The daily gazette., 1877-11-20
What the People Say.

EDITOR OF THE GAzETTE.-Sir =
have noticed with great satisfaction |
the recent course you have taken in es- |
pousing the cause of the people by ap-
proving and defending our friends In |
Congress who are working so manfully |
to pass the Silver and Resumption Re- |
peal Bills. Your course Is worthy of
more earnest congratulation as the press |
of this city IN common with that of other |
eastern cities is under the direct or In |
direct control of the non-pr0duciDg class |
es hence the protection of accumulated |
is with them q measure para |
mount to the comfort and prosperity of
masses of humanity whose labor is the |
true source of wealth and whose pros
perity is the foundation of a nations great |
ness. When grave issues like these are
at stake and public opinion is SO essen
tial to aid tho patriot statesmen in his
battle for the peoples rights, hold it to
be the duty of every cinzen to contribute
either publicly or privately his opinions
and what information he may possess for
the advancement of his fellow men.
Acting upon this assumption ask the
privilege of space in the GAZETTE in
order to present to its readers short
criticism of the speech of Gen. Garfield,
delivered in the House of Represent
atives on last Friday. 1t Is not only in
the interest of right, that his misrepre-
sentations deserve criticism, but the
weight of his speech and the prestige OF
his name, is likely to have before the
public, especially after being heralded
through the eastern press and receiving
its unanimous approval by editorial COM
ment -'-
Immediately preceding Gen. Garfield's
speech, Mr. McCook, of New York, re-
ferfIng to the attacks made upon the cap
| ..tt hot ffnf
the dark period of the nations history,
when capital was as important as men,
that illuminated class had come forward
and placed millions of dollars at the dis
posal of the government without asking
security" ..t.-.,. .-5y..... .+l.
think that calumniated class has been
very well repaid for their services by
/ national legislation during the last fifteen
years, and as far as their patrt otism IS
conoerned l will quote from a speech by
Hon, d. w. voorhees, /: "Not a patriotlc
| act can befound In its history. 1t neither
volunteered its services nor submitted to
a draft. Its support of the government
was purchased aG the highest, price ever
paid by bleeding people; 1t was in
| truth a traitor to the existence OF the
Union-a baser traitor than he who fought
| to destroy 1t upon the field of battle. 1t
| hid itself from danger and sold It's assist
ance only for enormous pay, while the
rebel soldier offered his life on the field
| of battle for nothing except his devotion
to an erroneous principle. While the
soldiers of the North, too, were freely 60
ing to the front by the million the capi-
taiists who now trample upon them aud
their children were allured from their
safe retreats in the midst of their boarded
treasures only by vast golden bribes
/ Neither in law or in equity, neither In
i si pht of human courts or courts divine
have they any clam upon the forbear,
ance or gratitude of rheAmerican people.
Mr.. Garfield in reply To the speech oi
JudgeKelly in speaking OF rench hnanct
and commanding it to him for instruction
omits comment upon the financial policy
J of France after the Francu-Gdrman war
} | when France increased her circulation
5000 900 600, from $40 900 900 to $640, 900,
900 at the same time making her papel
money full legal tender anl under an un
paralleled war Indemnity gold never rose
above q per cent. and commenced to cir
culate among the people in the fall o
1874. The policy os the French govern
} ment is to provide abundant and cheaI
Imoney in order that exchanges of th,
y nation may be made cheaply and produe
; tive industries developed to their great
est extent. In doing so France only al
lowed 500, ,000, 900 of the gold to leave
the country, paying Germany an OF TN
change-the balance of trade being 81
, greatly in favor of France on account o
} the stifled industries of Germany. Afte
1.-THE war Germany pursued tho sam pol
J lev that the United States have-coutrac
: ton of the currency and demonetlzatlol
of silver and the RESULTS are Identical
MIR. Garfield said furter, "Every graa
r financial crisis in this country has oeeI
8 | preceded BY an enormous enlargement o
t paper circulation" So say all of the golt
prophets; but they never admit that thoS
| crisis were more Immediately preceuph ..
rapid contraction OF the circulating med
Iium. "There Is not one case III The hls
tory of finance where commercial PAM
had occurred when the nations cufrenc
i had been male full legal tender an'
had been contractt d in proportion to tn
national increase of wealth" TO lllustrat
|. the effect of contraction of the currenc.
0 Let us take the case of an Individual VIII
a small capital as small sums aud loci
y objects are much more comprehenslV v
3 especially if a person has not given IN
1 subject much study. Instance a ma
t wishing to commence business, VINO ha
/ no money but has character and ou u,lhes
d capacity. Suppose three of his infinen
O tial friends viii endorse three notes TO
+ him of $4O0 each making capital G
$1,000. Then suppose at the emu OF
@ year two of his friends refuse to endors
y for him telling him hs must do hdsthoS
i on one-third of his original capital, ia
$ same as our national currency " r.
o duced from 81, l00, ,000, 600 to 500 ,O0O, ,0O
b 1 Would it not cartall his business Coul
It'll he make az mach? Could he pay
l. we'll? After having his capital pitce
a in the various departments of his bi'
Q ness during the year, would lt .n't ~
b. hiIa of his business, honor Or cr adj
d failed to meet his bills punctuAlly who
y he certainly could not do with ucn
T. curtailment of his capital Would 1t n