Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-06

OF SZ OUU .OUOOOU inciuulng certinchtcs
OF Indebtedness, compound interest
notes, fractional currency, and national
bank notes and greenbacks.
In 1875, ten years later, wc had a
circulating medium OF less than $780,
100000, being reduction in period
of ten years Of more than 81 900, ,000,-
900. OF course the shrnkagc OF values
consequent upon this wholesale de-
struction of the peoples money was
very great in all kinds Of property OK
cept that OF the bondhoder, which in.
creased in value. Notwithstanding
this enormous reduction, the act Of
1875 decreed still further reduction
by providing for the redemption Of
fract ional currency until the whole
amount outstanding shall be redeemed,
and also the redemption Of legal ten
dels before January i. 1879. untIl
there shall be outstanding but $780,
100000 of such legal-tenders and no
more. Under the provisions of this
act nearly 100000 900 of the clrcu.
Iaiing medium, including fractional
currency, have been destroyed. Should
the act become effectual what the re,
suit must be eau be imagined when, us
gold will not in all probability enter
into the circulating medium and silver
demonetized, our whole circulating
currency will consist of the remaining
legal. tenders and national bank notes.
The inevitable result of such action
will DO pauperlsm and reputation,
But il was never intended by the
trainers OF the act Of 1862 that gave
US the 500 bonds that they should be
redeemed in coin.
During the candidacy Of General
Grant for the Presidency it was charg-
ed upon the floor of this House by Mr..
Ross, of Illinois, that it Grant was
elected the Republican party, ut the
instance OF the money lords Of the
and, would enact law making their
bonds payable in coin.
Thaddeus Stevens Of Pennsylvania,
whose memory the Republican party
should ever cherish and who W " the
author Of the law, arose in his seat and
with all the earnestness OF an honest
conviction repudiated the idea that the
Republican party intended any such
thing. Said he:
want to say that. II this loan was to be paid
aceorling to the intimaton Of the gentleman from
Illinois, II | knew there sas such platform and
such a deiefm n ttion this day on tho part Of any
party | would vote for the other side, Frank
Blair and Bll. would vote for no such swindle
upon the tax x-payer. OF this country W uld vote
for no such spccu alton IN favor OF the large bond
holders the millionaires, who took advantage OF
our folly In granting them coin-pa, ments OF In
terest and ! dcclare--well, II Is hard 10 say it.
but II even Frank Blair stopd upon the platform
Of paying the bonds according to contract and
the Republican candidate stood upon the platform
Of paying hondholders twice the amount w
agreed to pay them, ! would vote for Frank Blair
even II q worse man than liorati1 Seymour head.
cd the ticket.
Not only Thaddeus Stevens and
others in the House, but Senators Nor.
ton and John Sherman in the Senate, dc
clared that the bondholder who de.
mands better money for his bonds than
-
ue pniu 'o' 'nvni 10 ah oAsor.'o"ei a"u
repuuialor NO" ono VI 'nesc ,'c''a'
tors "sits in the seat of customs burn,
ing and destroying the money of the
people under the behest OF a law he
"'",so' as" ou",''na" VI '"o SV''"''''oe
ing AID adopting.
In no way can we consider the ro
sumption act la a favorable light. ln
no way Is II benehclal TO the people u
adhered TO- All the industries oil The
country, which by the greatest care
aud most rigid economy have been
able TO survive thus far, will be levcled
TO the earth. All the large corpora
tions which have with II kindly cure
kept thousands Of workingmen from
utter starvation will be compelled IL
suspend their work and bar their doors
and many thousands of wandering
men will be added 10 the vast army who
tp-day arc traversing our land seeking
the bare means of support. But ! dc
not believe il is in the power of the
government TO resume under this act
1t is estimated by some Of our most
careful tinanciers that il will requlr,
$3.50, 900 900 in coin to resume speci,
pay mcnts in January, 1879. Wher,
l. this amount Of coin to come iron
1t appears from report Of the Secrc
ta,y of the Treasury, made to thi,