The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1877-08-28

This year Providence has blessed us
with an enormous crop of almost every
production OF farrp or plantation. and
the foreign demand is largely increas-
, ed by the Russian war. Russia is our
great competitor in supplying Europe
with bread, and she now will consume
her own products. We have now reach
. ed the coin basis in the production Of
commodities for the foreign market.
OUR EXPLORATION OF HOME FABRICS
has increased and is increasing, aud We
are now competing with Manchester
and Birmingham in the sale OF fabrics
that have made those cities famous
throughout the world.
Our manufactures of cotton, iron and
wool now rival in foreign markets the
oldest countries OF Europe.
We have during the five months OF
President Hayes made an actual accu-
mutation Of currency and Of gold and
silver coin in bullion OF S44, $40, S32.
From the 1st Of May TO this time we
have added TO our coin reserve S20,-
OO0. 900 by the sale Of bonds, without
disturbing the money market, and with
gold steadily on the decline. We have
reduced the public debt since the 1st
of March the sum of S29, AL ,S24. We
have conducted the vast operations of
our loans, already referred to, without
disturbing the course Of trade or caus-
ing n shipment in gold. All the fears
expressed so often in the papers at
these movements have been proven to
be groundless.
We are now within five degrees OF
the specie standard. We have still II
months before us in which to complete
the task. The same progress that has
been made since the 1st of March, con-
tinued ~ months longer, will certainly
bring us TO the specie standard. feel
confident in saying to you this day
that, il undisturbed, with or without
change OF the law. every dollar of
United States notes will, before the
time fixed for resumption, buy as much
as an equal amount in either gold or
silver.
A CONSTRUCTION OF RESUMPTION ACT
has often been pressed upon the de-
partment, that, If correct, would make
il still more easy to carry it into execu-
ton. Ii is insisted that the Secretary
has the power, in preparing for re-
sumption, TO sell bonds for coin, and
then TO sell the coin for United States
notes to be boarded in preparation for
resumption. The department has not
acted upon any such construction, but
has sold gold only in the current course
of business or for the actual redemp-
ton of notes supplanted by national
bank notes. If this power is exercised
il should only be in pursuance of the
plain will of Congress, and in the exc
cution of so delicate a duty no power
should be used except such as is clear
The act of April, 1876, for the re-
demption of fractional currency, pro-
yides that silver coin may be issued in
exchange for United States notes, and
such notes shall be kept as a special
fund for the redemption OF fractional
currency. This fund and the ordinary
currency balance in the Treasury is the
only paper money OF its own The
coin and legal tenders deposited in the
Treasury are the property OF private
individuals, over which the Treasury
has no control.
\ currency of United States notes
based upon the public credit, always
convertible into coin, and so limited IN
amount and supported be reserves that
! its convertible cannot be endangered,
and supplemented by bank currency
free and open to all alike, based upon
public securities, so that IN any event
I the noteholder is free from loss, al
ways redeemable in coin our United
! States notes, unlimited in amount ex-
cept by the wants of buslness-this Is
/ the kind OF paper money that will start
/ again the wheels Of industry, give sails
/ to your commerce, labor 10 your arti-
sans. This, indeed, would be the
BEST PAPER CURRENCY IN THE WORLD.
Let this currency be supported by n
! public credit against which whisper
| or a doubt cannot be uttered, aud your
public debt will be reduced 10 its low
est possible burden of interest, and
will become the great depository Of the
/ savings OF labor, the trustee Of the
widow and orphan, the safe rest of cap
] ital not employed in active industries.
These. as / understand them, are the
| great financial objects of this Admins
tration, and, with your permission and
! the sanction of Congress, the President
may hope TO celebrate his outgoing
with your debt reduced 10 four per
cent. and every note of the United
States worth par in the best coin issu-
ed from the mint. You now occupy
| the forefront OF this battle. | beseech
you to uphold his hands, and not let
the delusioDs of the hour or the tempo
rary languor of business, which you
share with the civilized world, turn
You from policy which yOu have
sanctioned and can now hope to realize.
HARD TINES.
l have here copious extracts from
/ English, Belgian, German, and French
papers, all nations of wealth and pow.
er, in profound peace, and all showing
extreme adversely aud depression in
trade and prices.
The iron trade in England has fallen
nearly 80 per cent. The Belgian iron
/ trade was almost extinguished aud the
workmen employed were driven TO 9TH
er pursuits. This industry is the one
| that has suffered most in our own conn
/ try, while we are rapidly recovering by
unbounded natural resources, and by
reduced cost of production. have be-
fore me an English paper showing that
the exports Of Manchester OF cotton
fabrics, especially to the United States,
have been largely reduced. The amount
Of cotton goods shipped 20 this coun-
try has been reduced in five years from
| l2g. 600, 600 to 59,000.0O0 yards; Of
wooden goods from 100000 yards 10
l.47S, 600 yards, while our own produc-
tion has enormously increased, aud We
are now exporting both cotton and
woolens. In Germany. OF 32 compa-
nies enumerated in table | have be-
fore me, only six show any dividend
whatever for the last year, and the ag-
gregate accounts show a loss OF 81 ,0OO,-
600 on the years operations. or the
silk trade IN France, which Is one Of
the great branches OF their industry, IL
appears, from a paper / have before
me, that there are about $4,000 silk
looms at Lyons, and nearly half OF
these are now idle. The number OF
weavers now out Of employment Is
roughly estimated at from 1900 TO
5000. I might follow these general
statements by picturing the distress In
all these great and rich countries, com
pared with which the greatest suffering
Of our people Is insignificant.
WIN Us THE WORST Is OVER,
and the vast industry which gives en-
ployment to the great body of our peo-
ple-that Of agriculture, Is now eX-
tremely prosperous. IL il common
saving that "the farmers are growing
rich, and as they grow rich other in