Democratic Sentinel, Volume 1, Number 50, Rensselaer, Jasper County, 25 January 1878 — Views of an Ex-Treasnrer of the U. S. [ARTICLE]

Views of an Ex-Treasnrer of the U. S.

Hon. John ('. New, questioned on the iU 'jeetof specie resumption and silver ivmouetiza ion by areporter of the Indianapolis Journal, makes the following statement: I am iu favor of the resumption of specie payments at the very earliest day practicable with the ab l.ty of the government and the people to establish aud maintain it. I • toubt the utility of the government or the people to maintain specie pay mem under the existing laws for the accumulation of gold by the Ist of January, 1879; therefore it may be an act of wisdom to strike out that date, and provide sueuuecessarj legislation as will, without too violent contraction of currency, enable the accumulation of coin sufficient for that purpose. Specie payment implies vastly more than tit© mere redemption of the legal-tender currency of the government; it means the payment of every matured obligation t-f the nation, states, municipalities, corporations, and individuals iueoitt upon demand. We have a generation of business men who never saw gold otherwise than as an article of merchandise, and it would be contrary to human experience not to anticipate for a time, at least, its hoarding to a great extent. Home would keep it from curiosity, butu larger and more dangerous class, knowing the amount of gold in the country, would hold it for speculative purposes. We should be certain that we have the full measure of ability to maintain specie payment when we ouco resume. In the language of President Hayes—we should have Greeks en ough. I am in favor of the remonetization of silver, because it will be a great aid to resumption, and because there will be no wrong corumilted upon the rights of any by doing it. There was no popular demand for its demonetization, and the people were not consulted in the act; if there was by that act a change of contract the people were not parties to it. More than three quarters of the people of the world use silver as coin, and more than halt use it exclusively. This is the silver producing country of the world, and we should foster cur e\ n productions. The 4124 grain dollar is equal to the silver standard in any country, and therefore, good enettgh for us, a debtor nation and a debtor reoplc. Until its demonetization tiie silver dollar was worth as much as the gold dollar, and when remouetized will again be. I have paid at the mint m Philadelphia before the war 8 per cent, premium for silver dollars, iu gold coin minted in the same building, and there was an established premium for silver dollars for years at the mint and at the treasury, and yet, no one then said gold was at a discount. The resumption of specie payment is a practical question ns well as one of theoretical finance, and with all the aid we can get from silver will find it difficult to maintain. The coinage should not be under the caprice of auy secretary of the treasury, and a maximum and minimum quantity of monthly coinage should be fixed, say not less thau two nor more than four millions.

Since the act demonetizing silver, supplemented as it has been by the act for a forced resumption of specie payments, the property of the people of the United States has shrunk not less than 35 per cent, in value. What could be sold for SIOO five years ago can be bought now for $65 on an average all over the country, This is a criminal confiscation or property amounting to not less in value than $10,000,000,000 when the estimate is applied to every state and section alike. In this vast shrinkage of all values, arising from the shrinkage of money in circulation, is to be found the immediate cause of that general bankruptcy and ruin which now fill the land with the sound.of falling bu-

siness houses, commercial failures, broken savings ban as, and the lamentations of the poor who have'been robbed of their hard earnings and of the o oportunity to earn more. U nder the influence of this policy neatly forty thousand business failures have taken place in this country since February, 1873, with liabilities amounting iu the aggregate to over $1,000,000,000. The heart sicaens in thinking for a moment of the sorrows, the broken hearts, the shattered hopes, the suicides which these figures represent. If the policy ot this government has been to inflict the greatest misery on the greatest number its suceess has been complete. It is in vain to attribute such wide-spread disasters to other causes. We sometimes hear them ascribed to what is vaguely s yled over production. I would gladly know what is meant by this oracular term. Overproduction? What is it that we oveiproduce? Is there|too much food, clothing, and other neces sitiesof life? Has the soil yielded too much wheat, corn, hay, cotton, sugar, rice? The producer is one who creates wealth, and overproduction would therefore signify too great an amount of wealth. It will be hard to convince a pane mind that an overflow of wealth is. the cause of depression and gloom, of financial calamities and rapidly increasing poverty, and of laborers praying an 4 praying in vain, for the privilege, once afforded to slaves, of working for the bare meaus of subsistence. The mission of wealth produced by toil from the bosom ot the earth is far different from this. Unless deprived of its natural functions by pernicious laws it brings abundant happiness to a people aud establishes smiling content in their midst. —Extract from Mr. Yoorhees’great speech.

Ezra C. Nowels. Teacher of Brushwood School, District No. 1. Union Township, reports, for the second month, ending January lltli, 1878, an enrollment of 30 with an attendance of 28-2, 42 cases of tardiness, and 3t.9 words misspelled. Names of pupils that have not Blissed any time during the month, nor been tardy: Eddie McColly, Charles McColly. Benjamin McColly, Alexander Rowen and Joseph Hall. The repori of School No. 10, Barkley township, for the second month, ending January 19,1878, shows an enrollment of 25 pupils. Number of days attended 788. &veiage daily attendance, 19f. Pupils who lost no time—during the first month: Amos Dhvisson, Horace Daniels, Rillie Daniels, Frouie Smith, Inez Walter Second month—Horace Daniels, Rillie Daniels, Jesse Nichols.

H. B. MURRAY. Teacher.

Fine Castors, Nupkin Rings, Cake Baskets, Ter Sets, Ice Sets, Waiters, Butter Dishes, Breakfast Sets, Pie Knives, Silver Cups, Gold Thimbles, Jewewelry, Watches, Ac., can be procured of Wigmore. Deave your orders with him. at Imt-s r Drug Store, and procure goo 4 articles at low rates. The Nerve Structure receives vitality and strength, and the whole system is recruited by using “Lywson’s Curative.” Its wonderful curative properties completely eradicates Neuralgia, Rheumatism, and all diseases having their origin in eisor Awed perves. W. J. Imes, Agent, Rensselaer.

C. Cross’ Marble Works, Dealer in all kinds of American and Italian Marble. Monuments, Headstones. Mantles, etc. Inported Red and Grey Granite constantly in the yard. Gilman, Illinois. Charles B. Stewart is agent, and will take orders for these works. Mr. A. H. Wood, of this place, is the sole agent for Jasper, White and Pulaski counties for the sale, by subscription. of “Gunn’s New Family Phvsieian; or Home Book of Health,” a work now in its 20Utb edition. It 3 mtains over 1200 pages of very uses d information, and should be in every family. Sold only by subscription.