The Morning herald., 1877-11-28
WILMINGTON. Del. nov. 2S, IS7.
WHO Is MONP ST.

school of finance; their dependents 70
lowers, and spoIogists in this country
their angry invective against anv one wi
stands up for the working men, and farmer
of the land, is in itself an evidence of Ii
weakness Of their cause. As rule the
ignorance is laughable, were it not vicion
They have the one parrot cry of hone:
money, and there they end. Calmly speak
ing, is resumption honest? Previous to tn
passage of the resumption act, the genera
agreement existing g-was that contracts, a
they matured, would be paid, and extin
guished in the money current at he tim
of their maturity. The hope existed tha
within few years, the capitalization O
the surplus earnings OF the country. wouc
fill up the gap between gold and paper, ,anC
that the policy Of Ldssjt= tairc was the
true one. Under this policy the country
was proSperin-, employment'was general
prices of provisions were on the aver age
lower than they are to-day.
By social and business intercourse, capi-
talists have become class in the great
money centres, interwogen with them are
the corporation nagnates, and the great
railway lawyers. The combined influence
of these persons, like the patrons Of DO
roushs in England. control the election Of
Representatives and Senators 10 seals III
Congress. This may he denied, but the
fact is patent that every great Railroad in
the North, and Fast, has lis Solicitor in
Congress. The word went ont from this
class, pass Resumption Act, and i. will
enhance the buying power Of our ca9ilaI.
two.fold-it was passed. the panic deepen
ed, industry was stricken, debts were m.
iato judgment, Sheriff became the in<tru,
ments of legal confscat;on, and we think it
is safe 10 say that one fifth OF the property
Of struggling debtors have passed into the
possession Of the rich, n about onc-half
the cost price Of the property sold.
There are in Philadelphia about 100000
houses; in four wears over $1,000 pieces Of
property have been sold bv the Sheriff, and
in nine-tenths OF the cases. the vendee WA
Building Association, some capitalist. or
money corporation. The same ratio wonli
hold good fos the whole country. II this
conhscstioa was the result Of contraction
hesotten OF the threat Of resumption. is il
honest to repeal such law or not?
There are certain natural equities, which
are entitled to larger consideration. than
even Senators, or capitalists opinion. 4
debt was contracted before the fall in The
price Of silver-when ii was worth as
much As gold-by what rule Of fair pav is
it dishonest to pay, in the bullion the deb.
was created in? The constitution recoc.
nlzes both gold and sil7er-what arsumen,
is there against lis use II loss is 10 come
upon any one BY the change, let il fail
upon the rich, and no: on the poor man.
Resumption is coniscat.on,' and !; j, is |
enforced, the SAME dire disasters which it,}l
upon England. in 1926. will come upon Is
The Bank o: England, in the interes, oil
the rich nobility, and capitalists, carried
on, the policy, now threatened asairs; u
and with wha, result
We quote from Knights History Of
England, vol. VIII:
The credit OF the country was saved br,
the destruction Of private credit. tie cor.
se9uel: ruin Of many commercial firms,
ana The terrible Struggle O. Others 10 Keep |
shei. T'>1;.on we're Widespread coasa. |
Quentes q The panic Q: l>.5. I.was nj,
I'll! toward Inc end OF Janr4-v. lSe5. ,bs;
lmpoctAr: mercantile failures began IL
create alarm. These failures c1rt;.a: Il |
a vas; ezien; throughout tie whole ves-
The tosa. r01oe- OF b21krac:ciss In -:
was Little ahoye eleven hu13-e! in .>ot
the num1eC EAs near. ' :v2 i1a2s.-... $ |
hundred The destruction ii; .c=.p;-.. .-3 |
credit paraly wed all the ezeti.,-s Q: indus. |
Try, and produced excessive G.>.-t~. |
amongst the n2nuta curing p3p..a...:,.
Diminished employue1; a1G Lower wa-4>
added TO the loss which ma~v who lie; |
BY their daily labor had sustained IN he
failure Of COUNTY, banks, ren3e.e:! The
year 1875 very unhappy o1a to Al. ;7-se
whose means Q: snqPo-i were oo1czc;:G
with the industry 5f the ooan:rv.
How like the condition II England il |
those days is taa: ot On: c.4znr :o-3ay.
Within i've ysars f-os1 The resumption II
specie by the BaaS q. E2g,ao; sl1.r H.
sand landed rro.rif; - ~t~a Ia ont. ,7:
their possessions ada@3 10 ita-e g.: The
They are held bv lie purchasers
. b. :