The daily gazette., 1878-09-28
THE PENNsLYvANIA CAM.
PAIGN.
DILL AT GREENSBURG.

noit "S HiVchSouiB, lnurSuay nlBnt, de-
clared his views on the financial question.
He said: In my Judgment there is hut
one sound rule by which to regulate the
currency of the country. 1t is to main
tain it as equal in value with gold and
silver, the constitutional standard of
money; to maintain the simplest and
cheapest channel through which it can
reach legitimate trade, and limit it solely
by the legitimate demands of the bust
ness interests of the country. Irredeem-
able paper is a lie upon It's face, for all
money contains on it's face the promise
to pay, and 1t is poison to healthy in
dustry: but redeemable currency, main
tained at equal value with the constitu-
tionalstandardo OF the nation, should be ac-
cessible in such volume as the varying
wants OF trade require. The volume Of
currency should be beyond the control of
gamblers and spectators, such as have
depressed all vaules in a day bylockiDg up
money, and bey ond the power of partisan
officials to employ it as a factor in politi-
cal campaigns, at the cost of the liability
and trust of business.
EVILS OF ENFORCED RESUMPTION AND
CONTRACTION.
When war ceased, leaving us with a
large volume of irredeemable currency
among the people, 1t became the duty of
the government to do AS England did
bring about resumption by the natural
laws of trade, and await its coming in
such manner as would bring no needless
shock to business or disturbance in the
channels of industry. With the bound
less resources of the country, with the ex-
ceptional energy of our people, with the
most fruitful crops from year to year,
with every element necessary to bring
about resumption without serious depres-
sion of business, we have had the most
sweeping embarrassmenta and bankruptcy
as the logical fruits of financial tinkers
and political brokers who speculated on
the woes of the people. Enforced con-
traction of the currency and now enfor-
ced resumption have made broken for
tunes, widespread idleness in place of re-
of plenty and given the country the dis
order that is the growth of despair.
These evils, which now afflict the ma
| ton more profoundly than even war it.
self, are not the offspring of necessity
If they were the legitimate price of the
preservation of our free institutions they
could be endured; but they are the cause
| less SORROWS which come fromS abused
| authority and from the most proflIgate
administration of municipal, State and
National government the country has
ever WitutSStu. ~ CulOIC0 tu6 COutIdC-
ton of the currency was needless. II
served no good purpose; made the ma
| tional faith no better, gave no more
healthy impetus to trade. To enforce
resumption in advance of its natural
coming through revived industry and
general prosperity, was madness-worse
was suicidal. 1t city, village and valley
in all sections, all classes, and all pursuits
the fearful monuments to this nationa
suicide are visible to all. Here in the
mountains 1t is felt as keenly as in the
marts of commerce, and wherever the
hum ofindustry should be heard, ant
wherever the sails of commerce should
be spread, there may be seen the calm o
death that has settled ON our once prosper
Gus people. And who must answer TO
this suffering and prostration OF a grea
nation? Republican misrule is unques
tionably its author, and Democratic cor
Istitutional rule is the only means for 1T
correction.
lUNIFoRM CURRENCY-FREE AND sTANI
ARD BANKING NECESSITY.
1 regard the remedies for these lon
continued Republican wrongs as simpl
and certain. We must find some mean
to revive our industries and restore ger
eral prosperity to the country, and the
resumption will come itself and come T.
J stay. Until then, it cannot come bu
| with fresh evils in its train. No law ca
force it unless Mr.. Sherman's fata
policy be sustained, by which the Treas
ury can gather in all the money by In
creased loans, and then keep it in tn
Treasury vaults, so that no further re
demption shall be necessary. The Gov
ernment can thus resume and the indus
tries of the nation perish as the price
resumption
Banking must be free in fact, as 1t
now only In name, Our present inationa
banking system offers an iilimitable yo
ume of currency, but it practically fol
bids the increase of money by the one
Gus exactions imposed upon banks. Th
banks now pay some $18, 200, 600 OF taxes
national, State and municipal, and nearl
81 ,000, ,000a year in national taxes alon,
all of which the borrower must pay |
addition to the legitimate value OF loani
and the only channel by which none
can reach the people is so costly and con
plicated that borrowers outside OF I'll
great money centres find no money
lend, and capitalists decline to invest
natl onal banks. Our banking should |
free from all taxes, except such as oth'
like property pays;it should be relieve
of its cumbrous complications whiC
make dead capital and expensive IN;
chinery, and then it should be inexor
bly limited to Just rate OF interest. LII
= gobernment should furnish unifori
currency for banks and for all It's ow
direct uses, and every dollar issued
: banks for circulation should suspend II
terest on dollar of the national deb
This would be simple justlce-more,
would be statemanship and it would
common sense Under such system, 1
shock would come to the banks; no 10
| would come TO any class bankl1
J | would be free in fact; currency would
gulate itself by the variable necessities
trade; an the channels forreaching iegil
mate business with government none
would be cheapened and extended IN
every centre of industry where capt
d could be safely employed.
II HOW TO RESTORE PROSPERITY
We want the increase OF the natloh
{. debt and the contraction of the currenc
for the purpose of enforced resumptit
!. to stop we want the enormous taxes no
imposed upon the only channels tnroui
ID which the people can obtain money,
be repealed; we want banking to DC ire
we want a uniform currency issued j,
the Government and to be redeemed
the government; we want the volume
money to be controlled solely by q
> wants of the legitimate business Oh u
country we want the government
cease discreditiDg its own money Wy
fusing it for debts due to tne Cover
ment. and we want retrenchment al
.conomv in every department OF authe