Huntington advertiser. [volume] (Huntington, W. Va.) 1874-1921, 1874-12-17


comes superintendent with one people,
will find market with some other
"a currency which has at its basis
the labor necessary to produce 1t,
which will give to its full value.
RETURN To SPECIE.
Gold and silver are now the recog
nized mediums of exchange, the civ
ilized world over, and TO this we
should return with the least delay.
in view of the pledges of the Amerl'
can Congress, when our present le
gal tender system was adopted and
the debt contracted, there should be
no delay, certainly no unnecessary
delay, in fixing, by legislation, a
method by which which We will re-
turn to specie. To the accomplish
ment of this end | invite your spec
ial attention. | believe firmly that
there can be no prosperous and per
manent revival of business and in
dustries until a policy is adopted,
with legislation to carry it out, look
in to = return to a specie basis. 1t is
easy TO conceive that the debtors and
speculative classes may think it OF
value to them to make the so called
money abundant until they throw a
portion of their burden upon Others
but even these, | believe, would be
disappointed in the result if a course
should be pursued which will keep
in doubt the value of the legal ten
der medium Of exchange.
A sound currency might he reached
by total bankruptcy and discredlt OF
the integrity of the nation and Of In
diyiduals. | believe it is in the pow
er of Congress at this session to de
wise such legislation as will renew
confidence, revive all the industries,
and start the country on career OF
prosperity to last for many years,
and save the credit of the nation and
of the people. Steps toward the re-
turn To- a specie basis are the great
requisites 70 this devotrdly to be
sought for enl. There are others
which may touch upon hereafter
4 nation dealing in a currency be.
low that OF specie in value labors IN.
der two great disadvantages. First
Having no use Ton the worlds &C
knowled.ei mediums of exchange,
gold and silver. These are driven
out OF the country, because there is
no demand for their use. Second
The medium of exchange in use be-
inc Of q iluctuating value-for after
all it is only worth the price what 1t
will purchase of gold and silver met
alS-having an intrinsic value jus,
in proportion to the honest labor it
takes to produce them, 4 large mar
gin must be allowed for profit by the
manufacturer and producer. 1t is
months from the date of production
to the date of realization. Interest
upon capital must he charged, and
the risk of huctuation in the value of
that which is to be received i'll pay
ment added. Hence the high prices
act as a protection to the foreign pro-
ducer, who receives nothing in ex-
change for the product oil his skill
and labor. except currency good
at q staple value the world over.
THE BURoEN on WORKING CLASSES.
Ii seems to me that nothing is
clearer than thai the greater part of
existing prostration, for The want OF
a sound financial system ais upon
the working man who must, after all
produce the wealth. and the s..'H-
ried man who superintends and con-
ducts the business. The burden
falls upon them in two ways-by the
deprivation of employment, and by
the decreased purchasing power Of
their salaries. 1t is the duty of Con
greSs to devise the method of correct
ing the evils which are acknowledged
to exist, but will venture TO sug-
gest two Or three things which seem
to me rs absolutely necessary to re-
turn TO specie payment.
REQUIREMENTS FOR SPECIE PAY
NESTS.
The first great requirement is
return to prosperity. The legal-ten-
der clause TO the law authorizing the
issue of currency by the National
Government, should he repealed. to
take effect as to all contracts entered
into after day in the repeating act:
rot to apply, however, 10 the pay
ment OF salaries by government, or
for other expenditures now provided
by law to be paid in currency in the
pending between the repeal