Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1876-02-23

lndustry Affected BY Had Men
cy-The Intcrestsef the West
md Of the Whole Country
IL In u Sound Currency.

N ~ SuC W uVAC SVWuVry
II I'm q Sound Currency.
let us Have Resumptiom- Con-
c1usiOn or Mr.. Blafnc's
Speech.
One great and leading interest of
my own and other States have suffer-
cd, still suffers, and will continue TO
suffer so long as the currency is of IT.
redecmablc paper. i mean the ship
building and navigation interest
one that does more for the country
and asks less from ii, than any other.
except the agricultural an interest
that represents our distinctive nation
ality in all climes and upon all seas
an interest more essentially and more
intensely American than any other
that falls under the Legislative power
OF the Government and which asks
only to-day to be left where the foun-
dcrs of tho Republic placed 1t a hum
drcd years ago. Give us the same
basis Of currency that our great COM
petitors of the British Empire enjoy,
and we will, within the lifetime et
those now living, float larger ton
mage under the American flag than
was ever enrolled by one nationality
since the science of navigation has
been known among men. Aye, more
sir; give us the specie basis, and the
merchant marine of America, sailing
into all zones and gathering gain
from all continents, will bring back
to our shores its golden profits, and
supply to us that coin which will
steady our system and offset the drain
that weakens us i'm other directions
But ships built on the paper basis can.
not compete with the lower priced
ones of the gold basis; and whoever
advocate. a pcrpetuity of paper mon.
ey i'll this country cOnfcsses his read
mess and willingness to
| SACRIFICE THE NAVIGATION AND CON-.
| MERCIAL INTEREST FOR ALL TIME.
II is often the subject of reproacf
| by the opponents of the Republican
party that ten years have elapeed since
| the war closed, and nothing effective
has been done toward the resumption
of specie payment. Even if this were
true, the Democrats are not justified
in making the charge, for their part,
! organization has been the principa
obstacle and stumbling block in In,
way to resumption. But, in fact, +:
great deal has been done towarl
specie payment by preventing infla
ton and keeping the Government
thus far within the four hundred mil.
lion limit. TO do this it has been nee.
cssary to wage a very sharp war with
the Democrats. and against their de.
mand that the national debt be paid ii
| legal tender notes. The Republican.
have had their hands full thus far Il
maintain the demands and dues O
common honesty.
As q matter Of fact, however, l an
quite willing to admit that, during
these ten years, no positive and vigor
Gus steps have been taken toward
specie payment. So long as the bust
ness Of the country was progressing
reasonably we'll, il was not practica
bic or possible to sci to work delibcr
atcly, without the pressure Of ncccs
sity. TO force specie resumption. Ev
cry man of affairs knows instinctivcl,
without argument, that this was so
and he knows why il is SO. Though
not having the same moral issues in
volved, We were situated very mncl
as Mr.. Pitt found himself when aske,
why he did not bring IN bin for tn
suppression of the slave trade. III
said: "Thc Bristol merchants are to-
strong for The Ministry. because s.
many interests in the Kingdom ar
connected with them.'
But now the ease is changed. Over
trading. the wild spirit OF speculation
the undue expansion of credits. hay
worked out their legitimate and in
evitable results, and, with full vol
nme OF paper money, the crash came
prices have fallen; settling day ha
arrived, painful liquidation proceeds
and the whole commercial and finan
cial fabric is settling down on soil,
foundation. Experience conyipcc
where preecpt falls on deaf ears. AM
to-day we have men by the thOusan,
longing and asking for return Il
! specie, who, three years ago. wonlt
have violently opposed it. To at
tempt now to build mp business b,
further imitation Of the currency in
wolves
THEORY so MILD AND DEsTRuCTIv I
that it requires Q man of great nerve
or of great courage TO propose it. In.
deed. the shock TO confidence by the
panic of 1873 was so great that many
commodities.and especially many fab.
RIGS, are below their normal price
and firm, clear, decisive step i'm the
direction of sound, redeemable cur
rency. imparting stability TO our f.
nancial system and confidence to the
people, would. in the judgment of our
best merchants and manufacturers, be
followed by rise in prices. by a
quick and widespread demand for
labor, and by a generous and general
revival Of trade and business through
out thG country. And. beyond, that
VIC should enter nuOn IN export trade
in our fabrics. such As wa have not
dreamed of in the past. The time is
ripe for it, outward circumstances are
all propitious. and it only remains for
Congress to give to the country a
steady curpeacy. and the bounding
energy and enterprise Of the people
will do the rest.
There is not cotton plantation in
the South, not grain or grazing
farm in the Vast, not coal pit or
iron furnace in Pennsylvania or Ohio.
moi IL manufactory in New England,
not n ship yard on the Atlantic coast,
not lumber camp from the PenOb-
scot to the Columbia, not O mile Of
railway between the two Oceans that
would not feel the qnickening, gain
full influence of final and general
acquiescence in measures looking to
specie payment. The Republicans
mediate M harsh, or hastv. or de-
strnciivo policy on this gucs,ion-hut
one that shall be
FINN, COSsIDEEATE AND CONCLUSIVE.
The Democracy, by refusing to CO.
operate in The good work, can keep
the matter in agitation and prolong
the era Of dizziness and inactivity in
the country. Having s;phborniy re-
fused 10 vote for legal lenders when
the salvation Of the Union demanded
them. that pHriy Gail now fiitingly
complete lis financial record by re-
siStiDg all efforts TO restore the specie
standard to the people.
We are told. however, Mr.. Chair
man, in tones of most solemn warning
that this country is not able to main
its paper money at par with coin. Sir,
| reject the suggestion with scorn,