The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-09-27

government is not to carry on business but To
Plu.ect NE. property, and rights. and thus SO
leave. every citizen free and safe i'm al, lawful
eXerti3ns. opportunities. and enterprises in
WWich ne chooses to embark.
Nealth or property cannot he coniurcd MP by
legislation nor by political parties No selght
OF hand can produce II. No philosophers stone
or perpetual motion can be discovered by legis-
the product Of labor. 1t must be hcwed out Of
tho forest. ploughed out of the field blasted out
ot the mine. pounded out Of the anvil. wrought
out in the factory and furnace. Labor is at tho
bottom Of itgil, and the nation in which. there
are the most luhOrcrs and in which labor Is best
cherished and cared for must be the richest and
allies when they work together both are en-
richcd when they are hostile or separated both
suffer
TO earn and to save is surely TO nmass wealth.
schemes Of Congress legislation can put
money into the pockets Of the peoplc2
Have the public burdens been neglected and
l"it without alleviution2 Have not tho national
finances improved Ms rapidly M could have
been hopcdl Onc.third OF the debt inflicted by
rebellion and war has been paid, Two-thirds
OF internal taxation have been abolished ana
tlle remaining third falls mainly on liquor. to-
has been greatly reduced. This year tho total
expenditure il 1896 1854 32G ~. Thirteen years
ago The single item Of interest on the debt was
Rrievous and grinding Of all our accounts. has
been cut down more than one-third; and
VIII. II rounding is allowed TO 90 on. all
De Drought To Tour per cent thou
sand million of dollars of our bonds
are no longer held abroad. but most OF them
are held here. and. instead of 100000 900 in
gold interest being sent annually beyond the
scas. more than four flfths Il IL stays ut home
in tho hands Of our own people Instead of n
balance of trade against us. exacting hundreds
OF millions Of gold annually TO pay for foreign
manufactures. M heretofore The balance OF
trade il largely In our favor. We are sending
World and receiving Hundreds Of millions for
them this year. our paper money. which was
deprecated to less than half tho value Of coin.
mas NJ last virtually touched par. and the neces-
sarics OF life are greatly chcapened.
On the Both Of June, 1864 fourteen years ago.
amounted to $3.50, 7is.9si9i Each paper dollar
was then worth in coin ~ 100 cents. The
1852 G4a 26494. On the Both Of June. 1873. this
iacc. amounted to s6ss .597 27527 This is
;laS III GO9.97 less paper currency now than
is worth in gold 99h cents On the lst ~ June
last each paper dollar was worth in gold 20 I loo
paper currency on the 3Oth OF last June. in
gold was SGsl .46j 69l 90. In other words. in
he, tSiS tns nHper cHrren'y lGss ,f 10y az aSOo
or. IN sull other words. more than twice AS
much.
This fact besides showing vastly improved
condition. teaches many lessons. which the cX.
again and which have baflod every attempt to
rclutc or vary them since the morning ~ time.
What is the difficulty now? Business - stag
nant capital Is afraid and labor lacks employ
lacks employment; whenever capital is not
afraid there Is brisk demand for abOr.
lacks Spporinnity and reward This lis is true true
and true the world over. II is true here. Tho
Tact as 70 our own country Is overstai"d often
and again that 3UuO.uOO people in the United
States. laborng people who want work, are out
Can any man who thinks credit such state
mcutY In all the United States there are
10000 900 people. male and tcmnlc. usually en-
b. Ifttlf 1fF all Toll
Three millions out 81 employ would be nearly
one in every three throughout the country usu-
ally at work. hut now forced to br idle Every
body knows this rannot hc true. The 3.uoOWO
calculation allotted between 100000 and 100000
unemployed laborers TO MASSACHUSETTS, 10000
10 Boston alone. 4 recent canvass of Ma~sa-
chusrtts shows about - 900 in all the state. II
both sexes and this WAS in juno before the
starting uf many mills now running;
Massachusetts has. Of course a larger pro
| portion OF unemployed persons than any state
| out q New England because artificial indus
| tries us distinguished from agricultural and
| orllnury labor. greatly lr"domnate there
and are the industries most crippled now. But
| apply the Massachusetts ratio 10 every state
| aud the number of persons in a!l the land un-
employed cannot exceed onc-tenth OF three
Then too. We must not suppose tina, every
| man not ut work Is and has been unable to lind
| farmers and others throughout the country
who are not all out OF employ solely because
work and wages cannot be found,
But count all and the picture has been over
painted. The truth Is bad enough and sad
enough bus inoes il depressed, and honest
honorable lator IS suffering.
Can these evils hc cured by such projects as
are now urged upon u.s. This IL a question t.
he considered without heat and IL may be dis
cu~s"d without hard names ami without su--
pcctng the integrity Of those who hold other
1t ; said we should have new and large issues
| # paper currency. What fory
l. not currency piled NJ ia every bank and
| money centre aud depository Cannot money
| ho borrowed lu mliNouS 40 the lowest rates 81
! intorrstf When all the paper and coin M the
country Is put into active circulation Will there
| not bee abundant currency
Confidence. stability, AMI assurance that
| credits and values Will hot Ice tamper"d with.
! will unlocA capital AID put money in circua-
! ton and there. II | may hc allowed. is the FIRST
| good which 1t will do the worEingman: but
schemes for watering the currency and shrink
| ing It's purchasing power, and thus chang ing
| bargains AMI transactions. VIII Brighten capital
| AMI make it hide and there r. the first hnrm
! " hch will be- done 70 the workingnan. II has
| been well said mat the most eQwardiy thlng Is a
million dollars. except two millions.
| What il 10 be done with n new issue q paper ,
| u il 10 Dee paid. are told, To- bundhuldcrs.
| What are they 10 do with il? Will they give il
away They will keep II or loan it. What
| good will that dof II put into circulation IL
! Will dilute and depreciate the whole currency
! and nut W prices for the poor To pny, and the
wages Of labor VII not adyance last enough
! and commodities. All borrowers witt security
| can borrow mt the cheapest rates Of iniero ST
now this Is al they eau do alter more green
But To pay on the bonds with paper currency
| VIII stop 80 nu'n interest. lfSs hut what
stands in the way Gold can be bought too
! dear In the first place. 70 pay of the national
| bonds with paper promises would be- FIAT re-
| pudiation. Why2 Tho bonds themselves for
| yours have said on their facc and laws and res
! oiuton- in every solemn form Of plighted faith
| have said. that the bonds should be paid in
! hard moncy-ln coin; in honest hard money.
! and not in pnp"r. Savings banks trust
| companies and individuals have bought these
! bonds for widows and Orphans Of soldiers on
| this plightrd faith. The bonds are not held by
/ the rich most of them are held by or for those
! WHO are not rlch.
Again tho Government and the American peO-
! pie in Congress Hssem BLEED said that when they
| asked money for bonds that more than $ilO,-
OuOOO0 If lngal tenders mover should b" out
| standing. TINS WAS Ia say IN" bonds should
! never be- paid by legal tender notes This
| pledge obtained tho money. and there II stands.
| 10 be- kept ia honor or repudlnted IN dishOnOr.
But this * not all. Tho Constitution. rs cN-
| pounded by the highest court, and 10y every
| Democratic Judge in the court. does not warrant
such "a proceeding. Legal-tnder notes were
| pronounced valid when issued To borrow money
| in time of war. to curry on war. under the pro-
| visions If the Constitution Ordaining power for
such purposes. and only for such purposes
| Now mo- wlr Exists pea 9 prevails ana several
provisions Of the Construction challenge such a
schome.
what IS the reason for striking at the bonds