The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-04-19


work, with less frrition for the benefit of the
poor children and laborers of the 9 farm gangs"
| A nation oyert1owing with wealth, doing the
business of the world, whose merchants and
traders all fall at some time in their career, al
most without exception containing, also. many
hundreds OF thousands who would gladly toll
all day for food and nights shelter, who can
get no work to do. 1t is nation, to use Mr..
Mr.. Carlyle's striking illustration, in which a
horse is sure Of comfortable support for the
work he does, but man who is willing to work
may starve."
It is not strange that Lord Macaulay declared
a government by a numerical majority of such
people as impracticable and it is not strange
that our own people are becoming each year
more and more like the people of that country
in the poverty and degradation of the majority,
produced by similar causes, which must be re-
moved if representative government is to sue
coed here. Our English professors in colleges,
and our English lawmakers, declare that sys-
TENS OF law regarding revenue and finance
which have been principally instrumental in
bringing the majority of the people Of Great
Britain to this deplorable condition of poverty
and degradation, are alone scientific and order
ly, and hence desirable for this country and
this people. You have entered your protest
against the unphilosophical and
UNRELIABLE FINANCIAL SYSTEM
of Great Britain you have denounced the re-
sumption Of a system by which all who incur
debt promise that which is impossible, to pay
in gold, when there is not gold coin enough in
the commercial world to much more than pay
the annual interest on the government debts of
the world.
Mr.. Fawcett estimates the amount of gold
coin in Europe at 81, 900, 00O, 900, and the an
| nual interest ON public debt 81, 900. 900. OOO
There is no hard-lmoAey system in any CONNER
clal country. The same authority shows that
m Europe there is in use, as money, the follow
ing amounts
Gold coin. 81 900, 1000
Silver and base metal. 2O0O,00O,OOo
Total. S. 900
Per capita, $21.40, which he estimates at
$l.40 per capita more than we have in the
United States, including coin and paper at this
time, while the cry from our "political econo-
mists" and statesmen of the English school is.
contract the currency and resume that ruinous
system-promises of coin that does not exist
resume system of periodical suspensions of
payment when payment is demanded in coin,
and general financial and commercial collapse
occurring at least once during each decade.
In the Dominion of Canada they have the
English system of specie banking in it's most
perfect form-a system under which, in the
year 1876, one man in every thirty-two doing
business in Canada failed. These figures are
from the commercial agency of Dunn, Winans
q Co., of Montreal.
The hand-workers of the Mississippi valley
have declared their 1920
sTsf OPPOSITION TO A RESUMPTION
of the English financial system of promises to
pay everything in coin, which does not exist in
sufficient quantities and cannot be had. They
desire to preserve the United States legal-ten-
der notes, which did us such good service that
sagacious Governments, like the German, are
introducing like notes in their own finances
Western anti-resumptionists were pronounced
by the people in the Eastern States as ignorant
FINANCIAL LUNATICS -" H
men who knew nothing of the true, scientific
and wel-tried systems of fnance-and they
refer to systems under which the mass of the
people are impoverished to the verge Of pau
perism-while ninety-seven in hundred mer-
chants and traders die bankrupt. And while
they were ridiculing the Western imitation
ists these very Eastern merchants and manu-
| facturers were having their foundations under
mined, and have been ever since passing into
the abyss of bankruptcy and ruin.
You insisted that it was
NOT DESIRABLE TO RESUME
the system of forced promises to pay all debts
in gold as the only legal tender. You insisted
upon the preservation of the United States
legal-tender notes. You claimed that as paper
currency must exist in every country and must
exist here, that a paper currency consisting of
evidences of Government debt, and receivable
| for all public and private dues, and inter
changeabe with United States Understanding
obligations, equivalent in value to coin, would
be better paper currency thar promises of
banks to pay coin on demand-a promise that
cannot be, and never has been met when gen.
eral demand was made. @@
YOU INSISTED
that the power to contract and expand the
| volume OF the circulating medium involved
the power to contract and expand the market
price of all property, and that this power should
not be delegated to any particular class of cor
porations or Individuals or even to Govern
ment officials but that the power of every
holder of Government debt-obligations, legal
tender and not bearing interest," redeemable in
Understanding obligations Of the Government,
and Interchangeable at the pleasure of the
holder would automatically regulate the vol
ume Of the currency according to the needs of
business, from time to time, as the supply of
| steam is automatically supplied OF withheld
from an engine by it's governor.
You claimed that the Government of the
United States would be unable to redeem its
outstanding legal-tender notes on demand in
gold coin, as the coin could not be had. and
that at q recent date the Government did not
have to exceed $13,000.000 of coin which was
available for redemption, while it's outstanding
legal-tender notes exceeded $780, 1000, 900. That
the true policy was to make the legal-tender
notes convertible into United States interest
| bearing bonds or certificates, which should be
interchangeable. &5H
Time is gradually proving that
! YOU WERE RIGHT.
The Secretary of the Treasury. in his recent
report, admits that the coin redemption of the
United States legal-tender notes in circulation
is impractcable- redemption in bonds is
/ practicable. .t
The National Convention of Bankers, recently
| held at Philadelphia, by resolution conceded in
this view, and practical bankers in the East are
beginning to agree with you that these bonds
| offered in redemption
| MUST BE MADE INTERCHANGEABLE
that a permanent and irrevocable funding of
United States notes would produce financia
and commercial earthquake.
You saw the solution of this financial problem
because your class alone had passed to the third
stage of industrial and practical education.
Your knowledge of and use of machinery your
habit of instantly acting and correcting de-
rangements and Irregularities, had fitted you
to detect the arrangements and irregularities
that have existed in financial systems for the
last 200 years, and enabled you to suggest