The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1878-02-21

nearly all the republicans opposed TO 1t.
He felt safe to predict that the democratic
party would in the end represent the idea
of one currency, whether paper or metal
lie, and by the government alone. He
criticised the assertion of northeastern
democrats that the party was departing
from old faith in the matter and quoted
from Jefferson and Jackson in refutation.
He said that the idea of measuring our
business necessities now with our business
necessities of that era was as absurd as
to expect the canal-boat and stage coach
to do the work of lightning and steam.
He next argued against giving power TO
issue money to any private individual or
corporation. The reduction of $780,
100000 of currency by one-ffth would,
ne said, decrease the value of property
by SO, 900, 900, 900, and those controlling
such a power would be able to make hard
times or good times as they pleased.
Resumption would massacre the bust
ness of the people, because it inevitably |
involves contraction of the currency |
with which business is done to one-third |
or one-fourth its volume, and consequent |
shrinkage of all the land and products |
of the country in proportion. This, he |
claimed, had been demonstrated over |
and over again. The banks of Great |
difference between gold and paper, had to |
contract their currency As per cent. and |
all values on the island were shrunk in |
almost exactly the same proportion. The |
amount of contraction depends on the |
amount of coin we can get and keep in |
the country. In England, France, and |
Germany, the coin exceeds the currency
three or four times. It is not thought
safe to do business on any other system,
as the banks can not hold only pOr-
ton of the coin in the country. Here
we have a notion that one gold dollar
will redeem three paper ones. Before
the war we had 1924, GOO, 900 of coin.
We have produced 81, 200, 600, 900 since.
| Where has it gone? It goes to Europe
and oVertops all the balance of trade in
our favor. Even last year, when such
balance was $f65, 100000 in our favor,
we exported SIG, 100000 more coin than
we imported. We have from $160, 000,-
900 to $165, 100000 now in the country,
of which but $145, 100000 is gold, and
sumption day is next New Years.
1t is as certain as that the sun
shines that our volume of currency
must be cut down to less than 5000 000,s
900 before we can resume. Secretary
Sherman, with all the powers of the
government behind him. has been able
to accumulate during three years but
$33, 900, 900 of gold. He tried to make
congress believe that he had $23. 600, 900
more, but he had not deduced the accrued
interest on the bonds. All nations are
struggling for the possession of coin as q
basis for their currency, and we, their
debtors, cannot wrest any from them. We
cannot hold even what we have got, ex-
cept by their sufferance. When Eng land
resumed in 1919 it was after twenty
} years of unparalleled prosperity which
had made her mistress of the seas and the
mandatory of the world. Every body
owed her. She had only one-third as
much debt as we. Yet she besgared hel
2 manufactures, bankrupted her debtors
starved her labOrers and increased bel
{ army thirty-two thousand men to sup
e press the cry of agony of her people. a
s high officer of the army recently told the
S speaker that we would have to increase
s our army one hundred thousand men Il
e carry out the resumption law. | tel
v you" said Mr.. Ewing, excitedly, "nC
t matter what difficulties the execution o
t the law may bring about, the regular
: army of the United States will not b'
Y increased one man !" He them tool
S another fling at the press Of the republi
e can party, and claimed that the contrac
t ton thus far effected had caused us Il
lose practically 40 per cent. He scofe'
= at the notion of Over-prOductiOn
= with millions starving and unciothed
It The panic of 1878 was over, b
y said. when the resumption act wa
|, passed. Former panics deprecated
d money, this had not. In 1874 there wa
a a vast falling of in the number of fail
e ures. Since then, the percentage ha'
It steadily increased.
n He then considered the enormous los
II 10 the country, and instanced the loss o.
t. the wages of 100000 of persons unem
n ployed at 81 per day; also the loss t
Ii debtors by adding forty per cent, O
q So, 600, 600 to $4,000, 900 that they di
1t not owe to the $6,000,000 or 100000
re that they did owe. 1t was a mere rob
re berry by legislation in punishment of tn
d sin of being in debt. The debtor elias
ID were the young energetic business me
le who united their talents to the i'd
D. M ney of the capitalists in an endeavC
OF to become rich. The government shout
v, be specially regardful of this class.
Id was they who, to large extent, endure
IS, the peris and hardships of the great wa
Us Resump tion would double the burden
ne of the taxpayers, and we are already tn
IN most taxridden country in the worlC
n That eur burden is insupportable exceI
1t. in seasons of exceptional prosperity,
o. shown by the cry of reputation that
at already going up. Push us further an
lie not one man in five can pay his debt
t? not one property owner in five viii rea
It: ize a cent from his mOrtgaged land, an
ed hardly a debtor community in the sOut
ld but will be driven to repudiate.
at seemed as though the holders OF secul
a ties had become afflicted with NADINE
on akin to that which crazed the slavehol
a ers until it ended in the d
tie struction of the property whiC
de they sought to perpetuate, Mr., Ewil
70 next took up the question of the etfe
tn of the repeal of resumption on the wor
lr- ing classes. The trouble was that thu
nd did not have dollar to lose ten per Ger
lat on. They are not bothered about Il
en- difference between greenbacks and gol
zee Greenbacks will buy double what tn
he would two years ago, but wages ha
he been cut down in greater preportiO
I'D AS for the savings of the poor he quot
Its a Rhode Island report to the effect III
lot there had been such a fall in mOrtgaa
be that not three savings banks in the sta
re, are able to pay their depositors in flu
yer And another millien to the army
We tramps by pressing resumption, and
he one year not one savings bank out OF II
lin in the United States will be able to p
,ty twenty-five cents on the dollar. I
to savings and national banks owe $21 90
BITS 600 of deposits that will be payable
we gold next. New Years. Where,
,ur asked, are they going to get gold to P
ba- it -? He next touched on the question
,he good faith. The greenbacks were issue
sill he said, as money when gold and silly
in had fled. They had been taken becar
In they would buy goods and pay deb
nd What claim had those who hoard