Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1877-09-19

a close examination Of the effects o.
these various laws. An Ohio audience
understands them well. The great
campaign Of 1875 was fought upon
these laws. Their effect was foreseen
examined, predicted with uncrring ac'
ouracy, The Resumption Act was
analyzcd and It's furthest consequences
.ss ~ no!sssd pa...s rhs aemoHc.ize
S ~1sEsSw<xr><sAs,--,
it has only increased the momentum
of the general movement. Prophecy
has become accomplished in history
and this night tho ten Thousand failures
of the last twelve months, the weary
footsteps Of the nnumerable multitude
seeking work, the strikes Of unpaid
laborers, the bloody and disgraccful
riots in our cities, the roads filled with
tramps, and station houses filled with
homeless paupcfs, indict the Republi.
can policy as the cause of this condi-
ton Of affairs.
The law authorizing the issue OF
grecnbacks provided that whenever
they were presented by any individual
in sums of fifty dollars they might be
converted into $40 bonds. Two years
aftcrward, this provision was repealed.
Greenbacls deprecated immensely in
the hands of the people, and the sale
of bonds was monopolized by the capi.
talists. The $40 bonds were by law
Of their issue payable in greenbacks,
Yet a Republican Congress passed the
law Of 1869, whereby it was declared
they should bc paid in coin. Thissin.
gle act added eight hundred millions
Of dollars to the value of the bonds in
the hands Of the bondholdcrs, and added
that much to the burdens already i'm.
posed upon labor. The currency has
been steadily and mercilessly con-
tracted. Silver has been demonetized
for the express purpose of contracting
the currency and increasing the value
of gold. Millions were deducted from
the coin, currency and bonds were in.
creased largely in value. The threat
of resumption in 1879 hangs like pail
over the country, ani shrouds every
industry in mourning The law OF
1870 declares that the bonds authoriz.
ed by il shall be paid in COIN Of the
standard value Of July IA, 1870. Coin
gold and silver coin And yet the
Secretary of the Treasury has, within
sixty days, written letter to the syn.
dicatc, saying they will paid in gold,
And in the presence of this great
calamity will the Republicans abandon
and reverse this policy ? Not at all.
They affirm their adherence 10 it. Sher-
man and Hayes required that they
shall enforce it, and they call for an
army TO prevent and punish strikes
and co-erce laborcrs, and on Congress
TO adjust "lair wages" secure good
dividends and apportion property.
Mr.. Pendleton attacked the policy Of
the Republican party in general and
the present administration in particu-
lar, and then pointed ont the Demo
cratic plan for the rclicfof labor. He
said the Democratic party, tracing the
pauperism and discomfort Of the people
and the prostration Of all prosperity
to the vicious policy which he had de-
scribed, il demands the repeal Of the
Resumption Act, the restoration Of the
old silver dollar, the retention of green
backs, the cessation Of their rcontraction,
and, finally, the issue Of all circulating
medium by the Government, making
il oil legal tender, and the paper and
the coin interconvertiblc at par. This
will give us a stable currency, a sound
currency and safe currency. This will
start the wheels OF industry, give sails
to our commerce and labor 10 our arti.
sans. This will lift from our enterprise
and energy the weight which has long
oppressed them. This will revive hope,
renew confidence, and, by removing
the uncertainty as to the future, stimu-
late the activities so long dormant. II
will act just contrariwise to the Rcpub-
lican policy. All business will instantly
feel its influence, and within year
after its adoption il will rebuild the
places which have been made waste
for ten years.
| commend II TO your thoughtful
consideration. commend II to you,
laborer's, whose brave hearts have
asked nothing moro for your indepcnd-
cncc than as much work as your strong
and willing arms can do. ! commend
it to you of tho workingmen's party,