Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-10-05

autOcrats who had secured that concession to
them, and had largely pronted by ie opera
scheme OF fraud and outrage upon the public,
demanded still further assistance from c',t-
sress. BY the development Of opr newly dis.
cIvered silver mipes in the western terrific
rles, II e production and coinage OF that metal
had gteatiy Is creased, and in consequence, Of
this the burden OF dlt charslng ouf putlic
debt in coin would in few years have been
greatly diminished. tut this result, impor-
tant AS II was 20 thS government and the peo-
pie, was foreseen by tho q who held the fnan-
clal prosperity of The country in the grasp Of
a Shylock, and as they saw danger TO their
own Interests and an OppOri unity for further
ga n, they at once set all their hdences aud
agencies 10 active operation to prevent IL.
Inis n easure, like the former one TO which IL
was but supplement-, when prese nted to con-
gress was at once assailed by many Republi-
cans aud neall ly eYeiy Democratic member
from the northern yesteIh n ard sptltlie+n
sta eS, waD denouhced ii as the offspring Of
coz upton and the creature of jobbers and
Lobbyists; but still IL became law; So deter
mined were the honest Republican, and DEM
ocrats TO de!eat, and SO anxious Wer4 It's advo-
cates 10 pass II, that the latter, in the arro-
sa7Ce of their power, pi eSsed 1t 10 vote with
out even the Observance of the parliamentary
rules regulating the passage of bills of the
most filing character The vampires who
are prey ing upon the puoli1 treasury with re-
mO!selssS greed had made careful prepara-
tlOns, with a knowledge of what was 10 come,
to reap ell the benefits which could
result me om their eerte6 scheme'
alter having assured themselves that con-
sress would do the r biddiag they went iAto
the market and made contracts to deliver
!arge amounts of 81 yer at future day, ard
the unwdry dealer, not having the knOwl-
edge OF coming events possessed by them,
readily fell int the snare, and was ruined.
For, as was foresee by the Conspirators who
p aimed and executed this ne.ari US under
taking, Immediately upon the passage of the
bill silver went down ten or fifteen per cent,
below par. With these facts in view, II can
be easily seen how largely the ring of favored
capitalists must have aC ded to the contents of
their coffels, and how many unsuspecting
people were reduced to pove ty and distress
oy this heartless combination between un-
ScrupulOus speculatOrs and corrupt Iaw-mak-
era. But this was not the onlv evil - ~.
effects wee r-.vrv widespread and disastrous
man the ruin of a few hundreds or thousands
of private individuals. 1t has driven out OF
the country large amount of silver coin and
bullion, and rendered that which remains in
the hands of the people practically worthless
for the payment of their debts u1lesS their
creditors choose to receive it. Every ship
that has left your shores for the past
three three Years has been freighted with
was much needed st home to carry on in
dustrial pursuits, to give strength and conf
dence to The manufacturing interests Of the
vate d5btc, II any further evidence were
wanted OF the evil and injury which this
me asure has inflicted upon the count y than
is fonnd in the facts which l have alreaty y
stated it IS furnished by the following salts
teal Information: on the first day of July,
1870, there was remaining In the treasury of
The United states Sll2,T160 0i8 IS, in coin, more
than one-half of which perhaps was silver.
One the first day of July, 1872, there was, in
round numbers, about Sl20,0O0,00) On the first
day Of July, 1874, the amount had fallen to
s.4 205 90l Il. Ana now there is remaining in
the treasury only Ie sum OF S73,6-5 5Si 81,
showing decrease, commencing Immediate
" after the passage OF this act, from 1872 to
1876, OF more than S47,00l,0O0 which has been
Withdrawn from circulation among the people
OF this couHtry and given into the treasury of
other nations. In addition to this, large
quantities OF silver in bullion, which never
nfnTT In irnfC uUaG ghi oil
amounting psThaps to something like $780,
CO.,, 0J, annually since the act demonetlzing
seen that, by a moderate estimation, we
nave perhaps in three years lost
from the circulating wealth of
the nation somet thing like 500 OOOO,OO not tsk-
ing into account the depreciation in value of
that which remains at nome, and all this by
an act of Republican legis alton. That the
measure was a corrupt one L nave the very
u CHEST Republican authority. | have alreaGy
told you how ii was regarded by honest Re-
publican members of congress at the time o.
It's passage, but have still more evidence OF
tue CORFU pJ agencies by which IL was enacted.
At the recent session of congress, while bill
for its repeal was before the house and under
discussiOo, MIR. Fort, leading Republics An
member from Illinois, declared that 1t was
one of the most corrupt measures that had
ever passed congress, and that the bill was
pre- epared in London In the interest of Eng
fish and American capitalists, brought TO
Hashin gton by their agent, and stroo ogly init
mate1 that It's passage was secured ~ the lib.
er2l use of their money. so 1t wJuld seem, If
his witness is TO be credited, that the legisla-
ton Of the Am sIican congress under Repub-
lican rule has been on sale In foreign as well
as domestic markets. When the repeal of this
measure was proposed by Demo
duced for that purpose, 1t was peIsisently.
opposed by the Republican minority, with a
very lew honorable exceptions, and finally
defea ed by resort to every strategy and sub
teTfuge Known to parliamentary law. SO taat
the pecnicIOus effect of the measure remains
fast-ned upon the country by the Republican
rulers and repre- ientatives.
THE RESUMPTION ACT.
Still another one OF the series or legislative
acts fastened upon the records OF congress by
the Republican party in furtherance of what |
seems to have been Its settled Iolicy of en-.
riching the few at the expense of the man ASe
and which has still further unsettled our
dnances depressed every interest of the ma
ton, and pToStrsted the credit and prospeIity
OF a great section Of the country ana vast
numbers of our people, was the la fixing the
resum Ltion OF specie pay ment on the nrst day
of January, 1879. 1t is almost impossible TO
conceive of an act Of legislative folly more |
fndcfenslbIe thau this, or one fraught with
greater mischief TO the interest and prosperi- |
ty OF the country. With puollc debt made |
up of ruinious demands, upon which we were
paying an annual gold Interest of about one
hundred and twenty million dollars; with
a treasury depleted of cola down TO
the sum of seventy-four million dollars;
with legal-tender notes, fractional currency |
and certificates OF deposit amounting 10 |
more than S5OOO0O OCO which could be pre-
hour after the date fixed in the resumption |
act, II is difficult TO see how specie pay
ment could commence in the way designated |
and at the time mentioned. 1t only requires |
a hssty grouping together OF The facts nave
mentioned aud moment OF reflection to un- |
uerstand the uJter absuId1ty of such a law. A
bankrupt with but single dollar In his purse, |
and no reasonable prospect OF incI easing his |
means g CuId with the same wisdom and Do
D iety, call together his creditors and promise |
To discharge their demands upon day near
IN the future Every man must see that under
this state OF 1acts run Of a single hour upon |
the national treasury would close lis dUos
and force suspension. The return to specie |
payment under this act means payment in |
gold, and gold only, for silver, as l have
shown you, has been by law rendered worth |
less for any purpose OF that sort unless, in |
deed, some poor man or woman should pre-
sent a handful of fractional currency,
amounting to DO more than i've dollars, ac-
cumulat,d by long days and nights
of honest tOil-they would have
to accept for its redemption a coin reduced
ten or fifteen pr cent. below the standard OF
gold. Though the poor man may be COM
pslled 10 accept silver at deprecated value
in the redemption of his little store of frac-
tional currency, yet theibondholder and the |
man who counts his legal lender notes by
gold, This bill was presented IN the senate by |
Senator sherman, whom believe to be an
honest and upright man, and VINO would not
be Influenced by any improper motive; Dut
this constitutes no reason TO believe that it |
was not conceived in the midst of the same |
band of conspirators whose agency was seen |
and felt in getting through The other objec- |
tionable Inea ures which preceded it, Nor Is II |
conclusive of the fact that its final passage |
was MOI secured by fraudulent and corrupt
measures Tor the most honest and irreproacn-
aDle Legislator not unfrequ usntly becomes the
easiest victim to the Wiles OF the jObber and
lobbyist. Bat however this may be, at the time
il was presented TO congress and since Its pass
age into Jaw, it has been the theme OF un-
sparing denunciaJion by leading Republicans,
and q large majority of the most Intelligent
men in every section have seen and oepreci- |
at.d its biighting effect upon tue industries
and pTOspsriCy of the country. 1t can easily be |
seen wever, the money brokers and specu-
Iators in the misiorJunes brought upon The |
c upJry by legislative blunuers, II not crimes, |
can turn this IIl-8dvised measure to their own
advantage at the expense of the national |
tary of ak Friday SHOWS the method by |
which this may be accomplished, and as dis. |
graceful as that transaction was, II may, and |
no doubt Will be repeated. The capitalists OF |
thi, country and of Europe combining their |
resources and talents for mischief can easily |
buy and control by otner means most OF the |
gold coin in the markets OF the world, bury |
II in their cCffers, and when the day tor specie
resum pJion CT mes they can dictate their own |
terms and sell to the government at their |
own price. Then we Will again resort to the |
costly expedient of issuing bonds at heavy |
rate of Interest and sell them to the masters |
of our financial situation in order to obtain |
the gold TO discharge the obligations so un- |
wi,sly assumed. SO we Will become in |
closed in never-ending circle |
that will draw closer and closer,
until it crushes the very life out of !
the nation and brings ruin and bankruptcy |
npon the people. This law, too, a Demo- |
cratic con gress would have repealed, but were |
Il In F.air "a nFfl N rali inNya