The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1878-10-18

oltious leaders to win the laurels Of specie
payments, and there, As here, the increased
distress of the people was the result. We
have, in obedience to supreme necessity,
suspended specie payments and accepted ir-
redeemable paper for sixteen years A. the
price Of saving the Union from disember.
ment In the meantime the legal. tender
currency of the govern ment has been affirm
ed by the highest judicial tribunal of the
Republic, and to its interpre. alton Of the
law all must bow. The necessity Of war
gave us the national greenback currency It
now commands the unqualified favor Of the
people and its validity is no longer within
the bounds of dispute. 1t is undoubtedly
the best currency the nation and the States
have ever had, and it is now one Of the in
effaceble fortunes of our financial sys-
TEN.
EVILS OF ENFORCED RESUMPTION AND
CONTRACTION.
When war ceased, leaving us with large |
volume of irredeemable currency among the |
people, it became the duty OF the govern.
ment to do as England did-briug about re-
sumption by the natural laws of trade, and
await its coming in such manner a. would
bring no needless shock e business or dis
turbsnce in the channels Of industry. With
the boundless resources of the country, with
the exceptional energy of our people, with
the most fruitful crops from year to year,
with every element necessary to bring about
resumption without serious depression of
business, We have had the most sweeping
embarrassment and bankruptcy as the logic
al fruits of financial tinkers and political
brokers who speculated on the woes Of the
people. Enforced contraction of the curren.
cy and now enforced resumption have made
broken fortunes, widespread idleuess In place
of requited labor, terribls want 10 the midst
of plenty and given the country disorder
that is the growth of despair. These evils,
which now sfflict the nation more profound
ly than even war ITSELF are not the offspring
OF necessity. If they we're the legitimate
price ofthe preservation of our free institu.
lions they could be endured but they are
the sorrows which come from absurd au-
thority and from the moet prohigate admin.
istration of municipal, State, and National
government the country has ever witnessed
To enforce the contraction of the currency
was needless. 1t served no good purpose !;
made the national faith no better, gave no
more healthy impetus to trade. To enforce
resumption in advance of its natural coming
through revived industry and general pros-
perity, was madness worse, 1t was suicidal.
In city, village and valley in all sections,
all classes aud all pursuits, the fearful mon-
uments of this national suicide are visible 10
all. Here in the mountains it is felt a. keen
ly as in the marts of commerce, and wherev.
er the hum of industry should be heard. and
wherever the sails of commerce should be
spread, there may be seen the calm of death
that has settled on our once prosperous peo.
pie. And who must answer for this suffer.
ing of great nation9 Republican misrule
is unquestionably its author, and Democrat
ic constitutional rule is the only means for
its correction.
REPUBLICAN FINANCIAL POLICY ArAILuRR
INCREASED DEBT AND BANKRUPTCY.
The Republican financial policy holds the
words of promise to the ear only to break 1t
to the hope. We are told that money is
abundant. So it is-where it 10 not needed.
We are told that banking is free to all. So
it is-to those who are willing 10 lose by
banking. Money is drug in the great
money centres. Millions can there be bor-
rowed at low interest On government bonds
the securities held only BY those who have
no need to borrow. but your farms, your
stock of goods, your forests of boundless
wealth, your individual energy and integri-
ty, none of these are foundations Of credit
and you can borrow only from the usurer, and
your values are steadily shrinking because Of
the universal distrust that prevails in all chan.
nels of enterprise. We are told that oontrac-
tion has not. been the policy of the present ad-
ministraton, The statement is false 1t is
not only false as to the record, but the record
is essentially false as it is presented to the
public On the lst Of January 1878. the pa
per currency of the country was sTs2, 591,-
los on the lst Of June 1878, it vas official.
ly lgivcn at 6S7, ,390,097-a contraction of
$95, POI ,06S, but the contraction that is now
in progress is not visible in the official state
ments Of the Treasury. Secretary Sherman
is determined to resume specie payments,
whether the country is ready for it or not.
The debtor must pay whether he is SOL
vent or insolvent, and The resumption
policy Of the republican party Is the great
source Of the idlepess and prostistion which
prevail in business circles to-day. While we
are regaled with treasury bulletins telling Of
the refundng of the debt and Of the strong
condition of the treasury, il is not told that
President Hayes and Secretary Sherman
have increased the funded debt el2o, ,s72, s70
since they came into power, and the annual
interest paid to-day, notwithstanding the re-
duced bonds issued, exhibits annual increase
of $l,5l6,9lS, over the annual interest paid
when the present administration armed it.
self with fraud and forced its way into power
in defiance of the solemn verdict Of the nation.
These are the figures from the record and l
challenge contradiction. President Hayes
found the debt 1867 ,697:53O when he came
into office, to-day it is $l,Sls,6T0, 500. I dc
not charge that this money has been profi.
gately wasted and that the increased debt ex.
hibts the excess Of government expenditures
over receipts but | do charge that the debt
has been needlessly increased that ths mon
ey received for the new bonds and applicable
to the redemption of the old bonds, is locked
up in the treasury, withdrawn from the chan
nels Of business, to enable Secretary Sher-
man to force resumption in January next, re-
gardless of the bankruptcy he gives to the
producing classes Or the cost to the tax pay
ers. 1t is simply multiplying the already
iptolerable sufferings of the peonls n