The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1876-07-21

vantage which the people nave riynt
to enjoy, and Of which it was mere ras.
cality 10 deprive them. Considering
with reference to public debts alone,
this legislation was 4 gilt TO the bond
holders and theft from the people OF
from S400,000.p0 TO SJOO,0o0,0 900, with
out even a pretext of Justice or policy to
cloak the villainy. The bullionists talk
of the greenback as a dishonored prom
Use. Ii was payable in the standard silver
dollar. and Is ROW worth ten per cent.
more than that dollar. This law. which
prevented the redemption of the green
back in silver. is one Of the hindrances
TO resumption which the Democratic
platform arraigns the Republican party
for enacting.
THE RESUMPTION LAW.
Second. the Specie Resumption Law.
This act was not passed TO keep the pub
lie faith. That faith was pledged TO pay
the greenback in the standard silver dol
lar, which being worth 10 per cent less
than the greenback, no holder would
make the exchange. The people. tor
whose use as money the legal tenders were
issued. never asked their redemption.
The Resumption Law was passed. and
its enforcement insisted on. not BY the
people. but by large holders OF money
securities.
The purpose was and is. first. to Sc
cure TO this class, through the National
Banks. the control and regulation of the
whole paper currency OF the country:
second, 10 obtain S4O0.000.0O0 more of
Government bonds: and third, to con-
fiscate the property of debtors and double
the value of boarded currency and cur
rency securities BIZ sudden and enormous
contraction. TO attain these ends we arc
to be subjected 10 a reduction of the cur
rency in the next three years from $50
coo, 600 to S200.000,t 600 or 500, 000. 600.
Considering
OUR SMALL SUPPLY OF GOLD,
which. under the recent legislation, is TO
be in effect the only legal tender. sup
ply constantly diminishing under the
conditions of our foreign trade and in.
debtedness. which can not be changed
for years. The accumulation or reten-
ton of any large amount OF gold in this
country is impossible. No intelligent
man can believe that the banks can keep
aioat currency redcemabe in gold
much. if any. in excess of the greatest
amount we ever had before the war.
which was S2l5.0O6.00O. If we call it
$3.50. 600 coo we shall then have con-
traction of the currency in three years OF
about &C; per cent.
Such sudden and enormous contraction
involves. inevitably. a reduction of all
values of land and of labor and its pro-
ducts to an average of less than half their
former value. Consider carefully the
triple evil OF this immense reduction of
values.
/. Our taxes are now about nineteen
dollars per head for National, State and
municipal governments, which is more
than the whole net increase of wealth in
the United States, an enormous and I'M
PARALLEL burden, which was nearly in
supportable even in season of general
prosperity. This contraction of the cur
rency will at least double the tax burden
by reducing one-half the vahe of labor
and property, by means of which taxes |
are paid.
2. There are about 5000 900 900 OF |
private debts, which will also be doubled |
by this vast reduction of the currency. |
The effect on debtors will be precisely |
the same as though the currency were |
let alone and all their debts doubled. |
1t is legislative contiscatiUn Of the |
property OF debtors to an amount of four |
times greater than the sum of our ma
tional debt, and legislative gift OF the
plumber TO creditors.
3. During this process Of contraction,
while money is rapidly rising in purchas-
ing power, and while labor and its pro-
ducts are rapidly falling, all productive
interests must perish under an absolute
law OF political economy, which forbids !
manufacturing on q falling market.
Under this triple curses of this law |
most of the business men OF the country |
will be dragged from competence to
poverty. Millions OF artisans, mechan-
les and day laborers will be cast out of
employment for years, and bankruptcy,
want, agony and dispair will fill the
land.
AN EXAMPLE.
That this is no extravagant picture is
shown by the history OF British resump-
ton by forced contraction in lsl9.lS23.
Great Britain was a creditor nation and
had vast stores Of gold. Her currency
was less than One-third the the value Of
ours, ana moreover stood at but from
to 6 per cent below par in gold. yet the
Peel resumption act of 1919, from which
the Republican resumption law is copied,
caused contraction of over 40 per
cent OF the paper currency to
reach and maintain resumption,
blighted her industries, impoverished
debtors, starved and beggared her work
ingmen and doubled the wealth and |
power OF her aristocracy. Let debtors
read Alison's knights" and Double.
days descriptions Of that saddest era in |
the modern history of England, and the |
speeches OF Brougham, Barring and Sir |
Robert Peel himself, deploring the folly
Of the law.
We need but look around us to see
THE FIRST FRUITS OF THIS INDUSTRIOUS
POLICY.
The aggregate Of business failures In |
the past six months is shown by statistics |
10 surpass those OF any equal period in |
our history; that manufacturing ill.,
dustry in the United States was never SO
PROSTATE as now. Probably million of
workingmen are idle and many more
millions OF dependent women and chill
dren are drifting to a winter of starya-
ton or beggary. The threat Of early
resumption, tor which neither the gov |
erninenI, the banks, nor the country are |
prepared, has, In tact, thrown the |
country INTO chronic panic, which itself |
increases the apprehension on which it |
feeds, and which, before the day fixed |
for resumption, will cause the death OF |
industries, the subversion OF order and
property, and more cruel and general
woe than our terrible war itself inflicted.
Inc nnal result viii be vast addition
10 our bonded ueDt, the ,uuilactc COLI
troll of the currency and the business of
the country by the National banks. the
reduction OF a million Of debtors OF
hitherto fair fortune to poverty, the deg
relation OF the mass Of laborers to pau
perism, and ultimately, ! fear, the SUI
peryision of our government, in fact, if
| not in torn, so that 1t will cease 10 be
government Of the people. by the people
ana for The people, aud will tall under