The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1874-07-02

he whole public mind that wsy. While
n our country there IL constant clamor
rom the holders of Government notes
md securities that these shall be sppre.
in value, just the reverse of this
has been going on in regard to the ma
liOnal debt Of Great Britain. Since the
discovery of gold in California, Australia
and Russia In the last twenty three
years, and the application of improved
to pros ure IL, il has declined
30 much in the face Of other articles es-
tima;ed by labor, that the holder Of
British bonds only gets 10 per cent. of
what he got at that time Nor Can We
see any probable limit to this downward
tendency. In our case there has been
. steady and very rapid appreciation.
In 1864, or ten years ago, our credit had
So declined ss q mai ke,able Commodity.
that gold stood toward it ~ % to 1.
Since that time the holders OF all our
notes and securities have received Q
profit on them. or enhanced value of 100
per cent. In other words, taking into
account real values. We have more than
doubled the war debt This Was done
uEder the most sacred of all sentiments.
honor. and desire to redeem our Pied
ges. real and imaginary.
But, sir, as this question has another
aspt CT. AS IL affects the value OF labor
ON the one hand ~ much as il does
wealth on the other, let us examine what
''specie pay mebt" means. / have said
tina, some nations have two standards Of
value, silver and paper credits; others
three, gold, silver. and paper credita
Now, our Government has four. The
coined gold ami silver of the Republic.
the trade dollar, and paper credits.
Now, while it takes one hundred and
twelve and halt cents Of Hreenbacks to
get one dollar in American gold coin, il
takes 10 or Il per cent, more to GET Q
trade dollar. Does any one here pro-
p0ee to resume specie payments on the
basis Of the ''trade dOitar," and il net
Why not? And yetevery one means By
specie payment putting all money on the
basis Of our gold and silver coin. But
il We can stamp ninety cents worth of
silver and call it dollar, Why not any
cents worth, or twenty-i five? 1t viii
thus be seen that our coin receives M
value not from its intrinsic worth, but
from our credit and authority. Az
have already said gold and silver aps
continually iluctuating and steadily de-
clining, wish to call your attention 70
another fact in this cOnnectiOn. The
circumstance that gold and silver are 10
demand tor coined money gives then
the greater part Of their value. Gold 10
| used as . representative in coin. II -
also used for jewelry, gliding, snd, 70 .
limited extent, in plate. Butthe amount
required for manufacturing purposes 10
very small. 1t We estimate the billions
on billions of gold and silver that have
| flowed into civilized countries durina
the last three hundred years, if you dec.
troy the demand made for it by govern
ments creating it into money, the other
uses of these metals is 80 Insignificant
they would have been worth little moro
than iron, if as much, for iron ia in uu.
limited demand. As silver has Q great
many more uses in the arts and sciences
it has q greater re,ative value than gold
outside Of its use as coin. From this No
simply see that he value OF coin in mss-
surfing exchange is not derived from tho
intrinsic worth 'f the gold and silver
from which it is made, but from the fact
that governments by their stamp and
authority clOthe it with the power Of
money in efecting exchanges. Against
his stamp and political authority the
fluctuations of gold and silver have con-
tinualiy varied.
What men have constantly demanded
of money is that it shall have affixed and
unalterable value, that it sha II unifOrmi-
" represent the same amount OF labor
wheat, beef, and cloth, the equivalents
of labor-subject to the variations Of
production. These are real values.
Neither gold. silver. nor paper money
are so to any appreciable extent When
a man contracts debt in currency At
ninety cents he oes not wish tore COM
PEELED to pay dollar. To speak more
correctly, when he buys on credit the
product of four days labor, he does not
wan, by some action of his Government
to be compelled to pay for five.
! That IL precisely the conditlon Of this
country at the presen' Tine. A great
deal of money is locked up because those
who have il are afraid that u change OF
values might strip them of more than
their profile. What the country to-day
demands is fixed and definite system
as far Us that is possible. The people
want to know what to depend on, and
Just hat much Congress owes TO itscoD-
s,iiuents all over the United States, ssd
l en,reat you, gen'lemen' n"t'o saJou!e
un'li you nave exhausted every enoIs 70
secure IL. ihose ~ho hurry nome 70
wotK LOT re eiecuoh anu neSlect 'nis
GUY may learn mat 'hey go! oac. 700
soon. ANA mus Wnen 'ne interest OF
capital demands governmental action
TO force US to specie payment againss
the interests OF laoor, when the hoi1ers
oil Government securities demand Thai
We appreciate their property IL per cent,
and wiring some nunofeds OF milions
from the suffering business OF the south
and west, We cry naN! we say thai
nothing can leginmateiy carry % to
specie payment but the increasing wealth
and resources OF the nation, and 10 in
creased power to pay It's debts. All
artificial maneuverings INT nat direction
by law or executive interference are nos
only subterfuges, but dlshonest'
/ admire the patriotlc spirit which,
influenced by chivalric sense OF honor
has made this nation IN the eight years
pay SO many hundreds OF millions OF her
debt. But, sir, there Is another side 10
| the picture. Could the decade ending
| in 1860 have borne such q burden! Ne.
sir. The war decade Was cecsde Of
| expansion and imitation. Waslt ruiDouo
to the prosperity OF the country! NOT e
| all, sir. In no period IN the history OF
our Government has the country -
thriyen AL the real wealth Of the No