The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1869-09-23

TTTgTIt;; s:05g; 5J01---sccoFdfng to
M.19Ma tEil ! o&k's1 Dlaaf GsA 635 100000,

(
Mtt oMe eCalloeHs1p plaif 1856 100000,
instead Of otfi: = 2, ,4ISII,pU,090 according to
Mr.. BoutWell}sI plan. T-rorr2so 5aa;I
But? even according to- his plan, the
stateraf9 Shows al al Increase Of more
than 4 eleven! miilipnslaef dollars of
bonds which bear--interest i'll coin.
Aid If these Causes $ combined were
not enough to. palsy, trade and pro
duce That Istagnati4sqn Which we call
"hard times the SecpetaryshasaJ con-
tinued the contraetfo ! Of the currency
On the 1st ofseptemPer, 1865, the cui-
rency, consisting of banlS-notes and
a92-tendef- notes. am ollnted to $g6I,-
$4,000. .Qnthe lstefSaptember, 1868
it amQpnted To- $G{1rIes;f55, 1rIIes;f 900 "a rqntfac-
,tion Of S229O,QQAQM., in three years, ~ If
ttIhlle the, qIIePqgtslpqRlisbel in the oneWsPa-
,ReffP'sS ReffP'sS are GoFFeet, the currency on the
tlst of September, 1868, consisting Of
the same two items s. united TO S659-
92Q 0qQ q q still further reduction OF SIP
10000. uRgt bfe SacEetary boasts that
,RIles ,Rles has has reduced the tbFqe Feent,eeF-
tife3tes nqe4rlyi 6l2,990,QOQ,l and the
fG;9ffmflpo4llpyali oj4llpyal iipteresto notes more than
5lI4QgYQlfp9s 5lI4QgYQlfp s99pQrt These were used as the
rq6fgvqs qs3qqfft4l 3qff the banks banks. 9d II they have
been thus reduced, their their places are
sUpRliiee.d Rliie. With Iegqfb-tffPRder eqfb End notes and
these amounts must be added to the
SI6,O0o,001 and thus We have con-
traction this 'yeai@ Of $3S, 100000.
..Mhg, gentlen1e1l, after the ,close Of
the .war il, lSYl5s tihle tbs country banks Of
q, GEeqtt ,lB}fr britain contracted their is
sues, seven million, pounds, and the
10y produced by the peace was turned
into agony at the. PROSPECT of upiVer-
sal bankruptcy. a.. ...s..a..7, ..ts
,EEEECTs OF CONTRACTION. .t..-t
,HaYYe you considered what contrac-
lion brings il;9s with it, Il brings upiver-
Sal fall Of prices Of goods and labor,
While debts, taxes and moneyed obli-
cations remain fixed. The man who
has money Becomes much ifsicher,. be-
.catse lis money win pay for more
Fand, more wheat, more labor, But
the f3iAttl who owes money becomes
much poorer, Because he must sell
kIAepe land, more wheat, and perform
more labor, 10 bat1the debt. Itbreaks
I2doWn aHobas;hess, because if prices
decline, the more business man does
the greater" his losses. 1t produces
-unsteadiHess and panic, and gives rise
only to illegitiAlafe gambling transac-
tions. airH,Isit jpsE tg .iLEf
u3.And, yet in the presence of these
| tIRt; hS4in the, presence of this i'm
.tfnense taxation, and of this crushing
public. debt-the Administration con-
tinues to contract the currency. This
system enhances the value iof the
bonds-it enhaHces the Yalne OF the
gold iHterest-it enhances the value OF
money, but it requires more. wheat
i from the, farmer, more machinery
from, the manufacturer, moro toll from
the laboEer,y to raise the money to pay
his taxes; and. it sweeps away the
profits ofKears to PAN ordinary i'll
\ debtedness.. tiff. t,,.4 ...- ,, ..,.,.fs.
4 s. We are trying to. do what no nation
ever did, or ever win do. We are
trying to pay war debt and war tax
4 cs with a peace currency. Great
Britain made the attempt for ten years
after the wars of Napoleon, but three
times in ten years The distress became
so great that She EXPANDED tie curren-
| ty aid at last she fiinded the debt,
abandoned ali idea of.3eyer paying the
pfincipaf, and repealed the most oner-
GUS taxes. The system is radically
unjust. Ytrhe deBf contracted on our
expanded currency Should pc paid in
tlleisaine cupreiicy.. Tie dollar which
is paid Should be of the sariie value as
the dollbr'whichwas loaned. '''2..'.'
This cry for a speedy. "return to
species payments before the debt
whfelrw;ls incurred ON an Immensely
inflated currency-;has been substan-
tiaHyi reduced, is "a plan..to increase
the wealth of the bondholder forty
per cent at, the expenses of the tax
payer; it is, devise to cheat laborand
10 enrich iihoatded capital; it is "a
scheme to despoii honest. industry of
its rewardsaan to heap treasures up-
on idleness ; it is another instance Of
the fact t1Ifatl inothis sante-millennial
world g to him that hath shall more
be given, and from him that hath not
shall be t4kqnf away, even that which
he seepleth to have sa ~ low
The Administration, for the first
thine in the history OF, the Republic,
has the. power to make times hard or
make times good in otheg words it
| has the power to make money plenty
or make money Scarce Who are re-
sponsibies for the present hard. and'I
may say deploFabIe times =? .Why.nof
course, the. Administration, which
cotitro!s the Government in, favor of
the bbndholdcf'; or in other words,
the bOqldholders control the GeYern-
ment in favor OF themselves. lWho
are responsible for the acts OF the Ad-
ministratiou Gentlemen, il is YOU,
thepe6ple. While the 'Afministra-
zion has. the. poWar, to nIa6e n1onbN
hplenty, or scarce you have. the .poWer
to make The Administration DO its
duty-a hint from YOU in October will
sufficient. | regard the sudden
contraction, which has been brought
abQut--9contracti0p which has ruined
! thousands OF our best men-oue OF
the most hcaItlcSs and cruel acts ever
! pcrpetrated upon n people by their
rulers e-4a-.g.HII a. r-ujts.. .a,;n..l
7 have so often expressed N.Y. opin-
ioti rs 70 the nroprety of dispensing
With Nationaf banks. OF the substi-
ing"iegal-tender notes for their cir
/. cQlalion, and thus saving tweaiy-two
I millipnsfofs dollars y year ingold, and
as to the bost way OF paying The pub
lie debt, that l will not weary YOU
D.. 4 90