Ottumwa weekly courier., 1878-10-02
Now York republicans.

sure, unless want OF wisdom ana fAl.
lacious measures block the way. The
matchless resources of the country
and the matchless enterprise and &C.
tivities of our people will not fail to
cure our business disorders if three
things can be assured.
l. Congress must not destroy the
headway which has been made and
launch the country on new seas OF
confusion and agitation by wild and
restless attempts to control the laws
Of trade and 10 create values by leg
islation. Financial stability, and
certainty on which men can rely and
calculate ahead, must not be ex-
changed for exploded theories or
novel devices. Permanence and fix
edness in laws are often better than
philosophy or even fiction.
2. We must have frugal, honest
government; earnest and steady ad-
ministration; honest constitutional
currency, with public credit kept
high and untarnished, and the public
treasury defended against unfound-
ed claims and against all schemes of
plunderers and speculators,
3. We must have peace and order
and protection full and equal before
the law for the rights OF all men ev-
erywhere North and South. The OBJ
ject of just government is not to car
ry on business, but to protect life,
property and rights and thus so leave
every citizen free and safe in all law
ful exertions, opportunities and en-
terprises in which he chooses to en-
bark. Wealth cannot be conjured up
by legislation, nor by political par
ties No sleight of hand can produce
it; no philosophers stone or perpet-
ual motion can be discovered by Leg
islative devices, however cunning.
Property is the product of labor; il
must be hewed out of the forest
plowed out of the field; blasted out
Of the mine; pounded out of the an
vii; wrought out in the factories and
furnaces.
Labor is at the bottom of it all and
q nation in which there are the most
laborers and in which labor is best
cherished and cared for must be the
most prosperous and richest.
Capital and labor are natural allies.
When they work together both arc
enriched. When they are hostile or
separated both suffer. What is the
difficulty now? Business is stagnant
capital is afraid and labor lacks EN-.
ployment. Capital is always afraid
when labor lacks employment
Whenever capital is not afraid there
is brisk demand for labor. 1t has
been asserted again and again that
there are three million laboring peo.
pie in the United States who want
work and are out Of employment
But everybody knows this cannot be
true. Tho picture has been over.
painted. The truth is bad enough
and sad enough. Business is depress
ed and honest honorable labor is suf.
fering. Can these evils be cured by
such projects as are now urged upon
us? 1t is said we should have . new
and large issue of paper currency
What for? Is not currency piled ny
in every bank and money centre anG
depository? Cannot money be Dor
rowed in millions at the lowest rate
of interest?
When all the paper and coin in the
country is put into active circulation
will not there be an abundant curren
cy? Confidence, stability and assu
rance that credits and values will no
be tsmpered with will unlock capi
tai and put money into circulation
But schemes for watering currenc,
and the shrinkag of its purchasing
power, and this changing bargain
and transactions will frighten capi
tai and make it hide. What is to b.
done with the new issue of paper
1t is to be paid we are told to bon,
holders. What are they to do wit
it? Will they do with it? They viii
keep it or loan 1t. What good will
do if put into circulation? It will
dilute aud depreciate the whole cur
rency and Put up prices for the poo
to pay and the wages of labor viii
not advance fast enough to keep vi
with the advance of prices of foo
and commodities. All borrower
with security can borrow at III
cheapest rates of interest now. Thi
is all the can do after more green
backs are issued. But to pay of bond
with paper currency will stop 8
much interest. Yes, but what stand
in the way
| Gold can be bought too dear. L
first place this would be fiat repudis
tion. Why? The bonds themselve
for years have said on their face, an
laws and resolutions in every solem
form of plighted faith, that the bond
should be paid in honest, hard none
lin
i COIN.
| Saving banks, trust companies an
individusls have bought the bond
for widows, orphans and soldiers o
this plighted faith. The bonds ar
not held by the rich. Most of thel
are held by or for those who arc nc
rich.
| Again Government and the Amer
can people in Congress assemble
said when they asked money for bono
that no moro than $40O, ,0O0, 900 leg'
tender should never be outstandin,
This was to say that the bonds shoul
never be paid by legal tender note
. This pledge obtained the money an
there it stands TO be kept in honor,
repudiated In dishonor.
i What is tho reason for striking
the bonds of the United States or
those that hold them? The chief o.
ec..oa nov seems s - pe .ns' .
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u,sa. u .hsw .hs swo.s sro ~ sa's ~ .ae NJ
v panco '"T Th" "0 nan anu wno Se ,~Na n.ns ~ =
so1d To- band h".r;rp | p.ys pa' :,