The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-09-06

WAS mOhl hHHhluIhl tOhli'Vb DvVWVVi
the men who work and the capital which
was seeking 10 give them employment
The railroads and their employees shOu1c
be allies and friends. Without labor the
capital invested is wholly unproduCtive
Without human labor employed directly
on them, the rails and engines and carl
are wholly useless, and daily depreoating
This capital and this labor supplement
each other. They should always oo'ope
rate. They should never antagonize
There has been gross mismanagement o.
railroads. Rates have been cut, ruinout
competition has been carried on, com
pacts have been made with insinCerity
TO be broken with dishonor. But bust
ness has been stagnated, the bulk car
; ried has fallen off enormously and been
subdivided Receipts have been cores
pondingly diminished, dividends have
been passed, and expenses necessarily
must be reduced; and 30 the conflict
came between the labor and the CAPT
tal which were closely interdependent
The Money Power vs.. Industry
But down at the bottom, underlying
this conflict, which Is but, AN incident and
symptom, there is a graver conflict and q
mightier struggle, arraying greater forces
and stimulating more gigantic efforts. II
is the conflict between that capital which
EMPLOYS no human labor, which works
with no human hands, which never
pauses by night or by day, in winter
SHOWS or summer heat, or autumn.ralns,
which never wearies, never rests, never
loses, but ever gathers in it's increase and
its interest-and that capital which en-
ploys labor feeds enterprise, stimulates
industry and brings into activity and CO.
operation the hand, the head, the busy
brain, the cunning ingenuity, the produc-
tive energies of all the forces of acCumu'
lated wealth and human vigor. Ii is the
conflict between that capital which seizes
the production of others and that capital
which itself produces. 1t is the conflict
between the Money Power and the In
dustries ofthe country.
BY the Money Power mean those
whose aim, and object, and purpose in
life is not by energy, and enterprise, and
industry, and the cooperation of capital
and labor to add to the aggregated wealth
ofthe world, but by legislation ,interpreta'
| ton and combination TO add to the value
of accumulated money. Every man
knows this can be done only by deCreas-
ing the value of every product of labor
and skill, destroying or making doubtful
the profits of all enterprise, disCouragng
all business. In this struggle the Money
Power has been successful. Energy, en-
terprise, industry, business lie PROSTATE
before it. The great crime of the Repub-
lican policy is that its whole history
marks one long, prolonged, painful sac
rifce of the interests of every industry in
the land to the greed of this relentless
Money Power, Need l repeat the proof
to your
The law authorizing the issue Of green
backs provided that whenever they were
presented by any individual in sums of
fifty dollars they might be converted in
to five-twenty bonds. Two years after
ward this provision was repealed. Green
backs deprecated Immediately in the
hands of the people, and the sale of
bonds was monopolized by the capital
lists.
The fve-twenty bonds we're by law of
their issue payable in greenbacks. There
can be no question of that fact. Thad-
deus Stevens asserted it when the law
passed. The Republican Conventions
of Ohio, Indiana, Illinois, Iowa and
Michigan declared it. Senator Morton
approved it. Secretary Sherman in his
place in the Senate, six years after the
passage Of the law, asserted it. The Gin
cinnati Gazette within two months has
admitted that it never doubted that in
depreciation of the law. Yet Repubii-
can Congress passed the law of 1869,
whereby it was declared they should be
paid in coin. This single act added eight
hundred millions Of dollars to the value
of the bonds in the hands Of the bond
holders, and added that much to the bur.
dens already imposed upon labor.
The currency has been steadily and
merciAssly contracted. In this policy
there has been neither deviation nor
cessation. This confessedly adds value
to money, AID subtracts value from every
thing else.
Silver has been demonetized for the
express purpose Of contracting the cur.
rency and increasing the value of gold. |
Millions were deducted from the coin |
currency and bonds were increased large.
ly in value.
The threat Of resumption in 1879 hangs |
like pail over the country, and shrouds |
every industry in mourning. The banks |
are contracting their issues, the Treasury |
is contracting the greenbacks, the Secre- |
retary is boarding gold. Every republi.
can paper in Ohio, the Chamber of Com
merce of every city in Ohio, every enter
prise depending on laoor and capital com.
bined, in all the land. declare that re-
can not be effected in 1879 with
out utter ruin; and yet, the Money Pow
er mercilessly, brutally, even in these
days of anguish" demands contraction
and resumption.
The law of 1870 declares that the bonds
authorized by it shall be paid in coin of
the standard value of July IA, 1870. Coin!
gold and silver coin And yet the Sec
retary OF the Treasury has within sixty
days written letter to the Syndicate,
saying they will be paid in gold. The
law is its own interpreter. 1t presCrbes
the obligation of the Government. The
Secretary can not add to that obligation
The law says the bonds shall be paid in
silver and gold. The Secretary says they
will be paid in gold only. l know that
le uses language guardedly, but his let
er is so understood. l think it was in
ended to be SO understood. If the peo-
Die do not signally rebuke him. and re-
oudiate this effort, it will be claimed that
he faith of the government has been
pledged by him, and the Money Power
will achieve another victory over la
)or.
Do not be deceived, my fellow citizens.
Chase permitted Jay Cooke to publish
hat the fve-twenties were payable in
DIN, and thereupon it was claimed that
be public faith was pledged, and the law
# 1859 was passed.
l have read with care the speech of
secretary Sherman at Mansfield. ap.
veal to it for proof of every statement
Nha.o &, ,.aT o,,n ry,,e1 . |