Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-12-03

y
Place aud Maiden Lane, where, after
a similar experience to that just related,
I Was offered $16 50 in greenbacks.
On the same day jeweler off ed me
81 so for it. Another ventured to say
that he would give me So 10. You
seq, he figured very closely; he was
anxious to do me full justice. Still
later on the same day, I stopped res
taurant, and asked the proprietor if
he would give modest supper, and
take the piece of gold in payment.
This he at once dec'iued to do, bur
kindly offered me credit (although l
was stranger to him) until passed
that way again. To cap the climax,
offered it to conductor on one of our
city railroads, in payment of my fare,
and he, evidently thinking I had no
money. kindly proposed to take it il
lieu of six cents, or let me ride free,
but refused to give me SIX cents III
change, which suggested would r
required to pay my fare when re-
turned.
"After such an experience I conclu-
ded that whatever else gold might be
good for, it was not necessarily mon
ey."
When greenbacks were made a le-
gal tender they became thereby the
Standard If val e for us. and the Sec
rotary of the Treasury decl lred that
by that act gold was demonatizod-
and hal become, as it has remained,
an article of merchandise.
If the act, as it originally passed the
House of Representatives, making
greenbacka legal tender for all debts
without exception, had become law,
and the currency had been allowed to
remain as it wa for few years, there
would have no trouble about it: but
the Senate put clause III the bill "ex-
cepting customs duties and interest Oh
the public debt" thus expressly dis
hono1ing to that extent the govern
meut promises to pay, and we have
had endless dlfficu ties ever since. Ii
the next Congress will strike out that
provision, and leave the currency as it
IL, and at the same time repeal the act
of January in regard to the resump
ton of specie payments, the people
will find relief. That act is mere bru-
t'tna tulnaen at best. The govern
ment cannot RESUME actual specie pay
lnents 1T The time designated. "Samp
son was a strong man and Solomon
WAS n wise man, said topper who was
dunned fol his liquor bill but I'll
ne ID ii either Of en- could lay his
i hts if he didn't hare the mon ~.
That will be the condition of the UuI-
I'd States on the lat of January, 1870,
and aAy attempt to EHrce d re .umption
Il specie payments can only prove dis
u rs.
Ine only salvation that can see for
the people Is to reverse the financial
engine, and instead of multiplying ma
tionai banks, and with 1rawIng the
greenback circulation as proposed to
abolish the national bank system, and
make greenbacks legal tender for all
debts, including customs duties. The
| only necessity that exists for gold Is
| that which requires the government to
| pay interest on it's bond s, and gold
for this purpose can be purchased in
open market by the government just
as it is by individuals. OF course the
| gold gamblers would object to this,
| but this government was not estab-
lished for their especial benefit, nor do
the people intend to pay tribute to
them if they can help it.
Another cause of complaint which
the farmers and producing classes
nay justly allege against the govern
that has prevailed for some years.
The people never realize the great
burden Of high tariff, because it is an
Indirect tax upon them. If the same
amount WAS directly assessed upon
and collected flom them by the off,
GERS of the government, they would
soon rid themselves of it. The con-
test between the protective tariff men
aud free trade men IS almost as old as
| the government itself. Wien n anu
| featuring was IN its infancy a reasona-
| BILE protection of that branch of indus
try was clearly iusti6able; but it kas
now been protected for I'll hty five
years, and ought to be able by thi.
time to stand alone, if it ever is to be.
| Extravagant opinions on both eides
| OF cEs question are entertained, 90 is
usual, On such subjects, but the tru L
| lies between them, as is also usual.
| Slusted as Wa are, a tariff for revenue
is Indispensable. Abs jiate free trad.
-the aboiIehmeut of all custom du-
tls4-is out of the question; but the
high rate of duties Which now prevsiif
- unnecessary 70 the manufacturer,
All grossiy mi ust to the producer.
Forty-two years ago Mr.. Clay, in mp
p'ailng for a cOnllruance OF the ia. iii
Of 1889. said: "Give us time, e.aae
al! fluctuations and agitations for MAE
years. and the manufacturers in ev,
branch will sustain themselves az .;.,,t
all competition. But Instead OF sus-
tanning themselves against ali
competition, they kept up the cry
for protection more Justify thar ever,
aud in 1870 the tariff was higher than
1t had ever Deen in tie history of the
government. The average rate of du-
ties in the tariff of 1870 was Al per
cent. Let me give you one or two
practical illustrations of how you far
mers are taxed for the benefit Of man
ufacturers, ard of the Determinations
thai are made against your interests
Upon all your products, taking them
a:phs ~ - barley, beef, butter,
cheese, corn, corn meal, fax reed,
fsnitG, hams, ..hides, lard, oats, pork,
potatoes. rye, vegetables, wheat-you
get an Incidental protection against
foreign producers of about 10 PEI
cent but upon ali you CONSUME such
IS salt, iron, steel, leather, wooden
goods, cotton goods, clothing aud the
ike, you have to pay for prote elton to
the New England manufacturer about
80 per cent, II you kill beef and
sell the hide to a tanner, when you e,
back to buy perhaps the same hide
converted into q side If leather, you
hnvo to pay 35 per cent. protection to
A:1n for manufacturing it, AID so it
3 Ii hundred other instances. The |
'5or<t fsature of the case, too, is-that |
nat you pay in this Incidental way of |
taTstion does not enure to the benefit |
+ tbe government, but goes mostly |
INTO t;,e pocket CT the manufacturer.
NV, have rapidly glanced at some
of tie causes which have produced LI,y
present depression IL the co1ntry,
without going INTO any elaborate di--
cussior of them, or proposing, except
any 1emedy for the ills
which beset Us; but it must be appar-
ent to you, even from this cursory tx
.tn nation, why we have reached this
cobdlt on. and at the same time how
It is that notwithstanding tho general