The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1874-09-16

y. l
If the republican party, and has been coI-
tinued more or loss actively ever ,incc.
Tho effect was instantly visible Industry
and enterprise were crippled prices felii
debts contracted on an expanding our
reucy and rising prices were paid while
prices we're less and stIll falling, and thor
payment crippled all men engaged in oct
i've business, and in every case, tran' he'd Z,
on the Accommodations OF former years.
In eight years the payment the Heating
debt, which had served tho purposes Of
currency and the expulsion Of bank paper
and coin, am ountei TO nearly 81 OOOOJs-
600. While this contraction has been
going on, the administration claims to
have paid 100000 0oD Of the principal
Of the debt 81 100 900 600 of inter In
gold-in all 81, OiJ ,000, 900 or SUN equal
almost 10 the entire wealth Of the people /
Of the United States In ls2O
There enormous sums for the pSymen! /
of the Indebtedness of the federal govern
mont have been drawn from the accumu-
lated csptal aud tho gains Of Industry. /
Labor, tie s1atce Of all wealth, has borne I
this burden Tho bones and s,news and .
blood OF men and women have coin'd
those sums, and all the while their Wa
have b en- decreasing. 1t i. cafe 70 ~
there has Teen s.sguaiiOn Of busiue.- 81
every kind beyond all precedent; thvt
| lbe people, the merchants, the rnHnutAc.
Jurors, farmers, lHbDrers men aud WON n,
! bows and girls, from tho millionaire TO tie
! sowing girl, suffered US they never suffered
before, Hni that husbands and pArshis
have. in the large cities, sought voluntary
death rather than 10 soc stsrvEti.n IN the
Dyes ei their wives and CAil lreu. IL u
| entirely ss'e - -ay that II wss easier g.
/ pay ak hundred millions of taxes IN 1875
than threp hundred millions this year,
easier {, pay the high prices Of that year
| than tho low prices OF his year. IL IS
| entirely cafe ~ cay thzt families which
we're opulent then, families which were
comfortable then, now are reduced to tho
utmO't want, and in terror aat shame,
lead wTetohed liycs in ;leir endoAvor TO
conceal their poverty-str,cken condition
In 1865, the price OF corn was ), 81 per
bushei the price of wheat was 81 per
bushel. Iu 1873 the price Of corn was
20 cents tushel, tho price Of wheat sl.I5
bUshel. Tho bond remains tho same.
The private debit remains tue came. But
It require. now eighty bushels of "heHt g.
pay bond or noe of 800, while II re-
quirad only forty bushels 10 pay II IN
| ls55 Dies n Dushsi Of wheat require
less labor, les. plowing, less LAND 20 raj"
1t now labor ia cLeaprued, capital i'
made more valuable, aud hence tbs Dis
tress.
Now, Why j. this; whas promp.s n
policy which thus res4lis To return inn
mediate.y % spsG,s payments. IL lie
end worthy tho -acrIf 20 Are iu
ate specie pawn nLs wO5 10y u d. suffering,
this ruin, this .iaguati1n Of bG,In -, ll,.
Z a. mn ~
labor are they worthy tus ls4rs Of
hungry children, tho groAns OF d-spsiring
parents, the agony OF bsIkrupH, TIE
iu.ses Of debtors! specie payments Are
they the chief end Dt man, tie psrfec:,on
If tociety, the ultimate pOin: for which
II lie ia TO Le sacrificed, and tie whole
generation TO be- ruined GOOD they are
Desired have ss!i they ate, Juti they cnu
be too dearly bought.
, The country was brought, no. by design
but by the logic OF this legislation TO the
: condition Of l.yj, aud tue staIs,iEsush, ,
, consisted then, as always not In applying
speculative theory and rigid rule, out 10
using exped,enn. The pubic debit Of The
country was 30 bs psid. The private In
} ceb,ed ness TO DO provided for The i'm.
rnenso acquisition 70 the -eii depeuIen'
] population was - l.. a'npioy 80. ~ uIl'l
; TO effect these ends energy needed 90 b.
stimulated, industry needed 70 be SwsrIeS
production should have been encourage
10 tho is.t degree, and markets for 10,
T sale Of products should have been KEEP
g active in order TO stimulate other proilc
= tyus and other markets. Clearly thl
, could no. have been accomplished by con
: traction.
Tho wise plan, eli .ign:, il,t and hone,
. was to keep tho volume oi tle currency
! SIS il stOoi during the war. Industry, ell
] ergy and enterprise would not have beer
J crsmpei; business would have contin usG
J active sad profits would hayo been real
! lied the taxes would have been paid, anC
e debts weuld have boon discharged At I'll,
t same rate a. which they wer1 contra ted
: This would have been jas. 10 tho !AbOrrr
u just to the merchant just 10 the pub.u
. creditor, just 70 tho private creditor auC
g above all just TO the dshtOr. IA tho mean
: time the public debt, discharged e. rapid,
9 a. matuTed, would by this time, have beri
: largely paid of, and the ten years Of &C
: tive aud productive industry would Lav
G SO increased our capital, 90 lncrcasg1 on
9 exports, that tho currency woIl,
& have approached the value u gold M,
u thus specie payments would ia due tim
y have been naturally, easily and saia..
:, reached. At all events, with our debl
= discharged We could have better Dp-ne tn
d shock, and this misery would have bcsI
g avoided.
G Learning nothing by this experience
i the republican party proposes u continue
}, the present contraction, TO pay specie To-
!. greaubscks, and to buy the specie witt
0 goid-bearing interest bonds 10 cancel tn
g green Dscks, - repeal the legal ten 10
r clause, and 10 make nstl0uGl bsukinl
! FREQ. Tha. Il, ia one word to hArs-s til
Q people, to enrich ths csp'talist, 70 ruiz
= the debtor, to disable the private cred itor
: TO parslyze industry, and stimulate IN
J. profits q money-lending sni stock
;, jobbiug, And as if in solemn mocker.
0 u every profession ss 10 tho necessity o
e specie payments, banking IS TO DO free o.
D 4 basis Of bonds, and without tho equsIit,
o Of lega-tender notes.
!. The scheme il vicious in every point
Y 30 long as 80 La'0 P"Por ourrency let /
Il be legal-tender green backs--the cheapest
! and beat paper currency in the world
s Let i. DO as abundant "a experience die
! tstes 20 bs necessary. When tho iEdustry
Q sad wealth OF tho country shall be sui
! Ciently developer they wi oo ut par Will
gold, and then specie payments will be re-
| sumed In the moaDtms trade will -four
h. ish; work will Be abundant; debts, PR
! vata and public will DO paid interes
will be saved, and tho great want Of thi
( new country-porhsps OF every country
: low interest will be supplied. Accumu
. lated capital, know, produces low inter
z est 50 does abundant currency. At al
: events, abundant currency, actively en-
d ployed, IA the real parents Of accumulated