Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-10-09

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coming in such manner as would bring
no needless shock to business or dis
turbance in the channels of industry.
With the boudnless 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 re-
sumption without serious depression
of business, we have had the most
sweeping embarrassment and bank
ruptcy as the logical fruits of financial
thinkers and political brokers who spec
ulated on the woes Of the people, En-
forced contraction Of the currency and
enforced resumption have made broken
fortunes, widespread idleness in place
of requitcd labor, terrible want in the
midst OF plenty and given the country
the disorder that is the growth Of do,
spair These evils, which now aillict
tho Nation more profoundly than even
war itself, are not the offspring of
necessity. lfthey were the legitimate
price Of the preservation OF our free
institutions they could be endured /;
but they are the causeless sorrows
which come IRON abused authority and
from the most profigate administration
Of municipal, State and National gov.
ernment the country has ever wit
messed. 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 resump-
ton in advance of its natural coming
through revived industry and general
prosperity, was madness-worse, it was
suicidal. In city, village and vale in
all sections, all classes and all pursuits,
the fearful monuments of this National
suicide are visible to ALL Here in the
mountains it is felt as keenly as in the
marts OF commerce, and wherever the
hum of industry should be heard, and
wherever the sales Of commerce should
be spread, there may be seen the calm
Of death that has settled on our once
prosperous people. And who must
answer for this suffering and prostra-
tion of a great Nation Republican
misrule is unquestionably its outhor,
aud Democratic Constitutional rule is
the only means for its correction.
REPUBLICAN FINANCIAL POLICY A FAIL.
URE-.INcREAsED DEBT AND BANKRUPTCY.
The Republican financial policy holds
the word of promise to the ear only to
break il TO the hope. We are told that
money is abundant SO it is-wherc
it is not needed We are told that
banking is free to all. So it is-to
those whoare willing olose by banking.
Money is drug in the great money
centres. Millions can there be Dor.
rowed at low interest on Government
bonds--thc securities held only by
those who have no need to borrow
but your farms, your stocks Of goods,
your forests of boundcss wealth, your
individual energy and integrity, 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 channels of enterprise
We are told that contraction has not
been the policy of the present Admin
istration. The statement is false. II
is not only false as to the record, but
the record is essentially false as it is
presented to the public. On the 1st ol
January, 1875, the paper currency Of
the country was 1882 2,59l ,165 on the
lst of June, 1878, it was officially Civ.
en- at s6S7, 800, ,097-a contraction oi
s95, 0l,O6S but the contraction that
is now in progress is not visible in the
official statements of the Treasury
Secretary Sherman is determined tC
resume specie payments, whether the
country is ready for it or not. The
debtor must pay whether he is solvent
or insolvcnt, and the resumption policy
of the Republican party is the great
source ofidleness and prostration whicl
prevail in business circles to-day
While we are regaled with Treasury
bulletins, telling of the refunding OF th,
debt and of the strong condition of the
Treasury, it is not told that Mr. Hayel
and Secretary Sherman have increaseC
the funded debt Sl20,972 $40 since they
came into power, and the annual inter
est paid to day, Notwithstanding thu
reduced bonds issued, exhibits an an
nual increase Of sl,516,9ls, over th,
annual interest paid when the present
Republican Administl alton armed 1t
self with fraud and forced its way int
power in defiance Of the solemn verdic
Of the Nation. These are the figure
from the record, and / challenge con
tradiction President Hayes found tn,
debt 81, ,G97 ,69- $50 when he came int
Office to-day it is 81, 1,S1S,67O,50O. | d,
not charge that this money has beer
pronigately wasted and that the in
creased debt exhibits the excess of Gov
ernment expenditures over receipts
but do charge that the debt has beel
needlessly increased that the money
received Tor the new bonds and appli
cable to the redemption OF the ol,
bonds, is locked up in the Treasury
withdrawn from the channels Of busi
ness, to enable Secretary Sherman Il
enforce resumption in January next
regardless Of the bankruptcy he give
to the producing classes or the cost Il
the taxpayers. 1t is simply multiply
ing the intolerablo suficrings of thu
people to enable political trimmer 4
win the empty bauble of resumption
by a forced policy that deals destruC
tion on every side. When resumption
can come as the gift OF prospcrou
people by natural laws and the logi
of requitcd industry, i; can come as
National blessing +; bit until it cal
so come, they who attempt TO en-
force it must be hopeless incompC
tents or the deliberate authors of wan
ton distress and ruin to the country.
UNIFORM cuRREHcy--FREE AND sTAHT
ARD BANKING A NECESSITY.
regard the remedies ior these long
continued Republican wrongs as simpl
and certain. We must find some mean
TO revive our industries and restor
general prosperity to the country, an,
then resumption will come itself an
come to stay. Until then, it canno
come but with fresh evils in its trair
No law can force It unless Mr.. Shei
mans fatal policy be sustained, b
which tho Treasury can gather in al
the money by increased loans, and the
keep it in the Treasury vaults, so tba