The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-07-29


for sale on execution by the Sheriff. of
Ohio than ever before; and sale is
rarely effected except on re-appraise-
ment after two offers without bidders
The Republicans tell you in account
ing for this condition of things that there
is too much money.
Do you believe it? Do the miners,
and masters, and mill owners and labor
ers of Lawrence county believe itp You
know better; they know better They
know contracting currency has caused
declining prices and stagnant business,
loss ofpro6ts and consumption of the ac-
cumulations of former years, and these
combined have made business unprofta-
BILE until it has ceased, and have kept
laborers idle until they have starved.
They tell us money accumulates in the
money Centers and in the banks. Ger
tainly. 1t accumulates because it finds
no employment No business uses 1t.
In 1S65-7-S, when the currency was far
greater, business was active, and the cur
rency was never accumulated.
The supply of hay was scant, and the
Irishman thought he would contract the
daily supply, and aCcustom his horse ito
do business" on one blade day; but, as
soon as he had contracted TO that point,
the horse did no business and died, and
then the hay accumulated in the barn.
Gold and paper stand to-day at a differ
ence of IA per cent they stood year
ago at a difference of ten per cent. Now,
what is the true remedy for this condi-
ton of things?
The Republicans say continued con-
traction; that this only will bring gold
and paper to par; that this only will pro-
duce specie payments; that if necessary,
we must sell bonds to buy gold for legal
tender no es, and silver for fractional
currency, and thus reach specie pay
ments through the still greater prostra-
ton of all business, the still more abso-
lutte idleness of all laborers, the still
greater poverty and suffering of all the
industrial classes; and then, they tell us,
business will instantly revive, and profits
will accrue, and labor will be rewarded,
and smiling prosperity return.
The Congress has passed law declar-
ing absolutely that resumption shall take
place in January, 1879, and to prepare
for it has authorized the Secretary of the
Treasury to issue gold bonds with gold
interest to buy gold and silver; and it is
stated i'll the papers that he has actually
sold $l5,000,000 silver. No man will en-
gage in business and undertake enter
prises when, by law, the money is to be
appreciated and his Indebtedness is to
be increased seventeen per cent in three
years.
Every dollar of gold purchased with
bonds for the redemption of greenbacks
adds to the annual interest. If fifteen
millions have been issued and sold for
silver bullion, this one item alone adds
seven hundred and fifty millions in gold
annually for thirty years. Last months
report showed about fifty millions Of
gold in the Treasury, and somewhat less
than four hundred millions of outstand-
ing greenbacks. The Secretary has the
power to issue bonds to buy gold to the
amount of every dollar of greenbacks.
lfhe means to make redemption in coin
absolutely certain, he must do it. And
if he does, he will issue more than four
hundred millions of new bonds, at an
annual interest of more than twenty mil
lions in gold, 1t is the same old weary
story of funding a debt which pays no
interest in bonds which pay large inter-
est; of borrowing money on long time at
high rates, to make investments which
yield no return. Ifa private man should
act so, your Courts would adjudge him
lunatic, and unfit to be trusted with his
own property. This policy has been pur-
sued strictly for the last year, and what
has been the result? Business, instead
of reviving, has become more stagnant
and less profitable. Labor has suffered
as it never suffered before. Gold has be-
come dearer. Last July the premium
was 10; it has been during this month
III; it is now ia. Gold has become
scarcer. Last year we exported $50, 1885,
1875; this year we have exported $780,,
507,411, an increase of more than thirty
four millions. Gold has huCtuated more
The premium has changed seven per
cent within year; about three per cent
within month. The supply of gold in
the Cincinnati banks has varied within
one year from $353,000 to $4,000. The
supply in June, 1875, was 1858, 900; in
June, 1875, $lS9900. In June last the
circulation was So, l67, 900; their gold was
$l89,0O0. A pretty condition for forced
resumption!
Exports of other articles than coin
from the Port of New York alone have
fallen off more than thirty-seven millions
of dollars.
Farmers of Gala County, consider this
table. In eleven months, in these nine
articles, the production of farmers labor
or land, there has been reduction of ex-
ports to the amount of eighty-seven mil
lions of dollars.