Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1876-01-15

1t is within the power Of the
Congress of the Uuited States
which re-assembled in Washing
ton to give the country almost i'm
mediate prosperity.
How?
By adopting the recommends
tions of President Grant and Sc
cretary Bristow to take from green
backs their legal-tender function
on the first of January 1877.
Why?
Because the paralysis of trade is
due mainly to the threat of re-
sumption IN 1879. This promise
Of Congress in its so called Sher-
man compromise has put stop to
all new enterprises, locked up our
floating currency, and as kept
the country commercially poor in
spite of its immense resources
For this is the way tt . promise
of resumption works. People who
own any of our redundant curran-
cy will not invest it productivity
because this deprecated paper will
be worth its par in gold in 1879.
In other words, by doing nothing
at all, the possessor of $l00,00 in
greenbacks, will make from welve
to fifteen per cent on his money.
If he should buy house or ship
or a factory or any stable article it
will fall in nominal value on his
hands when resumption tskes
place.
This is the real argument against
resumption.
No one wants to do losing bus
ines s-tO make an investment at
high prices which will be sure to
fall to low ones some time after
Hence the business of the country
is at stand still.
But suppose the greenback is
the near future. Immediately our
redun ant currency become, alive
and active. Instead of being worth
more in two years, it will be worth
less in one years time,
The money now boarded because
of its future enhancement would
be spent as soon as possible be-
cause of it's future decreasing value
The arguments for new issue
of paper, for imitation, so-called,
rightly understood, are th.t it
would start business anew, for
those who dreaded its final worth
lessness would part with it for any
staple property. This means that
business would become active.
We all know that the currency
ia the country is largely redun-
dant; that if it were put into cir
culation prices would go up and
the times become prosperous.
The same effect, though in a less
degree, would follow if the legal
tender act were so far changed as
to reduce the future value ofgreen-
backs, for they would then be at q
discount as compared with real
money.
Democrats of the House of Re-
representatives. ! if you want to re-
store trade, start the wheels of in
dustry and bring back prosperity,
do not demand the repeal of the
resumption act without first or
daining that the legal-tender act
also shall be modified so as to re-
duce the value of the greenbacks
as compared with gold,
By doing this you earn the graf
itude of the country; all attempts
at imitation will fail to stimulate
business so long as the greenback
is liable to be redeemed in gold at
fixed date.
Republicans in the House of Re-
representatives.! do not let the Dem
ocrats outbid you in advocating
measures which have had the in
dOrsement of the President of the
United States and the Secretary of
the Treasury for two years in sue
cession.
Will the press of the country.
both Democratic and Republican,
join us in demanding of Congress
this measure of relief to aid our
crippled and stagnant industries ?
=. 1t is now settled that no imitation
measures can pass the House, the
Senate, or the President. Why
then waste time in discussing the
propriety OF increasing the cur
rency?
1t is also settled by the expert
ence of the past year that the Sher-
man compromise of last January
has retarded the reco cry of the
business of the country, and has
brought about a worse state OF az
fairs than it aimed to amend.
1t is the threat of resumption
which has put stoppage to trade.
The cure is not in more green
backs but in simply making our
redundant money alive by show
ing people who hold it that it is to
their interest to part with ii for