The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1875-09-09
Contraction.

Contraction.
Whatit Will Accepplish. e
In his sloq Sent And unsnsws Fable I
'peeot delivSed Il Warren OF the
,8ek Nr.Pendleton demonstrated
1eyond question or cavil that there
aad bseta large csntraction in the
volume of the currency and that our
rulers proposed a still fur
ther ruinous decrease of currency in
order to enable them to resume specie
He then depicted in Aclear
and glowing language what would be
the effect'of the proposed policy. He
said - -s-,,.se- fg s ass 54y,
Contraction! Shall tell you what
it is Have any of you bought lot |
and paid for it, erected building, put
In machinery, paid for them ALL, em
ployed yOur hands, from the lsborer |
to, the skilled mechanic, and gone into
the market and bought che raw lmate-
rial, and given your, notes on three
or four months, and then found, when
your articles are for sale, that they
would not bring ;ensugR, not only not
to. pay the interest on the cost OF your
lott building and machinery, bnt
not enough to pay. your outstanding
notes for the raw material, and then
seen yonr stock. Your building, your
mschinery gone, lot sold by the Sher-
if. That man knows what contrac :
ton is. (Sensation.] ],-as9 -s. stf,ts ai
Has any iaborin9 man here, when
wages were three dollarsa day, bought
. lot and house and agreed to pay one
hundred dollars a year-thirty three
days work would pay it? His wages
iiaYe fallen to one dollar and q half a
day. The Kindred dolIars-the notes
ard a mertgsge remain the same; l.
work to pay the hundred dollars, Ny
tell YOU again what it Is. Language
has been exhausted: Others iinore
facile with, words than L have -saia5 il
blights. as fhc frost. Il destroys as the
'mifdew. hft eats as the can < ker-w orm.
Like thee cold 1blastsi Of winter, it
shrinks aud shrivels all things within
| its influence, and finally, locks them in
icy aud deathlike inertness.5 Itpasses
fike the angel of death, SO that there,is
no house in which there ,is not. aone
dead. MacauIay has painted its effects
in. England two centuries ago. Alison
found his glowing words. toe tame for
fits description IN the, first quarter, Of
this century. You yourselves see, its
influence all around you. ao,.g,t,s.lf
| n. Will you haye more ofit? And yet
this is the only remedy the Republi7
cans havei And to. embittcr it still
more, they couple with It, the ,enor-
{sus Gus Increase Of your interest-paying
debt. To-day tho Secretary, of the
Treasury has the. power, to issue fifty
| millions OF gold bonds, bearing gold
interest, with which TO buy silver, and
tour hundred and fifty millions with
which to buy gold aud if he succeeds,
you and your children for. thirty years
| will have the. happiness, of paying
twenty-five millions IN gold each year
for the luxury Of reaching specie pay
bnents according to; This Republican
method. -, ,a.t 80. f,..e
Gentlemen. / do n not 'upderrat,e .spe- ,ts.-
Gle payments. 1 am, IN :, favor, of
Preaching thein as soon "a is, practica-
eble. It seems. to me there is a better,
castor, safer remed y. It is, to stop
This policy Of contraction :.tO stop this
Lcenstant .tinkeringi with The currency +;
to stop this effort at forcing resump,
4 ZION. Give stability for a moment,
| 30 that business may reYive-that en-
rerprise may be stimulated by the
hope of gain, and labor be led to exer-
tion by the certainty of, re ward. We
need to labor more, to produce more ;
but.we can have neither labor Il or pi
ductiOn on &alling'prices and acertain
losses. | repeats as / said before:@e 3
The country is.new. Its agricnltur-
II and mineral wealth is ,incalculable.
| Ehey are undeveloped. The variety
| Of soil and climate, and peopie, give TO
it an infinite power, OF propuction. Its
great want, its pressing necessity, is
I an entire freedom for labor-ihe ,abso-
ute removal Of every obstacle, the
positive presence of every aid. FAN
ing prices, nncerfsin markets, precaii-
bus rewards1 public d sbt and high il,
terest are obstacles. Fair prices,
steady markets, ready sales, are aids
and 4 o settre stiieise a aisufiicient sound
currency aud 10 W interest are indis-
/ pens sable Il These ,willspuf In motion
I he vast and sEcsmplicafed, JnaShinery
4 reproducing and consuming industries
lard If there Bs supsradaed 10 " taxes,
rigid eco aom y. isiapIicity sf' govern
ment, purity iof: administration, that
motion-wiN be coa4inned, and aceeler-
|ated. f-,.f r..d s,u a..
Active and prosperous, and increas-
ng business-wilf Increase our produc-
,ion, increase our capital. increase eur
expectations. incresse~ the Influx OF
of coin, and thus. in time bring green
bpcks to q par with coin. ia,
/ y r I'll J p