The Morning herald., 1875-09-15
THE HERALD.
WILMINGTON, SEPTEMBER Is, 1875
THE CONFlsCA7 lONIsTs,

1t Is sad to view the cool unblushlng
rcrtinaci,y, with which the confscation-
lists organs, call the opponents Of con6sca-
tion-inA,tionists, and advocates of repu-
diation. To begin with reputation.
Will the confscationists Or any one of
these organs, point out the sentence in the
platform of either the Ohio, or Pennayl-
vania Democracy, which even implicitly
"nts at repudiation OF the National Debt.
is dclt is held by the Democracy, to be
which must be paid according to the
ms of the instruments, which are evil
ice ofits existence. Every Democrat will
nd by paying the public debt in gold,
such is tie nearing Of our contract to
pay the bonds OF the United States. IL
this reputation?
Wherein are tie opponents Of the
scheme of con6scation, in Januarv, 1879,
inaationsts. They demand Congress to
take its hands off the finance of the coun-
try, praying that body to permit the ma
ton to go on as heretofore, in its gradual
extinguishment Of its debt, by the natural
process of assimilation of values. The
threat of confscation in 1879 acts as a repel-
liant to every contemplated business enter
prise.
Who is foolish enough to build, or buy,
mill, or furnaces, costing hundreds Of
thousands of dollars, well knowing that by
operation of law they will shrink in value
at about the rate Of $4,000 upon every
hundred thousanddol three years hence.
Famine stalked abroad last winter in the
cities Of the land. 1t is now at our doors
again. Why? Because the idle laborers
are counted by the hundreds of thousands.
RAILROADS and other large consumers will
not buy engines, cars, or any products be-
yond their actual needs, expecting to pur-
chase them vastly cheaper, as result of
the contiscafion plot.
Look at one of its results. We are in
formed that Baldwia's locomotive works
in Philadelphia, when running full time,
employs about three thousand workers
producing eight locomotives week there
are under four hundred persons working
there, turning out an engine every nine
days or thereabouts. This is case pain
fully frequent in every manufacturing
centre in the country. We need not pass
Wilmington, for Illustration.
What other cause operates to produce
such direful consequences? Do you want
to bleed the country to death messieurs?
You have brought her down to fainting.
The only attempt at argument we have
seen in any journal we have read, appear
ed in the Commercial of this city last Sat
'urday.
"In 1865, gold descended from prem
ium of 1851 on the 1st day of January, to
45! on the last day Of December, change,
in one year Of 73b per cent, or rate of
descent more than fifteen times as rapid as is
now proposed! In 1866, there were varia-
tions duping the year of over forty per
cent, gold quoting as high as e., anil as
low as 25, the actual decline of the year
being from 44s to SO, or more than twice
as great fall as the average which is re-
quired now to reach par in 1879. So in
1868, the fuctiatien was from 25 to so;
in 1869 from "a to So; and in 1870 the
premium dropped to 10 and then to 10,
there being an actual decline, between tie
beginning and end of the year, of ten per
cent. These changes, so far in excess of
what it now needed to reach resumption,
caused no panic, no crash, no disaster.
The panic did not come until 1873, the
gold premium having been, since the close
of 1870, fluctuating but few per cent"
This statement of the Commercial ia a
most convincing argument against the
confscationists.
Will our neighbor observe, that, in 1867,
our currency hal reached its greatest
volume. The mightiest stride was made to
lessen the gap, between it and gold during
that period gradually as the "money
changers operated upon the government,
to rapidly contract our Currency
the benefcent. and healing operation, be-
gotten of general industry, was i,alted.
Equalization ended, and our currency
ceased to appreciate; indeed fe in value!
Why thu coincidence?
The present stagnatien Of trade, and the
tetchedness of the famine threatened
illions, are chargeable to the conspiracy
the foreign and domestic capitalists, ,hav-
their headquarters in London and
CIV York. The press Of the
tier citv. being in the interest OF, tr