The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1876-05-24
The Issue Of the Hour.

The Issue Of the Hour.
The following is portion of a
speech recently delivered before the
Minneapolis Board of Trade by Hon.
Joel B. Bassett:
The result of attempted resumption
has already been the stagnation Of bust
ness and financial ruin throughout the
country. Who would embark in bust
ness to-day, investing his capital in any
enterprise of trade when such capital
lying idle will be worth II per cent.
more by law, in three years? And if
loaned meanwhile, even at 10 per cent.
the increase would be far in excess of
any thing that could be realized from
legitimate business. In other words,
by keeping his funds on interest they
must largely appreciate, and in business
must depreciate.
Look at this city! No new business
enterprise have been started here for
two years, industries are paralyzed, and
the laboring men are standing on the
street corners begging for work. So it
is all over this broad land.
History has its lessons. Great Brit
ain has passed through this same cri-
sis, but did not attempt to resume even,
until every industry was prosperous, a
large balance of coin in their national
treasury and large balance Of trade IN
their favor. Specie payments were sus-
pended in that country for twenty. six
years! And we, with business prostra-
ted, the balance of trade against US,
and our foreign debt increasing at the
rate of $1,000 100000 annually, resolve
to resume in the face of history and ex-
perience. Even when resumption took
place in England, although gold had
stood ut par with currency for two
years previous, the result was disas-
trous to that whole country. 1t pro-
duced just such results as have been pro-
duced in this country by the threat Of
resumption. He read from Judge Kel-
ly's speech as embodying his views, and
the situation in this city and the coun-
try at large.
Under all these circumstances, can we
resume! And if we resume by borrow.
ing, could we maintain resumption!
The proposition to resume, under the
present law, arrays the capital of the
country against the labor of the coun.
try. And he - sorry to sly that ia
such contests labor usually kicks the
beam. 1t is labor that produces wealth
hard, honest work! Wealth can't be
| nroducad nv 1eu;slation
Resumption means coutraction-the
retiring of $40O,O00,000 Of currency
bearing no interest, and issuing in place
thereof $500, 100000 of bonds bearing
4 per cent. interest, thus adding $780,.
100000 to the burdens Of the people
annually.
Mr.. Bassett read from reported in
terview with August Belmont, agent Of
the Rothschilds, advocating the issuance
Of the $500,000,000 government bond:
at IL per cent. One hundred years
ago Gen. Gage interviewed the people
of Massachusetts with different results
There was one Jonas Parker who ther
said he wouldn't run from British bayo
nets! Would that we had a iona!
Parker now, to resist the dictation O
the money power Of Europe, but there
is no man to raise his young voice agains
it. Contraction is not suggested owing
to lack OF confidence among the people
The people are full of confidence i,
their currency, and want to keep it
Why should we retire currency thai
everybody is satisfied with-that i
based upon the credit Of the nation, is
as good as government bonds except tina
it does not bear interest-that is goo<
for its face throughout the length ar,
breadth of this country? The contrac
ton proposed has already resulted il
wide spread and fearfully increasin!
failures.
The capitalists will own the countr.
ina few years at the present rate
There isn'ta mortgage in this city thai
, will pay the note it secures in 1879 i
contraction goes on as proposed:
Il is said that resumption will give u
prosperous times, will cure the evil 0
huctuating values and all that. Il
France their banks have been suspend
: cd for years, but labor is all employee
|; and well paid, and the country is full Q
prosperity, while Prussia, which is fu]
Of gold, is FRUSTRATED in her business
and her laboring men are unemployed