The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-08-23

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| carry it into execution. 1t is insisted that the
! Secretary has the power, in preparing for re-
/ sumption, to sell bonds for coin. and then to
| sell the coin for United States notes, to be
| boarded in preparation for resumption. The
department has not acted upon any such con-
| struction, but has sold gold only in the current
course Of business or for the actual redemp-
ton of notes supplanted by national-bank
| notes. If this power is exercised, it should
only be in pursuance of the plain will of Con-
| gress; and, IN the execution of so delicate a
| duty, no power should be used except such as
| is clearly given.
The act of April, 1876, for the redemption of
fractional currency, provides that silver coin
may be issued in exchange for United States
notes, and such notes shall be kept as special
fund for the redemption of fractional currency.
This fund and the ordinary currency balance
in the treasury are the only paper money of its
own. The coin and legal tenders deposited in
the treasury are the property of private in
dividuals, over which the treasury has no
control.
have, fellow citizens, hope without weari-
some DETAIL gone over some points on this
| question of resumption 1t is dull but i'm
portant topic, which affects your daily life,
upon which my official duty compels me to act,
md assure you that l have only acted upon
the clearest convictions of public interest.
the public credit, always convertible into coin
and so limited in amount and supported by re-
serves that its conyertibility cannot be endan-
gered and supplemented by bank cUrrency
free and open to all alike. based upon public
securities, SO that, in any event, the note
holder is safe from loss, always redeenable in
coin or United States notes, unlimited III
amount except by the wants of business-this
is the kind Of paper money that will start again
the wheels of industry, give sails to your COM
merce, labor to your artisans. This, indeed,
would be the best paper currency in the world.
Let this currency be supported by a public
credit against which whisper of doubt cannot
be uttered, and your public debt will be re-
duced to it's lowest possible burden Of interest,
and will become the great depository of the
savings of labor, the trustee of the widow and
orphan the safe rest of capital not employed
in active industries.
These, as [ understand them, are the great
financial objects Of this administration, and,
with your permission and the sanction of Con-
gress, the President may hope to celebrate his
outgoing with your debt reduced to 4 per cent,
and every note of the United States worth par
in the best coin issued from themin You now
occupy the forefront Of this battle beseech
you to uphold his hands, and not let the delus-
ions of the hour or the temporary languor of
business, which you share with the civilized
world, turn you from a policy which you have
sanctioned and can now hope to realize.
It is very common, fellow-citizens. to hold
the Government responsible for the hard times
caused by the ebb and flow of trade and pro-
duction IF the crop fails the administration is
abused. If wages or prices fall, the admins
tration is blamed. If production exceeds the
marketmade by consumption. tits easier to abuse
some officer OF the Government than to find out
the real cause. And so it happens that, under
any Government whatever may be it's form,
if panic, or hard times, or over-production,
or pestilence, famine, or plague
comes, the men in Office are made the scape-
goats for troubles which it is far beyond their
power either to produce or remedy. And so
now, when throughout the world trade is Ian
gushing, and wages have fallen, and industry
does not meet It's usual reward, it is quite COM
mon for demagOgues to say, "Turn out the
administration and put lis in, and all will be
lovely" Such arguments are only fit for FOOLS
Human governments can have but little influ-
enee over the causes that produce the rise and
fall of prices, the abundance or want of employ
ment These are governed by higher laws and
the puppets that for time hold official au-
thority have as little influence over these great
movements as flies have over the revolving
wheel. At this time our country is the most
prosperous N the world, though we suffer, to
some extent, from the same causes that bring
stagnation to the industries Of all commercial
countries.
I have here copious extracts from English,
Belgian, German, and French papers, all ma
lions of wealth and power, in profound peace,
and all showing extreme adversely and depres-
sion in trade and prices.
The iron trade in England has passed through
extreme depression. During its course some
of the largest and wealthiest manufacturing
concerns had to succumb to the severe reac-
tion while operatives suffered in the greatest
NV 10 111nY pH of "a
Observation-Disclosures prices.
The iron trade i'll England has fallen nearly
so per cent The Belgian iron trade was al
most eXtinguished, and the wOrkmen employed
were driven to other pursuits. This industry
is the one that has suffered most in our own
country, while we are rapidly recovering by I'M
bounded natural resources, and by reduced
cost of production. have before me an En-
glish paper showing that the exports of Man
chester of cotton fabrics, especially to the
United States, have been largely reduced. The
amount Of cotton goods shipped to this country
has been reduced in five years from 1919, 900
yards to 100000 yards of WOODEN goods,
from 10000 yards to /, 4780 DOC yards, while
our own production has enormously increased.
and we are now exporting both cotton
and woolens. In Germany, Of thirty-two COM
panies enumerated in a table I have before me,
only six snow any dividend whatever for the
last year, and the aggregate accounts show
loss of $1,000, 900 on the years operations. Of
the silk trade in France, which is one of the
great branches of their industry, it appears
from paper I have before me, that there are
about 10000 silk looms at Lyons, and nearly
half of these are now idle. The number of
weavers now out of employment is roughly es-
timated at from II, 900 to $4,000. Knight fol-
low these general statements by picturing the
distress in all these great and rich countries,
compared with which the greatest suffering Of
our people is insignificant.
With us the worst IS over, and the vast in
dustry which gives employment to the great
body of or people-that of agriculture is
now extremely prosperous. 1t is common
and, as they grow rich, other industries will
thrive, and trade revive. To attribute the
distresses, which I know you suffer in COM
mon with the rest of mankind to the causes
growing out of the administration of our
Government, is extreme folly. Unlike
the laws of most European countries, our
laws are framed. as far as possible, to promote
industry, ito protect labor and distribute wealth.
Here we giv7 to every man the same privileges,
civil and political, whether he be rich or poor,
or whatever may be his condition. He must