Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-09-10

and surrendered By the banks to July /. Nearly
ghths OF all the circulation issued was to the
East All the Western States though free TO take one
hundred millions each, had they pleased took only
irihe Of $3.50 700 and all the Southern States only
S67,500. That, shall be told, only proves their
poverty. The West which was oppressed and starved
because 'ir had bank circulation Of only IS so per
capita poor either 10 take, or, of course, to
surrender any. viii it be believed, soon as the
doors Of the Treasury opened these people Of the
West rushed thiIher not to take out but TO empty in
money BY the wagon load-seventy-hve cents
nes? What does this mean? Here was the West ut
terly prosIraJed, we were told, for lack OF ''more
money" and Congress had pity and il leave to
take all it wanted. But the ten Western States snd
the Territories take out S256 00 and voluntarily sur
render Sl9SS sos, or more than oneeighth Of their
entire circulation! What madness, when the wants Of
trade in this awful condition, merely for lack Of
more money, not only to refuse an unlimited offer,
but TO thrust back twelve millions of the
ored for more money! In Ohio, which puts
back into the treasury S2I4,750-more than new
which surrenders s55S OO one-twefth of its circula
ton? Or in Indiana, whcn surrenders per cent. Of
its circulation namely, Sl.275 $50? fine sum to give
up Tor Stale so sadly IN need OF more money! Or in
Minnesota, which surrenders more than one-hfth Of
its whole circulation namely, $685., ,050; or Wisconsin,
which also surrenders p per cent, or s6sS UO or in
Kansas which also surrenders % per cent, pr $685.
975? Stopl The men who need more money must be
in nlinoIs-Chicago spectators cornered on green
backs. And yet, has the day of miracles returned
Illinois has surrendered % per cent OF It's whole cir
cuatlon, or $3,si6,4S0! Now, if more money is not
Wanted in Chicago where %5 on earth & can Il be e
wisdom, senator Bogy, we all remember, solemnly
Uniformed" Senator Sehurz about the wants of the
people OF that state They starving for lack Of
more paper money. But now il must tear the heart
OF the tender Bogy this starving Stale thrust
into the Treasury 2slsS As per cent Of its entire
circulation! Perhaps IL was the south that really
was suffering for lack Of money. Three little banks
OF circulation, with only S67 500 in ALL have been
ganized in all the Southern States while those States
have surrendered 81 ~ 400 or Is per cent of their
scanty supply Was itthe East then7 Eastern States
have indeed taken out 81, O5O. but have surren
dered S9177,O52. From famished wants of trade
West South and East, comes the same cry ''Not one
cent for Imitation; millions for surrender" Thus il
is that the only contraction of paper money made
Treasury and allowing The wants Of trade TO take or
surrender currency at will. challenge you, as fair
men. TO say with what reason anybody can pretend
that trade calls for more currency.
NOT MORE BUT POORER CURRENCY.
The real desire of this Democratic faction is not
much for more as for poorer currency. The kind we
have does not please them because it is worth too much
They demand the withdrawal Of notes secured by de-
pOst Of per cent bonds and In place Of them the issue
OF $3.50 900 of legal tenders secured at ALL
and in violation of solemn pledge, thrice repeated,
that the amount OF such notes should never exceed
S4O0 900 900. To break faith and nearly double the
number OF legal tenders, representing the same pur-
chasing power in the country, would reduce their
value probably, one-half 1t would rob all deposit
ors and the millions who have saved earnings and
loaned money, for the benefit of the few thousands
who have borrowed most oft. II this currency would
now, why do those want II who have gambed and got
largely in debt? If not, If they wish 10 force you to
take paper that costs fifty days labor in payment Of
borrowed money that cost one hundred days. what is
that but robbery?
''NO," Mr. Kelley will say. "I only want money
commanding a lower rate Of interest" He fancies
that by much thinking and study of the American
African system of finance, he can contrive a money
which shall not be deprecated in purchase or paw
menI, but shall be deprecated in loans 70 invent
money specially for the of gamblers and debtors is
his mission. His theory is that the proper aud
that rate as low is only reached at times even in old
countries where capital greatly IN excess of present
needs has accumulated. In eleven years the rate Of
interest was below per cent in parts of forty months
in London, and twenty-six months in Paris Neither
this nation any Of our States Railroads. has yet
been able to borrow money at lower rate than per
Gold ives OF the United States and France bring
about par. For a gold 365 bond you might offer
enough 10 make the interest per cent. on its cost,
namely, 73 cents. Rather than pay more you take
the French bond. But a bond promising to pay ass
IN greenbacks would be worth only 65 If the green
backs would never vary, and still less because they
do. And bond promising to pay paper redeemable
only in that bond would bring still less, for one
could guess what either bond paper would be worth
next day. Then what would be the price of Mr. Kel-
leys paper notes, redeemable only in paper bonds,
bearing 365 interest in that paper and promising
pay that paper? Really this would be cheap money
doubt if any body would steal 1t. Even the African
system Of finance is surpassed by this device for pay
ing Pennsylvania debts.
HOW LONG WILL IT LAST.
Shall we never have done with these destructive
Geviltries OF socialism, Interest Is not robbery.
steal the of your earnings, am much thief as
though 1 stole your earnings When you save the
fruit Of your labor, you render. greater-beeause
rarer-service to society than IN producing-thai
service without which industry enterprise ciV1liza
tiOn could not exist For your selfdeDial must say,
If l want the use OF your earnings, How much2 Ex-
actly what any one else is willing to pay. need not
touch your earnings II do want pay the wages
they can earn. II it profits pay, / have no
right to grumble at the wages. If there many Of
ms " abstinence
has provided, we bid against each other. He who
pay most gives the best security gets it. That is
tures law 70 prevent the wasting and insure the
cumulation of the fund which sustains all indus
try and civilization. The of interest is abors
only security against slavery to capital II it is high
more capital will be saved, labor demanded and
wages will rise. Lest socisstic demsgogues should
beguile destroy the basis OF all their industry
kind nature has made 1t impossible TO control the rate
of interest," Money will earn all it is worth. If not
here somewhere else, labors earnings can fnd land
in which abstinence is rewarded They have the sd
vantage. They can travel. Drive them away and
labor must stay and starVe But money has no wife,
no child no home, and fVe-cent postage stamp will
take million to Frankfort or LONDON. Nay, it can
ride on the wings of the lightning Wherever 1t is best
paid the child Of labor and abstinence will go to sus-
tain and protect labor.
An my friends, too long already we have chased
the shadow and wasted the substance We have too
little CAPITAL because We have too much cur
rency, and have been roaring for more For years
made up for lack Of saving by selling railroad, county
and municipal bonds abroad. In 1873 Europe stopped
lending. Then found capital exhausted that
il would not support our industry. The crash came
Stagnation follows cheap money, headache follows
a debaueh. Mills silent; what has become OF our
savngs2 Spent in cheap-money specuations. But the
capital that came yearly from Europe? Stopped; sick
of cheapmoney hazards and afraid Of Democratic re-
pudiators What surplus we have let-these millions
on deposi-Will take risks while there Is talk o
limitations prefers to be ready to hy hours warn
ing Labor waits and hungers. The very possibility
of Democratic success hangs like curse over ouI
mines and mills our furnaces and factories We have
too little capital already 20 move the wheels OF indus
trv and 70 feed wife and child But this party pro-
poses to drive across the water what have left and
make this land financial poorhouse.
WHAT FURTHER NFLATloN MEANS.
We can rise only by borrowing or by saving. The
more paper we issue the less Europe will trust US
Further imitation only means less saving and more
Any new issue Of paper not based on gold can
only drag down currency, sink lower, and huctu-
ate more. Still more It will rob those who labor
Prices would not rise equally-they never do Farm
products and wages would inevitably lag behind.
Still more shall the producer take the risk while the
speculstor pockets the profits Still more shall wages
hutter like a moth, while interest scorches Ii ke
loan and every contract every engagement to labor
and every deposit OF the seed In the kindly earth
Cheap money means gamblers paradise.
II means that those who can control the money
market shall plunder others still more. The big
houses shall eat up the little strong roads and mills
shall deYour the weak At the will OF few men stocks
and merchants are cornered and loans called in. Only
the strongest shall hold the shall sell perforce.
Prices 90 down. crops and goods shall pay the losses
the victims. Cheap money means robbers paradise
1t meaus that we buy at fancy prices imagine that