Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1872-04-25


80. l,ss. - srn.e> s8eI as'n ~
and maintsiu specie paymea nov doe,
it happen that specic paymeS| IA not Z.
once resumed. and who are Sfegs az u
risirtaining dspreciated <8Sv yE n
IL the sgricultur:st /. ID aiI uicrr6snts
is il the laboring man IL leave II
quote the language Of Dauyx iwebsse,
used IN. discussing sinilsf a Slsor, ne.r.
iy forty years ago in his sps1 on the re.
moval ofthe deposits: <ssTs sE'-'
:. Sir. ,b. vcrr ma, af !, 4 :. :.
deepest Interest in sound curre And who
suffers most by mfschievous Ieess 81 h mon
ey matters. is she man who eafns<c 1aAilv brad
by his daily toll A dspreciess, sencE.. sud
ssssn sss sAsass mssS;Ss q IF e 2spes
e betseta hes. - u sskesiV Ffsseh bss
see.1 ssss 80 sssrses2.S .Sfns sfspechias5sE Sd1
OF The whole race Of those who are at onos. e
hand crafty and Of that other race. too, the Cat
lines Of All time marked 50 As 10 be known far.
ever by one stroke ofthe historians ren-those
greedy OF other mems property and prodigal of
their own. Capitalists too, may outlive such
times, they may either prey upon the earnings
OF labor by their cent.-pcr cent, or they may
hoard, but thclaboring man " hat can he hoarda
preying on no nobody, he secomes the prev Of
au- lis property is in has hands His reliance
has iund, bis productive freehold his all Is his
labor. Whether he work on his own small cap
ital or another his living IL still earned by his
| industry. and when the money of the country
becomes deprecated and dehased, whether il be
adnlterated coin or paper without credit, that
Industry is robbed ofits reward He then Ia
hors for country whose lsws cheat him OH, of
his bread
What is true Of the laboring man is true
/ Of the agrieulturist. of the mechanic. of
the merchant, q, those engaged in naviga-
ton and ship building All those classes
depend upon their industry, and the sta
bility in value Of the means of industry
which they employ for success in their va
rious employments. Their labor must have
a definite standard to enable them to d.
rect wisely and well their efforts. But
there are classes, wealthy and influential,
whose interests are at war no less with the
bonor Of the country than with the pros
perty of the great masses of society: clas-
scs who are active. powerful, energetic,
and intelligent classes tsho are supposed
to understand and who do understand too
well the relations of this question; to whose
utterances the people give too easy Gre
aence because they have knowledge ofthe
subject, and who take advantage Of the
confidence which is reposcd in their saga-
city and the reliance which is placed upon
the disintcrestedncss Of their expressed
opinions to create erroneous ideas in the
public mind, and to pervert knowledge for
their own ACKNOWLEDGEMENT. sen
These are debtors, spectators, the hol-
dcrs and investors in bonds, the rational
banks. and the tariff protcctionis.s. Each
and every one ofthcse classes find in the de-
probation of the currency Their cpportuni-
ties of wealth, and they are persistent in
their representations tLa, tie forced circu-
la.icn of a deprecated currency is both
necessity and benefit. These mca are
to be found in every part of the country,
controlling shc public press, poisoning the
public mind. invading and influencing leg
isla'ive bodies, combining to create strin-
gency of money and embarrassment of
credit. that their own ili-sctten boards
may be multiplied. Fake for an illas.ra-
tion tho bond-boldcrs. representing ST.
800 000, 900 Of the property of the coun-
try, concentrated for the most part in the
great cities and in New England.
: The greater the depreciation Of the pa
per circulation the more profitable are
their investments in bonds which bear a
gold interest. At the present rate efsay
ten per cent. premium on gold the holder
of bond for 81 900 receives for six per
ccnt. bond sixty dollars in gold, which is
equivalent to sixty-six dollars in paper
Now, just in the proportion Of sixty-six to
sixty is that bondholder. whose income
is in gold, richer than his ueighbor whose
income from honest industry is paid in le-
gal-tcnder notes. If his bonds yield him
1000 year in gold, then he realizes
! 800 more than the man who earns
$1,000 paid in paper currency. Is there
any reason or justice in this ? / say again
| would not have the bondholder paid in
currency less valuable than gold.
would not take one farthing from the
amount which has been contracted to be
paid him. But there is no injustice to
him in providing such an equal currency
That he who receives iais payment in paper
shall receive what represents an equal
ly true and not an imaginary and pcrpet.
ually fuctuating value.
As with the bondholders 80 il is with
the national banks Of the United States.
They have a circulation of over three hun
a.4d and twenty miliana, and their capi,
tai is represented to the cxtel.. Of over
three hundred and fifty millionsi by gold
interest-paying bonds, which yields then,
profit which is enlarged exactly in PRO-
portion as legal-tender notes are deprcei-
ated as compared with the gold interest
which they receive en- that part of their
capital deposited with the Treasury to Sc
cure the redemption Of their circulation.
They receive, as minimum, six rer cent.
profit on their discounts. and precious few
of them there ars who do not in the very
face Of the Law cxtort ten per cent. for the
favors they dispense; aad they receive on
the bonds deposited repfescating that cir.
cusa'ion. At the present rates. six and six
tenths per cent making theirzEhole pro-
fis twelve and six tcnths per Sent. OF
course it would be dissstross 10 them 70
return 10 specie paymcnts. But these ut
tcranecs upon the effect Of resumpAiea sre
taken rs s.r .roatAeaTu BY snsuspeesine, In
nocea. people. and % sgain f.lsc public
sentiments engendered that the country
is not prepared for resumptioa.
I But the largest. the must powerful and
indscntial Of ah the clssses who oppose re-
sumption are The high-tariff presecsien;sss.
! The odieas and oppressive law. which j,