The Morning herald., 1878-09-09

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No man can shut tis eyes to the fact OF
the tsllHembracing character OF the pre- ent
depression oefousiuess.1 1t has reached
every Department. Of trade, and few, if any,
(says money deadersl and oficials,) are ex-
empt from the pinching ofthe times. We
are of those who believe that the present
ruinous, depression was directly caused by
the passage Of The, resumption act,s and
the contracting policy of the gold bug
s.atesmen.. We ask patient attention TO-
our yiswss and cif correct prepare to put
themin force; ifnot, not. To our mind it
is sheer madness to look forward to specie
payment upon the day fixed by congress
for its com mencement. 1
1ttakes about $500, 900, 900 Of cur cur
reney to- conduct the business ofthe coun-
try! aIn view Of this fact what will be the
effect ofretring ons-half this volume of
currencyf How will it effect the
miiii6us'f Its consequence upon them is
Of the 6xst, and ip fact the only considera-
tion, as the capital the country is potent
eaough to take care Of itself. y : 80 ~.
In point Of fact the. threats of the cessa
tion for the purpose of exchange Of this
immense bulk in circulation, was equevalent
toswuIct, ordne upon the wages of every
workingmsn in the Republic, and il has go
mulcted them.e The circulating medium,
whether gold, or paper, is merely the re-
preventative Of the garnered fruit of labor;
hence it's contraction otherwise, than BY
the natural law of political economy is
practically no more nor less, than rob
berry Of the poor. We will endeavor 10
bring, it within the comprehension of our
many readers. live substitute wheat or
corn for greenbacks as counter in our
national exchanges, and assume that 700
100000 of bushels fthese esculents, hay
measure Of value equal to their equiva-
lent isngold, silver, or greenbacks, We
should therefore have a measure of value
more ea>ily comprehend than:--and Of
greater value than either golc, silver Or
greenbacks, all of which are tokens Of
value. Il, o4'. .. ''. .''
Suppose from any cause-rust, weevil
or a law of CoDgress-lhe production Of
wheat should fall short after lis a. -ceptance
as the measures of value, and instead OF
700,000I000 bushels we should raise but
350, 10000 bushels. This would double
the value Of every bushel of wheat, and
compel every man who owed his neighbor
500 bushels of wheat, to work twice as
hard, sell twice as much of other things, t.
gst the wheat to pay his debt. That is a
fair illustration of the effsc,
Of the legislation to return
to specie payments. Congresshas reduced
the production of the measure of value BY
law; which increased the labor of getting
it, to the extent Of its normal reduction, and
thereby increased the debts Of every man
who owed money, and of the nation, to the
extent Of the additional amount of labor
necessary to secure it. Wealth is nothing
but accumulated labor. If it is represent
ed by wheat as a measure of value, we
know by experience the cost in labor Of
producing bushel. If it lie represented
by gold, we know the lottery principle
which runs through mining discoveries,
and big bonapzas. If in diamonds, they
are still harder to get. That which in
creases the wealth OF the capitalist and i'm
poverisheso the poor man. The debts W.
have Incurred in paper, we should
payi9yo off in paper. The debts we
ave incurred in wheat, we shonld pay off
in wheat; and as none Of our debts were
Incurred in gold, it is simply robbery to
compel US to pay them in gold.
Thsnpliticiaps who call themselves states
men, I'D who favored return te speci !
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