The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-20


promised t re the most abundant yield was selectet
|. 1t was the depreciation in the value Of III,
1 Presious metals and of money, supposed t,
gold. which made him the conspicuous advo
cate of the demand that one OF the metals
: should be demonetized In order to redress tht
sir. in the entire catalogue of
CRIMES AGAINST HUMAN SOCIETY
not one can be. found 80 awful In al
us consequences, both Immediate and re-
de 9Is, az government commits when 4
own etssnys dWssEtreys the money Of IL
Tine such measures haye been accomplished
ne h, horrors II history have taken place. Nc
ZION OF the currency In the hands OF the people
sxse eyer a enforced by law o any
despar ns bon broken and vi ruined I
spripgng from the lowest depths OF poverty
and human misery, The worst Ingredients Of
Of g government. violently tearing from. The
hands of the laboring. masses the money they
ppes mn'h need sd,usr Murder theft robbery
IL, lsed PIT e deprived i've Of 'd i"ii
give employment to its men and women. The
social statistics Of mankind will show that
Wner Ieye the SUPPLY of mopey has been sean
the gallows- tree has borne most frequently It's
| horrid burden; there the jais and the peniten-
r aTa a me sago unit Of namy have been
| Pharisee may ostentatiously thank God that he
Is better than such as these but he Is not. When
| In abolishlng money and thus interposing be-
tween the laboring man and the laborfng woman
and their last a chsaee Tor bread by honest work
! to their mercful Father than the prayers of tbe
| usurers who have driven them to ruin.
1t is said In highly intelligent quarters that
there IN nj
people unemployed. who have NO other de-
p pend for their food and shelter than the
now tfamDing from place to place for crumbs
e charity. Pitlable and dangerous .speetaclei
u never happened before 10 this land Of boun
our midst which Is bsneated BY the scarcity OF
those great Industries which afford employ ~.
ment to labor.
When, therefore. on the fourteenth Of Japu.
airy. 1875. this government having already de- :
stroyed silver money determined to destroy
Wit9ln the next four years Its outstanding legal
PAPER CURRENCY
could be redeemed In gold alone ON the first
day OF January, 1872 1t became responsible far
ali ne appalling consequences that have fol-
specie payments with gold and silver both az
g. our metallic basis would be cruel failure at
this ai time: bpt the proposition to contract. re-
duce, cancel and burn oar presept amount of
currency until IT harmonizes with the meagre
margin q gold which we can command has
up the n Of busnesa dried
PLACED hollow-eyed want in mere than I"a
mlon hitherto o, happy homes The de-
aeeompshed before the policy Of Hf''s speeis
I RESUMPTION was declared. In order to
M money as scarce as possible In reaching
gold. We could reach the double standard
.,l than tho single one but the purpose of
the money power was the diminution OF money
in circulation. and it better ACCOMPLISHED that
OBJECT by FIRST outlawiDg silver and then seeking
the specie basis composed Of but one metal Il |
made in this work Of destroyyng men nas
all values, except the value OF money which lie
no mede greater by being made scarcer and harder
"A A. the date Of the act Of January 1875, our
in nror OF currency was already reduced
EuropeaRS naons to RHspaapn far below
barely subsistence wages. We had nearly
d less Fr5pm per oaRta than Germany
sfloat on every hand We had The warnings sol Of
70 inc nine preceding years during which the
nearly $500 1000 By contraction, and during
which tin time q the liabilities for commercial fall
average OF about SO 600 per aunnm to pear I
$500, $4,000. A panic had Just swept over the
country with sufficient havoc and ruin to extort
message of December, 1878, that our volume Of
currency was too small for our business. even
100 not counting fractional currency. and vat
against the applications of every active bust.
iesst ana nd still further reduction was
nearly 100000 900. If. however, the law for
rHE ENFORCED RESUMPTION OF Specie PAYMENTS
? to stand unrepealed on the statute books !
hen there still remains a work 81 aestp pctinn,
=, pe uone IN this country far more extensive |
lan l and full of wretche1ness than we
On and after the first day Of January 4 ID l
49, the Secretary Of the Treasury shall redeem v
n coin TIE United states legal tender notes then
ion at the office Of the Assistant Treasurer OF
ne United States In the city Of New York. In II II
ums OF not less than $780," a
The term coin here used means only gold | g
ow. andthe law, in order to enable the Secre-
sry OF the Treasury to carry out this plan for n
nthorfzes him to sell interest bearinx bonds IT, y
btaln gold and to use such surplus revenues a,
9 he may have on hand | r
The government has undertaken two thip1a | -
rs. Tue snrlnkage OF the amount of currency o
no second. the possession of gold In such e
tb Tb bea s aae one can 5e converted into the
Old that can be obtained, the greater must be " "
le reduction OF paper money In order to rest 4
asis. It becomes important. in this view. to h.
now what has been done under the law Of Jan "a
AIRY, o 1879 In ulating gold % basis for B.
ave been made to ascertain the exact amount to
actual gold which this government now owns b.
reason that the sum is SO small but If ia ner. 81
city safe to state. after deducting the amount th
ie az on bonds. that there not this ia
" fifty millions of gold In the United Statesi CIV
easury and In all the national banks besides. in
resumption is to take place on that basis, the I'd
gantic task Of this poor .pittance will be to be
and good for the redemption Of $3.50, oO7 sos 20
leg legal tender notes, Commonly called green to
cks and 1921 1874 236 Of national bank note cir st
atlon, making In all the sum Of $s4l ssI 81 Co. wi
- very plain even to those who. believe that av
In gold Is sufficient for the circulation and re- M
mption of 50 In paper. that our present oondi- M
de 81 In gGd to ab9ut "a ia paper must
ecie resumption. What probability is there ch
any large Increase of gold in the vaults Of the an
,,aasuryI Will specie resumption be reached tio
min the present year by Ieveling up the 40
lount of gold In our possession or BY dwelling RAJ
wn the amount of currency in circulation? In,
VIZ oiain1s tnae iQrelgn nations will supply wi
OUR WANT OF GOLD.
IN the contrary. nearly all the produce OF orr he
than IN ipfo n