Indiana State Sentinel, Volume 27, Number 52, Indianapolis, Marion County, 14 August 1878 — Page 1

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VOL. XXVH- NO 52. INDIANAPOLIS, "WEDNESDAY MORNING, AUGUST 14. 1878. "WHOLE NO. 243.

HON. FRANKLIN LANDERS.

An Enthusiastic Reception at Lafayette. The Financial Question Learnedly Discussed A Clear Showing of the Evils Brought About by Radical Legislation. The Remedy In tbe Hands of tbe Pec pie and tb Ballot-Box the Recourse. La Fayette, Aug. 11. Mr. Landers and your reporter were met at the depot In this city yesterday afternoon, on the arrival of the train from Indianapolis, by Francis -Johnson, Esq., chairman of the democratic county central committee, Mr. Doblebower, 'editor of the Dispatch, and Colonel John 8. Williams, and were tsken to the Lahr house, whera comfortable quarters awaited them. During the afternoon many democrats paid their respects to Mr. Landers, and assured him of the satisfaction his appointment gave the democracy of Tippecanoe county. With the democracy of this city and county Mr. Landers is a great favorite. He received the united vote of Tippecanoe county in 1S76 for the gubernatorial nomination, and he is much stronger to-day with the party here than he was in the centennial year. Fron the many expressions of admiration for and confidence in Mr. Landers on the part of those democrats whom it was the good fortune of your reporter to meet, it Is evident that the democracy of this county will repeat in 1880 what it did in 1878, so far .as the nomination for governor is concerned. At 8 o'clock Mr. Landers, escorted by the Hon. John R. Coffroth, Mr. Doblebower, Mr. Johnson and other prominent demo--crats, left the Lahr house for the court house yard, where the speaking was to take place. When the party reached its destination it found a large crowd of citizens awaiting the arrival of the speaker. Mr. Landers ascended the stand and was introduced to the audience by Mr. Johnson in the following happy address: Fellow-citizens By direction of the state central committee the democratic campaign has been inaugurated to-day In every county of the state of Indiana. In consequence the camD fires Of llbeTty have been kindled on the hilltops and in the vallays of our state, and at thU moment eager multitudes of democrats and other citizens are assembled at a hundred places to listen to words of burning eloquence and convincing truth as they fall from the llp of the democratic speakers. Our city has been esreciallv fortunate on this occasion In securing the presence of the distinguished orator and statesman who will address you to night on the great issues of the day; of tne man whom the people of the state of Indiana are looking upon aa one of their truest f rends and staunchest defenders: of the man who shares with the Hon. Daniel W. Voorhees the proud honor of having pleaded In the halls of congress the cause of the peo ple, of the poor and the distressed, in unan swerable argument. Fellow citizens, 1 now have the honor to Introduce to you the Hon. t ranaiin ianaer. Mr. Landers arose and addressed the assembled multitude for one and threequarter hours upon the subject of finance. His audience listened to his arguments with rapt attention. JOf the thousands present none left until the speaker ended his dis course. Of the many able speeches he- has made, his effort last night was the ablest When he took his seat the audience called for Colonel Wilson, the democratic and national candidate for senator in this county. Colonel Wilson said that the speech delivered by Mr. Landers was the ablest disquisition upon the financial ques tion that he bad ever listened to in his life. He then proceeded to discuss the labor and financial questions, his views upon the latter beiag in entire accordance with those previously expressed by Mr. Landers. When Colonel Wilson had concluded three cheers were proposed for Mr. Landers, and given with a rim that made the welkin ring. After this the meet - ing adjourned. The democrats and nationals of Tippe canoe county have united upon a single ticket for senator and representative, and the ticket will be elected. Three men will be sent from this county to the legislature who will act with the democracy upon the apportionment question, whatever may be their course in relation to the selection of a senator. As "a half loaf is better than no bread" he democracy will accept the mutilated loaf which will go up from Tippecanoe, and will thank their stars for the moiety. Appended is Ms. Landers' speech in full: Ma. PR WIDEST AFD OtTTLMgN- The COOtest that we are now en gaged In Is second to none In Importance to the people of Indiana. It Is indeed bat the continuation of the fight -which the people hve been making to correct the evil sequences of the war. We Lave three parties in this contest, each having adopted a platform of principle, and when a vote Is cast lor the candidates of either party It U an indorse me it of the principles laid down In the platform of that party. Of the candidates of the respective parties I have nothing to say. Ho far as I know they an gentlemen oi standing, and II elected would faithfully carry out the Ideas of the party which placed them In nomination. While I hve the highest opinion Of the candidates of the democratic party, I am not one of those who believe that all the honor and Integrirrof the country is confined to tfce party to watch 1 belong. Oar government I formed In such a way aa to make us all partners; and any line of policy Injurious to anv one e fleet all In like condition. Therefore we should examine all questions connected with the welfare of the government as we would questions affecting the business of a Arm with which we are connected. I bare no more Interest In this canvass than any of you who feel a general Interest in publie affairs and who have Interests to protect. WHT TliB DEMOCRATIC PARTY IS ENTITLED TO SUPPORT. I would not ask any man to vote the democratic ticket if I did not believe that the adoption of the policy laid down In IU platform as

the paralyzed business of the country as the

grass is revivea uirr iiidk urauiui ut iuh - 1 i 1 1 I 1 t . ' 1 . Ire I resiling suower. Kuniui;,M i uu, uin im nnllavnf tha rtniihllmn nartv linm t he p.Ioma of the war has been to change our form of government, aa originally designed, from a government by the people and for the people to a moneyed aristocracy administered in the interest Of the few at the expense of the many, I accept the democrat le platform on which we stand as meeting the Issue squarely, and will proceed to examine It In connection with the business interests of the many, which la the true democratic Idea. WltAHCXAL THEOBT OF THE DEMOCRACY. Tha first resolution of our nlatform declares "that national bank notes shall be retired .and In lieu thereof there f hall be Issued by the government an equal amount of treasury notes witn iuu icgai lenuer quality . The whole o nest ion of money Is by the constitution given to congress. That body has the power to make money and regulate lis value. Nothing Is said In the constitution aa to what shall be a legal tender, or what material shall be used in making this money, or how they shall regulate it value. These things are left to the sound discretion of con gress, and that body has wisely authorized the coinage of gold silver Into dollars and eagles, and has said what value each snai nave in ine payment oi tic d is. Oold and silver having been adopted as a medium of exchange by all the commercial nations of the earth. It was the part of wisdom In our congress to adopt them as mat medium also. This wisdom Is clearly shown la settling the balances between governments, and at the same time It is shown that they can not be relied unon to perform the offices of exchange between private individuals, because they now to and rrom governments according to the degree of prosperity or adversity. A government may be flooded with coin or it may be almost entirely drained ; therefore, the wisdom of all commercial governments has led them to adopt a domestic or home money. This is done by the government issuing paper money or authorizing the banks to do so. THE COST or MAKI5Q MOSEY AND WHO SHOULD MAKE IT. There Is little or no profit to the government in coining gold or sliver, because of the cast of the bullion ; but paper money is made of an article of but little value, hence the governent or bank issuing it makes a great profit out of it, because they never part with a dollar of it unless they receive 100 cents in return. Therefore, when these facts are considered, you will readily understand why there is a contest a to who shall issue the paper money. There has never been any contest over tne coinage of gold and silver; the raw material costs too much. All are willing that while firm the government may coin the precious metals. But our republican friends have turned over to the banks the issue of one-half of the paper money of the countrv, and then passed the resumption law to enable them to get the other half, is not this an infamous fraud upon the whole people? I know of but one thing eqnal to It, and that is the formation or fast freight lines which enrich the freighting companies while they bankrupt the railways. Producers and laborlngmen are in bankruptcy, broaght about by republican legislation, which naa given the issue of cheap money to a few while the many are called upon to guarantee the payment of these notes to enable them to circulate as money. Certainly great Ingenuity has been displayed in perfecting this scheme of robbery of the whole people for the benefit of the few. G0VEKKME5T SHOULD ISSUE THE MOXKT. Thl policy of the republican managers enables the Danklng corporations to loan their indebtedness to the oUier members of the governmental firm, while aU others you, ray hearers who have notes out pay interest on them. The democratic party asserts the right ot the government to Jsne all of your money, both coin and pier, that you may have the benefit of all the profit reuniting from its Is-ue, or the use of the credit of the whole people. We demand, in the language of Jefferson, "that the banks should surrender their currency and the issue of paper money be restored to the government, to whom it belongs." But it is said that ruin and distress would follow the closing of the national banks. We dont propose to wind up the banks. When the national bank act went Into effect a high tax was placed upon state banks, which compelled them to abandon the circulation of their notes, and yet the business of the country was not disturbed, because other paper noney took its place, and the banks were changed from state to national banks. In the same way the national banks could be changed from banks of Issue to banks of discount and deposit only. Doubtless some of the bankers would try to retain their present privilege of loaning their indebtedness for interest, and they might desire to embarrass the business of the country, but this point can be guarded by the issue in advance of government notes. The business community would derive great benefit from a government currency, because the government would get 100 cents for every dollar issued by it, whether paper or coin, because the paper would cost the holder Just as much as coin. As It Is now, coin costs the banks 1U0 cents on the dollar, wnereas the paper money issued by them costs them Jast one cent on each dollar. The government money would cost too much to be kept lying idle, and the banks would loan It at the best rate they could get. CHEAP BAXK M05KY MAKES HIGH INTEREST. As it Is now the banker pays so little for his money that he virtually has nothing invested, and he can keep half ot It Idle In order to force a high rate of Interest on the other half. THE CSES Or MONEY. The objct of having a circulating medium is to facilitate exchanges, and not to embara naa i iii - a w an nam iiv iv mrt J- i' 1 1 i j vA niuucj but if there is, it is not in circulation. One of the largest bankers In the state Informed me recently that three-fourths of his currency was locked np In his vanity and had been for some time, and when I asked why, he said he was preparing lor resumption. Certainly we dont want a financial policy which will require the banker to retire his circulation when the business of the country is depending upon It to perform the necessary exchanges. Tne pretext thst the government needs national banks as fiscal agents is a flimsy one. If tbe government has deposits to make at banks it requires bonds from the banker: hence the Issue ot notes by the bank is no part of the fiscal agency, and is of no benefit to the government. If there be enough of its notes Issued to perform all exchanges. By the present plan the profitable business U tamed over to a favored few, who are building up a moneyed aristocracy while they are ruining the laboring and producing classes. THE DEMOCRATIC LEADERS AND THE PEOPLE. There has never been an advocate of demo cratlc Institutions who was not In favor of the people as against the only kind of an aristocracy which can be founded In this country on based on money. Jefferson fought Hamilton and his party upon this issue, but it took the firmness of Jackson to sump the life out of the monstrous monopoly which existed In his day. WHAT NATIONAL BANK CURRENCY COSTS THE PEOPLE. The defenders of the national banks are constantly pointing to tbe revenue derived from them. They pay no taxes that banks of discount and deposit do not pay except a tax of one per cent, on the average amount of currency they have In circulation, and this tax Is levied to cover tbe cost of tbe issue of their currency and the renewal of the same. And whatdoes this review amount toT Huppose the banks should keep their entire currency lu circulation, that Is, the whole tto,O:j.0U0, the entire tax would amount to but H,jiuu0. Mow make seven figures and see what you have to pay the banks to get this revenue otK,WW. You have paid since the establishment of the banks, as Inteest on bond deposited to secure this S.iTO,lWM(0 of circulation, ilW,JH161 50, or In round numbers, t'mjmjm, every cent of which could have been saved if the government had Issued this Cnrreuey If It la continued 15 years longer, yon will have to pay iUO,Oi,000 more as Interest, or a total amounting to near one half of the national debt, and you will then owe tbe principal of the bonds which we deposited as security. Will you submit to the continuance of this robbery? WHAT GOVERNMENT NOTES WOULD DO. The issue of government notes would not only save this vast sum to the people, but these not would be a strong band of union between the states Kvery citizen north, south, east and west would recognize such notes as his own, and they would have the same credit in ail parts of the Union, and if made a full legal tender (as we demand) they would never depreciate below gold and sliver. WHAT GIVES VALUE TO MONEY? It is the act making a circulating medium a legal tender that gives It value. Gold and silver are made money by act of congress, the same as paper,

and when congress some years since abandoned silver as a legal tender it declined in value and remained depreciated until it was again made a legal tender, whereupon it rose to par and has since remained there. The Mexican dollar, which contains more silver than our standard dollar, and is 902 fine, but is not a legal tender, i worth but ninety cents. You can not pay your taxes nor buy postage stamps with foreign gold coin if the officials do not take it at their own risk, because con tress has not declared It a legal tender. Bat the friends oi tne national bank system declare that If paper money Is made a full legal tender It will drive the coin out of the country. This Is false. As I said before, the balances between governments in the way of trade regulates this matter. If we sell to other nations more than we buy, as we ate doing now, we will have the current of coin flowing to us. If we buy more than we sell the coin goes away from us. This is an Inexorable law of commerce which no legislation can change. But the value of that coin in the government wnere It may be found can be fixed by legislation. The policy laid down In our platform of full legal tender money made of coin and paper, Is Intended to, and its direct effect will be to. bring about specie circulation. No man will hoard specie wnen he can not sell It at speculative prices, and he could not if paper wotud pay aii and every class of debts and dues. If paier money had been a full legal tender we would long since have had a specie circulation In the country and par money. WHAT TUB RESUMPTION ACT MEANS. The object of the resumption law was to retire and get rid of the government notes so aa to give the entire field of circulation to the national bank currency. The friends of this law profess a great fear of Inflation by tbe issue of government notes, but they have no fear of an over issue of bank notes. The banks under the present law could circulate their notes to the extent of ninety per cent, of all tbe bonds they can procure. The republican leaders have led many honest men to believe that our only financial safety Is to place all bank Issues on a coin basis, and thus prevent fluctuation in prices, and they call this bed rock when in fact it is but quicksand. A policy that keeps the volume of currency ebbing and flowing like tbe tides of the sea, is one which will leave all men who fol ow it prostrate and helpless, an easy prey to the money shsrk v-io is watching and knows well what the .oi dltlon of all men will be who follow the li w of currency, aa well as the flh hawk ki )ws what the condition ot the fish will be. wtua the ebb comes, which follow the flow of the tides. COIN REDEMPTION MEANS INFLATION. But If there was no such design the policy of Issuing paper money redeemable in coin leads to the wildest Inflation. Banking Is not done by individuals for the public good, but for the profit to those engaged in it, and there are two questions which the banker always considers: How to make the most money when redemption is not wanted, and how to best protect their credit when redemption Is asked for. If the balance of trade is with us, the coin flows to us, and then look out for inflation. The banks will loan every dollar they can lawfully to the extent of at least three dollars for every one they have in specie. Prices of labor and commodities go up; speculation runs wild, and the people think they have suddenly grown rich. Ihis thing may continue for some years, but the balance of trade turns against ns, and the coin in our binki starts abroad; The banker has to meet these o n demands, and he does it. But he must protect his credit at home, and he kuows his only remedy and safety Is In retiring two of the three dollars he has oat to get down to his own specie reserve, and he does this by calling In his loans and retiring his surplus currency, regardless of the needs of the country, for his own credit must be protected. Then comes a shrinkage In values, and financial ruin and public distress follow. The men who followed the flow of coin ventured too near the sands, and were left high and dry on the shore of bankruptcy. I need not describe this ebb and flow of money, for you have had too much experience within the past few years, as well as before the war. You have seen the sharks devour the helpless fish that were de luded into these dangerous waters by the tempting baits. And agin, think of the frauds that were practiced under specie basis and redeemable money before the war. Upon every business man's desk was found the detector, which gave dally quotations, showing the currency to range irom iuu cents down to 15 cents on the dollar In value. SOME STATISTICS. I have said that paper money, whenever we insist upon an issue of goverumen notes, based on the credit of the whole people, the ghost of the continental money and confederate scrip is at once brought prominently before tbe people to convince them that such A - ...111 1 .. . ... , r n 1 If. 1 1 nuVuuNlr

of Clnclnna 1, in his paper upon the subject of silver, wmcn ne read tterore tne Dan iters' convention in New York sometime since, digressed from bis subject of silver and brought those ghosts before that body. lie referred to the depreciation of the continental money and the confederate scrip. He said that all money like our United States notes would depreciate in tima of war. I reKret, because of tbe high standing of Mr.Qroeabeck, that he should attempt to compare our United States notes to continental and confederate notes The continental notes were not based upon taxes; the continental government had no power to levy taxes except by consent of the states; and If he had had the power they had almost nothing to tax. The confederate notes were not issued by a government at all, but by states In rebellion trying to establish a government, and when their cause failed their money would of course be worthless. Will Mr. Groesbeck or any other advocate of bank currency redeemable in coin be candid or honest enough to inform the country what became of tbe redeemable money of tbe south, every dollar of which was lost to the holders, and what would have been the fate of the north had it not been for the issue of legal tender notes by the government ? The banks had been under suspension of specie payments for more than 12 months, and no man of business can come to any other conclusion than i his, that the people would have lost every dollar of their money had not the greenback act of February, 13, enabled them to redeem their notes with them. We ask for the issue of nott-s by a government of more than one hundred years standing with credit second to none, and with arevenue of near UU),000,000 per year. lean near witn a man of but little information bringing forward those ghosts, bat hen one like Mr. Groesbeck so for forgets himself as to do so, he demands some attention. I defy any opposers c4 the Issue of such notes as we ask for by the government to point to a single instance, where the Issue was made by responsible governments; that they ever did depreciate. Huch notes were issued bythe states of Pennsylvania, Virginia and North Carolina, when they were colonies of Great Britain. They never depreciated below coin, although thty remained in circulation for nearly forty years, aud added much to the wealth of those colonies. The first notes issued by tbe government after the war began were called demand notes.but when It was seen that tbe government had no coin to pay them with, congress made them a full legal tender, and they never depreciated below the vtlue of coin, and over lo0,0U0 of them are outstanding to-day. When coin was worth 2S5 In greenbacks, which were a limited legal tender, tbe demand note, that was a full legal tender, was worth the same premium in greenbacks. Need I say more? Can any one doubt the ability of our government to make her own notes par with coin to the extent that the legitimate tradeof the country needs to periorm exchanges! Paper redeemable in coin on business principles led to the wildest Inflation and the most ruinous contraction, and I want to call your attention to the ebb and flow of eurreucy under specie basis from 1811 until the Issuing or government notes: Bank currency in 1S11 Bank currency in ll Bank currency in ISA. W.000,000 68,(0VO0 46,000,000 Contraction from 181 to 1SJ0.. S 23,000,000 Bank currency In 157 111,000.000 liana currency in 1S43. ...... M.uuo.oou Contraction from 1837 to lHitl. mm 83,000,000 Bank currency In lv4 201 .GOO, ft 10 Bank currency in l&o I65.uw.uw Contraction from 1831 to Bank currency In lKW.- 207,000,000 Bank currency in ls(iL....... 181,Oujuo Contraction from 1860 to 1 23 1000 1000 Bank currency In 103 ...m. 202,000,000 You will observe that the ebb and flow of the currency at the times X have named was under the policy of paper money redeemable in coin. This was all done, as I have already i a d, on business principles,, to make money

and to protect credit, and Is olrectly chargeable t the policy of redeemable money, but the expansion and contraction I am about to refer to was one of designing legislation in the Interest of the few and at the expense of the many. It was done to build up a moneyed aristocracy, as I have already said. Amount of money, currency and circulating medium, October XI, 186:

United Mates neCes, legal tenders and green Pacts Seven-thirty tic my notes. Compound Interest notes H23,l0.5 K),000,OIU 173,012,141 S2,6W,W)U nemitna notes. Fractional eurreacy. TotalCVRRENCT. National bank note.. ei5JX)O,O0O 30Oj0O to.ooo.uoo $335,000,001 Htate bank notes.. Certificates of indebtedness.. TrJAl , Total circulation of m' ney and currency Oct. 81, 1& .11,824,767,080 Contraction from 1865 to 1S73 tl J)5S,078!J5 United States notes and bank currency in circulation December 1, 1873: United Btatcs notes greenbacks 1387.001,683 Fractional currency :. VI ,0 0,11)0 Certificates ot indebtedness..MMM. oTmjuO National bank notes . aiOjUOOUO Total. 1755,873,685 From the expansion and contraction which I have shown took place under specie basis from 1811 to tha commencement of the war, who can argue that m currency upon such a basis is a stable one? In every case history informs us that bankruptcy and ruin to tbe business men and laboring community was the result. There are many here to-night who recollect the panic and bankruptcy that fol lowed the contraction from 1837 to 1H43 The amount of the contraction of the circulating medium was proportionately as g eat aa the contraction since 185. 1 can not think there is a man in Indiana who will study the history of the expansion and contraction of paper money redeem, able In coin but who will come to the conclusion which I have, that it is ruinous to t hi laboring and producing classes who produce all the wealth, and that it should be abandoned as not suited to Uie wants of the people. If you notice, a contraction of 123,000,ujo from lll to 1810, a contraction of 183,000,000 from 1837 to 1843, caused the crash and financial panic of those periods. A contraction of forty-nine mil. loos of dollars from 1864 to 1857 caused the panic of the latter year. A contraction of i,uu0,ouo from lseo to 12 produced tbe money panlo and the suspension of specie payments In December, 18tfl. The vol time of state bank paper In 1863 was S2U2.000.000, which the banks were unable to redeem until the issue of greenbacks. A contraction of from 123,000,000 to $83,000,000 was sufficient to produce such widespread financial ruin. But in 1873 it took hundreds ot millions to produce a like result, from the obvious reason that from 1811 to 1Ko3 the business was done principally on credit, forced on os by bank currency redeemable in coin. Whereas, in 18M there was an abundance of currency to do business, and no necessity to make debts; all commodities could be sold for cash. Therefore, it required an enormous contraction to force the credit system on the country. As contraction wa carried on credit was substituted until It came to the bursting point in 1873. HAS THERE BERN CONTRACTION 7 Republicans of the designing class deny thai theie has been contraction of the currency. Seeing the prostrate and bankrupt-fonditlon of the country, tney wocld have the people believe it is not the result of their policy. They deny the fact that the 730 and compound Interest notes performed the offices of currency as well as other forms of treasury notss that were made and designed -to circulate as money. I want you to hear what Mr. 8 pa Hiding, of Buffalo, says In his history of legal tenders. You wlU remember that he was a member of the firrncv committee of the house during the whole war. He is a banker of high standing in his state. lie says on page 20C of of his history: "That Mr. McCulioch, when he became secretary of the treasury, did not Increase the Issue of United Btates notes, but continued the issue of 7-30 and compound interest bearing notes, made a legal tender at their face value, and after the surrender of General fjee he obtained the means, principally, to pay off tbe army by the issue of these notes." And yet there lias been no contraction of the circulating medium, according to our republican friends, but the reports of their own treasury officials show a decrease of 11,058,078,386 between 1S65 and 1873. The fact that there is no active business going on in this countrv save in tbe bankrupt courts, starts the Inquiry as to tbe cause of this, and Deiore we can apply a remeuy we rapst know the cause, for the remedy consists in meeting our wants. The volume of currency or money that performs exchanges in any government regulates the value of permanent property and all commodities. When there is an average - quantity of the same supply and demand always exert their influence In rtgulating the vaiue of commodities. Apply this rule to our depressed condition, taking the amount of money in circulation in ltttft, as I have shown, and no man will be at a loss to know why his land which was mortgaged for one-half its value some years ago now belongs to the mortgagee. No laboring man will be at a loss to know why bis labor has lost half its value; the question is easily answered: Contraction has taken away onehalf the value of his labor. . CAN THE OOVERNMRNT ISSUE LEGAL TKXDKR NOTKS? It is now argued bythe bank currency advocates that the federal government can not make Its own notes a legal tender in time of peace, that the decision of the supreme court making them a legal tender would undoubtedly be reversed. I c&n not bay as to that. I have lost a large portion of the confidence I once had in the supreme court. But Mr. Hpauldlng. in his speech as given by himself, on page 33 of his appendix to bis history, while defend ng the national bank biil. arguing in favor of making these notes a legal tender, said : "I would go one step further and make the national bank currency like the bank of Kngland notes, a general legal tender so long as the bank issuing it redeemed it in lawful money, except that the currency Issued by any bank st parately should not be a leal tender for any debts such bank. Itself might owe." Now, Just think that these gentlemen, the national bank advocates, Mr. Spaulding au,ong them, after having argued In favor of making natloualjbsnk notes a legal tender, and insisted on the constitutional right to do so, should pretend to argue against the constitutional right of the federal government to make her own notes a legal tender. Hueh arguments more n'y confirm an opinion I have long held, that those favoring a moneyed aristocracy have never found anything In their way when their interests dictated that the passage of any measure was necessary to carry out their purposes. But whenever an argument is brought up In favor of tbe people as against theirs there Is found In the constitution ample provisions to prevent the passage of any act in favor of the people. ANOTHER NATIONAL BANK IDEA. In orrfer to alarm the people and prevent them from demanding their rights in a body,as they would do In any business matter disc nnected from politics. In having their money made a full legal tender and receivable by the government in payment of all ones, they tell them that li that is done the secretary of the treasury will have to buy coin to pay Interest on the public debt. This I deny. When the treasury notes are made receivable for tariff dues, speculating In coin will cease at once, aslths been gradually falling off since the remonetizlng of silver. All dollars being equal In perforrr lng exchanges, nothing can be performed with any dollar other thau exchanges or to loan to some person for that purpose. The paper dollar being so much superior to trie coin dollar In convenience, all active exchanges Will be penormtd by it. Tbe coin will find its way into ihe treasury and bank vaults, and the treasurer of the United Htates will have more gold then than he bas now. This cry ot the gold ring to secure legislation in its own favor should alarm no one. As it is now, the member of our governmental firm who has tariff dues to pay, offers to pay the debt due to the firm In its own paper. The firm refuses to accept its own note on the ? round that it has contracted to pay a part.icuar debt in a particular kind of money, therefore In order that the firm may be relieved of the necessity and expense of procuring that particular kind of money, they say to their fiartner, "We can not receive our own note in discharge or your obligation to us; we are com peiied to ask you to sell our note and bring us tne kind oi money we nave promised to pay upon this special debt." There Is not a fair mrnded business man in Indiana who w ould can mat an nonoraoie transaction.

AU the redemption that I want for money, aud all that is needed to make par money, la for the government to honor Its own stamp wheu it Is presented to It in payment of a debt, whether that stamp be upon silver, paper, gold, oopoer. or nickel. If a irovernmeat

dopts anything as money, and by use It is iouna to oe impracticable ana in tenons to tne people,. I would redeem and retire it with whatever the wisdom of the country decided was more practicable and for the public interest. Had 1 been one of he demonetize! of silver I would have insisted that- the government take up every piece of stamped sliver money outstanding, and ray for it In the substitute. Instead of repudiating it, a was done by the passage or that wicked law. But I am not one of those who Itelieve that the issne of treasury notes was an impractical act, and I am not in favor of their retirement or redemption. If experience should prove them impracticable, I would say, redeem and destroy them. Nothing can be more dishonorable In a government than to aJopt a circulating medium, place a value on it that all men are bound to respect, and then take all the value from it that they have given it by making It a legal tender In the payment of debts, and leave it to depreciate in the hands of the holders. A fn'l legal tender needs no redemption, for it has no superior. THE REMEDY. I have given the subject of the expansion and contraction of the curiency much attention, and though I have been denounced as an Inflationist, it has been the study of my life how to avoid this result. Inflation, or expansion if you please, robs the creditor. If the lnfiation takes place after the debt Is made. Just as contraction robs the dt btor for the benefit of the creditor if done after the debt 1 made. Honest payment Is the payment of a debt in money of the same valuo as that In which the debt was created. I Lave tried to convince you that this honest payment of a creditor and justice to a debtor can not be maintained upon a specie basis. We want a fixed amount of paper money, made and kept In circulation iu order that Justice may be done to both debtor and creditor, that business may be done with more certainty. A business man ought to have but two questions to study they are enough tbe quantity or the article that he trades in and the demand for it. In addition to tnat, his having been compelled to study the valne put upon it by tbe money in circulation has brought distress and ruin upon the business men of the country. A fixed amount of paper money will give fixed value to Rll real estate; ll would offer Inducement for investment that would absorb the surplus capital of the country. If there was no change in the value of real estate except that brought about by the Improvement of the country the surplus funds of the country, which. If invested in that, wonld alwaya be accompanied by a demand for labor to improve such land; the wealth of the country would be Increased by the labor thus employed. Tbe landholder who put a mortgage upon the land for one-half Its value would lie certain of his one-half Interest in the land; It would not be turned over as it Is now, by contraction to the mortgagee; the labor would not shrink one-half In value as it has done. I have made up my mind that to furnish the people with a fixed or given amount of currency through the medium of banks U an impossibility. 1 have no hostility to banks; am in favor of them. I regard them as a commercial necessity, without which a commercial community could not thrive; but after studying this question as I have, feeling a deep interest in the welfare of this country, hoping to remain In it for some length of time, I have made up my mind that the only way to bring about a stability in trade and a certainty in investments which I regard as so necessary to tbe business community and the laboring men of this country, is through the government. She can, if she will, fix the amount of paper money at any number of dollars per capita, and keep it there. Then all in- n can know bow much money is in circulation to give values. You ask me how much money tbe government ought to put out. I have no hesitation in giving you my opinion. She ought to put out every dollar o paper money that she can keep at par with coin, and I believe she could keep 120 per capita, which would give us from $800,000,000 to Sl.000.0 0.000 at par with coin. If she would give It all the credit she can by making it a full legal tender, and giving it all the paying qualities she gives to coin. If an amount was fixed by government and issued, and It was found to be too great to be kept at par with coin, I would adopt the policy suggested oy Mr. Jefferson in 1812. I would open government loans, aud take the government legal tender note as I would coin for bonds. A government that does not keep in circulation the largest quantity cf paper money possible to be kept at par with coin, so as to give the largest price possible for lands and labor and commodities in coin or paper as Its equivalent, so aa to give the largest price for labor and coir modiUes and tbe lowest Interest, does not look after the true interest of those that produce the wealth. If commodities are sold for paper, or labor done for paper or coin either, the paper and coin being equal in value; if they had sold for or more than they would bring with a stinted amouht of money in circulation, tbe gold thus received for it if preferred by tly seller (both being equal) is worth Justa-t much if cent abroad as though tbe man bad worked two days to get the same amount, or sold twice the amount of commodity to get it. To say that any civilized commercial government has her values based upon coin is false. They all have paper money, and most of them have that paper money a legal feeder at folly as coin. France, England and Kussla have made their paper money a legal tender. The paper money ff France and Hussla Is not redeemable; the paper of England is; but, being a legal tender, the same as as coin, every dollar that Is in circulation gives value to commodities and labor just as gold would do. That is Just what we mean in our platform when we demand that the government alone shall Issue money, paper as well as coin, all made a legal tender. We mean to reduce the value of coin by having paper perform precisely the same o trice. 1 am now at some loss, as no doubt you are, as to what our republican friends mean by lesumption. 1 know what they meant bythe passage of the resumption law, and how they executed it. They meant by that law to retire every dollar of government notes, and when they were retired the oanks compered to redeem their notes in coin-not coin of both Bold and sliver, but gold alon. The remark la now often made that we have resumption. We have par money, or nearly so, but we yet have JM8,00U ,0U0 ot government notes not destroyed. ' I want our republican friends to let the country know what they mean by resumption. Is it possible that they psssed the resumption law, with provisions' for the retirement of every dollar of government notes, that has spread ruin and bankruptcy throughout the country, intending it aa a mere Joke, a declaration that they never Intended to parry out. or are they only now hohUng In abeyance, trying in every way possible to have the people forget those qneations? Since their declarations In state conventions that tbe financial question was settled and they deprecated further agitation of it. I am satisfied they only want to get the people off their guard, o that they can carry out the letter and spirit of that infamous law. The rput llcan senate permitted a bill to pass making it the duty of the secretary of the treasury to keep greenbacks In clrculat'on and cease retiring them, but they refused to pass a bill for repeal of resumption law that had passed th bouse. The country ought to know what they mean. From their acts it is clear to ma that If they can succeed this fall in electing a coDgres. they intend to carry out this law. They don't want It agitated now. We have them on the retreat, and our only security now Is in agitation, and I am willing to do my part to keep up that agitation until the last law they have passed to build up their moneyed aristocracy is repealea, and the government re -established and carried on in the interest of the people and against this aristocracy. Decatar County. Gkiek8buro, Aug. 9. Quite a commotion ws3 created in political circles here over the break of the Hon. Chris Shane from the republican party, of which he has been identified since his boyhood, and who now espouses the canse of the democratic party, and is posted tor a democratic speech at Westport on Saturday night Shane is a prominent citizen and meaaberof theGreensburg bar. He ha been bounded and abused for vears by the Cumback ring, and he concluded he would no longer submit to ring rule.and bas raised the flar of the democratic party, and will henceforth be found in the front ranks fighting for the true principles of the democratic party. He will take several voters with him. - There is a rumor that another prominent republican will soon follow suit, who has intimated in the most emphatic terms that he will not submit to ring rale. Only 63 republican majority to overcome.

POLITICAL

Opeilug the . Democratic Campaign Im tke State A- Humber of Interestiug Meetings Yesterday. The Joint Debate Between Hunter and VoorheeaHBhanllixi on the Stump General Political flews." Tbe Toorkeea and 1 Banter IMienMioa. TBy Telegraph to. the Sentinel. Gospoet, Ind., Aug. 12 A crowd of 3,000 people were here to-day to listen to the joint discussion between, Morion C. Hunter and Senator Voorhees. Mr. Voorhees' arguments were unanswerable, and he. completely laid Hunter in the shade. Sbanklln mt Washington. IBy Telegraph to ne SentineL WASHiwoToir, Ind., Aug. 12. The Honv Gil Shanklin opened the campaign here or Saturday by making a rousing speech to a large crowd at the opera house. Watch for an increased majority from old Daviess this, fall. Tbe Campaign in Clay County. By Telegraph te. the Uentlneh Brazil, Ind., Aug. li The, campaign was. formally opened thi evening at the court house in this city by the Hon. Bay less W. Haana, who spoke to a large and appreciative audience, lie held the acts of therepublican party, and especially Hunter's national bank fallacy, np to public gsae- in sv manner not to be misunderstood. The audience was large and attentive, and Mr.' Hanna being in good trim, made one of his telling speeches, and left a good impression on the minds of his hearers. At tbe close of Mr. Hanna'i speech the Hon. A. J. Hostetler, democratic candidate for congress, was introduced and made a few well timed remarks, which plainly showed to the people that be will hammer Hunter's steel for him. The Hon. Isaac M. Compton, our candidate for representative, was called out and made a few remarks, saying that he would in tha future, as in tbe past, stand by tbe laboring men of "Clay county. Compton will be retained to the legislature from Clay county by an increased majority, as the democrata hereabouts are wide awake and ready for tha fray. Tbe Meeting at Spencer. By Telegraph to the Sentinel. Spexckr, Ind., Aug. 12- Senator Voorheea, General Manson, and John E. Lamb, addressed a large and enthusiastic meeting In the court house yard this evening. The general was particularly lscid in his explanations of the legislative gerrymandering, and the arguments adduced by the other gentlemen were thoroughly convincing. LABOR AND WAGES. A New Phase of the Trouble at the Milwaukee and St. Paul Bailroad Shops. Tbe Employee State tbat It Is Not strike, bat a Leeboat-Statements f tbe Officer of tbe Stood. Milwaukee, Aug. 12. The trouble at the shops of the Milwaukee and St Paul railroad assumed a new phase to-day. Saturday night the nnn who quit work at noon held a meeting and resolved to accept the reduction, at the same time protesting it They went to the shops as usual this morning, but found a notice posted on the door to the effect that those who withdrew from service on Saturday "are hereby notified that this company is not disposed to furnish them with employment until further notice, - or until such time as a mutual understanding shall be had." The men then assembled at their hall, where speeches were made by several members, and a resolution passed declaring that this is not a strike, but a lockout. A committee waited upon General Manager Merrill, but no definite result was reached, and another conference was appointed for to-morrow. Between 350 and 400 men are idle in consequence of the trouble. The officials of the railway cay the reduction Only affected these who were receiving more than $2 50 per day. and that in no case did it exceed five per cent., it being done more to equalize the pay than anything else, as the entire saving to the company aggregates only .$221 per month; that the trouble is caused by a few agitators who themselves have been receiving the highest wages paid by tbe company, but they have through the union compelled the others to stand by them. In re- -gard to tbe resolutions adopted by tbe union on Saturday night, the managers of the railway say it was put tbiough the door Into the letter box and not found until after tbe notice at the shop had been posted. They all say they also believe the men resolved to go to work this morning with the understanding among tnem that a general strike should be forced on the 15th instant. This the men deny. Assistant General Manager Gault says that owing to the failure Of the wheat crop tbe company would be compelled to reduce expenses, but rather than discharge a part of their force they intended, as has been their custom in such cases of late years, to work short time, thus Riving all their men a chance to earn something. Heretofore this arrangement has been entirely satisfactory to the men. Mr. Gault thinks the difficulty will be amicably settled at to morrow's meeting. The men are quiet and orderly, and no serious trouble is anticipated, although rumors of ah sorts are p'enty.imt none of them can be traced to a reliable source. Thus far the ' blacksmiths, machinists and boiler makers are the only persons affected by the reduction. XSD OF A MIMK3 STRIKE. Porrsviixk, Ta., Aug. 12. The strike In the Shamokin district is dying out Buck: Ridge colliery resumes to-morrow, the mi ners having accepted an advance of five cents a wagon, and it is expected Big Mountain colliery will resume tkis week. The works at Mahonnoy drift bare partially re sumed.