Middletown transcript., 1875-01-09

embarassment now 90 seriously ahlict-
ing the people Of every part Of the
country. .,s.,zss,sss. :ss.s,s 80
] aWhhout advsrtihe 10 fhs exirasa-
CANT expenditures Of the public money
which has marked the history Of the
country for the last eight or TEN years.
when economy was demanded iu order
to recuperate from the exhaustion pro-
duced BY four yesrs war. " we'll as
to provide for the payment Of the ip-
terest on the public debt, which that
war had entailed upon the country, the
financial policy Of the government has
been most unfortunate, not to say un-
wise and pernicious The exigencies
ef the war were made the excuse and
justification for the issue BY the govern
ment of large amount of paper to cir.
culate as currency, and for the redemp-
ton Of which the faith Of the govern
ment was most solemnly pledged. A
part of the currency thus issued was
declared to be legal tender and made
receivable as such in ell the ordinary
transactions between private parties.
Even admitting that the government,
under the pressure of an exhaustive
war, was justified in resorting to ex-
ceptional measures to sustain its credit
and maintain its armies in the field,
still it cannot be doubted that its OBJ
vious duty, upon the termination Of the
war, was to observe it's pledges and
make provision for the redemption Of
the paper money which it had issued
and put 10 circulation. Congress re.
cegnissd this obligation. and soon after
the close Of the war declared by resolu-
ton its purpose to do SO. .ss
Nearly ten years have elapsed since
the termination Of hostilities, and yet
the pledge Of the Government is uDfu1-
filed, and deprecated paper currency
is continued as the medium Of exchange
in all business of public or private
nature. except in the payment Of duties
ON imposts and interest on the public
debt. While in almost every civilized
country on the face of the earth ex-
changes are made in gold or its equiva-
lent. 10 the United States the univer-
sally recognized measure of valaes 10
banished from the ordinary transactions
Of life and made an article of merchan-
disc and traffic. / need not speak Of
the effect Of this substitation Of Idepre-
ciated currency for coin upon the pros
perity Of the country. Il has been
witnessed 10 the fpctustions Of bust
ness, in its occasional expansions and
contradictions, 10 the insolvsncies and
bankruptcies which have followed, and |
the unsettled uncertain and demoral-
ised condition Of sffaifs in every part of |
The country The present prostration
of business, and the consequent embar-
rassment resulting therefrom. is. in aest
small degree. traceabls TO the failure Of
the Government to restore the currency
to fixed value. equal to the coin Of
the country That this might have
been accomplished long ago there ID no
COED reason to doubt. It cannot be
possible that 10 .. country ofsuoh ample
resources there can be any necessity for
conducting business with Z medium of
exchange intrinsically worthless, and to
which the whole credit of the Govern
msnt cannot give 6xed and definite
yalae. ilEg5t 9kias !. aHT
: In the fertility Of, our laads- and the
variety Of our prodactions.i aolcsantry
On earth surpasses our own. Onr
valleys are rich'in min
eral treasures, and our gold and silver
mines yield annually their fulhshare Of
The precious metals. Our cotton fields
are capable Of supplying the msnufac-
Of the world with that useful
staple. SO indispensable to the wants
md comforts of mankind and in ali
he elements Of nationsI wealth and
prosperity We rival the most favored
portions Of the earth. With such vast
resources We ought to have been able
o have redeemed the pledges Of the
Government. and to have placed the
national currency upon basis which
would have given it commercial value
,qual to gold. The accomplishment Of
his object haslnot had its proper in
luence in the councils of Tie nation,
md has been delayed BY theF policy =
pursued BY Congress and the Federal
administration. 10 the lavish sxpsndi- :
ares of the public moneys and in re-.
arding the development Of one portion,
i the country, and thus dimihishin9 Z
argely the national wealth. % Fl
Had the Governmeht, upon The ter= r.
nination Of the war, refrained from acts
{ oppression and permitted the south
rn people to assume control Of their
wn affairs, the wastings Of the strife
Iould have been measurably repaired /.
nd the former prosperity Of the South
estored. Improper interference, how
YER, on the part of the Federal suthor-
les, dictated from motives neitherj s
ommendable nor excusabls, has re- fl
lrded the improvement Of that section q
the country, which has been sensibly1 1
1T in its reacsionary influence BY the laa
eople Of the Northern and Middle 4
tates. .s sgsi.a5.g fssx
The South, instead Of being . liberai =.
nrchaser in northern markets, hast ti,s
sen kept impoverished and unable to q
'ntribute. BY the full sdevslopment of !,
3 resources. to the wealth and pros-
srity Of the country. s,'.'sae55 + f. =
The commercial and manufacturing F;u
terests in the north have been of late
,pressed With this fact, ands seem :
uch more ready to heed an appeal ad- :,
essed to their own interest than such |"
have been predicated en- injustice
al wrong. ~ ie fstssisoe 54Tsl 4 "a 2