The Jasper weekly courier., 1877-05-18

Resumption Of Specie Payment.
ssass ssatinsl.
The New York Times, In looking
around for something which would a.
ford IL pretext for inc ,rsing Eaycs,
the presidential fraud, has succce Led 1t
last. II says:
I'm Mr.. Hayes letter or ae q Stspce lie
dwelt with great earnestness o.. Two OBJ
jects, which be pledged himssls, ~ case
Of his election, to use his best efforts u
attain. One cf these was the fnlnllment
OF the statutory promise Of resumption
In January, 1879; the other was the &C.
complishmcnt Of radical civil service
reform. Both OF these are vital and
pertinent; both can be brought before
the country ina way to enlist for q dis
tinct and practical policy, the hearty
support Of the great body OF intelligent
voters and both are matters on which
the average professional politicians can
not afford to make an epen fight
Dismissing the snbjett Of "ciyil SER
vice reform a. entirely unworthy OF
notice, since il Is evident that the prcsi-
Dental fraud will, IL possible, continue
10 select his co-werksrs in the various
swsg vineyards after the manner OF
Grant. IL Is quite possible that he will
lend his influence to the resumption pol
icy from considerations as vcna and
corrupt as ever influenced the acts OF his
predecessor. To bring about resu,np-
ton, contraction Of the currency j. In
evitable, and contraction OF the currency
means business paralysis aud wide
spread bankruptcy. II means a state OF
things whereby the rich may take pos
session ot the property Of those less "a
vored BY virtue of circumstances crc-
s:ed for that purpose. The New York
T mes says the radical presidential fiaud
10 pledged to bring about such deplor-
able state Of affairs. What arrangements
he has made for commissions " hen his
policy shall have introduced . sncces-
sion Of black Fridays will probably never
bo known, but that they will come II ro-
Is pressed lhere can be no
doubt, and that distress will follow is as
certain as that night succeeds day. In
1885 the circulation, accordidg 10 the
report OF the secretary OF the treasury,
amounted 10 3l.lO0. 100000. which was
reduced 70 about $75n,O0O.Ou0 In 1876.
Il would Be we'll to remember IN this
connecti0n that during 1868, "a and '65.
the years 81 the greatest exhaustion. the
business failures Of the eutire counlry
70 e3lO0v.OOO. Then COM
menced the contraction OF currency ~
that financial Iunatic, McCnlloch. who
down to 1855 had contracted the cur
rcncy ~372,OUO,o00. whereby the busines -
failures Of the country increased from
$3A OOO, 900 10 more than x6NOO0,O0O 4
year, and for tllc next two wears 70 more
Than elUO.0 O.000 a year. With the pro
cess Of contraction to meet the utopian
views Of financial theorists still going
forward, the country may expect con
tinuance Of business depression, absence
Of confidence and Of financial troubles
The Times, which IL the presidential
fraud's organ in this move 10 swindle The
debtor class Of the country Of what little
there is left Of their property. declares
that everything promiscs well for the
well defined policy for redemption In
1879" and that 'there has been grow
ing disposition 10 accept the resumption
law % irreversiblc." Nothing could bs
further from the truth. The great mass
Of the people arc hostile TO the policy Of
since II involves further
and as consequence fur
thsr pestponement Of revival OF busi-
meas. The Times further says that
funding the legal tenders being recog-
Aixcd % the only feasible measure in
that direction, nearly all the elements of
tho situation promise ite SUGGEST" 1t
can make no possible difference as 10 the
of contraction OF the eur
rency, whether Y IL brought about by
funding the gresnback circulation or by
some other process; the point Is, the
Is contracted below the wants
RI business, aud disaster follows. II has
been we'll said upon this point that
whenever the money volume Of the
currency II . country il not large enough
Ia furnish circulation sufficient for the
hlisinsss Of the people, all trade will
suffer, manufactures will be stopped
enterprises will be check cd, debtors be-
come insolvent and % = consequence
the laboring classes will be thrown out
Of employment and reduced 70 the verge
OF starvation. An incrsasc Of the mon
~ to the proportion required by the
developments Of trade will on
The other hand nscessitate IN increase OF
All kinds Of enterprises and effect cor
responding prosperity among All classes
Of people,
Il 10 claimed BY the advocates Of the
hercsy thatwc have had and
still have TOO much currency, and that
the volume should be reduced 70 $500
600 600, which would be about ei2 per
capita. AZ the case now stands the