Year: 1876

iW0Eh 4. 1910


Of this would be 10 depreciate the valn
Of labor and its productions, as well ~ 0
all the property of the debtor class, (who
az rule, are the enterprisiny business
portion Of our people,. and to enhance tn
value Of all notes, bonds, mortgages, an.
other evidences Of debt


Il will require more days labor ans
more Of the property of the business clssl
to pay the interest and principal OF this
indebtedness on the gold basis, than on
the legal-tender, or silver basis upon
which it was contracted.


After attributing all our industrial,
commercial and financial ills TO the ire.
deemable leeAl-tendars, he proceeds to ar-
que in favor Of o currency convertible in
to gold ut the option OF the holder, ~ q
panAcsa for all these evils. He nays I;


''What II needed in the country to snliv-
On business and give labor employment, 10
confidence. II we can once restore con6-
dsnna IL Wecan. lead callitaliata ~ fsal
that they can invest their ,apitei without
danger of loss, then our manufacturing
establishments will start into new life,
business will revive and labor viii lind EN-,
ployment. The only way to effect this
change is to make our currency fixed and
unchangable in its value, and this can be
done only by return to specie payments. ;"


To lead capitalists to feel that they
can invest their capital without danger
Of loss, it is only necessary to assure
them that the gold basis is to become
the settled financial policy Of the country.
They will then know that they Can employ
labor at starvation prices, and reap large
rewards for the use Of their capital.


But after all he has said and done re-
specting the benefits to result from re-
sumption of specie payments, he has failed
to tell us how we are to get the gold to re-
sumo with Yet this would hardly seem
necessary, as he says "the only way to
bring about resumption is to make up our
minds to resume, and then move forward
toward resumption just as rapidly as the
business interests Of the country will per-
NIT"





"Nothing must be done rashly and hur-
riedly. Congress must stop tlnkering
with the currency, and dishonest and shall
low-brained men must put away their ras-
cally schemes of initiation and reputation.
If we could once have it understood by
the whole people that we were to move
steadily forward toward resumption, and
that there was to be no step backward,
the financial problem would speedily and
surely work itself out With this und sr-
standing, and by letting the matter en-
tirely alone and keeping our hands of,
we should find all the many difficulties in
the way Of resumption quickly vanish,
and we should be back to specie payments
in very short time"


Now, how could anything be easier :
We have only to make up our minds 10
resume, and then 60 to the Centennial
and have a good time until resumption
comes around. But just how long we may
have to play centennial is not clear, and
suggest that it might be well for all to
take a good supply of ''lrredeemable
trash" with them. 1t may, and l fear
will, require something more than the
mere act of the will to bring this thing
about We were told during the cam
paign Of 1872 that we we're then on the
road, and moving steadily forward to re-
sumption, but our progress il this direc-
tion has been very slow The average
premium on coin (gold) for the first quar-
ter of that year was no greater than for
the same period Of the present year.


1t will take an indefinite period Of time
to reach resumption at this rate Of pro-
gress. Probably not before the return of
our second centennial But let US see what
this do-nothing policy means. 1st. 1t
means the perpetual demonetization of the
silver dollar, and the payment Of all our
public debts in gold. I'd. The continuance
in force of the resumption act Of 1875, un-
der the operation Of which every dollar Of
the legal tenders can and will be destroyed.
Sd. The perpetuation Of the national bank
ing system, and the surrender of the con-
troll of the circulating medium of the ma
ton to them, with power to expand aud
contract the currency, to. raise and lower
the rate of interest on loanable capital at
pleasure, and to render every other inter
est subservient to their cupidity.


Iregard / every one Of these measures as
highly detrimental to our industrial, COM
mercial and financial interests, and am
therefore unqusli6edly and unaIterably
opposed to each and all Of them.


Gen. Hayes further says


But | wish to notice this new system
of finance, as expounded by the Hon.
Alexander Campbell. Mr.. Campbell has
given the problem of finance a vast
amount Of study, and has succeeded,
as he thinks. IN solving it. He finds
the nation burdened with a heavy debt,
and he claims to have devised way OF
paying this debt which shall De easy to al
concerned. He sees labor unemployed,
the industries Of the country idle, and
hard times everywhere, and he offers fol
all these ills panacea which will bring
prosperity and happiness to every house
hold in the land. This wonderful system
provides for the issue Of Treasury certif
Gates in payment Of the debts and current
expenses of the Government, which Ger
tihcates shall be legal-tender in payment
OF all debts, public and private, (e1cep
when it is provided that payment shal
be made in coln) and interconvertible a
the option of the holder with registered
Government bonds, bearing such equita
BILE rate Of interest as will distribute prop
erty ana products to labor and capital ac
cording to the labor or service performed
in production.