The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-06-11

Inc oONtfDmeut cOulu not give III
away. and IL contrary TO plighted faith
aud solemn obligation, il was forced
upon the holders of bonds, then
DoSDHoLDERs WOULD HOLD THE CUR
RKNCY
"a they now do the bonds. It would
however, be a worthless currency and
the process n villainous reputation.
Money is 10 be obtained not by any
process of legislation, but 10y labor and
economy. Like any other valuable
possession il costs labor aud produces
value. III Lent 60 others 20 produce
value FOR him he is riGh;fully required
to pay for it's use. Value for value j.
the rule in all honest business trausac
tions. To attempt To get something
for nothing is dishonesto. either in the
Government or the individual The
only honest money is the representa-
tive Of actual intrinsic value.
On Tuesday evening Mr.. Nichol pre-
sented careful recapitulation of the
statements and arguments of the first
evenings lecture and gave particular
attention to the absurd assertion that
the 5.20's and other permanent bonds
were to be paid of in greenbacks,
showing conclusiyely that the act Great
ing the greenbacks provided the bonds
in which they were TO be funded and
provided coin for the payment OF the
bonds.
Referring 10 the dishonest tricks OF
Gen. Cary, he read a peroration from
Daniel Webster. which was a terrible
denunciation of paper money. Cary
had committed aud used the same
words substituting "coin" for ''paper
money" in every instance. These men
all pitied the forlorn condition of the
laboring classes, yet Cary EFFORTS from
working men S25 a night for his lying
speeches, and "Brick" Pomeroy prints
scurrilous aud incendiary pamphlets
at less than a cent each aud sells them
by the thousand at a prophet of from
400 TO 900 per cent. He read from
one II Pomeroy,s pamphlets word ad-
vocating robbery and rebellion. Ger
tain obnoxious parties deserve to have
their banks broken open, goods stolen,
etc" Unless Pomeroy's advice is fol-
lowed "the sun of 1880 will not rise on
this republic. "Organize greenback
clubs with bayonets in reserve. are
samples Of this insurrectionary billin-
gagate. Mr.. n. quoted the opinion OF
the leading men of our country as to
paper money. The principal ones are
as follows:
OPINION OF EMINENT MEN OPPOSED TO
IRREDEEMABLE CURRENCY.
"a return TO specie payments at the
earliest period compatible with due re-
gard TO all interests concerned should
ever be kept in view. Fluctuations in
the value OF currency are always iniu-
rious, and to reduce these fluctuations
to the lowest point will always he Il
leading purpose in wise legislation.
Convertability, promt aud certain con-
variability into coin is acknowledged
to be the best and surest safeguard
against them. - Abraham Lincoln.
Annual Message, Dec. 1862.
"Such a medium (paper money! has
been always liable TO lnctuation. It's
value is continually changing; and
these changes, often great and sudden.
expose individuals 10 immense loss, are
the sourse of ruinous speculations, and
destroy all confidence between man and
man. Chief Justice Marshall, Z. S.
Supreme Court decision.
"The Secretary recommends no more
paper money scheme; but, on the cou
trary, a series Of measures looking to Is
safe and gradual return 10 gold an q
silver as the only permanent basis
standard aud measure OF value recoglz
ed in the Constitution. salmon Il,
Chase, Annual Report as Secretary OF
the Treasury, 1862.
Paper emissions by the governme i'
are Of nature SO liable 10 abuse. maN
say so certain to be abused, that tia
wisdom of the government will BE-
shown by never trusting itself by so
seducing aud dangerous "a power. -
Alexander Hamilton-Report wheu
Secretary of the Treasury.
"Of all the contrivances for cheating
the laboring classes of mankind. none
has ever been more effectual than that
which deludes them with paper money.
1t is the most effectual of inventions
for fertiliSing the rich mans field by
the sweat of the poor mans brow. Or
binary tyrany, oppression, excessive
taxation bear lightly on the masses OF
community, compared with fraudulent
currencies and the robberies committed
10y deprecated paper money.
"We have suffered more from this
cause than from any other cause of cal
amity. II has killed more men, prevail
ed aud bankrupted the choicest interest
OF our country more, and done more
Injustice than even the arms and arti-
Aces OF our enemy."-Daniel Webster.
"No one would willingly issue paper
currency not redeemable no demand,
and make it a legal tender. 1t Is never
desirable 10 depart from the circulating
medium which, by the common consent
OF civilized nations, form the standard
OF value. "-Tbadeus Stevens, Chairman
Ways and Means Com, in debate on
legal tender act.
On Wednesday evening Mr.. Nichol
gave very careful and satisfactory ac-
count Of
THE CAUSE OF HARD TINES.
II was not truo that all men had been
disastriously affected by hard times.
In some localities and kinds of busi-
ness the expenses had been less aud
the receipts greater. The reasons for
success or failure rests largely with the
individual. Even during the close
debt-paying time since '73, while men
weak in capital and capacity had failed, f,
capable men had succeeded. Success
to-day: as in all times, when business
was done on sound principles, is based
upon Judgment, economy, and energy.
There is a natural tendency among I'M
thinking men to attribute all misfor-
tunes, individual or providential. TO
defect in legislation. In Wisconsin.
where a man was cursipg the hard
times, when closely questioned he adj
mitted that the local stringency was
because Of lack Of rain TO bring the
logs down. In other sections il was toe
much rain or hog colera, or grasshop-
pers, or frosts. But he did not wish
to deny the fact OF hard times all over
the country 10 q great extent. and IL is
so we'll to inquire as 10 why this Is so.
During the war the government was
busily engaged destroying property and
annihilating capital. Ii was running IN
debt and everything seems easy when
a nation or individual is running IN
debt. The hard times come around
When the debts have to be paid. The
more notes a man has ont the more
/ flush he seems when recklessly spend
l ing the proceeds of them, but when the
paw day arrives he must either pay on
/ be dishonored. While running in debt
the nation aud the people seemed pros.
porous. Farms were mortgaged, pianos
and organs, agricultural implements,
buggies, fine clothing, jowelry, etc,
/ -rovo bouohf Evarvbody was lnrpv