The New York herald., 1878-11-01
NEW YORK HERALD FRIDAY, NovEMBER ls7a-TRPLE SHEET


wnm .. osnevea af.y years hence, tina. We sddsd dec !
did, aud thereby added largely 30 our distress.
Tue Resumption ACT has not FASTENED that
one hour; would have come be-
fore this from higher Law and without
the act the Presidents veto OF the silver bill had
question OF an inflated, irredeemabie currency be-
cause regard II as tne turning poiut IA toe great
issue. , our people become ssl,sSsa srss eysa .na,
the apparent prosperity which we had
before, but increased disaster instead, tnen the
greenback dsiusion will vanish as did the dream OF
our paper ricneS But suppose the Congress should
pass law directing the Secretary 0; the Treasury
print two thousand millions of greenbacks, ana the
President should sign the bill, tell me, bow would
that help you how would you get the greenpaeksr
The Secretary would not present them 10 you. Have
buyf Does the government owe you anytninsY II
no, thsn you cannot get the Rssseoacks from tns sec
retary any thing TO sell you can GET
full proc for IL nos without any new issue. But
would you part with houses Or lands or goods Tor
backss Not you reflected over night. But no sucn
Law can svor go into opsra,"n. Evsa u
sv1a ssas.ms cour. ow pSsss ~asIa I stand vas as granite
mountain 10 the enorm,ty You Will ask then.
what the harm o. sne ls.1soI inss man os bns,noss
uncertain about the future; u prevents any
new enterprise psraissss industries ,s, rnd os. as
,ta and LABOR must always prosper or snIer
together Capital which Is inactive brings no ia-
come and when the action OF the government Is
embark IN any INDUSTRY. Il tho specie
basis Is our settled policy, and real. honest
rssumptiop takes place in January shall have
stored con ddeDce and In due time ieaithy sxpap-
sion from liberated coin and convertoio paper ieAv-
Ing the gold oil tho eommerciAi woTd 10 no" 10 Us u
may be needed. ~
We need no silver coins except tor fractional use
any more than needed them ~ Tho years gous by,
and II the silver dollar coinage continues, and It's
weight Is not increased before the amount OF two
hundred millions is reached, IL ia ltkely that a
million OF GOLD dollars will buy at oast million
two hundred thousand OF siivor dollars Such dfer-
bring confusion and drive all gold from country
H. uscless board. IN the Treasury. To the
iaborer TO those who have little IN the savings bank.
and TO those and women who have small n-
comes from mortgages or cheap houses, and 10 all
who live salaries or other fixed incomes, and
public or private establishment whatever, l
have word to say touching tho iulure
are personally ooncernsa. the rich eau far better
protect themselves against bad LEGISLATION than you
possibly eau. You agree to work ior $40 msnth.
At the quarter call tor your wages, and
you are paid sver matter that II twenty per
cent below par and will only buy you eighty cents
fuse 1.-THE same will be OF every person VINO
lives upon salary other liked income, ana II Will
work grievous wrong aud onpress those whom the
government should most carefully protect.
IRRRDEKNABLE AoNky.
But understand that some Of our advanced STATES
men propose have paper money which does not
purport TO be redeemable IN snythiuG aFMt
money"-that is, monoy mado out OF nothlng,
and 10 be redeemed IN nothing !t 10 good
name, .Frat money;'i wo understand that.
Pieces OF paper are 10 pc stamped So $40. $40 ana
$lOo, ana by the nat OF Congress shsy are 10 be
as many dollars as the stamp Indicates The
Almighty alone make something out 0i nothing;
the Congress can make noA'2g out ., oosaas sns
government can make It ono. You Will ask
BY no mcans; any more than would Danish bank
cheeks Paper money - convenisnt ana saves much
labor and risk. l would allow anybody 70 bank aud
pay out any OF paper money tho eonvertbiliy
ot which had secured under the law No govern
mcnt can deermine 10 advanoe me nmis o. 1ssasa
You cannot nave too much paper money which -
convertible into the standard coin of the commercial
world Tho moment II becomes redundant the surplus.
age will return Tor redemption. That VIII be
regulated by Law unerring as the nation
OF the spheres ON 1st OF next January the ecre
tary OF the Treasury will have abundance OF gold
with wnish to and maintain specie payments,
unless prevented by the Silver bill. Very httie gold
would have been drawn Now. tue danger ~ immi-
rent that ths alarm caused - making appreciated
silver dollar legal tender will make run upon the
Treasury and clear II oil gold. Avowod enemies oil re.
sumption, with consummate tact, helped the silver bill
hindrance ts would bo 70 any real resumption. Tho
principles Of tnat bill will slowly mature their
cnccs may not DO very apparent, but Inc
silver coin accumulated, and long before IL
reaches S2ooooo.ooO AS u may 90 IN less than
four years, disturbances must arise IN our currency
winch will be serious The present value Of pure
silver pure gold about as one 70 eighteen SILVER
has fallen largely since the beginning OF the year ana
promises q further decline. Tue present silver
dollar Is fifteen 70 eighteen cents less In
value than the gold dollar. and tho difference
may increase Gold being the standard currency OF
all The great commercial naiious with whom wc
most deal, We cannot ignore tho general standard
OF commerce. SILVER IS ceasng to bc coined
. . monetary standard in all the great CON-
msrcial nations OF Europe, ana the annual product
value and why Is will decline stllI more Tue silver
Conference invited by the United States for the pur-
value between gold ana silver mot in
PARIS last August but the object was
class Of the community suffer half much BY
an inflated, irredeemabs, and hence 0aotuating cur
rensy as the laboring class.
SONS INTERESTING FIGURES.
The broker. the banker, tns man oil watchtui skin
In hnance--lhs rich men-can take care o them
solves, yea, ana make msn.y by the fluctuations;
be kept IN grinding poverty.
Mr. Piorropout closed as folows:-Tell me, laDorer,
during these oil expansion and high wages
did you save tor thc days Of darkness when
began IN 1873? o. eourss you did NOT, you
BY an insxoraois rule. as paper money insrsasss It's
purchasing power krows loss, and a. The innation
lraotsd at the beginning Of the year would buy not
near SO much at tno end, and you were the loser,
which you could not afford. Your wife and children
needed the same food and cotning as they did when
the wages would purchase twice much In 1864
when the government was issuing greenbacks ana
wages wore high the average price OF mess pork Tor
entire year S33 10 barrei, and OF fsur - 81
such has been the action oi the republican
party the finances that wo are al specie
your wages is . dollar, ana the pork which would
then have cost you $50 10 you can now buy for
$40 90; and the Hour whlch would then cost you
s. 63 you can now get Tor ~ CO. No uuer re.
mark Of great statesman was ever made than
that of Daniel Webster, who saId:-'Of oil contriv-
Tor cheating the aborng classes meme has been
more enectual than that which deludes them with
paper money" Bo not deceived; the laws of nature,
The laws oi justice aud tho laws Of God v,ll
not be violated without retrioutt0n. This idea about
irredsemable paper money Is not now. IL prevailed
IN China 700 years ago; has at some
time appeared 10 nearly every commercial .coun-
Try Of Europe; existed 10 the Continen-
tai Gays OF our history; u has brought
every nation 70 the verge OF who adopted It, aud
sy only have been saved who abandoned tue permit
cious taIiacy. TDis great people, Intelligent aud
entorprisIng, favored with blessings never
fore voucossfed to any nation, has set its face
the right direction, and after all tue depression and
suffering through wnicn II has passed. and now on
tho very edgs oi the rising wave which viii lift IL
upon of safety, surely will not sink back into