Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-09-17

moro business man does the greater his
losses. 1t produces unsteadiness and pan
&c and gives rise only to illegitimate gamb-
ling transactions. And yet in the presence
of these truths-in the presence of this
taxation and of this crushing public debt
the administration continues to contract
the currency. This system enhances the
valne Of the bonds-it enhances the value
of the gold interest-it enhances the value
of money, but it requires more wheat from
| the farmer, moro machinery from the man
ufacturer, moro toll from the
laborer. to raise the money to pay
his taxes. and it sweeps away the
profits of years to pay ordinary indebted
ness. We are trying to do what no nation
ever did Or over will do. We are trying to
pay a war debt and war taxes with peace
currency. Great Britain made the attempt
for ten years after the wars OF NapoleOn
bnt three times in ten years the distress be-
came so great that she expanded the cur
rency, and at last she funded the debt,
abandoned all idea of ever paying the prin-
cipal and repealed the most onerous taxes
The system is radically unjust. The debt
contracted on our expanded currency
should be paid III the same currency. The
dollar which is paid should be of the same
value as the dollar which was loaned. No
device of the public creditor. no scheme of
the Treasury Department. should be per-
mitted which will make tho dollar which is
paid worth twice as much and therefore be
twice difficult for the taxpayer to earn
as the dollar which was loaned. This cry
for speedy "return to specie payments -
before the debt--which wnsincurred on an
immensely inflated currcncy-has been
substantially reduced is IL plan to increase
the wealth of the bOndhOlder forty per
cent Mt the expense of the taxpayer-is II
device to cheat labor and to enrich hoard
ell capital it is II scheme to despoii honest
industry of its rewards and to heap treas
nrcs upon idlenesa it is another instance
of the fact that in this antemillonnial world
"to him that hath shall more be given,
and from him that hath not shall be taken
away even that which he seemeth to have. "
The administration, for the first time in the
history Of the republic, has the power to
make times hard or make times good-in
other wOrds, it has the power to make
money plenty or make money scarce. Who
are responsible for the present hard, and
may say deplorablo times? Why, of course,
the administration, which controls the gov
ernmont in favor of the bnnCholder or
in other words, the bondholders control
the government in favor of themselves. -
Who are responsible for the acts Of the
administration ? Gentlemen, it Is you, the
people. While the administration has the
power to make money plenty or scarce,
yon have the power to make the admins
tratinn do it's duty--a hint from you in
October will be sufficient. | regard the
sndden contraction which has been brought
ahout-n contraction which has ruined
| thousands of our best men--One of the
most htartesa and cruel acts ever perpe
trated upon a people by their rulers. l
have SO often expressed my opinion as to
the propriety of dispensing with the ma
tiOnal banks, OF the substituting legal
tender notes for their circulation, and thus
saving twenty millions of dollars year IN
gold, and as to the best mode of paying
the public debt that will not weary yon
here by their recapitulatlon.
The whole policy of the administration
should be reversed. Pay the debt ; pay it
honestly according to the contract pay 1t
IN money as valuable as that which was re-
ceived for it pay it in legal tender notes;
abolish the national bank system pay OFT
the bonds on which they are founded; save
the yearly interest ; use every appliance OF
economy and management in advancing
this policy. Then when the debt is paid,
when taxes are reduced, when seventytve
millions suffice for the government, when
all property is subjected to just rule of
taxation, ii 1t be advisable to contract the
currency and resume spt Gle payments it
can be effected without great disaster, and
the inevitable suffering can be borne.