Year: 1875




and there are many well meaning men who troubled BY
their difficulties grope about for remedy. Yes IL s
indeed necessary that something be done 70 afford
relief The question is what that something should be-
As wise must first ascertain the nature of tho
disease before determining upon the method Of cure


The Senator here gave the figures, showing that in
1878, when the business crash occurred, there
more legal tenders and bank notes out than ever before
over 81 600 900 than in lS6S-and yet just the
year last mentioned has generally been called the year
OF unexampled prosperity; and when during all these
years the currency had reached its greatest volume
that collapse which the inAationists will have Us
believe caused by contraction


THE cAUsEs or THE TROUBLE.


NO contraction OF currency whatever rather an ex-
panson Of IT. but industrial enterprise overlapping it.
self an extensive production OF things for which there
was no immediate demand; the sinking of capital in
great undertakings which could yield no immediate
turn; windy schemes stock gambling, wild speculation
IN all possible directions and the creation of imaginary
value; wssteful extravaganza in private expendi-
lures and high living; morbid desire 10 get
rich without labor excessive stranng Of the crede
system, until hnally the bubble burst and the people
found that they by means as rich as they had
believed themselves So it there and SO It was
here


NFLArIoN PRODUCE RELIEPp


now u being conc lusvely shown that the depression
o business was not brought on by the contraction Of
the currency but by which always produce SUCH
results the question whether an imitation of cur
rency viii furnish the relief we need You say that,
though the banks in business full of money
lying idle Tor want OF employment we want
more currency. tell you business can have as muck
as II likes without any further of the government
According TO law every of you or anv Association
you may form having the necessary capital can start
a
the free banking act was given by Congress last
We heard so much of the West and South wanting more
local circulation and starving for greater banking
facilities Now you make yourselves comfortable
All legal impediments are removed You can issue any
amount of currency, but behold, the currency viii not
initiate one CENTS worth And you, worthy patriots,
who clamor for currency do not lift a finger TO
create more. Why? Here is reason given by the
Cincinnati Enquirer


There currency enough in circulation to buy the
ponds 70 deposit with the national governments and obtain


vii tha hriI
financial utterances of Governor Allen himself But
appeal to you-busness men, laborers armers--who
honestly desire 10 do right and look up your party
leaders for instruction. If you want instance Of i'm
pudent insulting assurance with which these de-
pend on your being too ignorant and stupid TO tell an
obvious fact from an obvious fasehood look at this
Here is the great representative organ imitation
OF its wisdom And now while everybody knows that
millions and millions of money lying unemployed
IN the business cenS<es OF the country East and West
iooklng LOT investment suhcently safe; while every
body knows that in every large city in the land there
are dozens Of capitalists with abundant
means which they might devote to the
creation Of bank paper issues # IL were
prohtable while everybody knows that there Is
scarcely town of respectable size without men Of
means fully able to form combination for that pur-
pose, that organ, Nshtng the truth its personal
emy coolly asks yoS to believe that there is not
rency enough IN the country 10 ermt the purchase OF
bonds as basis for further national bank issues But
the absurdity OF that statement appears in its u glory
when we look at all the circumstances of tho Not
only did the business OF the country show it
needed more when refused to issue in spite Of
IL II
II needed by surrendering large portion OF the bank
currency in circulation


After graphically and at considerable length showing
the comparative effect of imitation upon the rich man
with his means and knowledge of the probaba
cause of things enabling him grow richer richer
and upon the poor with the resultant increase M
the price of necessities without any corresponding in
crease in the price of wages, the Senator contnued:


THE CREDITOR CLASS


We told that currency and
consequent depreciation will benefit the poor inas-I
much will benefit the debtor as against the CREDITOR
by enabling the former TO pay Off his debts in less vaua
than that in which they contracted The moral-j
ity OF that argument will not discuss l prefer toi
leave 1t to the conscience of the people But let us
look at the pretended facts upon which it is based Is
it true that the poor men are the debtors of the coun-
tryp To contract debt requines credit and credit ia
based upon the means with which to pay.


He then showed that the sum of Sl,2OoO 100000 a
owing to the aboring people and men of small means.
constituting their savings to that amount That clas6
creditors and pretend that for their benefit you
will expand the currency. Gold being at fifteen per-
cent premium, those savings have a value oc
ST. 020 900 900 in gold Expand the currency until gold
is thirty cent premium and you have robbed those
people OF $3.50 600 600 Expand il until the gold pre-
MUM is hfy per cent and you have stripped them Of
$420, ,0OO, 600 Of hard-earned money.


RESUMPTION THE ONLY REMEDY


Whatever other schemes may be devised they do not
even pretend 10 have permanent and final settlement
Of the question In view. The resumption of specie
payment Is the only rational one, for other system
will remove current values from the reach OF the arbi
trary power Of the government No other give to





safe business calculation can be made. No other
can restore that confidence which is the first pre-
supnon Of snecie rpvmsne esp ny I pu, one re-
solution II must at last come. Even the nfaonists,
while wildly seeking to throw difficulties in It's way,
still admit that finally II must come II is incvitabld
as fate is 1t not the part of prudent men, then mova
resoutey and with unhaggng rmness in the direction
OF end desirable and also so inevita q
Then your dollar will be, and remain a real doI-ar.
no longer lying piece Of paper whose value dependa
% uha Mt iC


TO HARD MONEY DEMOCRATS


word now TO those democrats who in their hearts
the false doctrines of their present leaders did they
not consider themselves, by party interests, bound
TO submit


deal fairly with you, gentlemen do not speak to
you as partisan for l am none. | am in earnest
waen .6Sy say Sas, that all desire for this
Just and wise government and little does to-
me at the hands Of what party the country receives it,
provided it be in truth constitutional honest just and
WISE Neither do conceal from you my opinion that
the old parties constituted iltted to-
solve that problem and that of the best
But II the two old parties 70 continue to divide the
field thcn for the sake of the public interest want
each of them good, not bad, as possible; but,
SINCE you believe the interests OF the Republic
to bo served by your party alone speak TO you
zation for good ends Have you considered what
the Of the imitation democracy Of
3hio VIII bring onr Imagine tnat its cand,
BY the people Of this State; imagine tho
movement spreading and imposing its doctrines
ipon the Democratic National Convention. What
hen ? All OF you hard money democrats will be
norseessy sent TO the rear. Your influence will ba
utterly crushed out, for the who will then rula
7our party want mono Of you Why do say this not
o appeal TO selfish impulse but because 1t true
Ind sincerely regret It, for should be happy to seq
Zach party guided by its best But than that
suppose the imitation democracy, having taken possess
zion of the national organization of your party do
iced in their rush for the national power and having
of their the Presidential chair and major-
ty in Congress, proceed TO carry out their proA
yranme, Yhat thepf Then, unlimited nfatiou
Ind ag g"aH Inevitable conseqlfoncc, universal bank
uptcy and ruin more destructive than ever And
hen remember the attitude Of your party on the
slavery and questions connected with the civh
war has cost you sixteen years exile from power Lea
your party become responsible for the disasters
which initiation will bring along with 1t and II will be-
looked upon the common enemy, and any organiza-
ton in four years may rise up against II viii b0
able 10 wipe il out OF existence however rotten in
morals that organization may be itself What is then.
nnl mar nlnciancn