Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-10-08
Redeemiue our Pledge

Al ms message to the Forty-Thiri Cor
submitted december z, 1874, Presi Tt tg--s,
IN speaking Of our foreign indebteduess anC tt-
means to be employed to extricate raffs1
therefrom, said:
Our commerce should be eneours rae-t
can snip building and carrying ca-aa il-
cLeaseu' ioreign markets sought fcr aI rts
VI tne SOL and manufactures, to II F B.. e
VIC may 0e able to pay these debts W .r- q
new market can be created for the ~ p 1rv
ProuueLs, either of the soil, of the l. .-.e Or s-
manuiaetoTy, new means is dif g. a.
utilizing our idle capital and Iabor n .l... I'D.
vantage of the whole people. But ID. .,,-5
ment the first step towards accom- .5fr
object is to secure currency of f 81.
value; currency good wherever .-. ia-
reigns, one which, if it becomes f-..
dant with our people, will find n -l.- yyftL
some others; aeurrency which has a BASIS
the labor necessary to produce it, -l...i VII.
give to it its value. Gold and silv--7re nav
the recognized medium of excl r.s he
civilized world oYer, and to if-- vc
should return with the least prac a b. .s-
lay. In view of the pledge ss -Ls
American Congress when our pr .i -s-al-
tender system was adopted, aud dtrJ .1u-
tracted, there should be no delay. ~ lF
no unnecessary delay-in fixing by isvfsls.. 10
a method by which we will returu e sr-l.a.
To the accomplishment of this END / lava
YOUR special attention. believe e-r,r rai
there can be no prosperous and ~sFs
revival of business and industry VI
Is adopted, with legislation to car aaz
looking to return to specie bs-E 4,
easy to conceive that the debtor and ALA
tive classes may think it OF value
make so-called money abundant gL -
can throw portion of their burizls "a
others. But even these, believe; Hl. o.
disappointed in the result if a eorrsc siI5ult
be pursued which will keep in dOuL yllgt
Of the Legal ender medium of ex .lgs 4
revival of productive industry is ne ga tT 81.
classes-by none more than the hcl7"r5 a
property, of whatever sort, with debts u
liquidate firm realization upon its fI'
admitting that these two classes af l.issr.
are to be benefited by expansion, --id - ls
honest to give it? Would not the sea--zi lgsl
be too great to justify such relief HCI.i 4
not be just as honest and prudent
each debtor to issue his own lega- .E
the extent of his habilitiesl Then, This
would it not be safer, for fear Of 1ss
by interruptions creditors, to say T. SD H..
obligations are obltersted in the Un sat--
and now we commence anew, each cczsc i1r
all he has at the time free from inc it ,lce
These propositions are too absurd lz
tanned for a moment by thinking O.
people. Yet every delay in prep
final resumption partakes of this
and is only less in degree as the
out that q convenient season will
rive for the good work of redeeming
to commence. It will never come, iG 1.Y .r
iop, except by positive action of C1lgTEz= al
by national disaster, which will de- r1+
time at least, the credit of the ind III
the State at large. A sound eurr-, -i
be reached by total bankruptcy ar ] js
of the integrity of the nation and of lll r's
/ believe it is in the power of Cong 10 .li
session to devise such legislation az ---a-
confidence, revive all tie industri -a-t b
on a career Of prosperity to last
years, and to save the credS of the r- END
Of the people. Steps toward the lslszE %
specie basis are the great requisite
Voutly to be sought for end. Tier
which I may touch upon hereafter.
"a nation dealing in currency o.
of specie in value labors under two ..i-.- .---
advantages First, having no u a~ Ga.
worlds acknowledged medium of 1g-l1l-z
gold and silver, these are driven IJt g. g.
country, because there is no nee f1- ts5
use. Second, the medium of exeh a --
being of auctuating value-for al Z
only worth just what it will purch sse o. 10
and silver, metals having an intr.a.e rs.l
Just in proportion to the honest lab1- % -=Es
to produce them-a larger margin I'm Il.
lowed by the manufacturer and prtdJ--
is months from the date of produc lU . L
date of realization. Interest upo- -=1ii
must be charged, and risk of fiuctus 1U t-t
value of that which il to be receiy g. 1sy
ment added. Hence high prices, -s
protection to the foreign produce -
ceiYes nothing in exchange torthe p -s e.
his skill and labor except current ll -,
at stable value the world over.
''It seems to me that nothing is G -r On
that the greater part of the burden .---
ing prostration, for the want of a so t.sr
cial system, falls upon the working - s4
must, after all, produce the wealth zf o.
salaried man who superintends and riEJ-
business. The burden falls uDOn TIN IL l7
ways By the deprivation of employ el.. 81
by the decreased purchasing poEt . l--
salaries"