The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-18


papers at these movements, have been proven to DO
grouudless. We arc within nve degrees OF the
specie standard we have still seventeen months
before US IN which to complete the task. The same
progress that has made since the first oil March,
oontinucd twelve months longer will certainly bring as
to the specie standard feel conhdcnt in saying 70
you this day that II undisturbed. with or without
change of the law every dollar OF United states notes
WILL before the time liked for resumption, buy much
as an equal amount IN either gold or silver.
construction OF the resumption act has often been
pressed upon the Department that, II correct would
make still more easy 90 carry into execution II
Is insisted that the Secretary has the power IN prepar
Ing for resumption 10 sell bonds for coin, and then 10
sell the tor United States notes to be boarded IN
preparation for resumption. the DcDartment mas nos
acted upon any such construction but has sold go'd
only In of business for the actua
redemption OF notes supplanted by national bank
notes II this power is exercised 1t should only be n
pursuance OF the plain Will OF Congress. and IN
the execution OF SO delicate duty no power
act OF April 1885, for the redemption OF fractional cur
rency provides that silver coin may be issued IN cx
change for United States notes. ana such notes shall
be- kept special fund for the redemption OF irac
tiona currency This fund and the ordinary currency
balance in the Treasury rs the only paper money OF us
own The com ana legal tenders deposited IN the
which the Treasury has no control
NATIONAL NOTES EQUAL GOLD.
have, fellow citzens, hope without wearisomo
detail gone over some points on this question OF re-
sumption. II IS dull but important topc, which
affects your daily life, upon which my official duty
compels me to act, and assure you that have only
acted upon the cearest CONVICTIONS OF public interest
A currency OF United States notes based upon the
public credit always convertible into and SO I'M
tied III amount and supported by reserves thut It's con
vertiby cannot be endangered, and supplemented ny
a bank currency FREQ and open To all alike, based
upon public securities, 80 that in any event
the note holder Is safe from loss, always redeemabo
IN coin or United States notes unimited IN amount,
except by the wants OF busncss-this is the kind OF
paper money that Will star: again tho wheels oil IN
dustry give sails your commerce, labor to your arti
This, indeed would be the best paper currency
the world Let TINS currency be supported by pup
lie credit against which whisper or doubt cannot Dc
uttered, and your public deot WI 10 reduced 70 ,s
lowest possible burden OF interest aud Will become the
great depository OF The savings OF labor the trustee
Uf the widow and orphan, the saic rest VI
capital employed in active industries. These, as
understand tncni the great financial Objects OF
tnls administrator, and, WITH your permission and
tho SANCTION OF Congress tho Pres ident may hope 10
celebrate his outgoing with your debt reduced 10 i0ur
per cent aud every note OF the united states worm par
III the issued from tho MINT You now &C.
cupy the forefront Of this battle. bcscech you 10
uphold bis hands, ana not let be decisions OF the hour
the temporary ansuor OF business. which you share
the civilized world turn you from policy which
you have sanctioned and can now hope " realize.
TIMES AND NATURAL LAWS
II Is very common. iellow-czons, to mold tho gov
ernmeut responsible for hard times caused Ny the eoo
aud How oil trade ana production. II the crops all
the adm Is abused II wages or prices ial,
the government Is blamed II production exceeds the
some officer the government than TO ind out the
real CAUSE And happens that under amy govern
rent, whateV may be It's fOrn II panic, or hard
times, o. over production, or pestilcncc, famine or
p!ag ue comes. the office tho soapc-
power either TO produce or remedy. And
so now, when thfougnout tho world trade
is aneushing and wages havo fallen,
and industry does not meet It's usual reward IL Is quite
common Tor dcniagogucs to say, Turn out tho admin
islratiou aud put III and all VIII BIO lovely" such
argument are only it tor fools. Human governments
the ana la oil prices the abundance or want
OF employment. These are governed by higher laws,
and the puppets that tor tho Tune hold Official author
ity have little influence over these great movements
as flies have the revolving wheel At TINS time
though We suffer- to some extent, from tie same
inat bring stagnation 10 tho Industries Of all
commercial countries.
THE ENGLISH IRON TRADE.
have here copOus extracts IRON English, Belgian,
German and French papers, all natous vi wealth aud
power, IN profound peace, and all showing extreme
aaversy and depression III Trade and prices Tho iron
trade England has passed through extreme depres-
sion. During its course Of largest and
wcathiest manufacturing concerns had TO succumb 10
severe reaction, whic operatives suffered III the
greatest uegree by the increased supply oil labor aid
greatly diminished prices Tho irou trade III England
has fallen nearly hly per cent. The Belgian IRON
trade was almost exiting uh he'd. aud the workInen
p.oycd were driven 10 other pursuits This industry is
the one that has suffered most IN our own country,
while rapidly recovering by unbounded natural
resources ana by reduced cost o. proaucton. have
before English paper showing that the exports
OF Manchester OF cotton iabr cs, especially To the
United states. have becu largely reduced. The amount
OF goods siiippei to tDs country has been
duccd from 49, 900 900 Yards to 80 o0o oOO
yards; OF woollcn goods from 5000, 600 yaras TO
LAS, 900 yards while our production has enor-
rnousy increased and we are now exporting both
cotton and wo0liens In Germany OF thirty-two
panies enumerated In table have before me, only
any diviield whatever Tor the st year, and
tue aggregate accounts show loss ot U.OOO on
the years operations. OF tho silk trade IN France,
wnich is one OF the great branches OF their
nuustry, II appears, from paper have before me,
there about ~, 900 silk looms ut Lyons, ana
nearly bali OF these are now Idle. The number Of
weavers now out OF employment Is roughly estimated
NJ from ~ 700 ~ 1000 might follow tnese general
statements by picturing the distress III an these great
and countries compared with which the greatest
suffering OF our people is insignificant. With us the
worst Is over, and The vast industry which gives
p,uyi. To the great body OF peoplc-that OF
agrlculture--ls now extremely prosperous 1t is
common saying that 1.-The farmers are growing rich"
trade revive To attribute the distrcsscs, which
Know you suncr IN common with tho rest
the administration OF our government, is extreme
Jolly ULllke the laws oil most European countries,
our laws are framed, us far as possible, to promote
industry, to protect labor ana distribute wealth. Here
give 10 every the same privileges, evil aud
political, whether he DC rich or poor whatever may
be MS condition. He enter into competition with
others, but he has no determinations against him.
The remedy for periodical depressions no human mud
point OUT or administer. That must he the result
tiiuc, VI industry, OF economy. sc douDt
dustry will revive and we may expect season oil pros
pcrliy Ihc poor not suler alone from hard times.
1nc rst bow must fall upon those who have properly
Investments whih are swept away, ana then the evil
tails upon all Glasses alike All you ask OF tho
government is that 1t viii administer The limited pow
ers conferred upon II Will the INTEL gcpce and
doing ali 1t can WITHIN limited powers 70 confer the
greatest goOd upon the greatest number This, be-
lievc Id now being done by the national gOvcrnm ent
GOVERNMENT AND TiIK RECENT STRIKES
Every man ot youi deeply Interested IN the strength
and power Vi this government though Its operations
may DO lar from you. luis was SHOWN III the i'm
portan vices rendered by tho general government
in The wide extended strikes ny the employees
oi railroads. which reached from Philadc phia 10 New
Oreans affected all the great trunk lines OF the cOun
Try, anu tor time paralyzed several lowcriul States
Eos time 1t threatened civil war aud anarchy aud
caused large destruction vi HE aud property. The
was called upon by the Governors o..
West Virginia and Maryland-two democratic States
TO aid in putting down domestic volence
Our small army was scattered over the West
crn country The last House OF Representa-
tves had refused 10 appropriate Tor pay or
su pplcs tue army lest, iorsootn might
In State 10 put down domestic violence. These
calls promptly met by President Ia, es and, by
iudicous Of the email lorcc at command, by
The skiliui ACTON OF the officers III command,
specially Of Gcneral Hancock ana General scnoneld,
the regular was the Chief means vi scppgessing
domestic violence extending 10 many STATES, and
" could almost be classified as CIVIL war; No just
VIII wilEhod from the administration fair praise
Tor difficult task well done. These strikes bring
prominently INTO American politics the contest
between capital and labor that many