, 1877-07-22

were proposed having for their purpose the
supplying of legislation intended to carry out
the policy of placing the greenbacks at par.
At no time was it ever proposed to mr.
bitrarily abolish all paper money on the LIST
of January, 1879, and reduce the country to
An exclusive gold currency. At no time
would such proposition have been accepted
by Congress or tolerated by the country.
Yet Congress has adopted no other
preparation for specie resumption, and
the oct Of 1878, adopted as
mere sentimental declaration, has been men,
/ acing the country ever since; and, now that
it is openly avowed that that act shall be
put in force some seventeen months hence,
tho menace threatens tho country with gen:
eral bankruptcy even before the date fixed
The adroitness of the moncy-lending class
in manipulating the legislation Of Congress
is strongly illustrated in this matter. Tho
whole country was appealed to, that tho
gigantic paper-money scheme might be
arrested. The declaratory action of Con-
gress, then supposed to bo incapable OF
execution without further legislation, was
adopted. A year Inter it was discovered that
without the general knowledge OF the coun-
try, and without the knowledge Of even
those who voted for it, Congress had pro-
vio,ls1y demonetized silver and made gold the
exclusive metallic money, or coin, Of the
United States; that, in consequence of like
proceeding in Germany, an extraordinary
increase was made in tue demand for gold,
causing the value Of gold in silver to in
crease. and that Of silver to decline proper
tionately. The scheme to give to gold an
additional value was eminently successful,
and simultaneously there is demand made
for the immediate retirement of all paper
money aud the exclusive use of gold. There
is demand created in Germany for $780,
o00, 900 in gold; and under this Resumption
law there is demand growing daily more
near for $500, 600, 600 for this country. Such
demand, to the extent that it exists, has,
BY increasing the value Of gold, diminished
that of oil other property, excluding invest
ments therein, aud causing every man to
hoard eli he can hold to meet the still greater
stringency which is Threatened by the at
tempt to enforce the Resumption law. Every
piece Of property, real estate Or personal,
and iu bonds and stocks, is daily sinking in
value tp meet that yaluo which it will have
in gof6 when, all other forms of r2oney
having been expelled, gold will have value
swollen by demand far in excess Of the
supply.
In anticipation Of this condition Of atfairs,
all money is hoarded; nothing is now con-
vertible into cash, even at a sacrifice of half
its ordinary value. Credit is daily shrinking;
banks Pre- preparing for the inevitable crash
bank-notos must retire before their payment
in gold can be demanded; the greenbacks
are boarded to be presented for gold; and
the country aud its business are gradually
waiting for the shock that is to PROSTATE all
things. This is the condition, present and
future, into which, through the manipula-
tions of the money-lending class, the coun-
try has drifted and is now drifting hope
1essly-
The remedy is clear, aud should be applied
without delay. Congress will meet three
months hence, in October. It should with
out the least hesitation
l. Repeal Internationally the date Of
the Resumption law,
.. Remonetize the silver dollar as it was
before 1879, and authorize its free coinage.
s. Repeal all the War taxes on private
capital engaged in banking and business.
4. Continue the existing law for the retire.
ment OF sum of greenbacks equal to so per
cent of all additional bank-note circulation,
this to 60 on without limitation
Having done these things, the menace un-
der which property is shrinking, and money
is boarding, and capital is idle,-under which
labor is arrested, machinery rusting, and
workmen starving will be removed. A def
mite policy being adopted, the character Of
the future will be assured, confidence will be
and the machinery of trade. labor,
aud production will be again put in motion.