The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1878-07-18

contraction of the currency. As
the currency Is contracted. money
grows more valuable and every
thing else less valuable. Prices de-
cline; men will not buy or invest
when they know they can never
again realize what they pay for the
thing purchased; thus labor and
everything else goes down for want
.Oi demand-tht capitalist knowing
thai the longer he holds his money
the more he can GET for 1t. The
remedy is to increase the currency,
cheaper money, and capitalists will
invest their money and put it into
circulation; the labOrers will be EN-
ployed, business will revive and the
country become prosperous. The
contraction of the currency was
brought about by the bondholder
and others having fixed incomes
They draw the interest on their
bonds and debts at the same rate,
say six per cent. whether wheat is
fifty cents or a dollar a bushel;
whether cotton is five cents or ten
cents per pound. OF course 1t is to
their interest to make money as
scarce as possible in order to get as
much labor or property as possible
for the interest on their bonds and
debts; and the principle is the same
whether applied to Government
bonds or individual notes. With
in the last twelve wears the curren-
cy has been contracted from about
$500, 100000 to about $60O,OOO,-
600 (using round numbers) reduc-
ing it one third of what it was.
No relief can be expected from
the Republican party. They passed
the Resumption Act and other Acts
under which the currency was con-
tracted. Nor can any relief be eX
pected from the Democratic par
ty. They are the original hard
money party. They have always
advocated it since 1887; their plat
form of 1876 adopted at st. Louis
favors specie resumption. They
had a two-thirds majority in the
House of representatives from 1875
to 1877 and did nothing to relieve
the people; they nominated Tilden
the hardest of hard money men.
The most the Democrats as a party
ever proposed to do was to repeal
the Resumption Act. They never
proposed any increase of the cur
renoy. The bondbolders run both
the old parties; and the old parties
are alike in favor of contracting the
currency, the interests of the bond
holder being precisely the same
whether he is a democrat or repub-
lican. Both parties have been play
ing politics in Congress-making
up the record for the next presi-
Dental election, instead of trying
to relieve the people. They will con
tinue this'game as they have done
heretofore. They will make large
pledges to the people in the canvass
but do nothing when elected.
The only salvation of the coun
try is the National Greenback par
W. This is the proper party. 1t
presents but single issue, that is
more money. our prOpOSltlOn is
to issue at least 81, 50O,000,000 of
green backs, and with these to take
up like amount of interest bear
ing bonds. 1t demands relief for
the people. 1t is now organized
from Maine to California, and is
growing rapidly every day. We in
vite everybody to join US. Let us
agitate this question, organize green
back clubs in every civil district of
the State; let the people sever their
connections with the old pan ties
and build up the new one; let us
run candidates for all offices from
Governor down; and with the prop
or management success is assured.
These points were elaborated at
length, and the speak
ing closed until after supper, when
a meeting was held ct the court
house to organize green back
club, where brief speeches were
made by Judge Tinnon, Major Mat
thews, DIR. Grant and S. G. Mitch
favoring and some oppOs-
ing the movement. See report else
where.