The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-02-21

|
3 coo 600 or Sl5O 100000 We pay year
Iy $50, COO. coo to S 40, 600 900 for foreign
: travel, and as much more for foreign
shipping. And since the war broke
out we have annually shipped abroad
over $4,000 900 in excess of the coil
aud bullion we have imported. Ever
last year, with en- enormous balance O.
, trade in our favor, we exported $l6,'
coo 0OO more coin and bullion than We
imported
We have now, by various estimates
from S15OO0O,O0O to S2OO,0OO,O0O oi
coin and bullion i'm the United States
We have about $650OO0 coo of pape,
and not $500. 600. 600 of gold and silver
in the country, and resumption is fix
ed for next New Years day. It is as
certain as the sun shines that the vol
ume OF currency must be cut down 10
less than S20O.OOO,OOO TO make it re-
deemable in coin.
Mr.. Sherman says that the resump-
ton is possible, and yet, with all the
powers OF the Government at com
mand 10 accumulate coin. in about
three years. time the Treasury has &C.
cumuissed only $50, 100000 applicable
TO resumption.
Now, how are we going to get coin
+, TO resume with? Suppose we had
$3.50. 100000 of coin ana bullion in the
United States, and suppose the T, cas-
ury should run up its $50, ,0O0, 600 in
gold to $50, 100000 or $4,000, 600. re-
sumption could not come even then,
except through the destruction of two
thirds of our paper money.
When England undertook resump-
ton in 1919, her situation was just the
reverse OF ours. All the world owed
her. Her twenty years of unparalleled
prosperity made h:r the mistress Of
the seas-the manufacturer and mer.
chant of the world. She might resume
specie payments, for she only had one
third as much paper money as we
have. She owed nobody, while We
owe everybody. But she. by that act
of 1919. was compelled TO contract her
paper money 45 per cent, shrinking
all values on The island 45 per cent,
bankrupting her manufacturers, bank
rupting her debtors, filling the island
with paupers, and was obliged to in
crease her army $4,000 men to sup
press her starving wage-men. An of
ticer of the United States army told
me the other day that we would have
to increase our army LOO 900 men 10
enable us to execute this Resumption
Law-:o make people consent to be
robbed Of their property, and the la
boring class to starve in the streets.
But To matter what may be the etfec,
OF the Resumption Act, or what diff
culeies may attend its execution, tell
the authors and promoters OF the afro
cious law that
THE ARMY OF THE UNITED STATES WILL
NEVER BE INCREASED
one man in order to enforce its pro-
visions. wild applause and cries OF
'Cut it down,0 Look along our coast
at our shipping idle and rotting at the
wharves. Look at our manufacturing
regions every rywhere and see the smoke
less stacks. Go through the West aud
South, and see the manufacturers and
tradesmen forced into bankruptcy,and
woikmen outcast and starving. Look
around you aud see it all, here on this
| Island of Manhattan. Every indus
try here and everywhere is abso ute
| ly perishing.
We hear the hard times imputed Ly
the resumptionists to everything but
| the right cause. Over production
With 100000 working people, men.
women and children idle? Over pro
duc,ion with 100000 or 6OOO,O0O OF
working people on half time! Over
production when the cry is raised
from the wage classes ir every COM
munity in the land, for bread and
clothes! Over production How pre-
posterous The panic Of 1873, they say
has caused our present business dis
tress. The panic OF 1878? Why. the
effect of the panic was substantially
over before this Resumption law pass
ed. 1t was not money panic, like
The former ones. The money of the
people was untouched and undisturb-
ed by that panic, ond everybody felt
that if they could get a greenback or
rational bank note they would be safe.
The industries OF the country had re-
vived before the Resumption law pass
cd, as is shown by the tables Of bust
ness failures published in this city.
But when the Resumption law pass
then came ,ke failures, increasing eve
ry year, and the last three CT four
months is period without parallel III
the history OF our country. uere i'll
this c;sy alone, as the pspers OF this
morning show, there were failures
during january amounting to 81 i,00O.-
OOO From Tie time the Resumption
Act passed, Cvery year has shown an
increase O. hard times and OF distress
AID ankrup:cy in all classes OF in
dustry.
THE CoUNTRYs GREAT LoSs.
Did you eyer think of the loss that
this country is now undergoing? We
have 100000 OF wage people idle. AT
81 day that is S3,0O0.0OOa Il day-uear-
ly $1,000, ,0Oo,OOO 4 year. Oae-half OF
oar national debt annually wrested
from The poorest class OF our people,
who, above all others, are able TO bear
no loss. We have put Oh the should
ers of the debtor class of this country
so coo Goa Gll thew have no RIGHT to