The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-08-31

4 Ties COmpc1B me 70 8cI, anu aNSuTc you
have only acted upon the clearest con-
Vtctious Of pEbllc interest.
A currency OF United States notes bas-
ed upon the public credit, always con-
vegtfble into coin, and 50 limited In
amount and supported by reserves that
and supplemented by . bank currency
free and open to all alike, based upon
pablic securities, so that In any event the
note holder Is safe from loss, always re-
deemable in coin or United States notes,
unlimited In amount except by the wants
Of buslness-this Is the kind of paper
money that will start again the wheels Of
industry, give sails to your commerce, Ia
Dor 70 your artisans. This, indeed,
would be the
| BEST PAPER AoHEY IN THE WORLD.
Let this currency be supported by public
credit against which whisper or doubt
cannot be uttered, and your public debt
den OF interest, and will become the
great depositoFy Of the savings OF lab0r,
the trustee OF the widow and orphan, the
safe rest Of capital not employed in ac-
tive industries. si
These, as understand them, are the
great financial objects Of this AdmInIstra-
tions and, with your permission and the
sanction OF Congress, the President may
hope to celebrate his outgoing with your
debt reduced to per cent. and every note
Of the United States worth par IN the
best coin issued from the mint. You now
occupy the forefront OF this battle.
beseech you to uphold his hands and NOT
let the deluslons of the hour or the tenn
Porary languOr OF business, which you
share with the civilized world, turn you
from policy which you have sanctioned
and can now hope to realize.
HARD TIMES.
1t is very common, felIow-citizens, to
h0
hard times caused by the ebb and flow OF
trade and production. 1.-THE crop fails, the
Administration Is abused. II wages or pfl-
ces fail, the Government Is blamed. II
production exceeds the market made by
consumption, It Is easier TO abuse some OF.
ficer OF the Government than to find out
the real cause. And SO IL happens that,
under any Government, whatever may be
| its form, II panic, or hard times, or oV-
er production. or q pestilence, famine or
plague comes, the men in office are made
the scapegoats for troubles which It Is far
beyond their power either to produce or
remedy. And SO now, when throughout
| the world trade Is languishing and wages
have fallen, and industry does not meet
its usual reward, It Is
QUITE COMMON FOR DEMAGOGUEs
| to say, "Turn out the Administration and
put us in, and all will be lovely" Such
| arguments are only ut for fools. Human
II
| over the causes that produce the rise and
| fall OF prices, the abundance or want OF
| employment. These are governed by
| higher laws, and the puppets that for the
time hold Official authority have rs little
| influence over these great movements as
flies have over the revolving wheel. AT
] this time our country Is the most prosper
| Gus In the world, though we suffer to
| some extent from the same causes that
bring stagnati0n to the industries of AL
/ commercial countries.
have here c0pious extracts from Eng
lish, Belgian. German and French, pa
| pers, all nations OF wealth and power, in
| profound peace, and all showing extreme
adversely and depression 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 succumh
4 to the severe reaction, while operatives
| suffered in the greatest degree by the in
| creased supply Of labor and greatly di-
| miniShed prices.
| THE IRON TRADE
in England has fallen nearly fifty per
cent. Belgian iron trade was almost eX-
tinguished, and the WOrkingmel employ
ed were driven to other pursuits. This
industry is the one that has suffered most
in our own country, while we are rapidly
| recovering by unbonpded natural resour-
IL
have before me an English paper show
ing that the exports of Manchester 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 129, 900, 600 yards to $4,000, 600 yards;
OF Wollen goods from 6,OOO, 600 yards to
1,47S,O 900 yards, while our own produc-
ton has enormously increased, and we
are now exporting both cotton aud VOL
lens. In Germany, Of thirty-twO compa-
mics enumerated in table I have before
me, only six show any dividends WhateV-
er for the last year, and the aggregate &C
counts show loss Of 1,S0O, GOO on the
years operations. OF the silk trade in
France, which is one OF the great branch
es OF their industries, 1t appears, from q
paper have before me. that there are
about $4,000 silk looms at Lyons, and
nearly half OF these are now idle. The
number Of weavers now ont OF employ.
ment is roughly estimed at from Il. 1000 to
1900. might follow 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 industry which gives en-
p1oyment to the great body of our people
that OF agriculture Is now extremely
prosperous. It Is common saying that
''the farmers are growing rich," and as
they grow rich other Industries will
| thrive, and trade revive, To attribute
| the distress which I know you suffer in
common with the rest Of mankind to any
causes growing out Of the Administrator
OF our government Is extreme folly. I'm
like the laws Of most European countries,
our laws are framed, as far as possible, to
promote industry, to protect labor and
distribute wealth. Here we give to every
| mSn the same privileges, civil and pOlIti-
cal, whether he be rich or poor, or what
ever may be his condition. He must en-
ter into competition with others, but
he has no DETERMINATIONS against him.
The remedy for periodical depressIons no
human mind can point out or administer.
That must be the result Of time, OF in
dustry, OF economy. No doubt soon,
INDUSTRIES WILL REYIvE 2
and we may expect season Of prospect.
ty, The poor do not suffer alone from
hard times. The first blow must fall uD-
on those who have property investments,
which are swept away, and then the
evil falls upon all classes alike. All that
you can ask Of the Government Is that It
will administer the iimited powers con-
ferred upon 1t with the same intelligence
and economy that you would expect Of
private citizens, doing all it can within
limited powers to confer the greatest
good upon the greatest number. This,
believe, IS now being done by the Nation
81 Government.
The Tnrkiah army ss1 fhA nRovSsscA