The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-01-16
THE RESUMPTION OF SPECIE PAY.
MENTS.

THE RESUMPTION OF SPECIE PAY.
MENTS.
We notice disposition on the part of
many papers and politicians to hint at
some future undoing Of the law unCcr
which the resumption of specie payments
is now prevailing. The further agita-
ton Of this subject is, in our opinion. to
be productive Of no beneficial results.
We were opposed to the law which has
forced the resumption Of specie payments
by hasty and ruinous contraction of
our circulating medium because we be-
licved that it would injure the masses of
our people to benefit n few capitalists
and government spectators who have
controlled the financial legislation Of the
Republican party. The result has veri-
fed the worst fears Of the anti. .resump-
tionists, fnr under its operation values
have fnllen SO that the landowner and
the laborer have not to-day more than
from one-hali to two-thirds of what they
had five years ago in consequence of the
depreciation of values, while on the other
hand the capitalists who, with the means
and the information on this subject
necessary to avail himself of the oppor
tunity, has, by investments in bonds and
secure loans, been able to keep his prop
erty at its value Of five years ago. To
illustrate, take the man who five wears
ago had fifteen hundred dollars, which
he loaned upon good security. T,-day
he has fifteen hundred dollars, leaving
the interest out of the calculation. Then
take the man who FIVE years ago had little
home worth fifteen hundred dollars.
To-day by the results of forced resump.
ton that piece of property is net worth
more than about one thousand dollars.
and its owner has lost five hundred dol
lars by resumption. 1t will be seen from
this that the operations of the law have
not worked equally upon all classes, and
the landowners and laborers Of The coun.
try are the men who have lost by the
change. The extent to which this has
injured the masses of our people can wei
be imagined if the reader will think OF
the sum which has been destroyed fo
every landowner IN order to benefit ,
few capitalists in th' ading cities. Ii
the South we have felt it most severely
because we have received the least posi-
BILE benefits from it, The men who mr.
our capitalists have not been largel,
benefited, If benefited ut all, by til,
change, for nearly all Of them have loa
more in the shrinkage of the value O
their real estate than they have game,
by their loans. For these reasons W
opposed tho resumption act and th
policy of the Republican administration
in carrying it into effect, and if it wer
to do over We would again oppose it.
| Resumption has, however, been forcc,
upon the country, and by fur the create
portion OF the injury likely to flow from
the measure has already overtakcn OH
people. The greater portion OF failure
to result from it has already manifested
itself, and the depreciation 10 values coi
sequent upon il has reached its minimum
It would therefore be most unfortuna,,
for tho whole country to have our finan
cial status again disturbed by new revo
luton in our medium of exchange, for i,
these fluctuations the money Speculation
or brokers are the parties who reap III,
benefits. The people as mass are in
terested in fixed and uniform currency
for their avocatons do not enable then
to spend their time in studying finance
and, If they were able so to do, thei
property would not permit them to par
ticipate in the speculations on money
fluctuations. Men who have their capi
tai Invested in lands and manufactures OF
merchandise cannot change their invest
ments in day or q month to take ad
vantage Of some rise or fall in the pre-.
MUM On gold. 1t is alone the banker
or the broker who can turn his capital
from one channel into another and an.
other, and so on as occasion may suggest.
Hence, if the Resumption Act were re.
pealed tomorrow, and one huudred mil.
lions of greenbacks ordered to be issued,
the financiers of the nation would at
once realize the effect of the measure,
and before the money was issued or the
relative value Of things could be changed,
they would have their Investments in
such properties as would be enhanced by
the change. Its financial management
has been one Of the greatest infamies of
the Republican party, for it has consist
emily iegislated so as TO have some change
in the value of money continually going
on,,the whole of which has been in the
interest of the capitalists and to the op-
preston Of the masscs of the people. II