The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-13


done by the Of sl00 coo coo Of gold, and when
1882 OOO 600 OF rrccnbacks withdrawn from circua
there Will De left in their stead only 500 goo 0O0 Of
gold and the volume Of currency viii be reduced over
500 600 COO We are paying % people IN Europe
$4,000 600 SEQ 600 900 gold interest in semannual
payments Before II would leave the country u would
be- invested and rcnvcled In tho 1--WE per cent bonds
and through the process OF exchanges 500 O0OOO OF
gold would withdraw the entire $3.50 600 600 Of
grconbacks Aud do You doubt my fellow citizens
what would be the effect OF this further re-
dnction OF the curroncvY Property would bc
sold al fourth its value Rolling mills furnaces aud
workshops would be closed Our merchants would be
ruined and forced 70 make assignments The owners
Of mines would be forced 20 step work, and hundreds
Of thousands OF men, depending upon their daily labor
for their daily bread, would be thrown out Of employ
mcnt
And then in the midst Of this accumulated disaster
the bondholdcr and the banker, having control Of all
the money in the country would buy up your property
at twenty five cents the dollar, and in England
the bondholders and the landowners would be the self
men. And then in the mdsto OF this moral death
when the cry of hunger and lamcntton viii be heard
from every quarter then the banker will take further
advantage of this bill OF niquity and claim 10 he
special providence by flooding the country with ire
deemablc millions OF hank paper For fellow citizens
although this bill prctcnds 10 provide for return TO
specie payment while provides for the Withdrawal of
every dollar Of grecnhacks il authorizes the banks TO
issue bank notes without limit and without requiring
single note 10 be redeemed IN coin.
Here then, in its deiOrmity Is this holloy scheme OF
returning 70 specie payments Senator sherman says
that the volume of the currency should be reduced until
the paper dollar is on par with the gold dollar but he
does not undertake 90 say what amount Of reduction that
would require He docs not fix the amount because he
knows full well that the paper money Of the country
be par with gold until paper money is allowed
to perform all the functions of money And denounce
this so-called Resumption bill u wicked scheme of
robbery and plumber.
ouR PLATFORM
Now, citizens this Is their plan. For moment let
us glance at ours We propose that the bank note cir
cuation shall be withdrawn, and that grcenbacks shall
be substituted IN their place We propose that the bonds
owned by the banks shall be paid of and $l7 500 000 of
interest hc thus annually saved Tie National banker
is the only earth who draws interest his
debts on what he owes well on what is owed to
him. He draws interest on his bonds, which is right
but he also draws interest on his printed promssory
notes, which IS wrong If banker holds your proms
sorry note You required 10 pay him interest while If
you hold his promissory you have TO pay him in
tcrcst again. Ii is certainly u bad rule which won't
work both ways
Next we are in favor OF an increase OF the volume of
currency We mean money and lower rate of
interest We that the business of the country
shall be revived We say that money is too scarce that
the high OF interest proves it, that the Of pub
lie confidence and the staenGon of trade and that thou
sands of failures all prove II.
Al 10 the amount Of money, say that should be
regulated by the demands Of business. That IL can be
regulated with eXactncss by the issue interconvcrble
bonds bearing low rate OF interest bonds convertible
into greohbacks and grecnbacks into bonds These prop
Ositions are simple and will he easily understood The
republicans for less and the democrats for more
money. The republicans want bank notes and to pay
the banks SIT 500 600 for the of the and
above the interest paid loans The democrats want
grccnback currency based on the faith OF the govern
ment and opposed to paying the bankers interest
their debts In 1865 the currency of the country in
Guiding certificates OF Indebtedness five per cent
legal tender notes, scvcn-thirty notes, United States
legal tenders or greenbacks, fractional currency,
national and State bank notes amounted to about
81 900. 100000 The men IN power acting in the inter
est OF the banks and bondholdcrs and against the inter
Of the people have reduced the volume of the cur
rcncy more than 81 200 900 600 and 10y so doing have
Frustrated the business OF the country and ruined thou
sands of business men
Money has become dear At what rate can you Dor
row il here in TuscarawasY In the county of Knox,
where live it be had for less than per cent,
and difficult 10 procure The order of things has been
reversed Money which Ought TO be cheap has become
and wool which ought TO bring good price, have be
come so cheap as to bc almost nnproductive: bonds
have gone up bank stocks have gone up; gold has
up while wheat and wool and industries of all kinds
have gone down. Without labor mionaircs are Gre
atcd the rich have been growing richer while the poor
have been growing poorer untl! withh the past year
the spectacle, hitherto without example has been pre-
scented OF thousands of men roaming abroad through the
land asking for labor and bread which before they had
failed Of obtaining There Is no one who does not
know that article cheap or dear because OF its be-
ing plenty or scarce The failure OF wheat crop makes
the price of wheat 90 up while if is bountiiu
the price goes down. We money plenty and
low rate OF interest
The men Of Wall street tell US there is plethora of
money there. So there is. But how does II happen?
Law and nature combine to make it So The gold gam
bling created by the law is done there The interest
upon the public debt and the customs dues flow through
that street and constant current OF money daily runs
from the West TO the East The railroad companies
which their money in the West daily ship the
profits to the East. And when of your farmers
pays tho freight your grain the money reaches New
York before the gram has gone one hai the distance
So too, with the insurance companies We annually
pay 10 Eastern insurance companies re millions more
Than they pay back to the people Of the State Hence
it is unless VIC have an abundant supply OF cur
rency we VIII always be drained dry. We want
sufficient supply TO revive industry; secure low
interest and good prices. In short wish the
weight which now dcprcsscs the business Of
the country 10 be removed. We believe that this land
OF belongs to the people and not 10 a handful Of
over fed bondhOlders and bankers.
Years ago when money plenty, business brisk and
prices good, did not feel this drain because there
enough to send East and enough left for the bus
bes Of the West Then the farmer good prices for his
crops the merchant good prices for his goods and wares
tho manufacturer good prices for his manufactures and
the working good prices for his toll and all OF this
has been changed 10 satisfy the hungry greed OF the
banker and bondholdcr. The republican laborcr far
mcr, merchant or manufacturer is Just much inter
estcd in return TO prosperity as those OF the dem
ocrac faith. II is In effect conflict between the
Western producers and the Eastern bondholders and
If the people ready TO lie down scrfs and per
nit the mailed heel Of the oppressor 10 be planted
their breasts they will themselves 10 action
this great question. Go to New York to-day and you
will find the democratic and republican bondholders
joined hand in hand in their common cause And why
should the OF the West in defence Of their
common intcrcstsY