Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-03-31
HONEST MONEY FOR ALL.
How Imitation Would Rob Labor Of Its
Earnings.
GREAT SPEECH on THE FINANCES, DELIVERED
AT CLEVELAND, nv W. ". GROsVENOR,
OF MISSOURI

spirit Of Republicans gives hope. But the reaetOnary
democracy IS here, aud threatens the hobor OF the
nation. The Independents " Ohio need no advice.
What they will doubtless do, and why, shall lry TO
show, in the hope thai many Democrats may also see
higher duty than iealty TO an erring party.
Those who care less for the good Of country than the
charms OF Ohee can not he independent. ut axes
live fish TO swim up stream" Independents put aside
the hone Of prefermeut in order to remain true to
convictions which neither party satisnes aud pei maps
Tor that reas0u may claim not the less OF public faith
In their sincerity, They have oh sen their position,
and do not regret it, Casting slur others VINO
thiuk II wiser with that organization which
their judgment most nearly approves, the lndepend-
ents ask mans leave their votes ther own
convictions dicae. They know that parties differ In
controlling elements aud tendencies, but they know
also that the party which embudes the best permanent
tendencies will sometimes need the wholesome re-
straint Of defeat, To be independent is not
without that party bias which makes SEN
Ptor Thurman servant d repudiaiors which OF the
pending questions is Of first Importance do ones
best tor the right thar question and to reserve
equal freedom for the decision Of every other. The
will ask mans pardon for trying 10 do their duty
IN the past aud favors for lrying do Il now but
will take occasion this year tn teach the Democratic
party that II not with their aid assa the credit of
this nation.
"MORE MONEY AND LESS HONOR"
The hammer Of "More Money and Less HONOR has
been raised again. II it wins in Ohio parry will
surely bear i in the next national contest and il may
NOT even be manfully opposed by the other Address
ing myself to-day to this question, the of i'm
mediate and national importance above all others To be
affected by this election, trust shall not be under
stood asserting by silence 10 any sense or Decree
TO acts OF either party which have hitherto opposed
Can parties afford to break their pledges2 Humble
individuals, II they respect thense yes, can not. In
1872, resoiuinns adopted at Cincinnati in May,
and adopted by the Democratic party at Baltimore,
July 9, declared:
"rhe public credit must be sacredly maintained,
and we denounce reputation in every form and
guise."
"a speedy return to specie payments Is demanded
alike by The highest considerations Of commercial
morality and honest government"
IL Democrats have so little seif-respect to paler
with that pledge, here stands least who has
not am not 40 unch'ritable as to suppose that all
hara ~ nFna
reputation. They may not be aware that
1t Is reputation TO issue legal-tender
notes beyond 100000 600, to receive paper money
for customs duties They do realize that indie
pendeny Of our compacts, increase Of egal-ten-
impossibei that il wou increase the burdens of the
producing classes, lessen ability pay debts
Many men do not that mere standing stil bri gs
us nearer reputation every day. But the penple
not knaves Show them the path OF duty aud Of hon
or and they will tread it, c,me what may. Thev who
doubt IL may read the record Of the dark years from
Fort Sumter to Appomattox.
SIMPLE QUESTION.
It is simple question. We have two kinds Of
money, coin and paper. The paper is appreciated and
fuetuates in purchasing power. large class Of per-
nave saved OF their earnings and loaned money!
Sl7O7O0OGOO to the Uuiun, 1882 10000 the Staes
SisOOo0OOO TO counties S76OOOOOOO cities other
OOO0OO TO canal aud S5i,0000O0 to bridge telegraph
and mining companies known in the New York
Gov. Allen says that the bonded debt is SO 900 OOO-
0oO 1t can hardly exceed by hundred millions
than four thousand millions But we owe quite
enough to hondholders- t. nearly all OF them our
bonds require that in payments we shall coin
The rest of the people nearly all re-
ceive paper. Thus the money Of the laboror
is poorer than the mouey of the lend
err the money Of the plowholder inferior to that Of
the bondholder Great injustice aud dis ser indus
Tor boh classes fGa ca 6e had in on two ways
Refuse the 6ondholder his sound currency
basis
The average human mind shrinss from ragged edges
is went to deny the existence Of irrepressibe
hcts until pushed into them by Opposing bayonets.
Mr. Thurman may throw dust into has own eyes, but
no man who does not mean reputation will dare TO
propose that for indefinite time labor shall earn
bad paper but pay good gold The bold men VINO lead
his party, and VINO denounce the effort 20 restore he
specie basis, know full well that between repudat0u
aud honest money there is no m ddle course: that
sound currency axe any other blessing can be attained
only by some effort; that We can stand sti, and
shall repudiate il we initiate.
MUST NOT CONTINUE
The present situation not only should not but can
not continue NO man Of either party will deny that
producers impOyeTish ID and labor paraIyzed by
the huetuation Of the currency But Iaborers Of
work are consuming their earnings Those earnings
form the nations capital bv when alone industry
be revived. Producers when stripped OF their earn
1ngs can not ADD TO lnat capital, aud become every
year less able, II not less wilhng pay debts.
Mere waiting does not stop that ductuation which is
tatal Let US not deceive ouraelves II is vital TO un-
derstand thai this hucuaou in the purchasing power
OF currency destroys the power Of production ami the
very endurance OF the natlon, as raging fever con-
Hunies the Vitality Of its victim. Your young nen,
conscious hat industry is at the mercy OF specuanrs
aud tempted Oy the great prizes gained 10 traic,
both driven and drawn from tue farms aud workshops
10 swell the ranks ul The dealers already too many
for the producers. The commercal firms reported oy
Dun Co. 43O JVO ia 1870, aud j5U 100 1875, an
increase OF 90 per cent in i've years, while
popua.ion has not increased 20 per cent Capital,
also, drawn by the chances OF the street, OF DIS
couraged because industry has solid footing, is
diverted trom production. Tue number of private
banks only 2U6! 1862 with SsYUl4 200 Il capt
fai in 1873, only ftur years later, 1t 4297 with
over 500 600 0O of capital. Debts Of cities towns and
Increased:
doubled within i've years. They s8lS go
cording the census OF 1870 aud are now 500 GlO-
OOO Constant changes Of price crush our tue weaker
dealers, aud concentration vi enOruou, wealth and
power goes every ". IL 1872 there was 4OdC
only SIX months oi this year. For four years the
o0O,0OO. When business is gambling many OF the
more honorable will retire, while the strong and
serupulous gather vast wealth or vast debts.
LABOR HAS TO PAY THE COST.
1t not the money leader who needs specie restora
tion. AT the last meeting Of the National Board OF
Trade shrewd banker sIid to me: Let waste
time tins question OF currency. Capital bring
about specie payments Whenever it pleases by making
all ioans aud contracts on gold basis" lie d,d not
see how much he nad confessed Capital does not
please. For when money has no fxel purchasing
power the rich nave golden opportunities, aud the
nous cost OF constant huctuation. The lender eau
protect himself by charging h5h rates OF interest.
takes risk In buying every STOCK. To himself
from loss, through change ia the purchasing power
OF currency he nust chare more than natural prodt
To cover that risk alone, II we're
charged. an enormous must be paid
bv consumers. Ia ten years since the
war there have been but four mouths
one in thirty-in which the price Of currency has
varied per cent? only one out OF forty periods Of
ninety days in which it has varied less than per
cent sad only Our such periods 10 which It has
varied per cent. or more The longer stocks must be
held, the greager e risk. Ii per cent. would
stir most wholesale trade, per would
" in much retail business. Now, early 1857,
dealers paid sales Of all ,nlO O0U OOO YEARLY.
That actual sales much greater then and have
since been vastly Increased, transactions in cad
ing Cites SHOW. But, II ouly per eeul. has been
charp ed for risk sales OF only Sl 900 900 0O0
consumers have paid since the s. 4OU 900 JUJ
than tho national debt, part OF tne huc-
tuann2 currency. The whole Gust has been even
larger.
A MISTAKEN NOTION,
Many fancy that much currency means high wages.
They forget that utatrd prices hurt than in
huied wages help them. In tunes cf huetuation
Uwases OF AL things up last and least aud lal hTst
aud lowest" Money can combine 10 increase of
wages Labor can eUmbine TO resist increase of