The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1879-01-09
TIE QUESTION OF THE DAY.

rency refOrmers, what is called re-
sumption of specie payments has ta-
ken place, in law and in fact.
Letus figure the cost and the gain.
In January, 1867, twelve years ago,
Judge w. d. Kelly declared in Con-
gress that,
ga resumption of specie payments
by contracting the currency, will prove
a failure, but not harmless one. It
will prove ruinous to the business pros
poets of the majority of the business
men of this generation. Its first eff
feet will be to reduce the rate of wa
ges and to deprive industry of en-
ployment, and its final effect will be
the wide spread ruin and bankruptcy"
Johd Sherman, on the 9th day of
February, 1868. solsmnly asserted of
the attempt to force specie payments:
at is impossible to take that voy-
age without the sorest distress. To
every person, except capitalist out
of debt, or a salaried officer or annui-
tant, it is a period of loss, danger, las
situde of trade, fall of wages, suspen-
sion of enterprise, bankruptcy and
disaster"
These men understood the conse-
quences of such a policy. The logic
Of events has proved that both were
right; but while one acted the patriot
the other betrayed the country.
These two extracts portray the cost
of resumption. Now, let US see what
we have gained in return for all this
misery, destitution, crime, ruin and
bankruptcy, through which we have
passed.
Not a single advocate of "honest"
money can explain the benefits derived
by "spccie" payments, further than to
insure us that we have now "stable"
basis, that we have returned to the
money of the world" This is no an
swer at all.
What benefit annures to the country
by "stable basis--by the "money of
the world"
England has "stable basis" and
its starving poor, its closing manufac-
tories, mines, and workshops; its break
ing banks and bankrupt bushes men,
can testify that il is delusion and a
snare. Germany and other European
hrrd money countries, whitening un-
der the pressure Of hard times, will
add their evidence to the fact, which
stands out as plain as the mid day sun
the specie payments, so called, give alb
solutely no assurance of stability il
business, trade and labor.
Gold payments is worse than lead
en- weight tied to the muscles of indus.
try. 1t retards progress, hinders pro
duction, delays improvements, ant
worse than all, places in the hands O.
small ring of wealthy capitalists
the power to control all the business
of all the world.
Before the war, when we had wha
was called specie payments, we wer'
unable to develope the almost bound
less resources Of our own country
We had an unlimited supply Of labol
and raw material. Yet we were forced
to import the simplest necessaries o
life from England, Germany, France
and other countries, though the ma
terial for their manufacture grew, O.
was found at our very doors.
The war came. Its necessities forcet
the government to create money. Mil
lions of dollars worth of property wa
consumed or destroyed. But the coun
try, supplied as it was with the .'sin
ews .of war;" was equal to the occs
sion. Spite of the fact. that million
ofproducers were taken from the farm
the anvil, the loom, the bench and tn
mine, we had enough and to spare.
The war ended. Everything went O.
as well as before. The croakers VIII
predicted collapse, found themselvs
in error. In all 1865 there were bu
six hundred and twenty bankrupts il
the United States.
Then came the baneful edict of tha
Upas tree of modern civilization, tn
money power:
"Specie payments must be resumed
To that end the currency must be col
tracted. The claws of the America
eagle must be trimmed. His beak mui
be tied"
Fatal, fatal suggestion. The none
that had saved the Union, had abo
ished slavery, had built the creates
railroad the world ever saw, had bui
up trade, enterprise and industry, ha
given US wealth and prosperity an
millions of dollars worth of valuabl
public and private improvements, wa
doomed to extinction.
The consequences all can see. Fa
be it from us to exaggregate this dir
effect. Thank God that by the persi
tent effort of small band, who wer
hooted at as lunatics, the traitors hay
not been able to destroy it all, an
thereby obtain absolute control owe
the destinies of the country. But tn
increases of bankruptcies from 620 i