Year: 1874

=
) the able speech olGovernorHendric
! delivered before the recent Democrat-
! ic State Convention of Indiana:
The recent very serious disturbance
of our fnauces, and the consequent
interruption of our commercial and
manufacturing pursuits, and the par
: tial suspension of the employment of


labor have arrested general and anx-


ious attention. and l suppose you


may regard it proper TO express some


views in regard to our national pol


icy. Our paper money is necessarily


confined III It's circulation 10 our own
country, for our foreign purchaces


and payments are required in coin.


The latter is the universal and per-


manent standard of value, and it


should be our policy to increase its


supply until we reach a condition


where specie payments may be safely


resumed. In the meantime the paper


currency should be maintained in such


quantity as will facilitate the business


of the country, encourage legitimate


enterprise, and secure remunerative


employment to labor, but not so in


creased as to cause its own deprecia-
| ton, or to develop a recklass spirit


of speculation and adventure. Surely


a wise craftsmanship may avoid the
extreme of a contracted currency,


cramping business, choking enterprise


and paralyzing labor on the one hand,


and of an inflated or deprecated cur


rency on the other. cannot say


which would be the greater evil. They


are the extremes of gluttony and


starvation. Health and strength be-
| long to neither. If we are to have
paper currency-and l believe all
concede that onr condition requires
! its continuance for some indefinite
! period-then l know of no rule or
| standard to determine its quantity but
! the demands of the legitimate busi-


ness of the country. Our paper cur


rency consists of Treasury notes de-
clared byCongress to be lawful money,
and National Bank notes. l am NOT


in favor of the policy that proposes to


retire the Treasury notes to make


room for an increase of the national


banks and their paper. The Treasury


notes are the cheaper currency to the


people, and command public conf


dence. They are not irredeemable.


For their value they rest upon the


pledge and confidence of the country.


Tho relation between the holders and


The Government is direct. The peo-


pie are not required to pay interest on
national bonds deposited as the basis {
of their security and value, as in the !.
case of the bank notes. Passing eve-
rywhere and without question, they
are the favorite and popular currency.


We desire return to specie payments.


1t is serious evil when there are
commercial mediums of different val
ues; when one description of money
is for one class and purpose and an
other for different class and purpose.
We can not too strongly express the
importance of the policy that shall re-
store uniformity OF value to all the
money of the country SO that it
shall be always readily convertible
That gold and silver are the real
standard of value is a cherished Dem
ocratic sentiment, not now nor
hereafter to be abandoned. But do
not look to any arbitrary enactments
of Congress for a restoration OF spe-
Gle payments. Such an effort now
would probably produce widespread
disaster. A Congressional
decIaratioa cannot make the paper cur
rency equal to gold in value. 1t cannot
make any bank note worth as much
as your gold dollar. The business of



we find the coin of the country in
then we may know that we
are moving in the direction of specie
The important financial
question is, How can we increase and
how make permanent the supply OF
gold The reliable solution Is by IN
creasiug our productions and thereby
reducing our purchases and increasing
our sales abroad. He can readily OBJ
tain money who produces more than
he consumes of articles that are want
ed in the market, and suppose that
is also true of communities and ma
lions. How can the Republican par
ty atone to the people for its evil pol
icies which have driven gold from the
country and rendered return to spe-
Gle payment more difficult, and made
its postponeInent inevitable? That
party has exerted all its powers to
make our debt foreign one, and for
hat purpose and to that end has es-
tablished singular relations between
0ur government and 8 European SYM
licate, or combination of banks, Civ
ng great advantage in the arrange
nent. Now every pay day large
sums of gold are sent abroad 10 pay
interest coupons. The red blood
lows from the veins and arteries OF
he country. l believe it would be
better for the county to pay fourth
)r a third larger per cent. upon our
ponds to our own people than to for
,ign holders. Ireland was made poor
1y her landlords. who expended their
.ents abroad. Cheap Chinese labor
Eats at the vitals of our prosperity ON
he Pacific coast, so long as the wages
tn
armer grows poorer every year who
eturns no nourishment TO his fields.
)ur foreign trade has been largely
gainst us. The difference between
,ur exports and imports has been sup
,lied in interest-bearing securities
nd coin. This great and constant
lrain upon the gold has contributed
O the depreciation of our paper cur
encv, and therefore when the balance
# trade is against US it is constant
Irain upon our gold and silver. How
o.g can we endure this without finan-
ial ruin And when caS we return
o a specie basis when the specie be
onstantly withdrawn? Our reliable
eme1y is an increase of production,
specially of those great staples that
ommand the foreign markets. Then
he specie will flow to our shores in
aynlent for our productions; then
70 will sell more than we buy; and
hen our financial difficulties will dis
ppear, aud we will stand on specie
asis. Cotton and. tobacco are the
lost important staples of our exports
some times exceeding all other



A rIoUs Western editor warns