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

Norkmen OF the very classes then best paid nave
since been most sOrely tried. Not abundance nor
scarcity, but Aceriainty Of currency brings great
loSs 70 labor. To either quantity Of currency, II
Of steady value. wages well prices would finally
adiust themselves But Senator SchuYz mentioned
merchants in New York who had ehangei prices Of
their goods times in week 10 cover changes in
the value of currency. Did wages ever change as
often2 Tell me, Wheu sudden sieculsu0n forces up
the price Of -four, elOtn coal, 40 you pay
Tor what you buy, put get no higher Wasesz W. nen
closes shops and mills, and frightened capital flies
from industry. Are the many who get no wages able
TO buy food for nOthing7 Even for those who have
work. wages such times fall more than prices?
THIS is true Of wholesale priceS-hsE much more OF
retail. 60 TO the store, when the market de-
elne does not the seller charge the price as long
he csn7 But when II rises IS he quick to mark
up his goods? No wonder that the Embassy from
trade mutually profitable 10 ami S5,OOO0OO people
who need products, found that q shilling would
buy less here than in any other civilized lind.
LABOR ROBBED OF ITS EARNINGS.
This IS the market in which the farmer and laborer
buy. But the one sells his wheat or corn, pork or
cotton, prices nxed in gold at Liverpool The other
sells his labor prices xed in the worlds labor mar
ket If his wages lse, the iabor Of other lands comes
here compete with him. Paper promises and the
gambling of Wall street, and the slow response of
reail prices downward changes OF the market have
been rObbng labor Of its earnings Tor years
Every year destroys yet more Of the vitality Of our
industry. And yet We are told TO wait still longer
until the country grOWs up'' to specie basis. Ah
my friends, enormous debts are growing up vast ac-
cumuatioRS OF wealth aud concentrated power in the
hands OF lew are growing up; abandonment OF in
dusry Tor the ventures of trade growing uD whole
sale plunder of producers is growing ups
but in all its productive industry this
country is growing down. its power to
meet It's debts is decreasing every YEAR ask those
who doubt 10 deuy this until they have studied
with the statistics of industry and trade To do
nothing is so be ruined. We must emancipate labor
from this hideous bondage to varying currency, or
universal bankruptcy is near. To the Republican
party which has destroyed one eruder Iorm Of slavery
let white labor also ensaVed by false money, stretch
forth its hands for freedom. Not until make gold
the only money which the poor man need ever see or
touch will labor in this land be free indeed.
To remain as we are, then, is impossible. The ship
Is leaking and sinking. II do nothing go down.
Three things are proposed; FHsi more currency, es
sentially of tine kind, initiation; second less
currency waiting for change OF quantity alone towork
change OF quality contraction; third, substitution
out Of the ship into the Imitation is pumping
water out of the into the snip. Substitution is
getting into The life-boat-
FRAEKNEss, Mr. THURMAN.
Mr.. Thurman sees no imitation in the demand that
the currency shall be made and kept equal to the
wants of trade" He will close ewes except his
but viii destroy the confidence which many have felt
his candOr and sincerity. For manhOod's sake sir,
spurn such evasionsI II you mean TO sustain the
ticket but spit upon the Platform say frankly, and
men may respect You, though they mourn serVitude
10 party which blinds your judgment The phrase is
understood, and is meant 10 be understood de-
mand for "mOre money aud cheaper money" Now
currency harm labor by its quality, its
uncertainty Varying ever, and yet paying debts, II
robs somebody continually, and most OF ALL farmers
and laoorers. How will II give such paper liked value
TO issue more OF Y? You have drunken and un-
reliable servant for remedy will you add whose
habits worse? All experience teaches that greater
expansion brings greater distrust, gambling, and
huctua ion. This evil expansion not and does not
pretend to cure. Yet it is insisted that money
Is required by the wants of trade.
Abuse of that word 'money" has given their power
for mischief TO the most dangerous demagogues the
world has ever seen The word is loosely used in three
distinct meanings; First purchasing powell or values
second the measure OF that power, or money third
the means OF transferring il, or currency.
THE CURRENCY OF TRADE.
A civilized people make moGey for themselves.
Wheat from the farm, going to the merchant, the
miller the exporter may set in motion four pieces of
paper each transferring the value of the wheat and the
service expended on it, These checks bills drafts or
notes 60 from hand to hand as often as trade needs
them, paying debts, transferring values and perform
ing ali the duties that any currency ought perform
They do not pretend 10 be money to value
they arc based upon products of labor valued
by actual transfer. Clearinghouse records
show that in New York City alone in
1873 such currency was used in pur-
ehases and payments amounting to S33 600, 900 000
than all the property 10 the country is worth.
More transactions create more of such currency Be-
actual transactions. less, the amount of
payments thus made last year less than in 1878
by SlS. 600 in New York alone. Thus ''the
wants of trade" determine for themselves how much
Of this currency shall be created and how busily it
shall be used. If commerce had not all the means it
needed for the transfer OF values it would have
aed more savings and private banks associations
like the Grangers' banks at the West, or the Work
ingmens banks in Europe, of which, out of 1000 in
Germany alone, not one failed in the late crash.
Trade makes its own currency. and needs, for the
transfer OF values, but an Insignificant proportion
Of money. For six years, only per
have been made with cash, which is needed chiefly in
the payment Of wages. The number of persons re-
ceiYng wages has increased 43 per cent since lS60
former slaves being hired. but the amount of money
in USE including god has increased so per cent The
aggregate of wages paid in the best times has not
ceeded $240, 600 900 per month With this those
who earn wages make their retail purchases. The
farm-oYners. If not one of them had deposited with
banks dealers could not in purchases 500 000
900 per month without spending more than they earn.
All taxes paid in paper money, national State and 10
CAL do not exceed S5 600 per month. Thus if bills
could use in paying wages taxes, and retail purchases,
less than S375 0O0 What we have for more
than 600 900 Of paper money in transferring Yaues2
WHAT WE DO NEED.
We do need-not more means of transfer, nor more
Of measure Of value but more of value to be measured
You say: 81 sold my wheat, or labor, and have the
money in bank" You have produced value You
have not expended it in cloths, food for your
sumption. You have not invested IL in lands,
houses, or implements capital. You have surren-
dered your services 70 society. line on bankers
book shows what it worth, and it your title to
demand an equivalent In value whenever you please.
You have no absolute purchasing power, which you
have earned, have not expended, and have saved.
This unexpended power in every civilized country
greatly exceeds the money in use. Deposits do not
exactly measure it, but in june 1873 deposits in the
National banks were S6s2 O00 0OO and in StAte,
/
Sl,92l 100000 in all. With money loaned
directly, through loan and trust COM
panies, the amount Of savings invested IS fixed
capital certainly exceeds $1,000 900 0OO Now gov
ernment is utterly incapable Of creating these savings
Misrule may waste ste2l but labor alone can pro-
duce them. We have saved too little, and spent too
muchj in building more railroads than yet need
ed, more factories, costly houses fine sores in
keeping too many officials paying high salaries
/ or in Easteful and extravagant living. We have so
exhausted our means that have not enough to sus-
tain industry at full activity. What can we dc?
Produce and save more. In other way can the nm
expended products Of labor be got except by labor
Printing promises does not more wheat for the
world 10 eat, the value to set our mills at
work. and employ our farmers in raising more food for
busy workmen. This unexpected purchasing power is
like the seed wheat, which q community saves from
the earnings Of year to start the industry of the
| next We have it stored, and issue to each man
certificates entilling the bearer 10 a share of the
common stock. These our legal tenders.
They represent certain share Of whatever purchas-
! ing power is still unexpended in the community,
But the warehouse catches fire. Much of the wheat is
destroyed. There is no longer enough; some Of our
acres must be useless-some OF our labor idle What
shall dot "Print certificates" say Allen and
Pendleton; "as many the wants of trade require ~
These men know very we'll that the more certificate.
notes adds not Dushel he store 1t only lessen.
the value Of every share Of purchasing power
hold.
WHO IS IT THAT IS ROBBED?
ssThen it robs somebody?D Inevitablyl 1t rob
| those who have earned and saved for the benefit o.
those who have not. We still have certain purchas-