The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1877-08-29
spCCIEpAYMEN1s.

The lesumptlonlslsO only utter Nolus
OF deception when they endeayor to con
vince anybody that the act Of 1870 can
be enforced without the continuance OF
forced contraction Oithe currency, which
will result in placing property generally
at the mercy OF the holders OF gold. On
this topic Gen. Ewing, in his late speech
at Columbus, Ohio, said'
"Mr. Sherman says, "What mean ny
specie payments, is simply that paper
money ought TO be made equal TO com
His speech, throughout, is studied al
tempt to make it appear that the only
effect OF the resumption law, IS 10 make
paper equal 10 coin, and that inc cquaH'
zation can be attained In no Other way
Now, | assert that resumption Is not nee
essary to obtain equallzation; aud that
the resumption law, is not, certainly, tue
cause OF the tendency in that uirectioh'
Since the war, gold has steadily iailch'
From 1866 to 1869, ii ranged from nlhe>
teen to siXty-seyen per cent. premium
From 1870 to the date of the resumption
law, il ranged from six to twenty-three
per cent. premium; and since the passage
of that law, it has ranged from hye ana
half to seventeen per cent premium.
If the forced gold resumptlonlsts only
wanted to equalize coin and paper, anu
not to shrink the currency and destroy
the value of everything but money aud
money securities, an obvious, Just ana
efiectual method was open. mat was
to restore the unlimited coinage OF Inc
old silver dollar, as full legal tender Tor
all debts, public and private, and at the
same time make greenbacks payable Tor
customs. That would have cqualized
and greenbacks deprived OF the principal
of the de1t, that gold was exalted above
them. Equalze them all IN paying
power, and they will be equal in value.
But that mode OF equalization is not
desired by the resumption law. 1t
would bring gold down to par with the
peoples money-w0uld thaw out the
frozen boards OF currency-would make
the twelve billions OF coin and currency
debts payable in the money of the con.
tract, without forcing the money to a
higher value by contraction-wOuId
give chance to debtors to pay, without
being driven into the shambles OF bank
ruptCy-would light the fires OF pros
porous industry, now quencheG or dying
by contraction-and lit labor from help
less pauperism to prosperity ana lhdG-
pendence. That Is what the people
want, but they are only sheep IN the
hands of the shearers.
The great money power-the worst
legacy OF the war-intend, by THIS scheme
of forced resumption. to make gold the
sole measure and prayer OF debts, public
and private-to increase the bonded debt
by funding the greenbacks-to concern
trate in few great banks in the money
centers, absolute control over the volume
and movements Of the currency, so as to
make hard times and good times at their
pleasure, and iatten on the unwary null
titude at every turn Of the tide-to con-
tract the currency for the next few years
to the smallest possible measure, SO that
the twelve billions OF dollars the people
now owe, will buy twenty-iour or thirty
six billions, in former values of the peo.
pies labor and yrOducts-tO crush out
the myraiJ of smaller industries hereto
tore successfully maintained by combln-
ing the energy and talent OF men OF
small means with money borrowed OF
non-producers-to Coniisrate the real
property OF debtors, and bring it into
fewer and stronger hands-to paupeFize
labor, so that the money power will en-.
lave, and own, and use it, with no fur
Their cost than enough wages to keep the
laborer's body in good working order
and finally, by means of the immense
concentration of wealth and power in the
hands OF a few, TO realize the policy oil
the early Federalsts. which is stronger
since the war than ever before, OF max
| ing this government strong centralized
| a. isGOSia~y.