The Morning herald., 1875-09-17

| Ehe.d p3 heq act i. sche II
ROB the debtors q Tie Unfset sstxteB B,
color Of law. Itiaalmost universally con
ceded, that it is impossible to pay specie ii
January, 1879, without utterly edidins
almost every existing iuaustr, in in tAs essa
try. IT. nDw takesI every ounce Of goli
! and silver, dug ous ofeths bowels of ltht
earth il California, aahd 4 she ~ territories
every pound of surplus Gotten, bpshel O
wheat and corh, an that We can spare go1
pork, cheese, OIL lard, and .,misc cellapeous
exports, TO pay the interesttupon.eu debts
National, State, Municipal and Corporate.
From whence are we to ohtaingold enough
to commence specie payments in 1879!
We have within d fraction Of $500,
900 in circulation; any banker will advise
that not less than twenty-five per cent
Of specie. would - do sG' for q
reserve. Say as much more !, for
boards, and circulation in all $4OO, ,OOO,-
coo. This would require an acquisition oi
specie, at the rate Of at least |$l0,000000
per month, beginning the lst of November
next. It is true that sterling bills drawn
against produce, would, in a limited de-
gree, reduce these figures. Can: this be
done? We have yet to meet . man, who
limits its possibility. This applies to the
practicability Of specie payments. ! 1t will
be reasonably answered; and as we must do
it sometime, why not begin at once ? The re-
joinder is easy. We are unable, without
truin to the many, and moreover we have
been gradually, but surely, appreciating
the value of currency, for the past ten
years-at the same time equalizing the.
imports and exports Of the country An
unerring indicator that verifes this story,
is the rate Of foreign exchange. Before the
war, the rate of exchange upon London
was usually ~ Der cent; it is now about
5 per cent. upon the same basis as then:
Our exports have gradually, risen, until
they now are but little behind our imports.
Is it not manifest that all we require is 10
be let alone, and in good time we will reach.
the desired goal Of specie payment? ,ar
The good Of the many is the great aim
of true government. This is an axiom not
to be denied or doubted. 1t is the first
duty of government to refuse its power,
to collect debts within certain time, i'll
the public necessity is such, that their
collection would lead to the conGscation of
the many debtors property, and advantage
only the few creditors. Hence it is, that
in times of great disaster, State govern
ments pass Stay Laws, suspending the col
lection Of debts by compulsory process.
If this be sacred duty Of the governing
power, is it not a wrong Of a deadly nature,
to pass a law, which must result in rracti-
cal confscation of the property Of millions?
The specie payment act is alone calculated
to enrich the Iich, to beggar the poor, and
to widen the gap already opened between
*he wealthy and needy. "''''; rJt|
The argument; no no not arg{umeentt-but
the statement that the. payment of the
bonds in specie, to the y. s. bondloldersE
would be creating 't'an aristocraoy of Gby!
ernment bpnd4olders,'ris thus answered.
In the days Of the nations peril, the bonds
were issued--and the faith Of the people1
Of the United: States pledged ,iol
pay them principal and interest, lin
gold - that contract must te kept,
but no such contract exists between pri-.
vate debtors as a rule, but where II does
exist, or in other words where. specific,
payment, in certain denomination of
gold or silver, is covenanted in a bond,
The Supreme Court Of the United States
have decided that the obligation of such
covenant must be fulfilled according to its
enor. ... 3D. ..i:. ..-.. ..'...I,.,
How is it that the party in power, pro!
poses to strengthen themselves, to carry
'ut their scheme ofspecie payment Wei
will inform the laborings. many: to tax teal
md coffee to the amount of $25, 900, 900
Der annum, and to burden the industries
# the country by enforcing the payment
II all internal revenue taxes hereafter in
'old. I'VE state this upon the strength of
Long Branch letter published in the
'hiladelphis Eusning Telegraph Of Mon
'ay.]' Look ye, already impoverished
oilers, at the infamy Of this proposition;
'oaare to contribute to the confscationists