Indianapolis News, Indianapolis, Marion County, 18 August 1877 — Page 2

THE INDIANAPOLIS DAILY NEWS: SATURDAY EVENING, AUGUST 18.1877.

THE DAILY NEWS.

VIII.

. Bl*. 919.

SATURDAY. AUGUST 18.1877.

JOHN H. HOLLIDAY. PBormroi.

The D«ilj News haa the largeet clrcnlBtion of uiy paper in Indiana, and ia read In nearly every town and Tillace tributary to IndianepolU. - T hi fam ine in India ia getting worse.

All oyer tbe country the earth is smiling with plenty. Indiana’s corn crop will be huge.

Sixes California has set up public whipping posts for wife beaters, not a •ingle offense of that kind has come to the notice of the authorities.

If the Sentinel’s teachings had been carried out banks would have been robbed, private property plundered and destroyed, and t^e torch would have devaated this city.

Wa give a good deal of space to-day to Secretary Sherman’s able speech at Mansfield, Ohio, last night. His statements in reference to resumption and hard times should be read carefully.

A loud protest ig coming up from the democracy all over the state. They refuse to have the incendiary commonifitic doctrines the Sentinel is proclaiming, pat forward as democratic utterances. The ablest democratic papers denounce the Sentinel.

The frand ef the Sentinel’s “workingmen’s meeting movement” having been exposed, that communistic prostitute wants to get np another meeting to approve Caven and Williams. If these men have any sense they will cry to be spared any further notice by the Sentinel.

Tax Turks seem to be carrying the wax into Africa. Prince Hassan is re ported to be marching up the Dobrudscha to cut off Russian communication with Bessarabia, hitherto a district of depots of distribution with the Russians. At Montenegro they are also pressing the war vigorously by successful advances. Russia is reported to be preparing for a long war. A wise preparation, if she expects to be the victor. Not much more active work can be done this year.

The Sentinel thinks “there is a growing desire for a call for a mass meeting “of the citizens of Indianapolis for the “purpose of expressing their approval “of the course pursued by Mayor Caven “and Governor Williams during the “strike.” The only growing deaire for such a call is in the Sentinel office where another endorsement ia* badly needed, Us sham workingmen’s affair

ISacT'better not spend any

money on approving Williams or Caven. It ought to save it to make up the 40 per cent, its workmen are compelled to take in lieu of the amount honestly due them from this “friend of labor.”

Even in these days of ocean cable apd quick communication which unite the world ao closely,' distance makes an immense difference in sympathy. A starving family south of the rolling mill would touch us more than a community of Pennsylvania miners without food, and these more than a thousand deathtortured people in Bulgaria or a million dead in India for want of a little rice. Bat it might make os more contented among our millions of bushels of surplus Wheat, to think of the human beings on the other side of the globe waiting inevitable death within the sound of a railroad, within the scope of the telegraph which can publish their misery to the world, and it might teach us some humility concerning our civilization that these things can be.

In his speech on dead issues in Oregon, Senator Morton deplored the fact of a “solid south,” saying it was the result of force, outrage, murder and all the other crime i of the decalogue. He also said, his “impression was that President Hayes could not sustain the republican governments (?) of Louisiana “and South Carolina.” If so, then who is to blame for the “solid south?” If President Hayes found it solid, as Senator Morton in the same speech says he did, it must have solidified under Grant. If this solidification was not permitted in the days of Grantism, when there were plenty of bayonets and no law but the voice of the senatorial group, what could prevent it? Would the senator have another Poland of it, and increase troops till it would be impossible for any ticket but the republican to be nominated? The completion of the canal round the rapids of the Mississippi at Keokuk, Iowa, removes the only serious obstruction to navigation north of the bars at the month. These rapids extend from Montrose on the Iowa $ide, to Keokuk, some eight milee, and at low water are fordable to wagons. Some thirty years ago it was a standing joke along the Dea Moines river, which enters the Mississippi a short distance below the rapids, that a little stern-wheel steamer ran down a wood wagon while it was crossing there. For a considerable portion of the year freight has been forced to unload and go round by land

to the nearest navigable point beyond the obstruction. It was once, and may have been recently, a common thing to see great piles of lead from Galena and the upper Miesissippi mines, moulded into large triangular chunks abont two feet long and laid on each other like the rails in a fence, filling the bank for a long distance, waiting transpartation overland to Keokuk. On the Illinois side opposite Montroee, at the upper end of the rapids, is Nauvoo, celebrated in Mormon history. In the seige oi the town in 1846 by the antiMormons, who killed Smith some time before, those big trianguAr chunks of lead were cut into pieces and hammered round and loaded into cannon made of hollow iron shafts plugged at one end. The canal which obviates the obstruction will prove of quite as much value, as • the Louisville and Portland canal, for it leads into the best wheat region of the United States.

Sikatob McDonald in an interview printed in the Chicago Times, thinks the labor question will be felt in the elections and will force itself upon congress, at least he is certain the railroad question will, and freely expresses his views on the subject. And on this subject it may be said, Senator McDonald’s long familiarity with railroads as a lawyer, entitles his utterances to careful consideration. General supervision by the national government must be the outcome of the railroad problem he thinks, though it is a problem by no means easy to solve. A railroad is a corporation created by a state and its rights and privileges are limited by state lines. A line from New York to Chicago runs through five states, each a law unto itself, which the railroad must conform to v The railroads foster a class of employes whose interest is identified with the line, and not with local interests. So, as matters are, there is a conflict among the interests of the travelling and transporting public at large, the particular interests of the railroad, and the local interests. What is needed is a uniform law that will insure the transportation of freight and passengers from one point to another with absolute or reasonable certainty. Our system of railroads has given direct travel and transportation from one point of the country to another. The roads have thus outgrown the limits of the state from which they de rive their corporate existence. Their interests are at war with the laws to which they are amenable. The United States should take such supervision of roads as shall amount to a police power similar to that exercised over streams. Railroads are common carriers, the broad highways of the country, and they should be under the same sure supervision that the rivers of the country "O; Th “A,ft 1 r«ia"’In“mmtraU 0 n in the senator’s own words: A maa who shipi a car of wheat through by rail to the eaatern seaboard baa not, under the. arc:ent condition of affairs, any reasonable surety of its settina there. It may ao through Illinois and Indiana and he stopped in Ohio, or thronab Minnesota and be stopped in Illinois, and all this purely owing to local causes. Now, on the other hand, if a man shinsa barge of wheat down the Mississippi rirer he has protection ef the police power of the federal government, and it ia so effective that his wheat will go for a certainty. Railroad lines have ontgrown mere corporate limits and having become public necessities their operation should be intelligently guarded by sound general laws. Now if it was a crime against United States law to stop a train in Ohio, and also to stop a train in Indiana or in Illinois, and so on from ocean to ocean, through transit would be assured, because the olsss of people that railroad companies create are general and not local in their instincts. They respect United States law a great deal more than state law in thlspartlcularmatter of railroads, TME EASTICHN WAR.

A I.oiir War Kxpt»cted—Fever and Insubordination In tlie Rnsvian Ar-

■>y.

Every detail of the preparations shows the Runi&DB have made up their minds for a long war, and are preparing great depots of firewood. It is reported that Prince Hassan, iu the Dobrudecha, is marching rapidly with his Egyptian troops, with the object of cutting ofl the communications with Bessarabia. Simultaneously eight Turkish steamers have received orders to disembark a force north of the Danube mouths, with the same object. . A rain of less than twelve hours’ duration has rendered the roads at Sistova, over which the Russian supplies are transported, a sea of mud, with gaping holes at frequent intervals. It will be very difficult for the Russians even to maintain their armies between the Balkans and the Danube when summer weather breaks up. It is reported that the fever epidemic in the Russian army in Bulgaria is increasing. The troops are also in want of food, and they refuse pay unless they can receive it in coin of their own country. They threaten to surrender to the Turks unless they are paid in the coin demanded. The present state of affairs in the army is very alarming. What Such Appeals Have Done.

IMuneie News.l

It is just such truckling papers as the Sentinel, with its inflammatory appeals to the very worst element of society, which has brought this country to the very verge of ruin. It was this same teaching which plunged our land into one of the bloodiest civil wars that ever spread desolation over a country. It was this same teaching which has prevented the sonth from settling down, and becomirg a peaceful working factor in the grand science of American politics.

Sitting Bull Commission.

Gen. McNeil, of St. Louis, has been appointed on the Sitting Bull commission. The commission will start next week.and will be instructed to promise absolute immunity from punishment to Sitting Bnll and his followers if they will come

to an agency am'

and ammunition.

and surrender their arms

An Absconded merchant. Joseph Metzler, of the firm of Metzler Bros, notion dealers, Chicago, has absconded, taking with him cash to the amount of $20,000 and several tranks containing valuable goods belonging to the firm.

mankind. (A Sketch.) Twoaicteril that’s the pretty one— Hair of the hae of amber brooks. And eyes the same—a xotaen brown— Ana jnst an apple Rossom’* looks. See. how she walks and how she smiles. In all her motions free as air I And then her dancingl Ah! last nlshtl That fancy ball! What! were yon thereT Her sister—not the pretty one— Wears glasses, stoops a little, too. Knows everythin*, reads, works for both; They say, alas 1 that she is blue. A ad people tell, she’s worth a dozen ret all will shnn . because— ic pretty one.

And such a noble woman, too. Why don’t yon think of herT (I know She’s jnst the very girl for you!) And leave the pretty Kate for me! Yon don’t say Kate has touched you, too? Why, why neglect the true and good. To gain a doll, when all is done? Why, don’t I practice what i preach? W ell, well she’s not the pretty ogel “SCRADS.” The state debt of Arkansas is $13,256, • 118. Half the’ fashion plates sent from Faria are colored by female convicts. It ia estimated that 25,000 vehicles pass and repass the As tor house daily. Vermont has leased her 158 convicts at 40 cents a day each to a shoe firm. Dakota territory will export over three million bushels of wheat this year. In many New England towns the destitution is as keen as in midwinter. A lemons New York beauty is in an insane asylum for usieg face enamel. Fashion, taste and style are the elements of a successful toilet.—[Godey’s. Richard Roe, the famous legal character, doubtless graduated from the Harvard boat school. A newspaper In Switzerland aays: “Miss Mollie Maguire, of Pennsylvania, haa been hung for misbehaving. Brick Fomroy is the only newspaper man that ever got even with a proof-read-er. He married his.—[Gin. Com. The Connecticut Valley tobacco crop is looking very fair, and is expected to yield an average crop of fine Havana cigars. Rev. Mr.Glendenning.the former friend of the deceased Mary Pomeroy, has stepped down and out, and will now proceed to be a lawyer. The manager of a Boston lecture bureau says that he has paid Carl Schurz at the rate of $1,200 a week for lectures, and that committees were glad to get him at that price. It’s curious, bat it’s true, that Americans had just as soon “anniversary” a battle in which they were whipped out of their boots, as one in which they mauled the* foe until he couldn’t holler.—[Detroit Free Press. Lewis Brooks, who gave $50,000 to the university of Virginia a year ago, and* $12,000 to the Washington-Lee, died suddenly at Rochester, New York, on Thursday last. -This is the first announcement of Wia name in nonnertlA" muse benefactions. The most skillful three card monte man may never hope to equal the lightninglike manipulation with which the street fruit seller introduces three rotten and two green peaches from the back of the basket as a part of the dozen you purchass. [Bnaton Oommovoial PnlloUa. To a friend of mine who asked Thiers why he did not cease from such incessant labor and take repose in his declining deys, he replied: “As long as God gives me life I shall use the faculties He has vouchsafed me. It ia only now that I am old that I appreciate properly the value of time and knowledge.—[Paris letter. Mr. Bret Hart* is a slender gentleman, of medium height, with a full suit of curly, hair, gray before its time, prominent Roman nose, large gray eyes, chest-nut-colored moustache, a chin that onght to be a little more to the front to make a proper and firm base, and a countenance that is pitted over with memories of the small-pox. The return of the slipper to the feet of the ladies, supplanting the closely-but-toned boot of the last few years, is assurance that the next generation will show an improvement in manners and morals. The degeneration of the young men and women now comicg on the stage Uattributable, more than to anything else, to the lack of the handy slipper in the maternal outfit during the youthful and impressible years. As the regulator of the family, nothing never equaled the slipper of the grandmothers, and now that is being restored, after long demoralizing absence, there is new hops for the race.— [Springfield Republican. Contentment and Wealth. [Senator Conkling’s Utica Speech.] We are all workingmen in America. No clase baa a monopoly of the right to call itself the working clsaa here. I have always worked and always been compelled to work, and my sympathies are all with honest labor. I believe in its dignity and in all its rights, but when the tidings of of the strike reached me in Paris, under my eyes was a spectacle which seemed to heighten the madness of what men in in America were doing. The government of France was borrowing money, and on curbstones in the street sat men all night to get each his turn in the morning to invest in the loan. They were workingmen who, living as workingmen do not and need not live here, and working for wages which American workingmen would scorn, had by hook or by crook saved fifty francs each. Fifty francs make ten American dbllervand these all night watchers were there to buy a ten dollar bond on which they were to get 4 per cent interest There aat the workingman of France amid the luxury of the more fartunate, contented with what fatefiad sent him. Can it be that liberty and prosperity have spoiled any portion of the American people till they can not endure their share in a season of common adversity? Wife Border. J. Bekert of Patterson, New Jersey, threw bis wife out of a window after a quarrel, killing her instantly. She would have become a mother in two or three weeks.

THE FINANCES.

Secretary Staenoao’s Speech mt WLt field.

How and When to Reatune Specie Payment.

It Can Be Dene Easily by the Appointed Time. • e Hard Times and the Labor Troubles Discussed.

The announced speech of Secretary Sherman on the finances was delivered at Mansfield, Ohio, last night to a large audience. He began bv unequivocally endorsing the president’s southern policy as the only way out of the diffirulties. He then spoke of the retrenchment of government expenses, showing that a saving of $300,000 per annnm had been efiected in the priming tnd engraving bureau, $721,356 in the custom house service, $58,852 in rents of departments, and $1,115,000 by revision of contracts for the erectk n of public buildings. Since the first of March last a sum equal to an annual amount of $2,250,000 had been saved by the issue of 4>4 per cent, bonds In lieu of 6 per cents. The saving by the 4 per cent loan issued on the 16th of June will be on the amount already sold. $1,556,000 per annum, and tha total raving from both classes of bonds will be $3,581,000 a year in coin. This, he claims, is but a beginning of what he hopes to do if not interfered with by adverse legislation. He then proceeds as follows to dis-

ease:

EXSUMPTIOE or SPKCIl PAYMENTS.

And now, fellow-citizens, this brings me to the question upon which there is so much diversity of opinion, so many strange delusions, and that is the euesticn of specie payments. What is meant by this phrase? Is it th it we are to have no paper money in circulation? If so I am as much opposed to it as any of you. Is it that we are to retire our greenback circulation ? If so I am opposed to it and have often

so said. What I mean by specie payments is simply that paper money ought to be made equal to coin, so that when you roceiveit.it will buy as much beef, corn or clothing as

coin.

Now the importanceef this can not be overestimated. A depreciated paper to oney cheats and robs every man who receives it.ef a portion of the reward of his labor or production, and, in all times, it has been treated by statesmen as one of the greatest evils that can befall a people. There are times when such money is unavoidable, as daring war or great public calamity, bat it has always been the anxious care of statesmen to return again to the solid standard of coin. Therefore it is that specie payments, or a specie standard, ia pressed by the great body of intelligent men who study these questions, as an inaispenslblo prerequisite for steady business and good times. Now most of you will agree to all of this, and will only differ as to the mode of time and manner; bat there is a large class of people who believe that paper can be and ought to be made into money without any promise or hope of redemption; that a note should be printed: “Thisis a dollar,” and bemade-a legal tender. I regard this as a mild form of lunacy, and have no disposition to debate with men who indnlge in such delusions. They have prevailed to some extent at different times in all countries, but the ; r lile has been brief, and they have even shared the fate of other popular delusions. Congress will never entertain such a proposition, and if it should, we know that the scheme would not stand a moment belore the supreme court. That court only maintained the constitutionality of the legal tender promise to pay a dollar by a divided court, and on the ground that it was issued during the war, as in the nature of a forced loan, to be redeemed upon the payment of a real dollar; that is so many

I therefore dismiss such wild theories, and speak only to those who are witling to assume, as an axiom on this subject that gold and silver, or coined money, have been proven by all human experience to be the best possible stunoards of value, and that paper money is simply 'a promise to pay such coined mouey, and sbould be made and kept equal to coined by being convertible on demand. Now. the question is as to the time and mode by which this may be brought about, apd ou this subject no man should h-JoAuiatic, or stand witbont yielding upon a plan of his own, but sbonlU be willing to give and take, securing tbo best expedient that public opinion will allow to be adopted. The purpose and obligation to bring our paper money to the standard of coin have neon over and over aasin announced by acts of congress and by the platforms of the great political parties of the country. If resolutions and promises would bring about specie payments, we would have been there long ago; but the diversity of opinion as to the mode now—twelve years after the close of the war—still leaves our paper money at a discount of five per cent. Until this is removed there will be no new enterprises involving great sums, no active industries, but money will lie idle and watch and wait the changes that may be made before we reach the specie standard. In 1869 congress pledged the public faith that the United States would pay gold or silver dollars for United States notes. Again, in January, 1875,after more than a year’s debate, congress declared that by the first of Jannarv, 1879, tbe United States would pay its notes in coin. Tbe secretary of the treasury is expressly required to prepare for. and maintain, the redemption of all United States notes presented at the treasury on and after that date, and for that purpose he is authotized to use all the surplus revenue, and to sell bonds of the United States bearing four, four and onehalf and five per cent, interest at par in coin. It is this law, called tbe resumption act, now so much discussed in tho papers, that imposes on the office I hold most difficult and important duties, and without replying to any attacks made upon me, I am anxious to convey to you personally, what I have done and must do in obedience to the provisi l m.< of this act. It is said that the law is defective, but, if the great object and policy of tbe law is right, the machinery of the law could easily be changed by congress. That resumption can be secured and ought to be secured under this law, it will be my purpose to show yon, and I shall not hesitate to point out such defects in tbe law as have occurred to me in its execution. There are two modes of resumption, either to diminish tho amount of notes to be redeemed, wMch is commonly called a contraction of the currency, or by tbe accumulation of coin in the treasury, to enable the secretary to maintain resumption. The one practical defect in the law is that the secretary is not at liberty to sell bonds of the United States for united State8_notes, but must sell them for coin. As coin is not in circulation among tbo people, he is practically prohibited f.om selling bonds to the peorde, exc ept by an evasion of the law or through private parties. Bonds .are in demand and can readily be sold at par in com, and still easier at par, or at a premi - um, in United States notes. Tho processor telling for United States notes need not go far before the mere fact that they are receivable for bonds would bring them up to par in coin, and that is specie payments. Bnt tbe reason of the refusal of congress to grant this authority, olten asked of it, was that it would contract the curreney, and this fear ofcontraction has thus far prevented congress from granting the easiest, plainest and surest !mode of resumption. To avoid contraction it provided that national hank notes may be issued to an unlimited extant and that when issued United States notes might be retired to the extent of four fifths of the bank notes issued. This was the only provision far redeeming United States notes that congress mane or would make, and this it was supposed would reduce the Unites States notes to $300,000,000 before January 1,1S79. The actual ex-

perimen had for

a free and almost unlimited right to ev< body to issue more money; bat unluckily for visionary theorists, it was money that had to oe secured, not wild cat monev, but money people could sleep on witbont fear of breaking. The result was that under free banking the issue of circulation has been far less than was expected, and. tberefere, the redaction of United States notes was less. StilJ there was some reduction. Greenbacks have been retired under thq act of January, 1875, to this time to the amount of 122,905,700 and near twenty-nine millions of circulation were issued to national banks. Sinee the 1st of March last the redaction of United States notes has been 85,145.264, and this rednetion

rency tha) has happened, bnt it was the only re duction that was made by the United States. The national banks, under a different law and from the very necessity of free banking, are at liberty to retire their curreney as welt

temt, and the eirculatioa it can safely sad prudently maintain. There are now deposited with tha treausary by private corporations, b.mks and iadivid-. 1 uais, to7.170.0UO of United Mate* notes. Of this there were deposited by the national

curreney still outstanding. In this there wag co contraction but a substitution of com for fractional currency., It wasan error to make the retirement of United States notes depend upon the issue of hank notes. The two had no relation to each other, but the retirement of United States notes should depend entirely upon the amount necessary to be withdrawn, to advance within the limited time the residue to par in eein, and tbe simplest mode of doing this was to authorize their conversion into conds at the pleasure of the holder, the bonds to bear the lowe*t rate of interest that would in ordinary times be maintained at par in gold. To this the objection is made that we convert a non'interest bearing note into an interest bearing note, and that is true. But what right have we as a nation, or has any ! ank or any individual, to force into eireulaties as money its note upon which it pays no interest? W by ought not anyone who issues a promise to pay on demand be made to pay it when demanded or pay interest thereafter? What right has he in law or justioe to insist upon maintaining in circulation his note which be refuse* to pay according to his promise, and which he refuses to receive in payment of a note bearing interest? A oertein amount of United States notes can be and ought to be maintained at par in coin, with the aid of a moderate coin reserve hold in tne treasury, and to tbe extent that this can be done they form the best possible paper money, a debt of tbe people without interest, of equal value with eoin, and more convenient to carry and handle. Beyond this* the right to issue paper money, either by tbe government or by banks, is a dangerous exercise of power, injurious to all classes, and should not oontinue a single day beyond the necessities that gave it birth. But, if congress should see nroper to eon fine tbe process of resumption to tbe present law, we have still the second mode ef resuming, by accumulating eoin gradually, so that when the time fixed for resumption arrirei.the treasury may be able to redeem such notes as are presented. In this respect the resumption act is -as full and liberal as buman language ean frame it. The secretary is authorised to pre-

pare for resumption, and for that pnrpose to use the surplus revenue and sell either of the three classes of bonds, all of which are now at or above par in coin. Tbe power eab be,ought to he, and will be executed if not repealed. The accumulation, both of silver and gold, can be made by arresting from exportation, our own production of these metals. This is more than sufficient to supply our wants for this purpose, and, fortunately, we have plenty of other productions-corn, cotton, wheat and fahries, the fruit of our industry, for export. This country is the greatest producer of gold and silver in the world. The balance of foreign trado is fn our favor. During the last fiscal year oar exports exceeded onr imports in gold value the sum of 8166,555.865, and this balance is steadily inoreasinf. This year providence has blessed us with an enormous crop of almost every preduotion of tbe farm or plantation, and the foreign demand is largely increased by the Russian war. Russia is our great competitor in supplying Europe with bread, and she now will consume

UV’AUW Acauuvo ucao iuvi vtaovia *su\* so s uvi uteoiuK « and we are now competing with Manchester and Birmingham in the sale of produots that have made those cities famous throughout the world. Our manufactures of cotton, iron and wool now rival in foreign markets the oldest countries in Europe. We have, during the five months of President Hayes's administration. made an actual accumulation of eurreuoy, and of gold and silver coin and bullion, of $44,340,832. From tbe first of May to this time we have added to our eoin reserve 820,000,000 by the rale of bonds, without disturbing the money market, and with gold steadily on the decline. Wc have reduced the public debt since tbe first of March the sum of ,824. W e have conducted the vast operations of our loans, already referred to. without disturbing the course of trade or enuring a shipment in gold. All the fears ex,ed ro otten in the papers at these move

mcnis have been proven to be groundless. We are now within five degrees of the specie standard. We have still seventeen months before us in which to complete the task. The same progress that has been made since the first of March continued twelve months longer will certainly bring us to the specie standard. I feel confident in saying to you this day that, if nadiiturbed, with or without a change of the law, every dollar of United States notes will before the time fixed for resumption buy as much as an equal amount in

either gold or silver.

A construction of the resumption act has

often b -

if coi

been pressed upon tbo department that, irrect, would make it still more easy to carry it into execution. It is ins.sted that the secretary has the power in preparing for resumption, to cell bonds for coin, and then to tell the coin for United States notes to be hoarded in preparation for resumption. The de-

in preparation forresumption

partment has not aetad upon any si

siruction. but h

con-

ne cur-

ipon any such

action, but has sold gold only iu the rent course of business; or for the actual redemption of notes supplanted by national banknotes If this power it exereised, it sbould only be in pursuance of the plain wilt of congress, and, in tbe execution of so delicate a duty, no power should be used except such as is clearly given. The act of April, 18,6, for the redemption of fractional eurretcy. provides that silver coin may be issued in exchange for United States notes, and such notes shall be kept as a special fund for tbe redemption of fractional currency. This fund and tbe ordinary currency balance in the

treasury are the property of private mdividals. over which the treasury had ao control. I have, fellow-citizens, I hope without wearisome detail, gone over some points on this question of resumption. It is a dull, but important topic, which affeets year daily life, upon which my official duty compels me to act, and I assure you that I have only acted upon the clearest convictions of pubUo in-

terest.

A currency of United States notes based npon the public credit, always convertible into coin, and so limited in amount and supperted by reserves that its convertabiiity. can not be endangered, and supplemented by a bank currency free and open to all alike.based upon, public seeurities, so that in any event tbe note hohier is safe from loss, always redeemable itffoin or United States notes, unlimited in amounts except by the wants ef busineas-this is the kind of money that will start again tbe wheels of industry, give sails to your commerce, labor to your artuaas. This, indeed, wonld be the best paper currencv in the world. Let this eurrenoy be supported by a public credit against which a whisper o r doubt can n«t be uttered, and your public debt will be reduced to the its lowest possible burden of interest, and will become the great depository of the gavinn of labor, the trustee of the widow and orphan, the safe rest of capital not employed in aetlvo industries. these as I understand them are the great financial objacu of this administration, and with your permission and tbe sanction of congress. the president may hope to celebrate bis outgoing with your debt reduced to 4 percent, and every note of the United Star

uuw uccupy luo lureiront oi mi* oattie. i doseech you to uphold big bands and not let the delusions of the hour or the temporary languor of business, which you share with the civilized world, turn you from a policy which yen have sanctioned and can now hope to

realize.

BAUD TIMES UNTTEUAL.

It Is very common, fellow citizens, so hold the government responsible for hard times caused by tbe ebbanu flow of trade and production. If the crop fails tbe adminiftration is abused. If wages or prices fall the government is blamed. If production exceeds the market made by eonsumption ft is eatier to abuse some officer of tbe government than to find out tbe real cause. And so it happens that under any government, whatever may be its form, if a panic or bard times or over production, ora pestilence, famine or plague comet, the men in office are made the scape-goats for troubles which it is far beyond therr power either to produce or remedy. And so now, when throughout tbe world trade is languishing, and wages have fallen, anu industry does not meet its usual reward, it is quite common for demagogues to say: “Turn out the administration and pat us in and all will be lovely.” Such arguments are only fit for fool*, buman governments ean have but little influence ever the causes that produce tha rite and fall of pricee, the abundance or want of employment. These are governed by hicber laws, and tbe nuggets that for the time bold official authority have aa little influence over these great movements as flies have over the revolving wheel. At this time our country is tbe most prosperous in the world, though we suffer, to some extent, from the same causes that bring stagnation to the iadustries of all commercial countries. 1 have here copious extracts from English, Belgian, German and French papers, au aa-

arffgagtiss jassytira i rcssitn in tradeand prices. The iron trade in England has passed through extreme depraaetou. During iu course some of tbe largest aud wealthiest n anufaciunc* con ceres had te sueeumb to the sever* reaction, while operatives suffered in the greatest degree bv th* inereased supply el labor and greutiy diminished prices. The

idly recovering hr unbeundeJ natural resource*, and by reduced oest ef production. I have before me an English paper showing that the exports of Manehegter of cotton fabrics, ospeeiatly to tho United State*, have been largely reduced. Tbo amount of cotton goods shipped to this country has boon tedueed in tve yean from 129,001*.090 yards to WMCAto yards; of vroolsu goods from 6,800.000 yards to M7M00 yards, whiloour own production bus enormously in- ^ creased, and we are bow exporting beta cotton and woolen*. In Germany, of. thirty-two companies enumerated in a table I here before me, oaly six show any dividend whatever for the last year, and the aggregate accounts show a loss of SI.800,0*0 on tbe year’s operations. Of tha silk trade in France, which is one of the treat-branches of their Industry, it appears from a paper I hare before me, that there are about 89,000 silk looms at Lyoat.and nearly half of these are now idle- The number of weavers now out of employment is roughly estimated at from twelve to fifteen thousand. I might follow these general statements by licturing tha distress in all these great rich countries, compared with which* the greatest suffering of our people is insignificant. With ns the worst ia over, and th* vast industry which give* employment to the great body of our people— that ef agriculture, is new extremely prosper- 1 ous. It Is a common saying that “the farmers are trowing rich,” and as they grow rich other industries will thrive and trade revive. To attribute th* distresses, which I know^ou suffer in common with th* rest of mankind.

laws are tramed, as far as possible, to promote industry, to protect labor and distribute wealth. Here we give te every man the same

with others,

but he has no discriminations against him. The remedy for periodical depresdont no buman mind can point out or administer. That must be the result of time, of industry, of economy. No doubt soon industrywi

vive, and we may expect a season of prosperity. The poor do not suffer alone from hard times. The first blow must fall upon these who have property investments, wbteh are swept away, and then the evil falls upon all classes alike. All that you nan ask of the f overnment is that it will administer the limited rowers eon f erred upon It with thosame intelligence and economy that yon would axpect or private citizens, doing all It ean within limited powers to confer the greatest good upon the greatest number. This, I believe, is now being done by the national government.

COXMXBCS MUST BE FREE,

Mr. Sherman then proceeded to consider the labor subject and particaUrly the embarassuient ol transportation by strikes. He made a comparison of tha transportation done by the water arteries of oommerce, which a few years ago were the only means ot transportation, and the great railroad interest which has since grown up, showing that while the Mississippi and its tributaries, th* great lakag and canals carry only 10,172,179 tons annually, tbe fonr great trunk railroads oarry 27,649.51)2 tons or nearly three times as much. He then went on te argue that inasmuch as tha right ot congress to regulate commerce on the rivers and lakes is undoubted, and as tbe railways are as much the arteries of commerce as they, the right to regulate and guarantee immunity from interruption is as saered ana imperatito

in tbe one case as the other.

LinOE STB KKS.

In regard to strikes, he said: Thare is one thing, however, which all men ought to understand, whatever may be their wrongs or injuries, that in eur free system there is but one remedy, and that is by peaceful, lawful appeals to the constituted authorities, both stale and national. No man has a right by violence or crime to redress bis injuries. No government can live where mobs can make laws and prevent other laborers from working. We most obey the law and wo must punish any violation ef law. Life must be protected and property also. These are the conditions upon which society exists, and no party can temporize or hesitate in the face of an open revolt against these principles of

opei 3 lie

order.

Arrant DemaffOKtiiem Eatablisked. [South Bend Tribune.] The Indianapolis Sentinel, whioh the workingmen indonied so heartily in mass meeting on Monday night, is said to hayg cat down the wages ot its employes thxae times within the past two years, and to have attempted to make the fonrth oat a few weeks sines. The bands demurred to this last proposed shave, and as tha big strike took place immediately after, tha men were allowed to continne at tha old rate. When capital preaches communism it is safe to sesame that it haa some ulterior motive in view, bat when it practices exactly tha coarse whichjit denounces its arrant demagoguism becomes an established fact.

The Effect of ft* Communistic Teachings* fSaturday Herald.] Tha Clay county miners are on a strike for twenty per cent, advance. It is to be soppoeed that thsy will carry out tha

to work. This, according to the Sentinel, will be “simply asking for barely,enough wages to keep soul and body together."

Collieries Resume, Three of the largest collieries in the mining region of Maryland resumed today at the 53 cent rates demanded by the miters.

READ THIS. -jp T t "pr q -p-i REMEMBER that I bay most of my goods CHEAPER than any other jeweler in Indianapolis, and that I will sell at THE LOWEST PRIOES. If. ->1. Herron, JEWELER, 16 West Waahlngion Street*

Caipets. TW0-PLYS, 25 to 50 Ct*. Per Yard. We are now receiving an elegant new line ef Carpets direct from manufacturers, including BODY BRUSSELS SRTJBSELS EXTRA bU^ERS. Etc: 150 PIECES NOW IN STOCK. In coloring, design, and artistic nattere oar new good* excel anything heretofore offered. Cull and see them. No trouble to show goods.

ADAMS; MANSUR & COi

BUTLER UNIVERSITY.

Irvington,.