Year: 1876

lNDIANAPoLIs, August 3l.-Senator
Newton Booth. of California, spoke to-
night at Terre Hante, and was greeted
by q large audience, it being his ma.
tive place. . In regard to the charge OF
being discourteous to the Independent
party in not acknowledging the nomina-
tion to the Vice Presidency by them,
he said this is not true, that
Immediately after receiving the official
notification he sent his declination to the
committee, and at their suggestion it was
not to be made public till the vacancy
vas filled, His speech was msinlv de-
voted to the consideration OF the differ
ent fnaciaI plans, and claimed It TO be
the duty aof everyone to put for
ward theft views and that the true
plan will eventually appear. The hard
and soft money men differ more as to the
method, and not about general princt-
pies. Both agree that some form OF credit
will circulste rs money, and that the best
bank notes we ever had are secured by
government bonds. All agree that there
must he some plan of redemption, and 1t
is matter of surprise how little differ
ence there is IN these plans. He favored
a government bond inter-controvertible
with CURRENCY as sef-regulating the vol
ume of currency required, but
whoever believed that this measure or any
other >wopldo make money abundant,
so that It can be earned without toll,
would be doomed to disappointment.
The seasons OF speculative excitement
n
followed by depression, when labor has
to bear the double burden of paying for
past imprudence and present support.
In .his country, 80 rich in natural re-
sources and so intimate in its con-
nection with the civilized world, 1t Is
the contraction of business which coh-
tracts the circulation Of money and
not the contraction of money which con-
tracts business. He showed the tallacy
of the idea that demand for labor could
be restored by Congress arbitrarily In
creasng the volume of the currency.
An abundance OF currency will not create
that kind of business which Is profitable
to community; a great deal of the de.
preston now existing is the result of
building railroads in advance OF the
wants OF business, ut ektravsgant prices,
and by the aid of state, county and mu-
nicipal bonds. We are now meeting the
draft drawn upon thefuture. Then well
directed labor is the onl y true resource OF
prosperity. The amount of money in CIR
culation will depend on the real demands
of business. It's exhaustion and contrac


tion are the effects of what we call good
and hard times, and not the causes. There
is no escape from the inevitable law for
everything that is good; the full price
must be paid sooner or later. Referring
to the prosperity during and after the
war, he claimed it was fictitious, that the
revulsion seemed to come suddenly, but
it had long been in preparation. lnsti-
tutions and companies continued
to do business whose insolvency
was known only to themselves


The great failure of Jay Cooke Il Co. did
not destroy the public prosperity, but
only revealed its hollowness. You may
here see in the early spring a stream Of
water fiowing from beneath coyerlid OF
snow. The surface Of the snow does not
change from day to day, though the
wator is silently eating it out beneath.
At length it disappears in an hour.