The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-09-18


flows from the veins and arteries of business
and congests in the vaults of hoarders. 1t is
true that every step under the Resumption
act has had tendency to reduce prices, and to
lead us thus slowly and surely to the specie
Standard" and it is Just this steady and pro-
tracted fall OF prices, caused by the Resump-
ton law, Of which the people have complained;
But to assert that II has produced easy times
is preposterous, unless easy times are those In
which money shrinks from all investment or
loan in productive industry, while it seeks in
vestment In 4-per-cent Government bonds,
or is loaned only on collsterals 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 sgain; that all labor is fully en-
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. i 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. The iron industries are
specially quoted as reviv1ng rapidly, yet a
Pittsburgh friend, who is manufacturing iron,
told me the other day that wages have not
increased at all, and that there is very large
surplus Of labor Hanging Rock mill and
foundry iron sells this year lower than last, and
sold last year lower than the year before
Isaw hundreds Of ore-diggers in Lawrence
county last week whose average wages don't
exceed so cents day. The coal mined in the
Hooking valley-one third Of the whole product
of the State-se)ls on the cars now at 65 to rs
cents a ton, against~90 cents last year, 81 the
year before and 81. SO the year after the panic.
The coal-diggers there now get so cents a ton
and half work, as against rs cents ton and full
work in 1874, the year after the panic, and the
year 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 Steubenville, Marietta and Pomeroy, have
recently been sold at from fourth to sixth
Of their cost Salt which sold at the furnace
at an average or sl:26 per barrel in 1874, now
sells at So cents per barrel The iron, coal and
salt industries OF Ohio, so far as I can learn,
are paying, where best managed, only the cost
of production, and that based on starvation
wages-counting their capital and investment
as nothing. That is the extent of the boom
which is always gotten up in speeches and
newspapers by the Republican party in its i'm
portant campaigns. l believe it to be true that
business generally in Ohio is almost as un-
prosperous now as it was in 1878 or 1877; that
the 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.
This relief is offered by tho Democracy in the
bill which passed the House Of Representative
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 ar
easy increase of metallic money, or of paper
representing and redeemable in metallic money
of from s100, ,0O0,O 600 to 500, 600, ,0O0 followed
by yearly increase of $50, ,000 600 or SAC, ,OOO,
N0. 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
penseble measure of relief; open to no jus
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 demonetization of silver-an &C
to which the American people never consented
done in the dark by some rascal for the pur
pose OF robblng the masses and piing up tn,
fortunes of the moneyed class.
The two parties are squarely at issue OF
this question. Mr.. Sherman and Mr.. Schur.
both take ground in favor of stopping th,
coinage of the silver dollar when the, amour
unfsr existing law shall reach sum supposes
to be the largest which will float at par witt
gold; or, on the other hand, adopting q new
and more valuable silver dollar for the bene
fit of the creditor class Either of these meth
DDS involves the perpetuation Of the wronl
inflicted upon the people by the secret ant
| fraudulent act of decentralization I thanl
| these gentlemen for their frankness on thi
great question, and call on the people of Obi
| to decide by their votes whether our grea
| American money product shall be put on a,
even par with gold, and whether they will hav
the old dollar of the fathers or the new dolla
Of the Shylocks.
Mr.. Sherman, who was the first to propos
the demonstration Of silver in the interest o
| the moneyed class, attempts to sustain it b,
the following statement: sMany causes con
| tribute to reduce the relative value of silver
and now it requires eighteen ounces of silve
] to be equal to one ounce OF gold; and, therefore
the chief commercial countries have eithe
wholly or partially suspended the coinage o
silver"
He here, with studied vagueness, asserts tha
silver at the old ratio of 16 to had depreciate
as compared with gold, and for that reason was
| demonetiZed; thus illustrating again his huen
disregard of facts. The truth is, the American
more than the American gold dollar down Z
! the very date when it was demonetized, ant
at that date it stood at premium of 81 PEI
cent. The depreciation of our silver, as com
| pared with our gold dollar, was caused by tn
acts of demonetization, accomplished through
conspiracy OF usurers. If Mr.. Sherman doe
not know that fact, he is less informed on thu
subject than nine out of ten Of his hearers. HI
ought to know why it was demonetized, for h
introduced bill for that purpose in the Unitet
States Senate in 1868, and advocated Its de
monetization before the congress of hondhold
ers in Paris. The sole reason was that the in
satable avarice of the bondholders of Europ
and America sought to appreciate the value {,
their bonds and depreciate the value OF al
property and labor in which their bonds wer
payable by striking out Of existence one-hali o
the worlds metallic money.
e
Mr.. Sherman has the amazing recklessnes
to assert that sthe Republican administrator
has been marked by uniform decrease of ex
penditures, as shown by the official table @
net ordinary expenditures" and 3the Demo
Gratis have been rapidly increasing appropria
tions since they have had control Of Congress.
He attempts to sustain these assertions b
figures made up, not from Published officii
reports, but from data of which the public ha
no information. appeal from John Sherma
on the stump to JOHN sherman in the treasur!
Ihold in my hand his own last report to Cor
gress, in volume entitled FINANCE Repor
1873" On page II is given the net ordinar
expenditure of the Government exclusive {
premiums, interest and public debit, in whic
it is stated that those expenditures since 1S1
wsrs each year as follows I give the fie
ures exactly as published by him:
1871 Sl5I ,0o5,Ul
!SS y,
10Y, foo,V
1875. ........................ I'll ,529, ,0
| 1876 164 S51 On