The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-08-05
interest to-day than it took Eve years

interest to-day than it took FIVE years
ago. ' g ..
How is the country benefited by 8
nominal reduction OF ten millions Of in
terest, when the reduction has been ac-
complished only by adding fifty per cent
to the amount OF labor OF property which
it takes to pay itf 7''
GOLD PRICES FOR LABOR AND PRODUCTS TO
PAT INFLATIoN DEBrs ANDiTAxEs. +,
The next great achievement OF the Re-
publican party has been the accomplish
ment Of gold resumption 81
do you Jrecolect, my friends, what
Mr.. Sherman promised you year ago
here on Wheeling street as the result OF
resumption !? That gold would flow out
in circulation, and that we would have q
fuller volume of money actually current,
|sndrconsequently general restoration
Of prosperity ?ljal9qes iseia Bfl
Well, we have had gold resumption
for over six months past. We have had,
moreover, for three, years past two un-
paralleled favorable NEUTRALITY-SUSPICIOUS.
nous crops at home aud great foreign
demand for. our surplus. The Repubi-
can party did not give US these two bles-
sings. A kind Providence, looking down
in pity on the Industrial distress inflicted
by the ingenuity Of theorists aud usu-
rers, relieved its asperity by bounteous
harvests at home and eager markets
abroad. But for our self-in1icted .roub-
les, these great crops. would have flushed
our country With exhuberant prosperity
But in spite Of these good providences,
in contradiction of all the pledges OF
gold resumptionists, which led the .peo-
pile to patient but longing endurance OF
their trials, the promised prosperity has
not come. The paper dollar is equal to
the gold dollar, but the gold dollar is in
gehiously kept boarded in the Treasury
The money actually current is NO greater
now, II as great, as it was one or two
years ago. Every little deb. you owe
still netlles you. Every large debt still
threatens you with the loss Of your
home, your farm, your factory, or your
store. Every tax you pay calls for more
labor or product than before. Wages do
not increase, laborers still hunt for en-
|ployers instead of employers seeking la
borers, and it is at last becoming appa-
rent that the condition of things last yeal
and the year before is to become the per.
manent condition under established gold
prices OF labor and property.
GOLD, PRICES oNE-THIRD LOWER THAN BI-
ss METALLIC PRICES. daiglad
Fellow-citizens, when tue Republican
party started 10 lead the people by con-
traction to the promised land Of specie
payments 1t never talked about gold prl-
ces and gold resumption, but only OF
"'specie payments" " which meant resump.
tion In silver and gold-each equally the
dollar, the unit, the full legal-,ender.-
Contraction Of currency and shrinkage
OF values were not thought by any body
to be intended by the stealthy manipula-
tors Of our currency to bring prices be-
low the 5i-metallic level. But the de-
monetization of silver in Germany and
tue United States, and the initial steps oil
demonetization by the States of the Latin
Union, practically destroyed the CHIEF
part of the silver half of the currency OF
the great nations, and caused such in.
creased demand for the gold half that
the purchasing power of gold rose be-
tween 1874 and December, 1878, little
over so per cent throughout the CON-
mercial world. In other words, the gold
prices of land, labor, and property
throughout the world sunk o ,er 81 per
cent. Our people, therefore, we're not
led back by the resumptionists to the BIZ
metallic level offprices. but in place OF
the double standard the single goldst
dard was set up, and that go increased in
value that it cost any man 30 per cent
more in land or labor or products to pay
,in gold q debt of q hundred dollars in
December, 1873, than it would have cost
in 1874. That is 80 per cent was added
by the demonetizationr of silver to all
the debts and all the taxes payable by
the people of the United States. LIDO
not make this statement at random, but
from tables, Of prices, elaboratsly pre-
pared each year by the New York Pub
lie, the highest authority in the United
aStates on prices of commodities. I.have
made the same statement twice on the
floor of Congress, and no man has ques-
toned its accuracy. 80. ..
Now, consider, fellows citizens, the eff.
rect OF adding SO per cent to the burden
Of all the debts and taxes in the United
States. have shown in q speech made
in Congress on the 22d February last
that the public and private debts of the
United States which have been carried
over since 1874 ard still remain unpaid,
amount to little less than $40, ,000, ,000,-
000 ibis denomination Of silver and
consequent enhancement of gold has ad-
ded therefore in the neighborhood OF
So, 900, 600, 600 to the debt burdens of the
people and, as our taxes for national
and local governments amount to, about
S00,000,000 . year, it has also added
100000, 900 year, in practical effect,
to the tax burdens Of the people.
Do you wonder that every man who is
in debt ut all, and every man who has to
pay taxes, groans under the weight ol
these increased obligations When you
sell your pork at 1925 hundred, yonr
labor at 80 cents day, and other things
in like proportion to pay debts and taxes
you are enjoying the blessings of silver
etization. Republicans of Ohio
-debtors and taxpayers, employers
and workingmen, farmers and tradesmen
now throw up your hats u you will fol
Sherman, Foster, and gold prices. Vote
for the Republican party. Vote against
the restoration of the metallic level o.
prices through the unlimited coinage o
silver, but do not growl at hard times, un.
profitable business, low wages, lack ol
employment, pressure ofdebts and taxes
because that 10 what you vote for; and
because by so voting you declare youl
willingness to bankrupt yourselves and
impoverish your families, merely to keep
the offlce-holders of your party iatteniug
at the public crib. til-1ue
n Il -