would sustain
the matter Of interest BY the Withdrawal
felt. II this loss should not be made
up BY the taxes assessed upon the banks and the
facilities which they render 10 business 1t woul a
by the withdrawal OF the currency question from
the arena OF politics. am no advocate lor banks.
OF them question OF doubtful expedlency: but
they are 80 nterwoven with our financial interests
tnat they could not De DESTROYED without imam,
considering our banking system, that it Is very
different one from that 1t superseded inasmuch
value and unquesti0nabe s0lvency. 1t Is un
doubtedly the best system now IN existence, and


1t should be sustained until better Is devised,
or until the country Is prepared to do without
banks altogether.


In what have said in regard to the United
States notes must not be understood as reject
ing upon the financial minister who advocated, or
the Congress that authorized, the issue. In re-
gard to the wisdom OF this measure there are
now as there were then, differences Of opinion;
but, admit ting that this was not the wsest meas
Ire the advocacy q It ought not to detract from
ton OF the Treasury the successful termination 0f
the war is very largely to be attributed. II





and experience, he possessed what was better in
the trying circumstances IN which he was placed,
courage, nerve, faith Great victories IN the held
scientific rules OF war. Great commanders are sell
dom found in distinguished military engineers:
The same Is true in great financial contests and
the struggle Tor supremacy between the govern.
ment ana the Southern States was much con-
test OF dollars as OF arms. II the government had
broken down financially the rebellion would not
have been suppressed. That 1t did not break down
was largely owing 10 the QUALIFICATIONS Of Mr..
paca tnr tna nnSiti Ia
made MISTAKES. but there IS cause Tor wonder that
he did not make more. do not believe there was
another man IN the Union who would have made
less.


There is another subject to which I should not
allude, l. there was not .'planK' IN the plat
ton at indianapolis IN favor OF the payment OF
hve-twenty bonds in greenbacks. Although 1t Is
known tnat party platforms are usually made to be
dlsregarded and ''spt upon" the expression OF
sucn sentiment BY an Intelligent and
Ing to represent a great political party, whose
record upon financial questions has been most
creuitaDle Is calculated to mslead well meaning
people, II not to damage the national credit. This
subject Is rapidly losing its interest IN pecuniary
point OF view, by the fact that the six per cent
nve twentles are being rapidly converted into five
per cents, when, in order to prevent any ques-
In regard TO the currency IN which they are TO
be paic, are on their lace made payable IN coin.
Still, presented the resolution has been for the
consideration oil the voters OF Indiana, 1t Is not
without Importance. l feel 1t to be important be-
cause 1t affects the good name OF my own state.
That such proposition should be revived by men
claiming to represent democracy indicates want
OF political sagacity Oh their part and an aoandon-
ment by them OF principles to which the demo-
cratic party in the paimy days OF Its greatness
ana power, consclentlousy adhered, and which 1t
must again avOw and adhere to II 1t Is to become
party Of the future as 1t has been OF the past.
II this resolution oil the Convention truly eX-
presses reflects the sentiment OF the democracy
Indiana 1t IS to be hoped that tue spirits OF Jeer
son and Jackson, oI Benton and Wright, and the
host OF other democratic worthless whose lame Is
the naton's pride, do not witness the apostacy OF
those VINO claim to be their followers. That


THE FIvE-TwENTY BONDS


should not ana cannot be paid In deprecated
greenbacks Is evident tor the following reasons- =


FrSt-These bonds are national obligations, in
tended to be circulated and held in foreign cOun-
trles wen as in the United states, and ali such
obligations are always understood to be payable
in the currency which alone is recognized as
money by the common consent OF the great family
OF nations


Second-They cannot oe paid in greenbacks, be-
cause 1t cOuId not be done without increasing the
issue of legal tender notes beyond $4O0OOO.OO0;
and large portion OF these bonds were issued
after the Iath oil the government lad been pledged
by act OF Congress t1at this should be the limit,
and also because Congress by special act, IN
1861, declared tnat these bonds were payable III
coin.


1hird-Because 1t was the express understand
ing between tue government aud the people when
these bonds were issued that the principal as well
the interest should be paid IN coin.


The language OF the indiana resolution, "We are
in lavor OF the redemption OF the nve.twenty
bonds IN greenbacks, according to the law under
which they were issued" II not positively untrue,
1 pad t Is not in
with the law under which the issue was made.
The reverse Is the fact. 1t Is true tnat the
Ia does not expressly state that they are paya-
bic in coin, but 1t Is provided that the interest be
so paid. Fiji Is silent in regard to the principal IT
because no one at that time regarded the United
States notes as anything else than temporary
currency, which was TO be redeemed or retired by
conversion into bonds long before the bonds oy
the governments. Who, In fact, ever heard OF
national obligation the interest on which was pay.
able IN one KIND Oh currency and the principal In
another and deprecated kind, eand what would be
thought OF people who Should take advan ta9e OF
the technical construction OF their own law and
ment their own dlshOnOred paper, notwlthstand-
ing their servants in the Treasury department,
their servants who solicited subscriptions and the
public press, with the full knowledge and approval
OF the lawmaking power, had represented the
payable in coin BY every member OF the House
and Of the Senate who participated in the debate
when the subject OF the issue OF these bonds was
under consideration, and who IN terms alluded
to them, they were spoken OF as ''gold b0nds."
TO repudate all these promises now the
q depth of degradation and dishonor to
whicn no nation has yet descended The statement
oil the proposition stripped Of all its dlss uses, s
enough to condemn II IN the estimation OF all
honorable men. 1t is not, am sure, IN harmony
with the sentiments OF majority OF the democrats
the Convention was a bunder, which In politics Is
worse than crime. Morally and economically
considered as well as POLITICALLY u II was g, an ex.
bers which apprenend 1t was not, 1t might Justly
be pronounced crime and Dlun0er combined.


THE TARIFF.


have said so much upon the currency question
! have neltner time nor space to dwell long upon
the tariff. Nor Is IL necessary that should, as 1t
Is question which is being discussed by those
VINO have given to 1t much more attention than |
have and who understand 1t better l favor
revenue, not protective tariff. The present tarIn
has been highly productive Of revenue, and 1t Is
therefore contended that 1t IS in TACT revenue
tariff ana that, iDasmuch as large portion OF our
revenues are to be derived from customs duties,
the difference between tariff for protecton
and tariff for revenue must always be
more imaginary tnan real. Now, while It. Is true
that since 1862 the imporratlons into the United
states have been heavy, and the revenues rom
this source have, consequently, been large It does
not follow that the present tarin, In the proper
meaning OF the term, Is revenue tariff. 1t was
intended ana framed to protect certain interests
In the United States, and 1t has done and Is still
doing this by preventing fair competition between
home and foreign manufacturers, thereby increas-
ing to consumers the cost OF many articles OF COM
m on and indispensable use. 1t Is true also that
this to some extent, must be the effect OF any
system Of raising revenue by custom duties; ana
free trade, desirable as 1t may be, Is not Likely TO
oxlA Ion Iar rauo onvac ora