Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1877-08-24


circulation his note which he refuses TO pay accord
ing to promise, and which he refuses to receive IN
payment Of note bearing Interest," ut nnd certain ar
maintained at par in coin, with the aid OF mod
crate coin reserve held in the Treasury and to the
extent that this can be done they form the best
possible paper money, debt Of the people without
Interest, OF equal value with coin and more con
venient to carry and handle. Beyond this the
right to issue paper money, either by Government
or by banks, Is a dangerous exercise Of power, in.
furious to all classes, and should not continue
single gay beyond the NECESSITY tnat gave y birth,
process Of resumption to the present law, we have
THE SECOND MODE OF RESUMPTION,
by accumulahng coin gradually so that when the
time fixed for resumption arrives the Treasury
may be able to redeem such notes are presented.
In this respect the Resumption act is as full and
liberal as human language can frame It, The Sec
retary Is authorized to prepare for resumption,
and for that purpose to use the surplus revenue
aud sell either OF the three Glasses Of bonds all OF
which are now at or above par In coin The power
be, ought to be, and will be executed II not re-
peaed. This accumulation, both silver aud gold,
can be made by arresting from expectation our
own production Of these metals This Is more
than sufficient to supply our wants for this pur-
pose, and, fortunately, we have plenty OF other
productons-corn, cotton, wheat and fabrics, the
fruits Of our industry, for export This country is
the greatest producer Of gold and silver in the
world. The balance OF foreign trade is In our
favor During the last fiscal year our exports ex-
ceeded our imports in gold value the sum of 1885,,
$3.50, and this balance is steadily increasing,
enormous crop of almost every production Of the
farm or plantation, and the foreign demand Is
In rgely increased by the Russian war. Russia Is
our great competitor in supplying Europe with
bread and she now will consume her own prod
ucts. We have now reached the coin basis in the
production OF commodities for the foreign market.
Our expectation OF home fabrics has increased
and Is increasing, and we are now competing with
Manchester and Birmingham in the sale OF prod
ucts that have made those cities famous through
out the world. Our manufactures OF cotton,
iron and wool now rival in foreign markets the
Oldest countries In Europe.
We have during the i've months OF President
Hayes made an actual accumulation of currency,
aud Of gold and silver coin and bullion, of $i4,-
3i0,e32. From May to this time we have added
to coin reserve 100000 900 by the sale of bonds,
without disturbing the money market and with
gold steadily on the decline, We have reduced the
public debt since the 1st of March the sum of $29
| 44l .S24 We have conducted the vast operations
of our loans, already referred to- without disturb
| ing the course of trade or causing n shipment of
gold. All the fears expressed so often in the
papers at these movements have been proven to be
| grOundess.
We are now within five degrees OF the specie
| standard. We have still seventeen months before
| us in which to complete the task. The same prog
| ress that has been made since March T. continued
twelve months longer. will certainly bring us to the
! specie standard feel confident in saying to you
tlis day that, IL undisturbed, with or without a
change Of the law, every dollar of u s. notes will,
before the time fixed for resumption buy as much
us an equal amount in either gold or silver.
construction of the Resumption act has often
been pressed upon the department that il correct,
would make it still more easy to carry into execu-
ton. 1t is insisted that the Secretary has the
power, in preparing for resumption to sell bonds
for coin and then to sell the coin for u s. notes,
to be boarded in preparation for resumption. The
department has not acted upon any such construc-
tion but has sold only in the current course of
business, or for the actual redemption of notes
supplaned by National Bank notes IL this power
is exercised 1t should only be in pursuance of the
plain will of Congress, and, in the execution of SO
delicate duty no power should be used except
such as is clearly given.
The act OF April, 1876, for the redemption OF
e nt sill
be issued in exchange for U. S. notes. and sucl
notes shall be kept as special fund for the re
dempton of fractional currency. This fund anC
the ordinary currency balance in the Treasury il
the only paper money Of its own. The coin anC
legal-tenders deposited in the Treasury are thu
property of private individuals, over which tn,
Treasury has no control.
have, fellow-citizens, 1 hope without weari
some detail, gone over some points on this ques
tion of resumption. 1t is dull but importan
topic, which affects your daily life, upon which m
official duty compels me to act, and assure yol
, that have only acted upon the clearest conyic
tons of public interest.
A currency of U. S. notes based upon the publ
credit, always convertible into coin, and so lin
tied in amount and supported by reserves that it
: convertibility cannot be endangered, and supple
mented by a bank currency free and open to al
alike, based upon public securities, so that in an
event the note-hoder is safe from loss always IT
demable in coin or U. S. notes, unlimited i
. amount except by the wants of business-ths i
the kind of paper money that will start again tn
wheels of industry, give sails to your commerce
labor to your artisans. This, indeed, would b
t the best paper currency in the world. Let thi
4 currency be supported by public credit agains
a which whisper or a doubt cannot be uttered, an
your public debt will be reduced to its lowest po
< sible burden of interest and will become tn
great depository of the savings of labor, the tru
tee of the widow and orphan the safe rest of cap
9 tai not employed in actual industries.
t These, as understand them are the great finar
d cial objects OF this Administration, and with you
permission and the sanction of Congress, the Pre-
ident may hope to celebrate his outgoing with you
e debt reduced per cent. and every note in tn
itp1 in thp haa nini ua
from the mint. You now occupy the forefront O
[ this battle. beseech you to uphold his hand
and not let the delusons of the hour or the ten
e porary lauguor of business which you share wit
r the civilized world, turn you from policy whiC
n you have sanctioned and can now hope to realiz
i HARD TIMES
i IL is very common, fellow-citizens, to hold til
: Government responsible for hard times caused
A the ebb and flow of trade and production. IL tn
crop fails the Administration is abused. If wage
r or prices fall, the Governments blamed. If PR
v duction exceeds the market made by consumption
it is easier to abuse some officer of the Govern
i ment than to find out the real cause. And so
e happens that, under any Government, whateve
may be its form, il panic, or hard times, or owe
production. or a pestilence, famine, or plagu
. comes the men in office are made the scapegoats fC
. troubles which it is far beyond their power eitht
8 to produce or remedy. And so now when through
: out the world trade is languishng and wages hay
a fallen and industry does not meet its usual reward
" It'll quite common for demagogues to say Tur
y out the Administration and put us in and all wi
Il be lovely" Such arguments are only fit for fool
- | Human governments can have but little infuenC
- over the causes that produce the rise and fall
. prices, the abundance or want of emplOymen
I These are governed by higher laws and the pul
c pets that for the time hold official authority HAY
. as little influence over these great movements
i flies have over the revolving wheel. At this tim
q our country is the most prosperous in the worlt
y though we suffer, to some extent, from the sam
- causes that bring stagnation to the industries
- all commercial countries. have here copious e.
:, tracts from English, Belgian, German and FrenC
v papers, all nations of wealth and power, in pr
found peace, and all showing extreme adversit
y | and depression in trade and prices,
q The iron trade in England has passed throua
II extreme depression. During its course some
n the largest ana wealthiest manufacturing concern
had to succumb to the severe reaction, while o.
eratives suffered in the greatest degree by the ii
/, creased supply of labor and greatly diminishe
r. prices The iron trade in England has fallen O
4 nearly 80 per cent. The Belgian iron trade W;
J. almost extinguished and the workmen employe
e were driven to other pursuits. This industry
e the one that has suffered most in our own cOu
II try, whlewe are rapidly recovering by unbounde
n natura resources and by reduced cost of produ
d tion. have before me an English pa er shown
n that the exports of Manchester of cotton fabric
) especially to the United States, have been large
Il reduced. The amount OF cotton goods shipped
, this country has been reduced in five ears fro
I 129 900 OOO yards to 100000 yards of woole
# goods from 6,000,O0J yards to 41S,O00 yard
N while our own production has enormously il
creased, and we are now exporting both cOttOI
= and woolens In Germany, of thirty-twO con
II panies enumerated in table have before me, on
). six show any dividends whatever for the la
n year, and the aggregate accounts show loss
- 81 800 900 on the years operations. OF the sill
y trade In France, which is one of the gr at branch,
u Of their industry it app ars, from paper l hay
before me, that there are about 10000 silk loon
7. at Lyons, and nearly half of these are now idl
% The number of weavers now out of employment
- roughly estimated at from IL, 600 to 1900 ig
4 follow these general statements by pcturing Il
: distress in all these great and rich countrie
y compared with which the greatest suffering Of OF
, people is Insignificant.
WITH US THE WORST IS OVER,
and the vast industry which gives employment
J. the great body of our people-that Of agriculture
I, is now extremely prosperous. 1t is commO
saying that " the farmers are growing rich, " an
u they grow rich other industries will thrive. an
II trade revive. To attribute the distresses which
. know you suffer in common with the rest Of maj
= kind to any causes growing out Of the admin
II tratIon of our Government is extreme folly. Vi
, like the laws Of most European countries, OF
laws are framed. far as possible, to promote il
u dusty, to protect labor and distribute weal
) Here we give every man the same privileges, civ
e and political whether he be rich poor, or wha
II ever may be his condition. He must enter I'M
: competition with others, but he has no dlscrim
r nations against him. The remedy for periodic
VI depressions no human mind can point out or az
minister That must be the result of time Ofindu
u try, of economy. No doubt, soon, industry wi
g revive, and we may expect season of prosperit,
i