The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1877-08-28
GENERATION EWING.

defrauded, Gen. Ewing paid his respects
10 Mr.. John Sherman and the Mansfield
speech OF that willy financier of the gold
ring. said Gen. Ewing;
1.-The gold resumption law towers
above all others as the issue of this can.
vass. The Republican party Is solely
responsible tor 1t, and irrevocably com,
mitfed to IT'S enforcement. Ii enacted
that law by strict party vote; it stood
by throughout the last congress IN
phalanx; Its president declared against
any repeal or amendment, and put It's
author In the treasury 10 execute IL; and
now sends him TO notwithstanding by
exception the Wanted rule of civil re-
f0rm-t0 hide the hideous features of
the law from the people whose happi-
ness and industries it is destroying, Mr..
Sherman boldly says, at Mansfield, that
the law 'can, should and will be execut-
ed" while the silence of the Cleveland
platform on this Republican measure
only adds the vice OF cowardcce to the
crime Of its enactment and execution.
On the other hand, the Democratic
party is clearly and fully committed
against the law. Repeatedly. in the
last congress ir voted for lis uncon.
ditional repeal; 1t passed through the
house bill striking out the most per.
nicious section, which bill MIR. Sherman
sm0thered in the senate. And our
Ohio platform this year, rs last de.
clared tor the repeal OF the whole law
not its amendment, but its utter and
absolute repeal.
This law, involving as 1t does the
early and total destruction OF the green.
back currency, and the larger part OF
the national bank currency, is the sole
cause OF the unparalleled distress which
affects all-employers and employed
alke-whO are engaged inindustrial pur-
suits. To no other adequate cause can
the trouble be attributed. Our people
have been blessed with health and
peace-have had good crops, and, GER.
tainly, for four years. have practiced a
rigid ecOnOmy-Our exports have stead
lily diminished. Why should each
successive month bring fresh and greater
disaster: What other adequate cause is
operating with accelerating power to
drive millions of wage laborers into
idleness and pauperism, and to dag into
0nhhAuptNS tuC hoSt vi tuOSc WIlOSG
means arepngaged inindustrial pursuits.
leaving none to stand but the wealthiest
and strongest:
But Mr.. Sherman tells us that this law
cannot be tile cause OF the business dis.
tress, because the industries OF Germany
and Great Britain are suffering also. ! es,
Germany has suffered, and from like
cause with ourselves. She contracted
her currency enormously by the demon.
etization of over two hundred and fifty
millions OF dollars OF silver money.
thinking the gold exasted OF France as
indemnity would fiji the gap; but unfOr.
tunately for her, the indemnity was paid
only partly in gold, the larger part being
in products and exchange, and the gold
actually sent TO Germany hoated back
into its wonted channels, leaving her
industries PROSTATE through the immense
contraction OF her currency. On the
other hand, France prevented any shock
10 her industries, whether from the war
or the shipment OF her gold, by the
suspension OF spece payment and the issue
OF six hundred million of dollars ofpaper,
and with every productive energy in full
play, she fiourished like thistle under the
boot Of her conqueror. Her paper cur
rency, 10 be sure, Is sbredeemable rags,
but being full legal tender, it never fell
but small traction below gold, while it
bore up the credit Of the nation and
kept all her industries prosperous under
losses which but for it would have crush
ed her industrial classes. With her full
currency, and her debt held 1T home, she
has paid the vast indemnity, rebuilt her
waste phases, filled the world with her |
wares, ard to-day is the most prosper
Gus people on earth.
Oh, il our Shermans and Garfields s.
those lovers OF honest gold money and
hater OF silver and 'irredeemable RACES
could have ruled France as they have
ruled us. she would have been blessed by
taking the bonds from her own people
and selling them IN England 80 as to drain
of her gold. Her silver would have been
demonetized and shipped abroad as base
and waste metal. Her paper money
would have been deprecated by making
II unpayable for public debt and Gus
toms: and when her coin had been driv-
en- abroad 10 pay interest, and her paper |
80 dishonered and deprecated as TO |
make resumption impossible without the
ruin OF her people she would have been
blessed with forced resumption scheme
TO rob and enslave her industrial classes:
and then, after few hundred thousand
Of working men had been butchercd in
bread riot. she would have relap sed into
the old Empire 0. aristoerats, soldiers
and slaves.
As to Great Britain, her ndustrie. are
suffering largely because she is the
worlds manufacturer and merchant. and
feels the misfortnnes OF any OF he great
customers; but She Is not suffering so
much as to prevent her attracting mm,. |
grafton OF skilled laborers fleeing from
our desolate workshops.
Taking up the subject OF currency !
contraction. Gen. Ewing said:
Now the present unhappy condi- |
uoh OF our industrial classes Is precisely |
mat winch inevitably follows sudden and |
large contraction OF the currency, The
symptoms all point 10 that cause AS |
distinctiy as the extreme depression.
vomiting, and burning pain in a pa,jent
points 10 The dose VI arsenic In Ills |
stomach. And will show that ,ho
fatal drauglit VI resumption has causad
contraction enough ~ account Tor ali |
the WOES we suffer. and involves n
further c0ntn,cti0n large enough ,o
utterlyki our induftries.
When the resumption law passed we
had about seven hundred and six,y-six
millions Of paper currency, which. added
10 our coin Though that was not Ia cir
lation) gave us per capita $3.50 exclud
\ Ing bank reserves. France has $50 OF
actual circulation, exclusive OF such re-
\ serves; England 24.2s. and Germany
\ 70 90 before demonstration OF her silver.
I and l29 O. after that decentralization, II