The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-09-27
+" We have now passed through ali the agony
and strncple for resnmnfinn y -

easy times, restore confluence, reduce prices,
advance the vsluee of our curencies, aud TO
lead us gently, slowly and surely 10 the specie
standard" Gould human ingenuity combine in
one sentence greater tumble Of contrsdic-
tionsg II is perfectly true that every stop
toward resumption has tended to reduce prices,
or in other words, TO advance the value or
purchasing power of money but the assertion
that reduction OF prices causes or can be ac-
compared by "easy times contradicts all
human experience and all authority on the
nature and Office of money. Falling prices have
everywhere inflicted, and must necessarily in-
tlict industrial dstress. There never has been
period in the history OF this or any other
country OF FILLING prices, or, what Is the same
thing, rising value of money, Which has not
been period OF distress Of industries and OPP
preston Of debtors and tax payers The reason
il Obvious. When prices are falling the goods
OF the merchant shrink in value on his shelf
the stock of the trader is worth less when he
gets 1t to market than when he bought it; the
manufacturer when he turns out his goods finds
they have cost II ore for raw material and labor
than they will cell for the farmer must
pay debts and taxes in pro !ucts con-
etantly shrinking in value Money loaned in
productive enterprises ls, therefore, withdrawn
because the enterprises themselves become un-
prosperous and the loan hazardous; money
flows from the veins and arteries OF business
aud coBgests in the vaults of hoarders. II is
true :" that every step under the Resumption
hcN mas nhu u tendency TO reduce prices, ana 10
lead us thus SLOWLY and surely 10 the specie
standard; and it is just this steady and pro-
tracted fall OF prices, caused by the Resump-
I ton law, Of which the people have complained,
But to assert that 1t has produced easy times"
Is preposterous, unless easy times are those In
which money shrnks from all Investment or
loan in productive industry, while il seeks in
vestment in 4-per-cent Government bonds,
or is loaned only on collaterals which can be
converted into money ON days notice.
The two Secretaries bring to the people Of
Ohio the intelligence that prosperous times
have come again; that all labor is fully ON
ployed and well paid; every branch of manu-
featuring industry prosperous; trade flourish
ing, and that we all have reason to rejoice and
be content With the present situation. l admit
that some special branches of business are in
better condition than before the Democracy
stopped contraction and partially remonetized
silver, but cannot learn OF any general re-
vival of business Tho iron industries are
specially quoted as reviving rapidly yet a
Pittsburgh friend, who is manufacturing iron,
told me the other day thar wages have not
increased at all, and that there Is very large
surplus OF labor Hanging Rock mill aud
foundry iron sells this year lower than last and
sold last year lower than the yoar before.
saw hundreds OF ore-diggers in Lawrence
county last week whose average wages don't
exceed 50 cents day. The coal mined in the
Hooking valley-one- third of tho whole product
OF the State--seDls on the cars now at 65 to Is
cents ton, against 80 cents last year, 81 the
year before and OIL 30 the year after the panic.
The coal-diggers there now get 80 cents a ton
and half work, as against 70 cents ton and full
work in 1874 the year after the panic and tho
yesr before the Industries of the country were
put under the screw OF preparation for gold
resumption. Iron furnaces at Shawnee and
Ogden, Steubenville and Ashland, rolling mills
at Steubenyille, Marietta and Pomeroy, have
recently boen sold at from u fourth TO sixth
OF their cost. Salt, which sold at the furnace
at an average or ST. per barrel in 1874, now
sells at 81 cents per barrel The iron, coal and
salt industries Of Ohio, so far as | can learn,
are paying, where best managed, only the cost
OF production, and that based on starvation
wages-connting their capital and investment
as nothing. That is the extent of the boom
which Is always gotten mp in speeches and
newspapers by the Republican party In its i'm
poriant campaigns. believe it to he true that
business generally in OHIO is almost as I'M
prosperous now al it was In 1878 or 1877; that
Tho condition of debtors generally whose
debts amount to one-fourth of the estimated
value OF their property four Years ago is in
effect hopeless; that the burden OF taxes in
creased through fallen prices is almost intoler-
ably oppressive; and further believe that the
people ought to and must have rise of prices
above the present low gold level before general
prosperity can possibly return. . u
This relief is offered by the Democracy in the
bill which passed the Houss of Representatives
last session. and will unquestionably pass the
Senate next session, for the unlimited coinage OF
the old silver dollar and the issue Of certificates
for silver bullion. That act would cause an
easy increase OF metallic money, or Of paper
representing and redeemable in metallic money,
of from Sl0O,00O,0OO to 500, 0O0,0 600, followed
by ayearly increase OF $50, 0O0, 900 or sac, 0O0-
600. This would raise price, very nearly to the
old bimetallic level, tightening the burdens Of
debts and taxes, stimulating industries and
bringing into play all the productive energies
OF our people. 1t is great wholesome, indis-
pensable measure of relief; open TO no just
criticism either in respect OF its honesty or sound
policy. 1t will bring down the purchasing
power Of gold, which has been dishonesty in
creased by the characterization of silver---an act
to which the American people never consented
done in the dark by some rascal for the pur-
pose Of robbing the masses and piling up the
fortunes of the moneyed class. -hl -
The two parties are squarely at issue on
this question. Mr.. Sherman and Mr.. Schurz
both take ground in favor Of stopping the
coinage Of the silver dollar when the amount
under existing law shall reach q sum supposed
to be the largest which will float at par with
gold; or, on the other hand, adopting new
and more valuable silver dollar for the bene-
at of the creditor class Either Of these meth
DDS involves the perpetuation of the wrong
inflicted upon the people by the secret and
fraudulent act of decentralization l thank
these gentlemen for their frankness on this
great question, and call on. the people Of Ohio
to decide by their votes whether our great
American money product shall be put ON an
even par with gold, and whether they will have
the old dollar of the fathers or the new dollar
Of the Shylocks.
Mr.. Sherman, who was the first to propose
the decentralization Of silver in the interest OF
the moneyed class attempts TO sustain 1t by
the following statement: @Many causes con
tribute to reduce the relative value OF silver,
and now it requires eighteen ounces Of silver
to be equal to one ounce OF gold; and, therefore,
the chief commercial countries have either
wholly or partially suspended the coinage Of
silver" H
He here, with studied vagueness, asserts that
silver at the old ratio of 16 to had deprecated
as compared with gold, and for that reason was
demonetized; thus illustrating again his fluent
disregard of facts. The truth is, the American
silver dollar was always, since 1888, worth
more than the American gold dollar down to
the very date when it was demonetized, and
at that date it stood at a premium OF 81 per
cent. The depreciation of our silver, as COM
pared with our gold dollar, was caused by the
acts of decentralization, accomplished througha
conspiracy of usurers. Ii Mr.. Sherman does
not know that fact he is less informed on this
subject than nine out of ten Of his hearers He
ought to know why it was demonetized, for he
introduced q bill for that purpose in the United
States Senate in 1868, and advocated its de-
monetization before the congress OF bondhold-
crs in Paris. The sole reason was that the in
satiable avarice of the bopdholders of Europe
and America sought to appreciate the value Of
their bonds and deprecate the value of all
property and labor in which their bonds were
payable by striking out OF existence one hall Of
the worlds metallic money.
Mr. Sherman has the amazing recklessness
to assert that @the Republican administration
has been marked by q uniform decrease of ex-
penditures, as shown by the official table of