The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1878-10-04

Ter, and your values are steadily shrinking be-
cause of the universal distrust that prevails IN
all channels of enterprise. We ar5 tod that
contraction has not been the policy OF the pres
ent administration. The statement Is false. IL
is not only false to the record, but the record
is essentially false ii is presented to the pub
lie, On the Ist OF January. 1875, the paper cur
rency OF the country was SS2,39l .l61 on tue lSt
ofsJuue, 1873, it officially, given at S6s13SU,-
O91-a contraction OF S95 2uI6S; ; but the co:l-
traction that is now in progress is not visible IN
the official statements OF the treasury. Mr..
sherman is determined to resume specie pay
ments. whether the country is ready for II or
Vent or iDsoivet and nc ~, ,iicy, 81
the Republican party is the great source of the
idlenesss and prostration that prevails in busi-
treasury bulletins. telling of the refunding Of
treasury. il is moi tod ihat Vr Hsyes and Sec
rctary sherman have increased the funded debt
ANIMAL Interest pafd To- day Observation-Disclosures
the reduced issue exhibits an annual increase
OF Si.5I6,qlS over the annual int crest paid when
the present Republican admir- istration armed
itself with fraud and forced its way into power
I'm defiance of the solemn verdict OF the nation.
These are the figures from the record, and l
challenge contradiction. Mr.. Hayes found the
de bit 81 6q1 e9I $50 when he came into office:
day il is AlSIs 6705Co do not charge that his
money has been pr0fiigately wasted and that
the increased exhibits the excess of government
expenditures over receipts: but do charge
that the debt has been necdlessly increased :;
that the money received for the new bonds and
applicable to the redemption of the old bonds.
the channels OF business. TO enable Secretary
Sherman to force resumptiO u in January next.
producing classes or the cost TO the taxpayers.
1; is simply multiplying the already intolerable
suherings OF the people 10 enable a political
trimmer 20 win the empty bauhle OF resump-
tion by forced policy that deals destruction
the gift Of prosperous people by ma .urai laws
and the logic of requited industry, ii can come
rs national blessing; hut until ii can so come
they VINO attempt To enforce u must he hope
less incOmpetents or the deliberate authors OF
whnton distress and ruin to the country.
regard the remedies for these long contin-
ned Republican wrongs as simple and certain.
We must una some means to revive our indus
,rieS ana restore general prosperity 10 the
country, and then resumption will come itself
and come 10 Say. Until then, it cannot come
Dut with ireSh eNiis IN IT'S train No law can
force II, unless Mr. Sherman's fatal policy be
sustained. ny which the treasury can gather in
aI the money oy increased loans, and then
keep = in the treasury vaults so that further
redemption shall be necessary. The govern
'ncit can mus resume ana the industries O: the
nation perish the price o. resumption.
Banking must be made free in fact as it is
Only Ia name. our present national banking
system offers an illimitable volume OF curren-
cy, but it practically forhids the increase OF
money by the onerous eSHctionS imposed on
banks. The banks now pay some slS,elO,0OO OF
taxes. national, state and municipal, and nearly
S'.UWCp year IN NATIONAL taxes alone, ali or
which the borrower must pay in addition to the
legitimate value Of loans, and the only channel
by which. money can reach the people is so
costly and complicated that borrowers Outsi ie
of the great money centres ind no money to
lend, aud capitalists decline to invest in nation
al banks. Our banking should 5e free from all
taxes. except such as other like property pays
u should be relIeNcd OF lis cumbrOus cOmpiicH-
uJns which make dead capital and expensive
machinery, ana ii then should be inexorably
limited to a just rate OF interest. The govern
meut should furnish a. uniform currency for
banks and for all its own direct uses. and every
dollar issued to banks FOR circulation should
suspend interest on dollar Of the national
debt. This wOnid Toe simple justicc-more, il
would be StateSmanship. and IL would be COM
mon SeCse- Under such system. no shock
would come to the banks; no loss would come
To any class; banking would be free in fact;
currency would regulate itself by the variable
necessities or trade; and the channels for
reaching legitimate business with government
money woIld be cheapened and extended into
every centre of industry where capital could be
safely employed.
We want the increase Of the national debt
and the contraction of the currency for the
purpose OF enforced resumption, to stop: we
want the OnerOus taxes now imposed upon the
only channels through which the people can
obtain money, to he repealed want bank
ing To bc free; we want uniform currency
issued by the government and TO be redeemed
by the government; we want the volume OF
money to Toe controlled solely by the wants OK
the legitimate business nf the country: We
want the government TO cease discrCditing its
own money 10y ret using u for debts due to the
government, ana we want retTenchneUt ard
economy IN every department OF authority,
municipal. state and NATIONAL These are he
sources To which we must look FOR restored
prosperity. and restored prosperity means re
sumption that viii last. These views ] regard
As a Just Interpretation OF jhe deliverancc OF
the Pittsburgh convention on the financial is