New-York tribune., 1878-09-27
THE EMPIRE REPUBLICANS.


ne most laborers and IN which laDor rs
S.hsst and most prosperous. Capital and labor
~ natural allies when they work together both
80 enriched when they are hostile or separated
an snfer TO earn and to save is surely to amass
~eafh This all can see; but what Is there TO prove
tbaf schemes of Congressional legislation can put
HopeV into the pockets of the people Have the
hlie burdens been neglected and leit without allie
R;etion Have not the National finances improved
" rsiidly as could have been hoped One-third OF
~ debf inflicted by rebellion and war has been
sfd Tg0-thirds of internal taxation have been
abolished, snd the Temng snldo @ laiis ~ my OF
bss been greatly reduced. THIS year the total ex-
tenditure is $236,964,326 so Thirteen years ago
he single item of interest ON the debt was S15OOOO
400 The interest account, the most grievOus and
grinding Of all our accounts has been cutdown more
tban one-third and WILL if refundng IS allowed to
On on all be brought to per cent. thousand
million dollars of our bonds are no longer held
abroad but most OF them are held here and IN
sead of 800 600 900 in gold interest beng sent an
nualy beyond seas more than tourhttbs OF 1t stays
a. home IN the hands Of our own people, Instead of
balance of trade against us, exactng hundreds Of
millions of gold annually 70 pay Tor foreign manu-
factures, as heretofore, the balance OF trade is
largely IN our favor We are are, sending immense
values OF productions to the Old WOrld and recelY-
ing hundreds OF millions for them this year.
PAPER MONEY AND THR LABOR QUESTION.
Our paper money. which was deprecated to less
than half the value of coin, has at last virtually
touched p9r and the necessities OF life are greatly
On the SOth of June, 1s64-fourteen years ago
the paper currency OF the country ON its lace,
was then worth in coin 3SiiOO cents. The total
value Of the currency in coin was then 1922, ,649-
sTaT eorTeney of tie country on its face amounted
10 S6SS J07, ,275 27 This Is Sl45, l21 500 0I less
paper currency now than fourteen years ago. Each
paper dollar Is now worth more than standard
silver dollar and is worth in gold 993 cents On the
LIST Of June last each paper dollar was worth IN gold
$4,000 cents. AT this lower rate the total value
OF tne paper currency the 30th of last June, IL
cold was 1854, ,465,691 81. In other words, III
1875 the paper currency, less by $145. 100000
In il in gold ~{fi. 600
or in stl other words more than twice as much
This fact, besides showing vastly improved eOnd.
tions teaches many lessons which the experience Of
mankind has proved again and again, and which
have batied every attempt to refute or vary them
since the morning of time. What Is the difficulty
now BUSINESS Is stagnant; capital Is audau anu
labor lacks employment. Capital is always afraid
when labor lacks employment; whenever capital Is
not afraid there brisk demand for labor Capital
shrHks aud is dormant, and labor lacks opportunity
ana reward. Tins IS true, and true the world over.
Ii is true here. The fact as 10 our own cOun-
try is Oyerstated Oftentlmes, however. IL has
been asserted again and again that 5000
600 people in the United States labOring people
VINO want work. are out of employ. Can any
who thinks, credit such statementf In all the
United states there are l0OOOOOO people, male anu
female, usually engaged IN manual mdustnes-lO,-
100000 all told. Three millions out of employ
would be nearly one IN every three throughout the
country usually at work. but now forced To be IDLE.
Everybody knows TINS cannot be true. i ne 9OOO'-
600 calculation allotted between 100000 and 800,
600 unemployed labOrers 70 Massachusetts, 10000
10 Boston alone A recent canvass OF Massachusetts
shows about 2S.OOO III all tine state, of both sexes,
and this was June, before the starting OF
many mills now running. Massachusetts, has,
of course a larger proportion OF unemployed
persons any State out of New-England,
because artificial Industries as distinguished
from agricultural and ordinary labor, greatly
predOmlnate there, and are the industries most
crippled now. But apply the Massachusetts ratio
every State, aud the number of persons In all the
land unemployed cannot exceed One-tenth of 5000
600. Then, too, we must not suppose that every
man not at work Is and has been unable to mud
work. There Is one class Of men seen by farmers
ana Others throughout the country who are not all
out Of employ solely because work aud wages can
not be found. But count all ana tne picture has
been OyeT-paInted The truth Is bad enough, ana
sad enOugh business IS depressed, and honest hon
OTable labor Is suffering
THE CURE NOT IL INITIATION.
Can these evils be cured by such projects as are
now urged upon us This Is "A question 10 be cOnsid-
cred without neat, and II may be discussed without
hard names AID without suspecins the integrity OF
those who hold other It's said we should have
and large Issues OF paper currency. W hat lori
Is not currency piled up In every bank and money
centre and depository Cannot money be bOr-
TOged IN millions at the lowest rates OF interest
into acuvo circulation, viii there not be abundant
currency Confidence, stability, and assurance
that credits and values will not be tampered with,
will anlOCk capital and put money IN circulation
but schemes for watering the currency and shrink
ing its purchasing power, and thus changing bar
gains and transactions, viii trghten capital and
make IL hide. It has been well SAID that the most
eowardiy thing is million dollars, except two mil
lion.
is TO be paid we tuld, to bOndhOlders. What
are they 10 do with it Will they give It away
They will keep II loan it. What good viii that do
II put into circulation It will dilute and deprecate
The whole currency ana put mp prices for the poor 70
pay, and the wages Of labor viii not advance fast
enough 70 keep up with the advance OF pnces Of
food and commodities. All borrowers with security
can borrow at the cheapest rates Of interest now
this is all they can do after more greenbaeks are
issued. But 20 pay of bonds with paper currency
will stop much interest 1es, but wnat stands IN
the way Gold be bought too dear. In the first
place. this would be Hat reputation. Whyf The
bonds themselves for years nave said their face,
aud laws and resolutions IN every solemn tofm OF
pighted faith have said, that the bonds should be
paid ia hard mOney-ln coin. Savings banks, trust
companies, and mdiy IduaB have bought these bonds
for widows and orphans and soldiers on this plgbuod
faitn. The bonds not held by the rich most of
them are held by OF for those who are not rich.
Again. the Government, and the American people
In Congress assembled, said when they asked
money Tor bonds that more than 94OO,OOO,OOO OF
legai-Tenders never should be outstanding. This
70 say the bonds should never be paid by legal
tender notes. This pledge obtained the money aud
there il stands, to be kept IN honor or repudlated
an dishOnOr But this Is not all. The Constitution,
as oXpOunded by the highest court, and by every
Democratic Judge in the court, does not warrant
nouuced valid when issued 10 borrow money IN
time OF war TO carry on war, under the provisions
OF the Constitution Ordalning power for such pur-
exists-Deaee prevails, and several provisions Of the
Constitution challenge such scheme.
THE TAXATION or BONDS.
What is the reason for striking at the bonds Of
the United States, or at those who hold them Mr.
lineOlU said, and we all thought during the war
that those who took the bonds aud gave their money
TO pay and feed our soldiers second in patriot
ism only TO the soldiers themselves. The chief OBJ
lection now seems to be that the bonds are not
taxed. There are several answers 20 tins In the
hIst place. they were and are taxed, and taxed III
advance. The man who pays par M gold Tor pond
bearing only per cent interest, and thus loans ns
money for - or only fraction more than half the
legal and usual interest in this State pays for the
exemption from further taxation IN advance, and
pays pretty LARGELY for t. Every year he 5 get55 l