, 1875-08-13
W. N. Grosvenor, Of st. Luuis, 6pcuks
nn Hour and n Halt.
How Imitation Nyon1d Rob Labor Of lis
Earnings.
Conventions Of Oregon Republicans and
Independents.

unknown 10 tho mReAeb noFo, anu no efehs c11oft
was made 10 pullish the announcement Of hla
coming, tho mco.iug WAS very large, orderly, and
earnest. Tho pagoda in tho park waa
beautifully hung with colorcd lights,
nnd several torc,,-lIgit companies woro
boro 1nottoos like those "gonnd Money y
"No lag Baby for U.s." tan Undivided School
Fund !" Honest Dollars for Workmcn," etc.
cto. Tho succoss of tie mcot1nR ca,laos general
surprise even among KopuL,cans. Blr. GEos-
veilor, spoke for m honr and a half Tho fol-
lowing iA Al abstract Of his spceol,, which wns 4
calm. logical review Of Tho financial question
The Government and tho napuhonn party stand
pfexo by thu legislation x last wuaor to reach ere
ete payment by JANUARY. 1917. For that, thanka aud
found hu any ro"d that will load TO spuelo payment
II H., p,sfsta.iO to sny tn thS Will not tr.
delay and sacr!ncn, Speaking not tor any party, 1
may 10 allowed 70 suFRsst lint long delay Wi IN.
raiae tbs purehastna power Of tho currency willis its
pug'np InweT, for many thousand nllllonn Of out
etaudinu de1s contsacel. aud honorably TO be 1a1a
tr.!e, , sasns,t - slowly . .fallias,, n nn3.fkets;
sl,ar fluctuations AMI the aRartg4tc loss will be very
eTeat nut seIar.te ths srreney from TIC vsss body
end ~ eeyo esn m roas oas c
,nore quickly snd s,1rsy. snd With ite los. Why Why
may MT law, akin IN principle to The Virginia act Ut
1884, which was held sound and equitable In de-
Iton by Chief Justice Marshall. provide for Tho ad-
tnstmcnt Of all legal tender debts to gold baai.?
With aact act, IT wnu!d bo possible to fund tho
legal teuers prur to 1879, TO rereal tho legal tender
act and mako An honest settlement Ut the 1estlons Of
tho banks to tho now basis and 10 bring Into gooeral
use ~ The unly ncasure Of value, ths gold have
aud gold notes rcdesmab'o III coin. believe tho
whne huslness Of the country could thus be very
told. Who .re onr peope7 Thero ara ,eo5 a0s men,
tons ii New Englaad. md there ars i.i;9,as d.
roAots IN savings banks alone. TheFu are ,4o1 UlA
pcs.ons thus engaged iu Now York aud s3l IA us
In National banks tho Thousands Of private banks or
tho loan and srlas con.pan!es enc known. Dnt
averaging about sN for each inhabIsans; Michigan
and hipaesots shout en: Indiana, Wisconsin auA
whils ia the elsyon E..tern st.o., i ono to oa
ern statca a majority Of al those who e.ra money
have savings Or deposits, and arc oreditors7 But,
o peope wo ess wssea III eona.ry IT ars oeeaops
waees IA 81 any tinao auo. About 5000 200 moEe owl
have bsen deprived Of much OF their just earnings,
thoy nse frugal, aud live moro closely within thsir
farmers and wsae-sarnors there rsmain Of iii sho
people who support themselves othera loss than
tenth chiefly merchants manufacturers, tran.ror.ers,
tie great majority owe less than thny haYo owing 10
ths. Out Of 600 de.1err, and $500 m.nufaet,.r-
arlfsans, or mechanicu. whote operations involve
no great risk Or Indebtedness. who are thrifty,
&c ns s OF wso 1na
then conpose "the debtor ciaas," OF whom wo heal
40 much Fou must Look fur thom chiefly In cities.
They cultivate curbstones rkthor than fArns Thar
risks and dobta that vhe tbs average
indebtedness Of arms failing during Tho iast nss
ha ,rss.so T. SsW Yos e ross y
$i4a.h0 each IL 1879. and ha. been 81, 600 for two
r. M II ~ S, b., es
average os those falling yoIa Indicate they ove
at least three-fonrshs Of tho sntre cou.taetc'.l
tuaubslnssa y IN Ten ia,ge elites. IN which
t.. a .na ' stana aols so nsn sess s hss m
years u labor Il they use i prudant1y for tho pubo
De roIbu lu order to esrirh few thousand great bor
rowers7 Democracy onco balleyed In .the groAtost
q, no: to lay Of policy or ,usoc II i to take h.{
thur savings from millions Of farmers, hhorcrs, aEtl-
.nns 'nsehan9. sa thrifty ttads@men In osdsf to rs-
Imitation, you pc1ceivn, IL enormous robbory be-
canss legaltenlos note Is certificate to share Of
oarnoi and saved. You cannot add 10 sas wheat IN
your elevator by issung moro certificates 1hat only
SS ,sf s IT, @ sHdst a h no ysas
whoso ese. You cannot doubto tho namber u farms
In Ohio ty ssuins 20>ooo more titledoeds Hut yon
when you ucEea1e tho coin III tho country For oosn
!h part Of thoso products Of labor whish VA hsro
ans smsns sn H.. Was
oaups feed. q saypor1 those - thus smpoysd No
rudsst mud cheapest aud the n,cst skilled scientific,
and costly, and u at the saue timo 70 universally
dsaandod. i Il. thereto1e,, the bsat attainablu
ducts. The world socepa IT, AMI tho demand tor Il
Is universal "a tho denand for labor itaef But II
essu.ss value only bee.n.o l. b. value Il measures
expended product Of lator. Tho dollar says, ~ I'll,
2s ~ 91elna ot gold 30 fne, aud ne haldsr bug
ho shall have ouiyaiont value demand IN labor
my product thereof" hut Of this function, ctr
7tncyi not relatively but absolutely incapable. In
have value THAT which has wsight cannot measure
weight, Thas whish M has 70 le1Rth cannot lasa.uFt
length. 30 that which coats no labor oAn MoEt
measure yaiue than pint cup can measure mitea.
hut men say "we prospessa during the War, b.
purchases Of Oovosnmen and depreciation of currency
forrnd up pric. everybody imagined ho getting
Fastusoas wsIo rsp,d G.@lss. Ts,s siG h.np, uus
reucy vaEied nat with IL Quantity. but WITH faith In
the success of Tho nat,on. 1n lsGs pcaco pooerac,
burg lifted 10 10. III lse4 Tho mid Behind washing
tua dspressed It to ba1 but sher!Lnn in tho yals,
russd II 10 3D. IL Nosanbet. daasartsnp,sns dzoppe
to ~ In April II roso 70 10, with tie surrnndaf d
Loo. During four years Government azpouded main
e p,.sshaIss. 9, fooa, clothing and mani.!os. A
bas 1Sen e VI closed md they slo.iy 1sssicd, il,
people found that they wers re4y poor. Then IsAct
| DaiIoc54ts began to ~hlspes " "Aoi,ud1zte.s
Currency no lonaos antliues fur our needs. We ars
TOLD beeaaae business haa Increased largely. pt
yuu need fury baahrbasket4 to inG4sur ~ Gushels
Multiplication OF tho measurn OF paying powur Il
wasss veil - robbery. Hut tho 1ufstion as beer
settled by TRIAL Fur months the country las had ol,
ppEtnntty to tlso all thu aurrsty 1t wanted, and III
stead Ut akluH ln0rs, Las surrendered nearly eighteen
,nilllus n laa January. Over thirty millios Wa
held reserve agatn4t circulation. Moso than yra
$50 we /" unockei tho vaults hy law, to lot 1t il0V
uut, hut bclnll atil! flows inn tho banks, AM
thsy huld, not sao o1o, but Sta 00 bsyou.
| tue reatEye Required. Hetsn Munths ago th< fro
banking nts gave "ths wants Of trade 9uu trosaae
Sbcro they pleased. bat bsholI! At liz eud d Jul
only s9os6 lo sd been t.ten out by tue banks will
| a1* *9yB1 had becn 1urrnzIderc<i BY the bapks Tht
wait. IT tsda thrust rsncy bacE Into tho Tseasnr
by u,iliou9, broauat It L. not wanted and cannot
utssi, Tha latHt detailed ststembnt b. tho Gum
t1oler shows the amount of circulation tssus4 il
| now hanas, aud suTFuudrre1 by the lauk4, t
July !. Nearly eescu-eixhtlA OF au tha cI1culatto
ss,itd M Tho EaAt. Al Tho Western Htaiss, thouy
| free to lake Vno hundred n.tllt.ms sarh Ind TIM
esss only lt1ns vt 3lGG 7U0 ad All tbs bouth
al