Democratic Sentinel, Volume 1, Number 52, Rensselaer, Jasper County, 8 February 1878 — GOVERNOR HENDRICKS. [ARTICLE]

GOVERNOR HENDRICKS.

His Views Upon Resumption and Remonetization A correspondent of the Cincinnati Commeni.il recently interviewed Mr. Hendricks. The statesman said: You know very well what I think about ihr resumption law. I made my objections to it very fully in the Ohio c .mpaign of 1875. I was ex-cr.-dingiy anxious for Gov. Alien’s re-election because I thought his admiuistiutiou merited popular approval; but more especially because I thought it would contribute to bring about a r peal of the resumption law. After his defeat I had no hope of its repeal. I suppose the Republican Sen ■ ate regarded his defeat as an indorsoment of that policy. The passage of the resumption law was not suggested by any supposed interest of the country. It was the result of party n -cessity as declared by Gov Morton ami Mr. Sherman in the Ohio cai - paign of 1875. In my belief the r> • sumption law has been the source of the greatest calamity to the interests and prosperity of tho country. It has had the effect of causing men to hoard greenbacks, and the banks to withhold circularion f r fear of being crushed out by forced resumptim in gobi. Correspondent What do you think of the repeal of the resumption law? Gov. Hendrick.-—I do not feel that the repeal ot the resumption law is a question. Its fate was sealed by the inauguration of Mr. Hayes, who is pledged tc sustain it. Every man who voted for Mr. Hayes voted for the hard enforcement of the resumption iaw. Its repeal will be vetoed by Mr. Hayes, who, in so doing, will carry out the views he clearly and positively expressed before he was inaugurated. No man who voted for him could fail to understand those views, and it would be unreasonable to expect him to act otherwise; If any such idea was entertained, the appointment of JohnShermau as Secretary of the Treasury was enough to show its fallacy. John Sherman, whose views and purposes are not modified by any consideration for the wants, hopes, welfare or sufferings of the people was made master of the positic n. The resumption law has brought evil, find no good to the country, It has not even contributed to specie payment. Cor. What has? Gov. H.—The approach of paper ami gold toward each other in value has been the result of a fortunate foreign trade. Balances of trade being in our favor, the tendency of gold has been towards our markets. This is ill strati d by the two vessels now uj • on the ocean, each bringing us a mil-, lion of dollars in gold. tor.—Are you in favor of the remonetization of silver! Gov. H.—Certainly. From reliable evidence on the subject the legislation demonetizing silver was most objectionable in its character. The people were not consulted at all. They had i o intimation that such a thing was being contemplated It seems that most of the members of Cougres? had no knowledge of what was being done. Because of this, if for no other reason, silver money should be placed just where it was. Experience will then demonstrate to what extent the depreciation of ail rer below gold has been owing to the fact that it was stripped of its quality of money—a quality of every importance to its value. If experience shall establish the fact that there is a permanent and increasing difference between gold and silver, beeauso of the increased production of the latter, then Congress will be charged with the important duty of regulating the coinage and value of each, so as to avoid the evils of double standard. Silver has become an important product of this country, and, Inasmuch as the world recognizes it as a money medium of exchange, I can not see why we should not utilize our large product of that metal to the greatest extent tnat may be found practicable. Its value, as money, to tins country is too great to be thrown away. Cox.—Do you think the restoration of silver would be a breach of the public faith? Gov. H.—By no means. The law of 1869, the first act signed by Gen. Grant, pledged the faith and honor of the nation to the payment of the public debt in coin. The silver dollar was then a part of the coin of the country, as honored in law and commerce as gold. Neither public faith nor private obligation can be impaired by a compliance with the contract in its letter and in its spirit. To me it is plain that the public faith is made more secure by such policies as enable the people more easily to meet the country’s obligations. Surely, to restore silver money will facilitate the discharge of every public obligation, and promote a return to specie payment. A prosperous condition of the country is the bsst guaranty of the observance of publie faith. I thipk Congressional action upon these questions should be taken as promptly as possible. The continued ngftatiou causes distrust and nneasinvss tliro’oip the entire business o? the conn- ' try.