Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-09-10
HONEST MONEY FOR ALL
Row Imitation Would Rob Labor Of Its
Earnings.
eRELT SPEECH ON THE FINANCES, DELIVERED
AT CLEVELAND, By W. N. GROSTENOR,
or MISSOURI.


Speaking in This Stale three years ago. declared
fhai Ihe ain Of the Independents was 70 secure re
forms. but never to aid reaetionary Demoersey.
Some reforms have been e6eeicd- OF other the new
spirit Of Republicans gives hope But the Teacuonait
Democracy Is here, aud threatens the honor OF ths
nation. The Independents Of Ohio need DO adVlee-
What they will doubtless 10, aud why, shall Try 70
show in The hope that many Democrats may also see
higher duty than featy to erring party.
Those who less for the good Of country than the
charms OF Ofiee can not be independent II akes
the hope Of preferment in order TO remain true 10
convictions which neither party satshes and perhaps
for that reason may claim not the less OF public lalh
n their sincerity. They have chosen their POSITION
and do not regret IT, Casting slur upon others who
think Il wiser TO with that organization Wnieh
their judgment most nearly approves, the lndepena-
enis ask mans leave their votes as their own
convictions dictate. They know that parties oi1er IN
controlling elements and tendencies but they Know
also that the party which embOdes the best permanent
tendencies will sometimes need the wholesome re.
straDt OF defeat To be Independent Is n0e
TO be idle nor indifferent. II is to decide
without that party bias which makes Sen
afor Thurman servant II repudiators which OF the
pending questions is 0f first importance, to do ones
ecai freedom fer the decision Of every other. The
Independents of Ohio, If L know anything Of them,
viii mans pafdon for trying TO do their duty
in pas, and favOrs for trying to do il now but
will occasion this year 70 teach the Democratle
party with their aid assa the credit OF
this nation.
''MoRE MONEY AND LESS HONOR"
The hammer Of "More Money and Less Honor" has
C-te
surely bear in the next national contest and i may
not be manfuIly opposed BY the other Address
ing myself to-day this question: the one Of i'm
mediate and national importance above ali others TO be
affected BY this election trust shall noA be under
70 sets Of either party which have hitherto opposed
Can parties afford to break their piedges2 Humble
individuals. il they respect themselves, can not In
1872, Two resolutions adopted at Cincinnati in May,
and adopted BY the Democratic party at Baltimore
July g. declared:
and We denounce reputation in every form and
"a speedy return to specie payments is demanded
alike by the highest considerations OF commercial
morality and honest government"
II Democrats have little self-respeet to palter
with that pledge here stands al least who has
not am DOT uncharitsble 10 suppose that all
who favor the Democratic platform here declares
il e reputation 70 issue - iegal-tender
notes beyond 100000 COO or to receive paper money
Pendehy OF our compacts any increase OF lega-1en-
ders would make "a speedy return ospecie payments"
imPossbe that ii would increase the burOsns Of the
producing classes lessen ability 10 pay debts
and probably make ultimate TepudiatiOA inevitable
Many do 1ol that mere standing still brings
US nearer reputation every day. But she people are
knaEes. SHOW them the path OF duty and of hon-
or and they will tread it. come what may They who
doubt II may read the record of the dark years from
Fort Sumter 70 AppomstIox.
SIMPLE QUESTION.
1t is simple question. We have two kinds Of
money, coin and paper The paper is deprecated, and
6uetuates in purchasing power large class of per-
sons saved OF their earnings and loaned money;
81 7U7 OOO OO0 70 the UnOD SSS2O 900 10 the STATES,
SsG OUO to Counties $3.50 TO cities and other
municipaiites 81 $50 GOO 300 10 railroads and slz6
O0000O 10 canal and SS4 009O 600 to bridge, telegraph.
and mining companies known in the New York
market. The sums named amount to IS, 900.
Gov Allen says that the bonded debt is $40 000 000
900. II can hardly exceed by hundred millions
the figures above given, and he IS mistaken by more
than four thousand millions But We owe quite
enough 10 hondholders- To nearly all Of them
bonds require that in payments We shall use coin
The rest of the people nearly all
eeiYe psPer Thus the money Of the laborer
is poorer than the money Of the lend
err the money Of the powholder inferior TO that of
the bondholdsr Great injustice and disaster indus
try result The people justly demand one currency
for both classes. Thar can be had in only two ways
Refuse the bondhoder his sound currency
that is Reputation. Give the people q currency
equally sound-that is restoration of the specie
basis.
The average human mind shrinks from ragged edges.
Il is wont deny the existence Of irrepresSble
Mr. Thurman may throw dust into his own eyes but
no man who does not repudiation will dare to
propose that for an indefinite time labor shall
bad paper but pay good gold. The bold men who lead
his party, and who denounce the effort restore the
specie OASIS know iuii wen tnat between reputation
and honest money there is no middle course: that
sound currency like any other blessing be attained
only by some effort that we can not stand rsti, and
shall repudiate we initiate.
IT MUST NOT CONTINUE.
The present situation not only should not, but can
not. continue no of either party will DENY that
producers are impoverished and labor paralyzed by
the huctuaton of the currency. But laborers out Of
work are consuming their earnings. Those earnings
form the nations capital, BY which alone industry
be revived Producers, when stripped Of their
iDgS can not add 10 that capital and become every
year less able. If not willing, pay our debts
Mere waiting does not stop that huctuaIion which is
faIaL Let not deceive ourseves 1t is vital
dersand that this fuctuaion in the purchasing power
Of currency destroys the Of production and the
very endurance OF the nation, raging fever con-
sunles the Vitality Of its victim. Your young men,
conscious that industry is at the mercy of spectators
and tempted by the great prizes gained in traffic,
both driven drawn from the farms and workshops
10 swell the ranks OF the dealers already many
for the producers. The commercial firms reported ny
Dun Co. 100000 in 1870 aud $50 600 in 1875 an
increase Of 50 per cent. in i've years while
population has s. not increased 70 per cent Capital
couraged because industry has no solid footing is
diverted from production. The number of private
banks Only 2062 in 1869, with SS 200 OF cap-
tall 10 1873, only four years later il 1891 with
$780, OOO00J of capital Debts of cities towns and
other municipalities increased; they have than
doubled within fTe years. They S32s IA $50 ac-
cording TO the Of 1870 and now $780, 0O0-
OOO Constant changes Of price crush out the weaker
dealers, and concentration Of enormous wealth and
power goes on every day. In 1872 there ESQ
failures 5lSs in 1873 and $3.50 1874 and SS77 in
only SIX months OF this year. For four years the
number will exceed 22000 and the liabilities $780,
oOO,OOO When business is gambling many of the
more honorable will retire, while the strong and un-
scrupulous gather vast wealIh-or vast debts.
LABOR HAS TO PAY THE COST
It is not the money-ender who needs specie restora-
ton. At the last meeting Of the National Board Of
time this question of currency. Capital can bring
about specie payments whenever it pleases by making
see how much he had confessed. Capital does not
please For when money has no fixed purchasing
power the rich have golden opportunities, and the
poor are their mercy Labor has TO pay the enor-
nous cost OF constant huetuation The lender car
project himself By charging high rates of interest
The dealer protect himself by high prices. He
takes risk in baying every sIocK. To save himself
trom loss through change IN the purchasing power
OF currency, he must charge more than anatura profit
To cover that risk alone, il more were
ever charged. enormous must be paid
by Consumers In ten years since the
war there have been but four months
in thirty-in which the price OF currency has
varied l per cent; only Of forty periods o
ninety days in which 1t has varied less than pei
cent aud only four such periods in which il has not
varied per cent more. The longer stocks ust bG
held, the greater the risk. If per cent. would
itin most wholesale trade, per cent would covel
il in much retail business. Now, as early as 1861
dealers paid taxes sales Of SII O0U 600 yearly
That actual sales much greater then, and have
since been vastly increased transactions in lead
ing cities show. But, II only per cent. has beer
charged for risk aud On sales Of only Sl 600 900
consumers have paid since the 81 900 900 mor
than the national debt, part Of the cost of fuc
tuaung currency. The whole cost has been ever
larger.
MISTAKEN NOTION.
Many fancy that much currency means high wages
They forget that inflated prices hurt mUre than in
faled wages help them. In times Of huctuatioi