Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-09-26

1873 our interest Charge is $94, 554.4 Thus We
have got rid of about twoffihs of the annual inter
greater ratio, the debt and interest have been
duced N proportion 70 the population: Thirteen
ay it ( 15 s0, per capita Thirteen years ago
the interest 1920 per capita. 1t is now
$1.97 per capita. And if credit remains
intact the funding process wiz go rapidly, and We
shall be rid of further tens of millions ofour an.
nual burden. Disturb that credit By any attempt
at weakening the confidence OF the world at home
and abroad IN our ability TO pay. or in our honest
purposes and there the funding process will cease.
and with it the bene6cent results flowing from it.
Thus you see in this as in other things it is not
only most honorable. but 1t pays best TO be honest
The most expensive thing nation can do is 10 at
tempt get rid of its obligations without honestly
dscharging them. The next expensive thing is to
qubble about them The ruin from. which it is most
difficult to rise Is rherun of credit caused by repua
ton. The next worst thing for a nation is render
thus do hope wherever yOn hear that foolish
and disgusting of the demagogue against the
bondhulder, you will. men of honor, and of
business meet with all the it, deserves. The
sense of honor of nation il the source of its credit
aud its credit is of lis best paying investments
The second prerequisite OF revIvalof business and
prosperity is stated to he SOUND CURRENCY, cur
rency of real aud stable value. Let me put to any
thinking in this assembly be he farmer labhr
or tra,esman or merchant. or banker inanutac-
turer. plain. simple question, and ask for candid
answer: In what kiuu of money will you prefer 10
receive the wages of your labor the profits OF your
business-in kind of money whose value purchas-
ing power Is stable and can be depended upon to
main virtually the same from day To day and from
week to week. or in a kind OF money whose value
and purchasing power Is fuctuating and uncertain,
that YOU dO not know what il will buy from end
of the week of the month I'd the other2 Every
sible man who in the least understands his own iu-
terests will answer nstinctivey: Give the first
the money of stable value; the money that will
cheat us that We may know what We have" And
that instLot is natural aud right. 1t would seem
and painful period of depression we see at last
ginmer OF daylight, again. and begin to hope that
with industry and prudent management we shall
ourselves up once moro to reasonable degree
OF comfort and prosperity.
Why will you prefer the money of stable vaue'
We hear much talk about the necessity of confidence
one Of the most necessary prerequisites of Ie-
vival of business, and justly so. Now the most
sentia element of that general confidence which is
SO necessary Is confidence in the money YOU handle.
When earn 80 says the working man, the
wages of my labor, want TO know that 1 take
that money to the baker, the butcher, the shoe
maker the clothler and that il will buy about
much OF bread. or meat or Shoes or clothes only
to-day. but o month hence And when have saved
some money and put it INTO savings bank, to be
used at some future time. want to know that when
take it out again for USE be it a month"; OF year or
ave years hence it will not have materially decreased
i'll value but have about the same purchasing power
which it now has" That is sensible when have
sold a lot of goods on time, say one two three
months. says the merchant, Il want to know that
the Money coming in after that time has not mean
even to involve me in loss. must have money
of stable value for it is the only kind base safe
business calculations upon in buying and selling"
Sensible again. when make a contracr, says the
builder, Il want to be able to figure out beforehand
how much money will buy the material. the lumber
and the bricks and stone / shall need at future
of the contract will he worth much as the money
contracted tUr"-and SO OH through the list.
Now what is that money OF stable value. and how
get its Let me put another question to you
Many of remember the Gme--lt was eighteen
years ago-beiore the war, when gold and silver
were current in this country. and bank notes CON
dor in payment of debts Did sou then think
you remember anybody who then thought
that would be best for the people of this country to
do away with gold or silver. and to substitute for
them an irredeemable paper money, worth so much
to-day and so much tomorrow Am right or not in
Times Of peace wOuid have been universally voted it
Icr place in lunatic asylun9 Tho only thing you
complaiped Of and justly so. was the existence of
wildcat bank paper under a bad banking system
because it could not be converted into gold and sill
ver contrary to the promise its face And is it
not that when under the pressure of war
necessities ali irredeemable paper money was Issued
thought IL great danger traught with misfortune2
Surely you csnnot fail 10 remember this. What
pearance of coin money and the substitution OF an
irredeemabe paper currency for i'll Simply the in
ro You aad S whom
had irredeemabe paper dollar you didn't
And that apprehension has been justified bv subse-
quent events. You may tell me that for ten years
after the first heavy emissions of the paper legal
tenders in 1868 you prospered. That is true-at
least it looked But in 1873 the fearful day ar
rived when the balance-sheet was struck and where
you then? All of sudden the balloon burst,
and came to the ground heavily that orr bones
still aching. And repeat that this collapse was
not brought about BY contraction of the paper cur
rency. L have sufficiently shown. by proving with
official figures. that tor the five years preceding the
crash the currency had been. contracted. but
steadily expanded. until in 1873 there were over
al mi no nf nut in and
nearly thirty millions more than in 1868 You will
remember also that during the whole period Of so
called prosperity it rs il evil conscience had
haunted the American people on account OF that
very paper money; that for years following the close
of The every political, convention. every meeting
ut merchants, every respectable board OF trade or
chamber Of commerce declared and resolved again
and again The country must rid itself of the OF
irredeemabe and luctuating paper currency: that
every consideration of national honor of good
policy and business interest demanded a speedy
turn TO the specie basis As late As 1876 both the
great pot cal parties of the country affirmed most
soemnly thcir devotion to this great object Even
most Of the worry men who advocated initiation as o
of temporary relief loudly protested that the
restoration OF specie pay nents was their uliima'e
versal cOncurrencyl Simply because every candid
admitted to himself that this country would
have no rest; that there could be 40 confidence In
economical movements; that there could be No
firm and sale foundation tor national prosperity un
cal money system should be based again upOa the
rock of precie meatals; hat foreign commerce
tenn should be in harmony again with tho money OF
the world.
1t is an easy thing under certaln circumstances
10 introduce an irredeemabie paper currency,
but il has long existed and produced its effects
it is terribly difficult TO got rid of Its introduction
win drive out the precious metals. Its expansion
viii diminish its purchasing power and run up other
values TO fictitious point. return to the specie
basis requires the acquisition of the precious metals
necessary tor redemption. 1t requires reduction
Of The paper money within that volume which the
business of the country will be able float in the
shape Of specie and paper Convertible into specie.
1t req uires retrenchnle and economy in the con
duct of business and all kinds OF expenditures.
Such operations cannot he effected without some
painful sensations They do pot invov the destrnc-
ion Of any real value. but thoy do involve the de-
structiOn of hctions in business, of the
dclusive estimate in which hold their
possessions and prospects 1t is another
of the weaknesses OF human nature
that we dislike to be shaken up from dream td
sober reality when that dream pleasant, and
thus when practical preparations for resumption
are TO be taken in hand people, although they may
much desire be cured of the aiIment, are
apt suddenly to fear the remedy than the dis