Daily Republican., 1879-01-21

I3W Year,, ana IN the main are Justly
chargeable upon the unwise fnancia
system Of the Federal Government
coupled with q wastsful and rockies
expenditure Of the public revenues b.
way Of donations and subsidies to asso
ciated capital. By the unauthorized
use Of the power to coin money and t.
regulate the value thereof, Congress
furnished to the people an unsound cir.
calating medium, measured by which,
all kinds OF tangible property sudden
ly acquired fictitious and deceptive
value. This unreal and inflated value
thus conferred upon property gave to
the entire country a trsacherous sem
blance Of unexampled prosperity, and
developed to large degree spirit of
over-trading and over-producing among
the manufacturing classes the disas
trous effects of which are shown in the
deserted work. shops, idle machinery,
and hosts of unemployed workmen in
the country. 1t also gave to the people
a false and unreasonable credit, by
which great many persons extended
their Indebtedness beyond the limits OF
thsir ability to pay. and when the val
ne Of property descended below its
proper Level, under the operation of the
contraction Of the currency, and public
confidence to the strain upon it, and
the creditor class began to press the
debtor class for the discharge of their
obligations, they were confronted with
immediate bankruptcy and ruin, or the
pOstponement thereof for time, only,
by the payment of heavy bonuses, and
extravagant rates of interests. This
unfortunate turn in the business affairs
of men was necessarily attended with
serious losses, which made capital shy
OF the risks aud perils incident to trade,
and to great extent seek place of
safety in the vaults of banks or invest
ment in some kind of public securities.
1t followed, therefore, as a natural con
sequence that the volume of currency
was practically reduced below the re-
qnirements of the legitimate trade of
the country, which led to tn. contrac
tion OF business, the depression of
prices, and a great scarcity of labor--a
very distressed condition of affairs.
Another evil effect resulting from the
establishment of such a currency, was
that it opened field for doubtful trans
actions based upon the tluctuaton of
prices, by which many persons, even of
a sober and enterprising character,
were tempted from the paths of useful
industry into the precarious and de-
ceitful ways of speculation, which, in
the majority of instances, terminated
in hopeless loss and ruin instead of
the sudden acquisition Of wealth. And
in add lion to this it disqualified such
persons for those active and solid pur-
suits in life, in the vigorous prosecution
of Ehich are always to be found the
and promoters of a nations
and happiness. These evil
effects, according to the very nature of
things, will continue to cripple and
embarrass the interests of society for
some time The revival of wise and
pure legislation on the part of Con-
5ress, and industry, patience and econ
my on the part of our people can only
'urnsh the needed remedy 1t will
,hus be seen that our fathers exhibi-
ed great wisdom in providing for cir
,ulating medium based exclusively up.
III gold aud silver in order to insure
safety and steadiness in all business ;
transactions. ;
Whenever the proper occasion arises, t
t will be my pleasure to communicate 5
uch information and to make such t
TO the General AS t
emily as shall deem expedient. TO t
iier any specific suggestions now in 1
eference to matters OF public impor- /
ance would be Inappropriate and out t
( place, as that duty has been so re-
.ntly performed by my worthy prede- v
'sSor. /