The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-09-04

INC cOItESclfO1 anu reneWeQ tn'
promise. In 1869 we solemnly
pledged the public faith to redeem
these notes in coin. No step, how
ever, was taken to redeem the pledg
es, and, under the stimulus of inhs
tion, speculation ran riot, visionary
schemes were entered upon, extravs
gance prevailed, until 10 September
1873, the bubble bust, prices tell, the
wild delusions of the time were dis
sipated and business men had tc
face the inevitable evils that always
como from irredeemable paper money
Then, sitter fifteen months debate in
Congress, and before the people, as q
remedy for the evils we were suffer.
ing, the Resumption act was passed
The only object was to make our
paper money equal to coin. IL was
not the best possible measure, bui
was the only one that could be agreed
upon. II was very general in its
provisions, but did not give ample
power TO prepare for and to MAINTAIN
resumption. 1t did not abolish the
greenback Ga the contrary the
greeabaeks were expressly to be re-
:aiued to the extent Of $500, ,000, 900
as part of the permanent currency
OF the country, and this was, on the
lst of January, 1879, to be made as
good as coin, to be redeemable in
coin, to be issued and re.issued as
the money Of the people, the founda-
ton OF cur currency. This was to
De the fulfillment of our promises
This was our answer to those who
said the greenback would never be
redeemed.
RESUMPTION ACT INDICATED.
And now, fel!ow-citizens, the Re-
sumption act has vindicated itself.
We will be prepared when the time
fixed shall arrive, TO execute it and
maintain it, with entire confidence
in its happy effect in the revival of
business and the restoration CT conf
dence
-Four months before the time fixed,
silver and gold and paper are almost
on par with each other.
Your greenbacks will how buy
within one-half of one per cent. as
much provision, clothing and other
things as the best gold coin ever is
sued from the mint. The laboring
man has standard Of value equal to
that Of the bondholder. The only
promise unfulfilled by the Republic
an party is almost performed.
Now, the steps by which the result
has been achieved were simple, law
fnl, and beneGcient, and, perhaps, it
is best FOR me to state them as brief
ly as | can.
First. Silver coin was gradually
substituted for fractional currency
The amount of fractional currency
redeemed 20 the 18th Of this month
is $25, 5,0s0,609 The amount of frac-
tional silver coin issued to the same
date is $50, ,307, $50. Here mas been
no contraction, but an increase Of
over Sl4, 100000 current money by
the substitution OF durable coin for
an expensive and wasteful note.
Second. A gradual retirement Of
United States notes from 1892, ,000,.
900 January, 1875. TO 6,6sI,016
now. This reduction was made only
as circulating notes were issued to
National Banks. and only to the ex-
tent of eighty per cent. of The notes
so issued. This was to be continued
until the amount outstanding was
$500. 100000, but Congress, during
the recent session, in view of the
general desire to stop reduction, sus-
pended it and fixed the amount of
United States notes at S436,6Sl, ,0IG,
the amount then outstanding. Though
this adds to the difficulties Of execut-
ing the Resumption law, still | have
entire confidence in our ability to
maintain that amount in circulation.
Third. By the accumulation of
coin in the Treasury in view Of re-
The authority to thus
is plainly given by the
Resumption act, and was the chief
means provided to secure and main
tain resumption My predecessors,
no doubt believing that this accumu-
ton ought not to commence during
their terms, bad taken no steps under
the provisions OF the Resumption
act. When / assumed the duties of
my present Office, after careful study
of the whole question, | determined
that it would be necessary to accu.
mulate. in addition to the surplus
revenue, the sum of 100000, 900 of
gold coin, and that it ought to be
accumulated at the rate of s., ,000, 900
a month from the lst Of May, 1877,
to The date of resumption. 1t was
confidently declared by those who
the law that il would be
to accumulate this coin
without putting up the price of gold,
and thus defeating the object, but the
shows that it was not
only feasible but advantageous to
the current business of the country
We accumulated readily during
eight months of that year at the rate
of s., 600, 900 a month, with gold
constantly declining in price. This
process was arrested by the debates
in Congress and the threatened re-
neal of the Resumption act, but was
again resumed in the spring of this
year when it was found still more
easy to accumulate coin by the sale !
Of a per cent. bonds, and the origi- |
nal plan was executed sooner than
was anticipated, by the more rapid
sale of bonds, so that on the 10Th |
1f this month the Treasury of the |
United States was supplied with
.209, ,0ll,753 Is geld and silver coin !
md bullion.
THE LABOR QUESTION
And now, fellow citizens, in eonelu-
,ion let me invite your attention
oridey to the agitation of the labor
question, not only in this country, |
BAT in other countries, where prodnc-
icn has exceeded consumption, and
brown out Of employment many in-
iustricus laboring men, ,and paralyzed
important branches of industry, es-
,ecially in the iron aud coal indus
ries. | know that in some places
sbor is depressed, hat wages are
ow, that many a willing hand finds
/ hard to get work, and sometimes
,nnorv man women and children