Wilmington daily gazette., 1874-04-10
The Truth Wei Spoken.

CoNoREs PHILIPS AND IiAwLRY on
INFLATioN.
The more intelligent papers oithe Eastern
States are commendlng with much warmth
Of OK preston Iwo able speeches Oil the eur
rency question in the House OF Representa-
tives by Mr. Phelps. of New Jersey, and
Mr.. Hawiey, OF Connecticut, both foroibly
exposing the evil of Imitation. The follow
ing 10 an extract from the speech Of MIR.
Phelps:
"He sad the farmer gets tor his produce,
In paper money, what lie got before the
war, plus the premium IN gold. but every
thing he buys he buys at an advance great
er than the premium. Wheat In chicago
before the war was 81 10 per bnshel. good
sugar cents per pound. Now, In the same
market. wheat brings 81 p and the same
sugar, llls cents. The price OF tho wheat
shows ih" premium OF gold, the price ofthe
sugar shows the premium of gold plus an
ad9aGce OF Il per cenT. The importer and
jobbor have not only charged the premium
on gold to the consumer, but have also
taken from him an eytravagant rate for
shielding them from irriher loss. so hero
the nuctuatlng currency was source of
wealth 10 the itch trader, source of power.
ty to tho farmer and consumer. II y not The
worst al the farmers casa that hid hushel of
wheat shall not bring him as mich sugar,
as many toola a. before. II costq hinl, alas!
moro to grow 1t. lie pays morn for land,
Y
tho perpetuation OF a iinan9ial system which
robs tho laborer and tho farmer, 10 Ill tho
Golfers OF thr merchant aud the speculatur
Is policy urged by thosa who pretend 20
1 De thh enemies of tho rich and friends o { the
poor. In the name. ihen. Ct the laborer
l who CONSUMES and the farmer who pro.
duo On. whose welfare ts iha Weifare or the
country. and who welfare ID sappsd by y
dishonest currency, give III currency
which has gold for Its basis Ihis much at
least VIC can do. We cannot DO all, We cam
not cure sll tho evils OF tbs financial world.
Men will still fall; panlcs will still blast,
Indianapolis will stiil want money corn
| raised too far from market will still warn
the disappointed busbandmen railroad rob
| bers will sgain drive four.iu. hsnus the
| wicked will flourish; the good viii pine;
| sGarus will lie outside Dives will feast
| inside In word, man will stili be human
l whatever currency triumphs. Brt with a
redeen1able currency we can mako fewer
failures. fewer the panics, fewer tho Lssa-
| russs, fewer the Divsses. less the suffering,
1 less the vice. Ies, admit with it-eyen
with an honest currency we shall still
| have panics. world which docs its husi.
ness on credit basis eannot escape them
and this basis IL one which grows wider as
the world Grows older.
Gen. Hawley went -olAethinx farther,
He not only resisted infiation as q financial
evil. sure to work injury to the industrial
/ tntoA AOSss oA shC N"bhiys put
political, or rather of partizsn pOllry,a huge
mistake. He showed that the Republican
party and the Administration arc forever
pledged to the redemption OF notes In coin
the assurance Of Congress- iaat tho Legal
Tender act WAS Temporary war measure
being most solemn, and the law expressly
declaring that no interest bearing obliga-
tons Of the Government shall be paid until
greenbacks are converted Into coin. Con.
gress, even ~ late as February, 1874, de-
clarsd that the standard unit of valve in tn 0
United States should he 2Ss-i0 fine gnad
The speaker dsaied the right to issuo the
reserves, aud vsrT clesrlv showed that this
power 70 unconstitutional. lie believed
that the lndation measures were fraught
With more disaster than the kansas-Ne.
brsska bills, and stated that he would sup.
port no man for any position not SQUAD up
ON currency. All OF which reads we'll and
10 we'll; but to what purpose are party
pledges and Qoeernment promises In the
face of the votes OF the last three weeks OF
lCongressf It 10 the case OF man W no q yes
his word aud his bond, and then nsedlessl v
deliberately and wicksdly violates both.