Chicago Daily Tribune Newspaper, September 28, 1875, Page 2

.9 THE CHICAGO TRIBUNE: TUESDAY SEPTEMBER the Republio sgainst armed aggression, but te prodnoo certsin offocts upon the businass of the country. Yon not only dmit Lhat power of the Nationsl Governmont Lo change at will sl en:- yont valuos in the conntry, to dispose of the pri- wata fortuns of every citizan at its arblitrary Pleasnre—nay, in the face of tho offorts of oth- ora Lo strip thn Covernmeny of » diserstion o despotio, you insist that thal powor shall be ox- ercisod by what yon euphoniously call ** making and koeping the currancy oqual to the wanta of trade,” by the Interference of Governmen:, And you still csii yonreeives Democrats, anc claim tha confidonce of the poople by your fidel- ity to the great principle thab povulsr liberty and (roo institutions must bs eacared by a strict lmitation of the powers of govornmont ? When Presidens Grant_tnfled with the wac- making power in the San Domiungo csao, 1 with others denounood bis sction aa & transgrossion of his constitutlonal authority, and you sppiaud- ©d. Whep tho Kn-Klux act was passod, wlon an ack of usnrpation sottiog uv an iliegal Gos- eroment in Louisiaos was countensuced and asnortion. Tha interosted partisan may quibble, but no pnu'ghn insag will closo hie eyos totho trath, What exonse, thnn, can bo prosonted for Fuch n botrayal of professed principles 2 What adyantnges can so banefal s polloy offer to comnonaate far such cursns ? "I'he exousna put fortn SOINE NY THEI FLIMSINESS. Hero is o very curious ooo from Uov. Allen bhim- woll. In one of his drat epeechos Lo eaid eitb- atantially thia: Not the Demncrats, but the Ro- publicaun, forced thegrronback currency upon the yeoplt, The Ropublicsun ara responsibin for it, Thay, thercfors, ought not to vilhfy thelr own child. And sigeo thev bavo forrad tha greonbacks npon uA, they must not find fault with ts it wo sccapt thaeituation and give thaw moro than they bargamed for, Aly, Gov. Allen, this will, bardly _do, nnt even fn s pinch. Vou rany not he matisfled with tho pnat financial policy of the Hepublican party, Nelthier am I, Tut do you nat call your- selt n reformar? Do you mnot aek iho e by tho Admiuistration, when the Fadoral m?ll’:’ ’lnvldnd tho Legislative [nll of that Blato, { was smong tiiosn who protesied aga’vn' such nnconstitutional assursotion of authe Kiop by atop we fought sgainet what appea an advauce of dangeroua coutralization. you applauded. But now I declaro, those nnaonatitatio: * sumptions and tbose contralizing attompy. . poar as mere trilen compared with the ARRITIIARY, DESPOTIO CHARACTER of that power to kick the fortuue of e eitr- %o avout as the foot-ball of ita whims, which you, Demoarats of Qblo, according to your plat- form, not only recognize as bolonging to tho Govoroment, but attempt to fix upon the Government a8 & permanent systom, by making ita abolition almplg impossible. Nay, you iusiat that ruch power shall bo actively oxercised, If tbat is Democracy, thon, 1 entroat vou, tritle uo + longer with the {utelligence of the peaple by pretending that s strict Limitation of the powers of Government aa thejindisponasable safeguard of ‘popalar liborty and republican watitutious in an armclo of your crood. If the groat men of the past, whom you delight in calling tho founders and apostles of your party, tha meu whoso re- oorded opinions oo this mowentous «uestion aro Elllnly befors you, if Jefforson, Jacksn, Bilan Wright, Bauton, could riga from their graves wnd hesr the Ohio platform caliod & true expori- lon of Democratic falth, sh, Low thor eves would kindlo with scorn at thoe barofacod tpusi- tion, apd liow they would sputn with thoir hecls tho bastsrd offspring ! So much for inilation uy the sourca of au arbitrary, despotio power, in- compatitle with froo governmout, So much for the betrayal of the cardiual principle of Demoo- reey by the Democrats wWho aavoeata it. ow & word about inilation a4 tho soarco of sarraption and profligacy. You, my Democratic {rientis, profees to contend for frugal, econowi- ral, hovost, pura government. Ko do L Is thore & fingle candid man_among you who siu- peoplo lo voto for you on tho grouud that you are n reformar? T4 (& mnot tho alfica of o truo rotormer to remove_bad thinga Tjvit bettor things {n thair placa 2 And now e and ray that ronr cpponants have ¢+ upon us & bad thing, and {nnyropou to . by giving ua more of it You sro op- to all dangerons asauni; tions of pawar by clreulation Lo buy tho bonls which to deposit with the National Government sud obtalo from it national enrrency in oxchange.” Thia la goniua, 1t ranks with tho moat briliiaut finan- cial uttorances of Gov, Allon lnm-olt. But I appeal 1o yon, bu-tnesa-tmen, laborers farmern, who honestly desira 1o do rght, and 100k 1o to your party loadors for Instruction, if you want st iustance of the im; udent, insulting sasuranco with which thean mon depend unon your hoing oo iguorant and etupid 10 tell obvi- ous fact from obvious falxohood, look st this: Hoto Is the preat roproseatntive orpan of thoe - flation Demacracy, the tabernacle of its braing, tho fesdin.e. | ipo of its wisdom; and now, winla everybody knows that umllions and millionn of mouey are Jyiug unemployed 1o tho Lusinens contres of tho country, Esat and Woat, lovking for investnient sulliciently safe; white every- Dbody knows that 1n ovory larse ity in the land thoro niadoseus of capitaliats wi abondant means which they mignt dovote to tha croation of bank-j apor issued if | weis profitablo ; whitn overybody kuoas that thoro 1s scarcely a town of respoctablo stze without mon of mesns fully able to form combinaiion for that purpose, that organ, fighting tho trith as it personal enemy, coolly ssks yoa to boli:ve that tuore is nol currency cuongh 1n the country to permit the pmchaso of vonds aa a_ Lasis of Inrthor Nattonal-Dauk sasnes, Wben I road auch thincs 1do not know what to admire moat: tha auada- aity of the inventors or tho piiablo weakness of Jovernment, avd now yoit froposs o re- by giviag ua moro of that! You ara op- posed 1o Al dangerons assnmptions of power by tho CQovetnment, and now vou pronoso 1o re- form hy giving us more of that! You sre op- pose:d to oorrn tion and protligacy, and rropose 10 raforne by piving na moro of that alsol In- deed, n tve assortment of reformatory Aweels in that infistion pill. No, Gov, Allan, tuat will It you propose to reform tho eviis aover du, { yont ko ioudiy denounce by giving na more of iem yon und your friends avo ot the fort of acmzers rensible men will tako to. If. indosd, that shonld turu out to bo the real roformatory goiddt of the Democtacy, then prudent and patriotio mon muat feel in duly bound Lo tura r.uad and look for salvation romewhero clse. But, surcly, oven weie L a life-long Democrat, that kind ‘of roformatory spicit T shonld, asn friend of tho patty us well as of my couuntry, feel bound to sid in putting down to vrevent it from doing fatsl mischief to both, Forthis kind of roforinatory spint might at Inet roform Con- groes uto An wusano anylam, the pubhic scrvice, the mnchinery of the Govermneut, into tho eiomen w of & ponitentiary, and tho party Intos TERNON T0 ALL HONEST AND CIVITIZED MEN, But thero is Another exeuse wiilch at firg sight appearn moro resportable. Itis said tho times arn bard; business is languivhing; onr indus- trion axe donreseed ; thonrands of laborers are withont work : tho Four 8ro ErOWINg pooror; the country Is full of distress ; something munt bo done to afford relief. All thin is true. and thero are many woll-meaning inon who. tronbled by their difieulties, gropo abont for o remady. You, it is indeed necessary tbat somothing bo sorely belisves LLat frugality, sconumy, honeaty, parity of government, ¢an ba promoted by an expangion of our irrcdecmable curreucy, or is evon fu Any Wway compaitblo withis 7 Lot us look at & plain, practical #ide of tha queation. It bhaa frequently been anked : How aro you going to GET YOUR ADDITIONAL GREDNBACRS AFLOAT ? ‘Tho query seeins to Lavo causod some ombar- rassment, and the answer hag ususily bean : On, wo shall got It out somebow. But thers iano nead of indafinitencss. ‘Lo niatier ia cavabloof vrociea atatomant. Obviousiy, there ure two ways to=et additional currency alloat. Une s by buyiug up United Btaies gold-bearlug bunde iu the market, or by buying gold w puy o hends aa thoy fall duo 4 But it in certain that this method will answor only in & very limited measnre, for this sunply roason: As you put out mew greenbacks, with the prospect of a 1argo omiasion, the grosubacky will eapidly depreciate nato gold ; and 2w the ‘bonds are payable, principal audinterest In yoid, thoy will maintain their ;fuld valte, and \ueir ice in paper money will thereby becomun so {:[xh that the mathod of puttivg out groonbacks by purchasing bonda wil soou becomo vity nn- popuilar and ba dropped. Or. if you mean to ro- udiate the bonds, of which, a4 I uuderstand, Sma ia 8t present no declared purposo, tuen. of | conrse, you will simply repudiste tbom, aod not buy them np a4 all, But thero 18 another way to pat afloat new ie- suea of greenbacks; it ia by carrying tho ex- penses of the Government beyond ite revenoee, sud this, I have no doubt, will ba reeorted to o3 the favonie methad. Do you know what that dono to afford relief, 'Tho question ia what that something should be. As wiso mon, we miint first geoertain tha nature of tho dizeass Dbafore deterunning upon the wethod of curo., . The Demnocratio platform of Ohlio aflirms that tho buniness depreasion was caused oy ths con- traction of the curroncy wrought by tho Repub- lican party, Timo and'again 1t Las been shown that shis statemont is falss on Wa very faco. Dut tho inflationista, drivon by the necossily of throwing dust in the oyes of the pooplo, exhibit such an ablo-badicd poraeversnce 1a misstaie- mant that I sball once nmiore take the troudlo to wive the figures from an authentic statomont bofore me. From that sialement it appears that in 1879, when the business cissh occarred, there were 1n tho ngaroyate mora legal-tondersand bank-notey out than eser before; incindine the fractioasl eurcenoy, thers wora £9,000,000 more than in 1472, over £29,000,000 more than in 1871, over 432,000,000 more than in 1870, over $54,000,000 more than io 1569, over 36,000,000 moro thau in 1868, over $£4G,000./00 moro thanin 18673 aud evon if wo count tho comnound intorest notes 10t tho volume of cirenlating currency, wo find that we had in 1473, tho yeur of the crash, s gon- otal apgrogate of 9,000,040 morn thay in 1873, nver 520,000,000 more than in 1871, ovér §51,- 14U, spare than in 1870, over 958,000,000 mure anin 1609, over £2,000,000 moro than in 1868, And vot, jnst tho yoears lait montloned have gonerally boen calied years of unexampled pros perity; and when duriug all thooo yoara the onr- roucy bad reached iln gronteat volume, that col- meaus? Imagine » Congress naling Apprupria- tivpe of moner for the avowed purposo of got- ting on\, putting afioat, apending na mttch monay 88 possibie, adopting syatomatio extravagance in expendilures aas a pecossary moasure of linancial policy to the ond of “‘making and keeping the volnme of ourrency equal to thie wanta of trade,” ‘What a day of jubilee shere will bo among THE TUIEVEY AND RABOALS, who think they can gain not ovly wealth, bat re- apectability, by stealing as much a8 possible or b publio money. Lot it be known that dikches must bodug, that embaukmonts must bo thruan up, that mountaios must bs lunneled, shat il roads and steambost lincs must bo wubaidized, for the very purpose of spendiug mouoy that * the volume of thoe curreucy bo mada wod Lopt equal to tho wauts of trade,"—what a harvest of Jobs, what & cropof 1iugs this blessed couuiry will bear! What n glorious timo for enterpriving coutractors, what a Eeduciive seuson for Con- gressmen to help a friend for & hittlosbaro in the pralits, what s caruival of fraud, *what o tiywg about of stray millions! Xor, wind you, niuney willbe poobject; on $be coutrary, it mus be speut, and the mors spent the heiter, for the greenbacks musL be got out, iu obedicnce to the mandats, **make and keep tbe volume of the cnrrency equal to the wants of trade.” No, fallow-citizens, this is no jost. This isno exngreralion, You adopt s fluaucial policy mak- ing 1t the duty of the National Governwent fo Pput out new iasues of ourrency 1o any way Lhat will serve the gbject quickest, aud unlimited ox- travagavce will be the necessary, the inovitable oonsequence. Thore never was & Btaly ever so well adminiatered, there nevor was a poople ever po frugal, there novor was & governmount ever so caroful, which did vot, by the omissiun of largs quantities of irredoomable paper wiouey, run in the vortox of THOFLIOACY AND CORRUTTION. It has never beeu, it wiil nevur be, otherwise. It 38 in the very re of things. When you man- ufaotare this so-called monoy by meroly priuting a few words oua slip of paper, it apparently costs nothing, Yon are deluding yourselves with the Idesthatyouarecreating weaith, withoutatopping to think of the ultimate day aof reckuning which demands the setilement of accoants, When von spond such monsy for the vory purposa of gatting 1t out, tha wildeat extravazance 18 unavoidablo, and tho extiavagance of w government alwass 18 the very hot-bed of peculation and corsupiion. Y'to nogs will theive, and tho hotost puon will rny the coat. But not only the Governineul and ta oftlosrs dnes it corrupt ; atill more grievously lapee eams, which the wudationists will have ia boliava way caused by contraction. Thote is the record, Thurs was ZXPANSION, AND NO CONTRACTION § end If hero was no contraction, theu contrao- tion cannot have caused Lhe collapso fu busi- nrua, That is so mmple a dewonstraion that think Gov. Allon should underataud 18, And yet 1thall not be surprised to see to-morrow an inilatiovist coma beforo you who, In the face of theas fact+ and figuros, will adirm that it was thy contraction of the curroucy which did tho mischiof. What was, thon, the cause of the crisls of 1872, tho consequences of which are still apon us? I wonder why political economists of tho intlation echool witl nover tomowbor that aimilar dwstutbances occurrad in the business lifo of other countries ; bt Lwo years #go a collspso uf speculation in Austris aud Gormany, a succos- ston of failures 1n England, aud sumls: tlings i1 almost all Enropea conntrics. I'rauce being s notslle oxcu\vltiun. Aud it vo happens that in thie countries thus ufilicted, aspocialiy Gormany, nut ouly na contraation uf the curroncy hind takon placo, but rsthor an iacrense of ity volumo, partly by the intlux of cola through the war in- demoities, partly by an nciease of baok curroncy; while iu France busiuces ap- pears prosperous, although not ouly heavy drafts wore mado oa the Natiousl resouraea for tho pagment of the German war fudemuity, but —nnd Liovito you to mark this—n_ wteads cou- traction of the paper cuirency hss boon goivg on ali the time for tho last thires yours, for the pure posa of roturnilig to specie paymenta, which had veen Bus; onded during the German war. Aud when you study she _condition of things pracods ing the collapsos in European countries and in ours, you will flud tbat sgeucies of & kindred uaturo wero at work there and liore; no contrao- tion of tho currougy whatever, rather an oxpau- 8ion of it ; bat industrial euterpnse overleaping itsolf; an oxtousive production of thivgs for whicl thore was no lwwedinte demnod; the sluking of capital in groat undertalungs which conld yield no lmmediste roturn ; windy schomes, stock "gawbllog, wild speculation In all possible diractions, and tho creation of imayinary val- ues ; wastelul oxtravagauce in orivale ox- lmm]l‘.uros and high lviog extraordinary; o morbid desire to got rich withoat labor; an ex. cosslve atraining of tho credit system—until Oually 716 DUNBLE DUDST and peaplo found that they wers by no means au riob ag they had beliovod thomaclves, Ho it was will it dentoralize the people, Whon, by thu fMuctustions of 8o ViCIOUs & tonelRry Kysteim, tho possessions of overybody bscome uiicortain from sy to day, evory man of businees will, by the wory foroe of ciroumstances, be mads a gambler, What Js worth sometbiug to-dav and may bo worth vothlug to-marrow, 18 lightly mudo the football of chiance. sud whon everylody, to save himself, secs hitngel! forced to overreach every- body else, the priuciples of honensty sra eaaily forgotten, The sting of nacessity’ stimulatey wuscrupulons greed. and the general exaniole si- lonces the voico of conscience, Houeat lavor appears sa fruitless drudgery, and to liso upony otio's wits becomes the order of the day. The blstory of nations §s full of pertinent watnings, American sooiely can 8s0aps such a fato just as little ns any other, 1f we tfood this country with that kind of money, which, fu its very nature, carrion tho POIBON OF YALSE PRETENSE AND UEI y Democratio friends, we bave scon lo our d wsny stariling oases of embezzlement, g«mlluou. and fraud, We e ween Uredit~ lobilier rings, whisky rlogs, mail-oontracs nnge, Indisu rings, and what not. I have deuounced those nzlnfi- no less earnestly than you, Dutl tell you, ull thase things will appear iusigniticant compared with the corruptiou and profligacy which must inovitably euxue whea you pul in operation & flusucisl policy which, In order to “‘make aud keop our irredeemable surrenocy equal to the wants of trade,” will oblige the Govermnent to epend muney in streams for the wvery purpoue of gutting it out; for then rockless oxtravagance, with all the wasteiuluoss and cor- ruption luseparable from it, will no longer ape pear as & mere juoidont, it will become tho aystematio frafllcs of your Uoverument, the very basis of your achems of fluance, Democratt, 4o you avk for the cunfidence of the peaplo on tho'ground ghat yon are suewios of corrupiton and friends of ecuhumical, honest, sud pure goveroment ? If 0, then make hunto $0 mark with the stigma of your condomnation thoss of your luaders who “sitempt taiuveigle you lato the approbation of » fusncial pa'icy which, by the force of necesaity, will make tha Qovernment more corrupt and profligaie tban sver, 1 ventured to affirm that while the Demooratic party puts forth atrict hmitation of the powers of Qoveromens snd the suppression of corrun- tion aud oxtrayagance. na its nrat nb{aoh, thote Demoorst: 0 advocats the inflation of our currency, are sdvoocsting a more despotic and dangerous exercise of CGovernmonial powers, aud s more demunlumfi sud oppressive extrava~ f-uca and coriuption, than we ever experisused, s betrsying the very priuciples which thy Dewocracy moat loudly professed. 1 trust no candid maa will deuy that I kavo mado good wy thaze, and 80 it wan hore. Franoe, on the other baud, bad gone through & disastrous and de- structive war; sho had to pay boavy eums of money—>5,000,000,000 francs—aa & war lndemnls ty, uud largoly increased hior deht. Sho was ap- paroutly prostrated, What was to bo dne? **Issuo more paper currency to restoro prosporis ty," our inflatiomets would bavo asid, Hut no; & wiso finsucial policy detormined othorwise, Not believing that tho country could recuperato by decelving itsolf, they issued nd more irre- deemablo paper monny. They reduced the vol- nua of that which was already tu o.roulacton; wourked stunlily aud stoadily toward resutaption, ¥0 that & franc uot only pretends o bo, bns {8 & frauc, snd hio Lhiat bas one kuows what ho has, ‘Lhe people sot to work sgain in & frugal aud la- barious way, their 1ndustiios producing thiogs for which thore was demaud 1a tho market; no capital supk in lo:# enterprisos; no wild iou, no self-deception by the oreation of us values—aod thus you flud Frauco to- day, iu spite of her disasters, economioallv In & nore matisfactory condition thso the couutiien around ker. Tueraiv a striking lesson bafore us. No wise man will stody 1t withous profit. Now, it belug conclusively shown that the do- Fression of busioess was not brought ou by a contraction of the cuiroucy, but by causea nh{uh alwavs produce such results, the quostion reciirs whethor ao fnflation of the currauoy will furaish tho roiiof we needd. Our 1tlstion doctors seem tu me just 88 wise 8% & phisician who would tront & vage of oyverivaded stomnsch aa a caso of atarvation. Bomnnmu({on will ohserve when & man (v i) and sowms medical tyr triow to oure in sha wmnz' direction, that Nuture wakes au uffort to right ita )1, Bo it 1 &80 with tho diwasseu of ths body eocvnomio, You usy that, aijbongh the bankajo the bual- Dy dentres ull of monoy, lyiug idle for waut of omploymeut, We waut wors ourrency, I to you, DUAINESH OAN HAVE MOME OURRENCY; 1t can haye as much as 1t likes withouy sy furtber nct of Qovernment, Accordlug to | evary one of you, ur any essociaion you mey forw, hiaving the necessary ospilal, cab staria bank of lssue. A general license to that effecs, through the frec-bauking act, was given hy Cungress last winter. We heard 80 wuch uf the West aud tbe Bouth wauting more locsl cireu- Intion and starving for greator banking facilitica, Now you cay maye yourselves comfortabl All logal” impediments are removed, You oau lseuc any amount of curreuoy. But behold! the cur- zency will not Ivflate ona cent's worth. Aud you. worthy patriots, who clamor for mare cur- “rency, 4o nut lify w tinger to creste more. Why Dot ? ilore 18 8 reasou given by the Cincinnatl Enguirery *There isuob oursenoy engugh iu tho .uveolion. Jut tho absurdity of that statemaent ATPEARS 1N 18 FULL (LORY when wo look s nll Lo circumstances of tho cara, Not only did the buriness of the conntey not show that (¢ needed thore, whon it telused to 18810 mure 10 Apite of its opportunilics, but it proved that it bud more than it noeded by sur- teudering a /argo portion of the bauk curreacy in clrculation. On tho st of July of tlis yeac new carrency had been issued to new and old banks, amountiug to 7,750,000 ; but, aceording to o luttor addressed to tne by tho Comptroller of the currency, 324,579,131 of leizal-tonder noven Liave been deposited with tho Treasuror for the purpuse of ratiriug National Bauk notos uoder the act of June 20, 1874, niilo uuder the redom- tion nystew croated Ly the sama act over 31,000,~ (00 of Nutioual Bank notes have been retired— by far tho largest vart of this 1ediction $akini placs o tho West and South, which, wo are toid, wore Btarvicg for moro circu'ation. By the 15th of So tember_that figuro had risen to noorly £29,000,000, TTow in tlus? Tlo businmss of tho conntey, a8 they tell us, suflering mont terribly for waut of ¢wrancy, sud that same bikiness of the conntry pot only nut nccommodating jt<olf by issning” more when it ba an oppoitanity, but valantarily surrendoriog many maiions of what 16 has. Let tho Enquirer oxplein, Terhapa that oxpo- nant of inflation wi-dom will say taw that we haro ot currency enourh to kudp us from giy- {0 tip that which e nave go:. L3ut there aro the facts, Thore is contraction; not contraction by the Governmont, not con- traction by the Republ.can party, not contraction forced npon tho busincss of the countrv, but a contraction of tho currenoy \-ulunuml dot ou foot by tho buxiness of a couutry wheu that pusinean was at perfect liborty to choosa oxpaa- sion an well, 2u carry ont the snmowhnt homely fiznre, the disraned hody ocunomic refues to tago the med.cino administered by quacks; Na- ture makes an offort to right itaelf; the over- chisrgod stomach begios to give up s wudi- eated food, nud disgorges carroncy for swhich thero in no legitimate employmont, ‘That siato of thlnga wanld ssem woll caleulated to conrvince any candid uian of the truo state of things. But tho intlation doctors, nothing daunted.istill, 1u- siok tpon troating the cauoeas ono of atarvation, and proposs, if tho paticut rofurcs to tako it willinglr, to ram down by forze stlll moro of tho mdlgoauhu stuif. They evidently bolong to that clans of doctors to whom the salo of tho medictue iy moro important thaa the cure of tha padient. AND WIAT GNOD do_yon promies us yourinilation medicine will do?” A patont-chixir adverdsemant could uot Lo richor thay tho declawalions of its advocates. Prosperity 14 to revive at once; overy iwan, wotnan, aud child is to bave pleuty of money; ail dobts aro to bo paid by a sort of zelf-ucting process; every mine, everv factury, oveiy mill i tho Jand is to Lo at onco in full blast, and thaueands of new est (blidinents will sprivg up ou all eides ; thoy will produce an 1ulinito quan- tity of goods, sud for mil tuey esn produce thoro wil be a ready market; everybody will want to buy evarytiing, sad havo rlauzy of money to do it; tho Inboriog-man will command the situs- tion; bhowill have to work lois and g.t bigher wagod for 1t than ever; and in an_Incredi- bly short tina we sbal all bo rich; or, rathor, whilo wow {be rich got richer sud poor get poor, that the rien will got poor and tho poor got rich, the ** monoy-power" will bo broken, for moncy will be cheap money, it will be *‘the paople's money, aud the moro of it tho bettar. Ihis sort of talk, apd oven wmlder thaa this, you can hear nowadays, not only it the lanatic asylums, but on tho publio pistforms of Ohio, put forth by men pretendlng to bo the spokeamon and leadera of a groat party, who, on $ho stropgth of theso very promises, attompt to take contiul of the destinica not only of Qlio, vut of the great Amorican Republic. 18 IT NOT A SAD SPECTACLK indend to ero, mot only public men racklesa enouzh thus eraclly to mock tho eredulity of tha jour aud needy, but multitudes patientlv listen- ing to such ravivg absurditics, " iustead of ro- petiing the insult thus wautonly offered to thelr rood senso? An irredosmablo papor money, cheap money, the peoplo's moosy ! Intation tho rolief of tho poor ! 1 entreat you, laboriug men, puor men, {;iro me your eandid attention ono moment, Lot yonr minds tor once cast amdo projudice and party passion, and laok subierly at the facts, Supposo we issua moro currenay, aa tha Qhio platforin cuphoulously cuilsit, **to inake aud koep the volumo of the cariency oqual to tho wanty of trado ;" 1 othor wordy, we ombarkiu a courso of iutlation, X will not argue horo the constitu- tional paint, whe.her Uougress has the powor to tucreass tho volume of greeubacks boyoud four hundred millions, and whether the” Bupreme Court, 8s I expect it would, might doclare such au act void and of no force. Buppose It can bo done without any leral impediment. Ilow will it opoerata? Iore is a capitalist, a rica man, s merchant of abundant moans, or a woslty spocu- lator. Iu tho morning ho takes up his paper and vonds: ** Congress Lss passed an act to iasuo another hupdred or two hundred mlllions of logal-tendous, with s prospoct of more.” e knows, as & matter of courso, that theroupon the promium on gold will rise; the purchaung rower of tho greenvack dollar will decrease. Tho noxt pioce of news be gets u or from Wull streat fa: Gold s going up snd likely to rise steadily, Wuat does ho do? Ho beyins at once to trun ~his yail totbe wind. [lo saoks A way to take advantago of the fluctustlons golug on or bl nmvueh and, belug » wau of means, comwand. ing hundreds of thousauds, or evou mwillions, ke ousily finda that way, 1f ue be o osutious wsn, Lo Lizg, of coures, leut out mouay orgiven oredit ouly on short time, and Lo at once oulls in the monoy due lum with ngorous soverity, 10 save himsel! from the effects of dopreciauion. TIE DESTOR MAY GROAN, bus Lio will Lave to pay or go into \nuumpwv, for the rich wau saves himself bofore the storm, and puts hud money lnto lovestmentd not apt v be uufavorably atfoated by the fluctuations of tho curroncy. If Lebo s morchant, ho will &b ouce [:ut up Lis prices to proside azainst the de- prooiation of the currency, aud sell ouly at large protits and for cash. for ho 18 not auzious to soll, and, being a wealthy man, not obliged to sull, knowinz, as ho does, that bis goods will rise In earront money value oo his bands, while his credits would depreciate, Bo, by taking advan- tage of the fluctuations golug om, whfik, FUY man of means, ho isable Lo do, ho not obly saved himsolf, but ma'tes & handsome profit by shrowd calculstion, Or, if e be a apeculator, sud a somowhat vouturcsomo man, hbe wil spoculate on the rise in tho price of stocks or goods, in the true glmhllnfi atyle, and perapu cootriva to run Juto Jaige hisbilities, ex- [wcumg to pay thom off in 8 1ousy of less value hau that in which ho contracted thom. Iappily, the latier specics of operators will sometimes bo caught, but not uufroquently thuy succovd. Aud 80 00 z!uough the whoio cltupter,” ‘Cliuv tho rich man, haviog tho means to play fast and loose, standing upon that emineuce lu tbe bosiuess world, whers bo can feel tho dnft of every breoze and watch the apporrance of evory clond ou the borizon, enjuys the fullest opportunity and s}l tho facilities which wealth furuisues, awidet tho floctuations of currency and of pricos, to tend out or to draw in money, to give up oua nvastment and to make anather, tobuyor to sell, to speculats upon mrise ora in one word, to take ndv-nméo of aur{ chance, not only for bis eafaty but for Ina protls, 88 hie good fudxmbm mav suggest ; and in tho end Le wil, £ 1o was & sheawd calculator, Lave grown richer tunn ever Lefore by thosa very tluctuations. Aud if you had your eyes open, you could not fajl to observe that the time whan an irredecruable cuc- rency with its ever Anctuating changosof valnes rovailed 1o this country was just the time when ho tich nion grew rapidly riclior, sud enormoua accumulations of weaith fell into slugle bands, But now look at the OTHEBR EIDE OF TUE PICTURE, . [Tere ia a Iaboring man who works for wages. Ho I8 bouestly tolliag to support hiwself and his family, and way bo Lins succesded In saviug a fow bndred dollars, and deposited them fo & saviugs bank, Now Cougress resulves to lssne mose Woney fu abundance, and (otlation com- weuces iu kood earnest. Tho laboring mav, who bag listawd to Gov. Allen or Uea. Cary thinks the miltentamn fa comiog. Tho ** people'smoney ! will ho plenty. ‘Tho gold premium riacs, and tho prioes of commndlsien aiwo, The worthy labirer daca not, hke the rich man, roal tho fuancial nracies and tho matket 1evorta b the metro- volitan juarnals, aud sf ho did 1t would bo of no benefit to lum, The riso of the gold prominm troubles hila mind vory nitlo, for the **poople’s money " {n fo bo choap and plenty. But somo day ho gona to_the stors to bur thinga for hls houashotd and his family. 1o lus surprise ho finda thas the pricoa of grocaries, and rhocr, sid clithing, sud so _on, havo hecomn much h gher than beforo. * Flow fn thin?" ba aetin, 0 Well" rayu tho dwaler, “gtold has goso up i Ihsve to pav mush mova for the gowda I by of tho whols- sato nerchant, Lherefore 1 am obiged to chiarge wore,” Yo tho worthy laborar has to pay thesa higlice pricos, for ho cannot wait for a botor chaneo. hko the rich iunn; ho mual buy shoca and clothes, or he hima If and_Lia wife and childron wiil bave o go batofuotad or naked; he mist Ly provisions, for be family must oat. o coseores hi Laell with the i fua thnat ** the poople’s mouey " will ko ftalt rigbt, After & while bo discovora that, with tho high pricrn o lias to pay for all nA necea-anes, his waces atn uo -0 zer auticisnt to wupport hilm and his. S0 ho oce 40 hisem loyer and vavs: “ Evarything has becomo very dear. and I ean uo louger livo on tho wages vou givo mo. You must give mo more. Whot fsthe angwer: * Wall,” pays tho cmyplorer, * things have gone up bacauso gold It goue uo Ao much. Wait a littlo, it will evma ail mgat again, The enrrency will tiuctuats, and. sou 6co, in my iarge business [eavnot change my eealo of weges every ime gold gons wp or down." Ile oniits, however, to add that he has been vory quick in warking up tho pricos of sll ho bad to kell a5 soon o8 the upward movemout commenced, ‘Cho laborer shakes his head but anbmits for the tino being, hoping for a favor- able chanze. Bt thiugs 10 NOT COMHE ALL RIGHT AGAIY, Prices ebt!l riso higher, wiilo bis wages romain the same. At last ho finds his situation unrr- dwsvle, and, combimng with hin follow-labi r- erg, b Joudiv dewands highoe pay. The cus- ployer yiolds, or rather reomd to viekl. Go'd aud pricos have goun up 80 to 40 per cont, aud hio grudgingly cousentn to incroase wazes nhout 16 or 20 per cont, ‘That 18 sll he can do. ho says, for “thiuge aro 8o uncertsin.” In tho menutime, more ** peoplo’s money,” maro green- backs, aro 1soied to * mako aud keop the vul- umo cf the- cutroncy equsl to tho wants of teado,” gold and the prices of commoditiea riso etll higher, whilo wages craep slowly af.er them at o reasoctful distance, Meantime, the lcass of the dwelling of our worthy Isborer has oxplrad, aud o wanis to ranow it. Tho landlonl domands a much lugher tent, ** iligher ront 1™ exclatms thy 1aboror; *am I pot feccad enongh alrondy 2 " +Cannot holp it,” tays tho kandlord; ** goldnnd goneral prides hava gono up so much, a1d our monaey is worth 8o little, that I must have higher rout to gat along myself. You must |ay or move." The !aborer ham to submit, but re- ealves to omaucipate himself with * tho peoplo’s monoy " from tho greody tyranny of the bloated laud ord, Io Las something liko €200 or £300 of old savings in the eavings baok, ond makes uw his mind to build a homa for himaself and by fawily, the simpleac kind of n fittlo woodon houso of two or threo reoms and o kitehon, on o choap hittlo lot in the outshirts, Yormoily bis roservo of money wonld bave ponoa far toward accomplishig that end, but, upou 1n }Illl’y a8ty the yradont prices of gzrouud and building mate- 11al, lio finds that, sinco **tho peaple’s money " lias boen fseued in abundange, his own monoy will not go AALF A FAR A8 FPORMERLY toward giving bim a home. [o othor words, abaitt half of the pursbadiog power of thbe real valuo of uis saviogs has disappoared. But, de- tortuined to escapo rom the tyranny of the land- lord, ho resolves to try whother he canot, in nddition to kis vwn, borrow monoy enough to accomolish his purpose, for, of coureo, ** the peupla's manoy * tust be sasy to obtain at low intevent, Lelug * the people’s money.” Uo applica to & money-lendor fur o couplo aof huudved at low Interest, on two or thron vonrs' time, to bo sezured by mortgage on *ho houso and lot, * Low luterest,jund thireo years' tina! " exclnuug the monev-feuder. * My dear nan, you do not undorstand the period. Sinco moroe and moro greonbocks aro 1asued tho valuo of the dollar docrenscs ravidly, and It Ilend you monoy now vn threo years' time, how do I know what that monev may be worth nc the oud of threo years ? Perbaps tencents i goid or nolb- ing. and you canuot pay ma interost enough to cover that risk.” T'hn worthy Iaborer is aurprisod. Ho thonght *the paoplo’a money woull ve cheap monov.” “ But,” ho askis, “*ia no money lert out ot all 2" 4 Cestainly,™ sayu tuo monoy-londor; **it 18 lent out, if good seei.rity in otferad, an cnll, 8o tint T can at uny mumont of fluctuation dengerous to my futurosts put my hand uoou it and take it back agamn.” *‘Then” pursucs the laboror, “*vou would be ablo to scize at anv moment up- on tho socurity Igiveif I cannot payat once whon you happou to want your monoy back? That will mnever do for me.” “Just s0,” says the movey-lender ; * guch Josos cau bo used ouly by rich uen, who can moake suficient menna nvaliable at any thme, Of courdo, it's nothlug forfthe paor.” The la- borer grows mors and moro thuazhtful. * Due," Lo asks at last, despondingly, * s there no way at ull to lholp me and to secnre you in tuiy tbing? " “Well,” roplies tho moncy-lender, * tliore may perhaps be one way., Sippose wu figure out what the amouut of mousy you waul would bo in gold, sud I lend it to you in gold, and you securo mo by a mortgago on your prop- erty bhe 1epaymont of that sum in gold at the end of thros years. That would do for mo, and you might have the muuey at reasonsblo mter- out.” 'Tho laborer ponders. ** Bnt,” savs he, at last, ** how du I know how many greeuback dol- fars [ Lzl Lavo to ;uy for a gold dollar st tho oud of threo voars? “Perhaps five or ten to ono.” ** That's truo sgain," mays the money- lunder, coolly, and thera tho negotiation ends, The worthy laborer begloa strougly to suspect that thero must bo svmotbing WEBONG AKOUT “TUE PEOPLE'S MoXEY,” which ia to Le ac cheap for the poor man, Bus there me mora curlous experiences iu atora for him., The policy of ‘*‘making aud Lkeoping tho volume of Lhe currency squal to tup wants of trads *' requires tho lssue of largor and largor quantities of *'the people’s money," for the wants of crado iustosd of being satisfied, demand more withevery naw issue. ‘The prices of the necessarien of Lfu riso higher and higher a4 tho valuo of thepaper money goea down and down, Thu speculators and gamblers of the country do & roanug business, Prosvecity de- velops to snch a paiut thas & bushel of coalcoats #20, and & fuckkinfe its woight in groeubacks, The woithy labcror's deposit in the savings bauk, onca suflicen to bulld a ittle house, will 0o longor buy acecent pair af boots, and as the rise of tho pricor of nocesuscies always run far abioad of tho rise of his wages, he bas been rather cousumiog what Lie liad thau Juying up new ulvuuru. Tinally tho icevitable crash approsches. The prudeut rich man has anueclpsied ite ocoming and taken his precautious. He can do 8o, for he liad the buowedgs sud the menss, Dut the poor ‘mon i3 the victim of lis uecesdtics. To tske procautiona s not possiblo for him, Ifo laswent along by ths tide. A fovling of distrust creaps over the buswess community. Uua day oot woithy lstoror gooa to Lis place of work as usual. "] am sorry,"” says tho emplover, who suiffs the broeze; *! thore iy an umnloclm mar- kog and & Jownward toendoney ; I am obliged to true insal; I have but Intla work for you at low wages, or no work st all." At last tha ahip- wrock 14 complew®, 'T'he rich man is in the lifs. boat, the poor man in the broakers, and NOTUING TO FLOAT 11Isl, About that timo I hope Gov. Allen and Gea, Cary will come along aud ro, cat_tLeir spoaches about * tho |:evple’s mouey.” What will then the poor laorer A3y in roapouss P * Talk to me about your pouple's mouoy ! It s tho gambler's monoy, tho bloodsucker's money, the sbarper's woney, the dovil’s woney 1" And {t may then porkaps bo wise for Gov. Alleu aud Qen. Car aud the other aposties of ** the people's money " to slay away from tho stieets whero their robbed aud outraged victinm congrogate, [ spprebiend the ynnFmG‘ of tho poor, which Afr. Kelloy, of Yeunsylvaula, io this clmmlfn 80 loudly throst- anod s¥aiues the adyocatey of resumption, might tutn tho otuer way, Hava I oxsgeersied ? Wha that has ever studied tho bistory of couutries where an irro- deemablo 8r_currenoy prevallod whll deny that every word I have said ls borna out by the universal expenieuco of msukind 7 Who™ will deny when the dopreciation of such & ourreusy 'drlvnu up price la- Lorlp tuan's w-fiu Tieo last aud luu!’ Who will deny that, when the bubblea b of paper speculatlon burat, |ha)-bqnu§ mau's earniugs aro out dowa st and Jowest In our countr ozceptivn tuthorule? The atatlstics cumpilod by the Labur Burea of Masaschiusetia, corresponding with those of the Ublted Btatos conaus, show that the goas of liv- ing bsd tlsen 0] por cent betwean 1860 and 1870~ q-fi while tue averaga incteada iu wagea was but 80, The greater tho intation, the greator tha diatsnco Lotween prices aod wages, And who does notkuow, when the crisis of 1573 cauwe, thut work stcppod snd weges went down a ;oud whilo beforo t4s coat of liviag did? Aud who bnd o lose tba differenca ? The laboring wau, What follows? Of all sgencies which buwsy Ingonui- sy cau iwvpnt, there (8 noue that so insldiously robs bunaa labor of its esroibgs aod makes the fortun®l of the poor man tha football of the riok, 88a curroucy of finctustiog value. To call £ 800 xqplu's mokey Ls 83 cruel & mockery aa t0 28, 1875 —TLEN PAGLS. call londnl dice the hopoat man's ehanes azalant s abarpor. It s the must fusidlous agency to mako THE RICH RICHER AND THE POAR POONER. Wo ara told that sn expaost 1 of (Lo curroney and it cousogueul depreciatton will bunotit tho poor, inasmuct 84 it mall benoidt the dabtor an agalnst tho creditor by enabling tho furaer to iy oft nin dehte in & lexa valuo (han thatin which ther were contracted. Tha moratity of that aranment 1 will nos discusa ; I profor to lenve Jt to tha conasiones of the poople. Dt :u: us |‘?ua at tLio protended tacts upon which it n based. Ta 1t truo, then, the poor mon are tho debtors of tho conutry > o contract & dobt regnires eredit, nnd crodit it bna d upon meany with which to pay. Menol vers small means a:o sel- dom in debt, beeanso they hisvo no opportunity for boing wo. L we liad Tho statistien of privata iudebteduess in tho 'nitod Btatsa before us thoy swould unquestionavly show that moro than 75 percont of it {8 oning by men commanding camparatively Jarge means, and that tha labor, oA for wages are the lonat indebtad cl48 of ciaty, ovow in propurtion tu thejr earniugs an aavings, aud next to them the farmers and amall buniners nen, Uut the lsboting poople are, ton v anvy amount, among the oreditors of the country, I vontiuro to may tha' tharo i neither & manufacturor, nor a worchant, nur a profossional mau of moans in this asxembly who in nat & debior, and nman‘g his creditors aio, in ninely-nine caves out of a hundrod. hiv woriwmen or bia sarvants, to whom ho owas wagea fora part of a week or & month, Tt liny bean ealen- Iated by good anzhority that the wagzes thin con- stantly owlog fur an averago of half s taonta’s servico or work amount, fn the whole country, to $120,000,000. Auvd nhofs it that ovas tho dogonts in the saviogs banks, amounting to about 760,000,000 7 Not tho rich, but tho In- voring peoble and poople and persons of small moann, who put their surnins onroings thora for #ato kooping, It is oetiwnted that tho samo claga hae, in National and privats banks and in trust combanion, another 200,000,000, aud that noarly §130. 00,000 i» owing them in ather kinda of debts. Thoro ts, then, nsum of about $1,20),- 0u, 00 owing to the labosing peopls aud mon of ¥mail means, conatitutin;s thoit navings. To thal amonnt that clars aro cieditors. And you pro- tond that for their bouofit vou will exnaud tho curreney. . Gold beiog at 15 por cont promimm. thase savings have n valuo of £1,020,000,000 in gold. Ezpand the cutroncy usatil the gold pro- mium ¥ 80, snd yoa bava TODDED THORE PIOPLE of $180.000,000 of thoir savinme; oxpand it notil the gold premium is 50, and voa Lave strivped them of 242),000,009 of hard-carned monvy. Thoro are the ponalonors of the Unilod Btatos,— tho disablod aoldiers of tho War, and the widows and orphans of thoss who died for all of us, They receivo thirty willious a yenr, nt present reprosouting & gold value of 326,600,000, 1ix- pand tho currency until the gold premiam 1 50, and yon bave tHiched away 34,600,000 & yoar from what tho Republio consliiors p dubt of lionor, and rabbed the wounded and tho widows and orpuana of 40 much of thalr suslenauco. Procioua frisnay of “tho poa;la thode are who, wnder pietenso of protocting the dabior against the creditor, rob the Iaborors of hundrody of millions of their hard-earnea savings, and deapoil ovou those who Lave sulfored for thelr country, But is not o large portion of the middla class, emall busness-mon snd farmory, In debt, aud woulil thoy not bo relieved by an expansion and depreeiation of tha currsnov? No donbt thero are many of that clags burdoned with habilities, although tho number of worlgaged farmais much smaller than gonorally supposed. I find that horo (o Obio ecarcely one tarm vut of ten hns any ivcumbrance. But, howover that may bo, wonld that expaasion of the cutreney benotit thous dobtors? [way, Nol for & very pimjlo reason. No sooner wili oxpassion become tho daclared polloy of tho Goveinment than capital- iuts, monay-landers, and buvinoss-men having monoy dae them, will be upon thelr guer Krowing that tho oxpansion of thie currency wi subjoct thotr ontstandings Lo progrosaive dopre- clation, they will at ouga scels to naticlpnto that evont. They will use averymeans iu their power to get bold of their money, or, withoot mervy, clutch tho proporty that secires it, sud foro- cloaures, oxecutions, aberill's sales, will be rhe ordor of tue day, The croditor, to savo bimeelt, will appear in bis mout releatiess tomper, snd i thousands of cases the dobtor, thus gotting rid of hia mdobtadness, togother with his proposty, in the manner most disasizous to him, will have rosson to CURSZ THOSE WIIO PRETENDED TO RELIEVE MIM by *‘makiog snd keopiug the vo'ume of the cur- roney equal to the wants of trade.” ! But 1 am sure that it 18 not from thot class ot bonest doptors that the cry of imflation comoa, It ta another acu of wen, of differont eharnoter, 1 know tham. for I have neen thom baunting tho lobbios of Congrose aud tho avenues of tho Capis tal when tho fluancial question was uuder dig- cusaion, and 1 am sure yon hinve seun thom hers among tho most clamorons advocates of intla- tion. I do not poiut to the poiitical demsgogne alone, who seckn to mako some capital for him- self by Joluiog what he beliovos a popalar ory, Dat 1 mean tha disappointed specilators, who, instead of following the path of fruzal and ateady industry, tried quiokly to getrich on the wils, by go:ting up largo fluancial opora- tioua on & amall capital of thelr own or oo bor- rowed money, and who, fuding thomsolven baffied by an unfavorable turn of things, and iu. volved iu hesvy liabilities, pow waut ' the people’s money ™ tu holp thom out of tho Iurch aud to pay their bitle, Hore it I3 & woeoulation in city lota; thero & paper town abt 8 river mouth or » rafiroad Juuotion; then again alarge oporation in coal iands, or wilver winos, or fancy #tock of what uot, What they doairs i, by a Jargze oxvanaion of the corrency, to plunge the country once moro Into tho faver of wild spocu- Iation, o that they may have an opportusity to palm off their elophsnts upon other paople, aud then, when thay thomnolvos hava securod their vrize, let * the devil tako tha bindmosc,” . And men of thie class are the most vooifarous spos- tlea of * tho people's monoey," Hupguan thoy succeed intheir achemo ; nippose, by fuilation, the spoculating fever ba rovived, and hey not nnI'y #ot rid of their Habilitlos, bat make mill ons of profit on their gmmbling onter- nrisos, who will loso tho milllons they gain ? Who wiil pay tho cost? Not the viotims alone, who are foollsh onough to take tho speculating onterprison off their hanas, and thon ars caught by tha tinal crash inovitably to coma, Buch vie~ tims would, porhsps, desorve their fate. Ro, the cost WOULD BN PAID DY TUN LADORING-MEN of the couatry, whom the dopreciation of the currency would pluoder of tho ailfersnce bo- tween thoe rise of the prices of nocossaries and the riso of wages, The cost would bs_paid by the inaustrious and frugal, whoss doposited navings would be robbed of their value; by tho pousioners, tho diwabled woldlers, tho widows and orplians of the slain, whose slender imncomou would ba despoiled of their powar to buy bread ; by every hooest wan ia the land, who would suffor {n the gama of overreaching which the intlated currenoy would bring with {t. I# in the “ people’s money " thoy call it. But I tell the apeculators they will not succeed in their wohemo. Thay are maklng a very sorious mia- take in their caloulstion. ‘They beliove if wo now intista the curreucy things will go on awim. mio l{. a3 thoy did when, during tho War, the logal-tondora wore flrat issued and gradually augmented. They will woop percelva a vory essoutisl difference. When the legal-tenders wore first 1esued, our: poople had to galn thelr firat experiences with an irredsenmiable Qovern- meot curroncy since the Revolutionary War. enback appearad, not sa s brick of echem- clets, but sa the oreaturo of publio ne- y. ‘Lbe people had full confidance tn the Integrity and good [aith of the Guvernment an to the fuitillinent of its promi Whea the events of the War weni disastroualv sgalust us, doubts arcse as Lo the abllity of the Government to ro- deem its pledgos, but not sa to the houesty of its [ntontions. Those doubta affuoted tho value of tho paper money, Dut whon the shanoes of war turned in our favor, and at last the arma of the Unton triviznhod, thore wes soarcely a man in tho land who did ot belleve thas whab the Governmaut had promised would, ss = sacrod obligation, bo faithfully peiformed. And tha samo coufidenco which the lewal-tender coni- mandod at homo was commandsd by our bonds sbroad. But if you fnflato the currency under reaeut circumatances, what will be the cundi. ion of hings thea? The sadditious graoubaolt will not snpuar a8 the crosture of mu fwporative ublic uecedaisy, to save the life of the Lapublio n the extremity of peril, 1t will sppear & tlio produot of & wobewms, the Emposu of which are dark. The world will hogin to suspect that when s Government, iu the face of the disas. trous oxperiences of mankjnd, redoris 0 80 ox- traordiuary and danqerous s measuce withons pecesuty, Its Integrity cannot Jonger be depend. ed upou, Doubts will arise, sud very erlous doubia, not as to the ability, but a3 to the hooest intentions of the Goverument to redeem ita promises. And those doubts will fall upon our busivess like & dudaulng.blllhl. The last remnant of confidenocs will be pacalyzed. The wurld will s THK SPRCTSE OF REPUDIATION looniing up bubind g0 reckless & fuanclal polioy. The taith of mankind in the Integrity of our CGovernmony giviog way, our oredit’ will be shaken {0 its very foundstions. And, sa you sumoiimes ses tha deponitors of a benk, excited by the rutor that the Casbier {s making away witk the cash, justinotively nnlte in a fovorish run upon the counter, 80 you must not bo sur- prised i, 10 the general alarm about threatening dishouesty, you soe the ssourities uot only of the Government, but of ouxr privste corparations slao, finog by the bundrads of millinna into tha market, peoditcing n erasl more fearfal and do rtrnetive. and A paralysis moro doadly tu nll our eoononne Intoresta, than any pople on earth can remomber for ganosnbong pasi. Tuat, foliow-citizons, 1 tho foast ta which the advocatos of milation nvite yon wo Llaudly, That {n tho rovlval uf bumneas, thit in tho wou- derful dovolo ment of prosperty which they npromise vau in auch elowing colors, Tnat in the dnft of tao policy which s to sot our factorion whirhug, to muko our farmerd tich, to vive our Iatorers abundnneos of work and unprosodented wagos, o put bread futo the moatus of the noady, Opén your oyen to the truth, and yon find nothing bt a pro-pect of hankruplog mvre enernl, aod varalyis mora fatal, than ovar Le- ore, —n:th sugh It may ba a small consoiation to tho houest maa of tho coun'ry to suo the rock- less spoculato's who, b the exponse of ali, #ouhit to eurich (homselves, enguifed with thom 1 the samo rum, Dt 1 s<k you, with all eardor and_soliorneas, lmsinoss men, farmers, lobore-s, houest and patdotic citizens of ail olig+a4, t [t not tinio to HTOP BUCIT WAN10N SCHEMS OF MISONIEF P Can wa bo 8o blind as not o see ita tendoney. or, reelug i1, 8. reckless as to rnn so terable nrivk? I kuuw s woill as savbady thaz busiuoss de do- prossed ninl Lthat many ara grisvourly euflecing, But deoa not tho common nenso of rantkind, doas not the aceumula’ed experienco of historv, toes_mot onr own tocslloction of past oventa cloarly point out the roail of ynprovement and rolief ? Thero being an abundanco of monoy fn tho baoks that ltes unomplosed, ft 14 ovidantly not more monoy we nond. Whnt do wo nwd, then ? Contidenco, contldence which will lnduco timid ea_ital to vontnro into euterpriso, And whatia tho first 1taquirement to revtore confidenco? 1t is stability, abave all thnge tha stability of curront valnes, which ronders ponsible busincaa ealculations of roasonable cortam- ty. When tho capitalist Is sssurod that the dollar of lo-morrow will have tho eamn valno a8 tho doilar of to-das, and that this stability of valae finds full security it o ra- tional and fixod monotary sy-tem, then, ana no soonee, will ho libotally trust his monoy to thoso who want ac.vely to _omitoy it aud prowive n fair roturn. But conflideuce’ will uot grow ns long as tho prospect that the wild schomos of demagoruon or vislouaries may obtain control of our National inances DLanga ovor the busminess world 1ike a threatening storm-clond, Cunil- denco will nat grow a8 long as overy husinnsa man in the couniry lvoks with tropilation for ttio meoting of tho~ National Congroas, aud docs not ceaso to trembla uutil tua welcoma dag of ius adjournment, for Ieac lest tho connsols of folly might prevail end crosd oven tho most senethle catenlatinn and baflle tho acntest forosight. Coufldonee will not return until a doanciad poliey Ie unalterably determined upon, which will givo us, 1oL Moo mouoy, but UONET, BAFE MONEY. For honest, aale monov in, of ail fonndations of sound business, the most indispenssulo, Lot us nodemstand the toschings of our own history. Thero nre mrny among ua who remom- ber the groat orises of 1837 snd 1857 in the United Stacos. In both cages the country wan looded with au 1ll-secured, uneafo baul etirron- cy, nud foverish specalationpravatlod. Then the crash catnn. Bpoculation collapsed, tho bubllo ot fictitious values biurat, the rotten ban'ts proke, and tboir currency was swopt away. Lusinoss way paralyzed ; the peopla woro in distress as thoy are now. Whatromedy waa applied ? Iho uatural, tho only olliclont remedv, and it applicd itself. No frosh lutusion of more un+afowauey; oo, just (o reverso, Dy tho bresking of tho rotton bonks and the dissppoarancs of their noto isanes the volume of the currency contract- ed itself violontly, 'T'bore way, at the end of tha process, far less monoy in cirenlation than be- tore, but that which remained wa sonnd o mey. Pcople cume to their sewses, Proiltiug by the teachingn of mislurune, they bogan to racog- nize ouce moro that uot wild speculition, not the croation of imayglnaty valnos, but bovest, sturdy, fruzal Jodustry, s the Bourco of real wealth aud prospority. Whnn ths fieet effoces of tho groat shock wero over, whon the lies and deceptions In the sbape of rotten bauk ssties and fancy valnes had disappeared, when the self-scting contraction of oucrency amd credit had douo its work, business entorprisa bo. gou ouco more to feol flrm ground under ity feot, Dusmo.n men bad lessof that which callod irsol mouoy, but they were stiro that ovory dol- lar they did have not only called itsolf a dollur, but was a doilar znd WOULD NEMAIN A DOLLAR. Upon tho stability of ita valus thoy conld une hiesitatinzly basa thoir calenlarions, Tuus con- Adenzo graduntly raturnod ; che ga,s lu tiso vol- ume of curreucy wore presently filled, noc by act of Cougress crea:ing papor issues, but by gold flowing in from abroad In obedionce to the laws of tradn; business outorprise rovived, and soon tbo country was again in tho course of prosper- oua davelopment, To bo euro, the fancy stocks and speculntivo values, which bad poriahed in tue crash, did not recovor, but the production of real wealth was moro nulive than before. Laok a theso bistotio evencs, and then aak yourselves : \Vnat would bave been the effect if Congreas had tried to roliove distross sud £) ro- vive busiaoss by maklog notus of the Lroken banis a logal toudar, or by eiesting au irredoen:- ablo Governmoernt paperourrency 7 A now elo- mout of fluctuation and uncertaiuty wonld lavs been thrown into thbe genoral confusion; tho stock gamblers aud a;‘mnululvxm might poriaps have succoedod 1n tosding thoeir rotien vontures npon the shoulders of now viciima; but tho stagnation of leptimate busluons would unqites. tienably have contiaued ; cspital would aurely oot have ventuced out, confldonce would mot have roturned, the geuoral distress would cor- tainly havo lineersd oo, until at last that clement of unsagety aud decoption,—nan irredeemablo and flnotusting currency,—~had been wiped out, and the business of tho cmmuz hud been placed agatn on tho sound basls of the stablity of cur- rout values. 4 Can wo {nil to undezstand that leason ? : EXAMINE THE ORISIS whioh broke ous two yoars azo, in Beptember, 1874, That crash oid not coutract our curcency; on the contrary, what thero was remainod, an shortly sftor the volume of greoubacke waa in- creasod twenty-Gve millions by successivo tasucs from tho so-called reserve, Moooy did not dis- appear, 88 it did in 1837 and 1807, ‘Thero was more of it than befors, and yet the general utag. nation and suffer lnfi ooutinue, and the future ap- ears to us dark and gloomy, without any sign of morovoment. Yes, we have miuto monoy than befors; but who of you can t-il tno what that moooy will bo worth twonty dnya after the open- iug of the next soasion of Cu.yireas? Who af yon can toll mo what wild autics tlsl monoy may Plag with the fortunes of all of uy, if thoso who olamor for inflation now abould nbtain cantrol of tho Nationsl Govaromont s year heuce? And now, feeling a8 wo do with overy tep, instead of firmi ground, a treacherons quicksand undor our feet, ig thero still anybody who asks why conil- douca docs hotrevive, why capital timidly shrinks back, why tho maess of monay {dly accumulatod in tha banke does aut trust itsolf futo the hends of enterprigs, why prospority does not return, ntrulh\vh y?thu horlzon 18 etill without & visible ray of hope My fellow-citizens all sane men agreo that, of tho great problem which oppre:ses us, thero is but one ulilmate sotutlon, It s tho BAIULN TO A YPECIE BASIY. ‘Whstever other sohemos muy be devised, they do nol oven proteud to bave o permaucut, flnal sotilement of (he question in view, Tho re- uinption of epecis pavinonts is the only rational ong, for no other systeas mill romove ocurrcut values from the reuch of the arbitrary powar of Qovernment; uo oiher csn give to ourrent yalues thut giability without wiuch no eafe busi- pexs oalcalations can bs made ; no other osn ro- store that confidence which is the frat prerequi- sito of amow period of pros.erily. Dut the n-nmyuon of upoelo paymets is also the only poatiblo solution, It muaut ot last como. Fven to intlationists, while wildly gacking to throw ditficulties in ita way, still samit that tinally it must oomo, It is au inovitablo a3 fato, Is it mnb the part of l:rmlunt mon, then, to move resolutely aud wit umluxflinfg firmnoas in tho dircetion of an end o desirable and also a0 Inov- itable? I shall certalnly not attempt to decoive you by donying that wheu o country 1a once cursod wltl‘; an irredsomable papor monsy the resumption of apecio psymeuts ia not' an easy procoss. Like tue cutting out of m cauoer, it ia an unplesssut aud dittlcult operation. Dut, If healthiis to bo re. wtored, the cancor 1nust be cut out. It [ oue of thoso ovile which cannot booured without pain, sud caunct be permitted to linger without peril, Delay will anly prolony the sullering snd inorense tha dauger, ‘Thia is uelthor the timo nor the place fors dis- euesion of the difforent wethods to bring on re- sunption. What we havo at preseut to do is to m & wischlovous movement which threatens $0 ke it impossible. But any of thoso meth. ods, aven the mout palntul, will be far lows wo thau s contiouance of the present diseased con- dltivn of uncertainty and_distrust, which wsstes the working energien of the people in desolata stagnation, sud, like a dry rot, eats up ourpros- perity. Aud wurely, éven Lthe saverost cramp to which resumption way subjeol the aconomio Lody will be nothing comparud with the UNIVERSAL DISASTES, KUIN, AND DISGBAOE with which the madness of inflation would fu- avitably overwtela us, oed, 18 there any choloo ? YWe shall have s resumption of specie paymeut; if pot by s o ful wetbiod, ombodied B well-cousldered legl siou, then surely iu anothor way. Thea we wh drift on until our prescnt wystom boars it lekiti- A nm,mf by wdsatcuslive conyulko OHT PARRT INNOY iy Arvant anit of exiatenaa gy sldanty fodin conrantves wira e nay on roue exespb what littla wpa i thoeo 13 loit mtI\ COUALIT, WO COULBANRY MEIRIEAY RZALE 00 & yop AL ReRT, Bt will S nat t s, sittig g g the wracks o vaur furainos. w.stiully look yacy 10 thous davs Rad snv: * Pliet wo nlioald ays beon teaoluty anongh t0 do shat was 1004y b all wauld ba brttor now " Sl T Appoal onen mora to tho farmern, (s amy traddery, the Iaboring men of tha aad: Wy Yo really permit the worid to tulnk you sy \mal('l minded ny 10 holiave that tho 1118130 of panss BIE 4 44 08 BQUISBICH £ & (OVermeng o fres woiug vound tho countiy with & Targg hyy fu:l of greenbacin to lmf.rnmu into tho handy of ovory uno who wanta Lhem 72 Or thal, wiey o Base n mailgage to pag, of dosiren log, Lo vrnment wil aton 1 aud i yon o funds? OF that tho Governmont will, by gt 1000 papor Monoy, colstitute it8alf a dort of § vich nnele, whoss businoas and pleastry j¢ 1y g ooy tha pocuats of the buva full of epy; Siiely Yo A1 tao kenA b 0 to breliove In ko glyy, Ing an absurditv. Anil vot, wigh wre tho inprey. el 4 those scoli to croata wh, o8 ddvogitey inflatian, eall thoms:ivos the apecinl chomyiony of the Iaboidng man and the poor. 'Tho loast roflection will cortaraly ©Invincs gag that, whatover one fuancrd poley iy ¥, whothor thore ba mach o llitlo wouey, Lo why wanls 1o geb it Tuo capitalist Wil garh 16 bY prof ho capitalist will gain it by profiiabla iy nionts, the trador by buying (nml uelllx;'m: fnemor by raleing cro, 8, to lsboror by the o of tis hand, Nobody wili got it for notyp, Bue it, wurdor wil cirematatoes, you most gy {6 by hard work, st you not 100 bhab i s gy, ifostly for yauar inlorest to havo monay (yy value of walch 18 oitun? ATiab 1t 1ot by clayy to you tha', whils the ganitalist may oporate iy moncy of chauxing vakio 10 i alvaitage, son. with monoy whoso valuo 1y dwindle “in yo,p lhands to lers nud loss, and, maybe, ta fundy nothlng, must alwsys bo tho Insernin the pame) Ave thero not many AmolK you Who remembe that in the tines of wild.cal bauks, it worip, for such money, thov warkol not unfrequen) for no bing P Anil daen it not acer Lo you thay ir the mflation echiomo provaila, tha sama hiy, may, nay, suraly will, hapoeo ty youalsa? For do not indulpa in auy dalnsion” noout it fhy gawbling o which an uradcomable curroucy,y pasoc money of over-changlug valus, is (o pr;ucmlul clontont, 18 not. ? unmlu l?r Lo l!ln:in} man, the poor man, to play. 1o toot gany those win who doat. g L An attoapt is mado to decelve you with s wept, sounbing catch . “Thwy ol gold tha boad lolders' money, and our irrodcomabls pase mozoy ** tho peaplo's monet.” Can that by +; propte’s monoy " whoyo valne in the peop hauds is apt to vanish into nothing. and is gy to vanlsh into noching if much mare ot {1y iwsuod ? 1, too, s in faver of s people's magsy, bt 1t 13 of snothor kind, No, tt 14 not 1ightttay tao people ahionld have s mouoy of less ralgy than tho bonduolder. 1t should bo canaized, Buat how ? You canuot tako from tho bonidhoids his gold, unless you repadi to our natioualoh ligations, whicn, an honest and patriotic Amsf, cany, who hava tho hopor of the country athess, {1“ will not do. Neither ean vou bring thy ondholdor's gotd down to tho level of yout pe POr money, 43 lung 83 that pa_or mouey remsioy whit it now is, or is mado even worse, "Dat wluy sou can do 18 to LIPT YOUR PATER MONES GP to tha Invel of tho houdisabior' gold, #o that soy ean gob pold 1 exaaanpge’ for it Lhay canty done oniy by & reluru to specie-paymonts, Thay 1t will indasd ba the peo;lu's monsy, aad the bouuholdera will Liave no boitar, It will bs thy true peovle’s money, for rhon your dollar wit bo and remain s reil dollar, no longoer a i picco of vapor, whoso valno deponds upan thy tricks of domagogues, anu abouc which yon ten to inquire overy marning what It ts worlly, Bat { wonid go further 1o muko tho peajley money soenre, If, afler tho restoration of s cin pavmenis, my opuuon conlld bo malo topre vdl, 00 bank in the Guited States, nor the Gore ernmzat itselt, sthoutd bo permittod to iases noto of a denomination lesa taan $3. “ Whatj* I boar tho mtlwionists oxciaim, ** you would ks tho conventenco of wnzll notey from the peo. plae” Yoo, I woutd loc them hinse eomathing better. ‘I'hoy shonld haudls gold aud sitver, L in tho amall earioncy tnat most oirculares smoag the propto of auall mezns, and it {3 of sityl{a. porinuce to thom timt that small curcener b most #ocuro in ity valuo, 1t ia s wino paliey, iy vurdusuce of which tho Bank of Englaud dos uot issia o noto under L5, The eilect wcot only that moro gold and silver cicculate an rs main in the country, but even tho graat Baokel Lugiaud ey bren's, nud overy shilling in iy pockets of tus people iu safo. That 1a the tray *peoylo's monov,” which I waut the labonsg mon of Amerien to hive. Daes not your good nensa tall yon thab th your luteroats would bu infiultoly beteor sssuel Lhan by s oarrency which, by its treac: flactuations, makes you tho helplusd vicia of ohiauca 2 Bul axo you evor to have that trus people't o again ? Yea, {f by & wwa polioy weree» Intody work to vard epacls rosam g1ia. - Then, i & faw yoars. Jlutunrely not for a long wails if th echemos of the infiuunniss provall, o thss caso you will 30% it only when , after years of struzgla and aulfectng, LY an exceesive incraan of the ourrency in o usxivorsal crash the who systom witl bnva brokon down, whon overy pages dutlar wili huve beooms worthless, when all yo3 possoss will bata been swapt away, snd whea you are thou culled upouto begin sjain s nothing, and EAIN UNCE MORE YOUL FIRST DOLLAR. Do you hike that prospect 7 Indeed, winle I can uuderstand haw the paz- bliug spoculator, who ttads it profitable to trouvled ~vators, and who makes bia yans i other people's lomses, should be In faveraf i flat.on, it ia utterly o nazing to me bow the worie ing tmen, all whoso material interest ara boued up In honcst monoy, could ovar be provalled up:a 10 liston o stugle moniont to tho troscucrosdor trines that would doliver him bouod bhsodsd foot futo thio meslies of & wystom waich, it very naturo, 18 robbery itaolf. Lot mo tellth laboring men that thay have no more hearilts encaiios than thoso pratonded friends, who, wi artfal cateh-mords playing apos thoir creddiy, sook to mako thein boliove thut they posssssiss eocret of alchomy with which (o create westh out of nothing, and with that nothlog to oty those liappy whio uorve their purposes. It ibeit sohomes, unfortuvutely, shoula succeed, 163 tho thno will surely come wlen thoir poor o> timu will curse the day whon thoy foolishiy fi- lowed such traachatoas couneel, and cusss i men who adumuistorod §t. A word, pow, Lo those Demoorats wba 3 thoir boarts, atitl adhero to their old, good creeh and would spurn tho false doctriues of bt rosent leaders did thoy not consider themeelres y‘ulrty {uterost bound to submit. I deal fatly wil vau, gentlemen, 1do not speak to yousk o partisnn, for 1 aw nono. I am in earnest W T any that all I desire for this country snd my! in conatitutional, honeat, just, and wise govem meut, and littla doos 1t inatter to mo st ike uands of what patty the country veceivas i provided It bo in trath constituiional, koo XHII. eud wige. Noithor do I concesl fromyod my opinlon that tho old partics, s now (00 statated, are ILL-¥ITTRD TO KOLYE THAT PKOBLEN, and that an activa union of the bedt elemsouol Al two wonld better surve the pirpose, Dt 80 twa old partied uru ko continne to divide it flold, thon, for tho aaka of the jublio atereet 1 waut aach of them as good, aud oot & bad, e possible; for 1t ts costaln 1 in the derofictions and vicon of ooe (¢ bad elamenta u the other will tind a licsnte (ot wrong-dolug on thelr part, withons forfaltisf thalr chance of sucocus. 1 might sppoal loyot 83 patriots, lo whom (he best loterests o Republic should siand above all other cunsider sons. But ainoe you suem to behave toat 0 intorests of the lopublio are to bo nrrdmi your party alono, 1 speak to you as paris who dosire to promate tho officloncy of their ¢ ganization for good onds. ™ Havo you coumdorad what consequenced i succoss uf tho inflation Liemocraoy of OBl briog on? Imagiue that its candidstos bo el ed aud its polioy by indorsed by the peops? this State; lmagine ko movemeat #pre! aud lmposiug ite doctrives upon the Drmog:ul Natiooal Convoution nexs yoar, What oo Al of you, tmd-monoy Domocrate. will b‘m‘l morsslesaty sunt 10 tho rear ; your {ofluecs be uttorly csusbied out, for the men "‘“h W theu rulo your party want nono of you. WiI Tuny this? Not to apposl to s soliish [PUEH but bocauso it in trae, aud I sincorely 168t for 1 suould bo happy fo sve cach party B Dby its best mon, dation But more than that. Supposs tbe o M Domacracy, baviug taken poxcesiod nw national organization of your parly, 'pariog in thair rush for the natioual powor, 81y B0y ouo of their own in tho Preeidontial coaln b majority in Congtess, proceed Lo cart mi ryed programm: What thon? Then nulim! tiation, and as an fnevitable con qmmm, vorsal bankruptoy and_ruin more dal;:“ than ever. And then? Remember, (b6 £00 tude of your party on tho alavery “'::‘IN,‘ quostinis conuocted with the civil war, o you slxtesn yeara' exile trom power d’lw’l“fl party bocoma respousible now for the G0 vy whioh fuflation will briug with it, sodl® ' lacked upan sa the common onomy, And 27 anization tnat fu four yoars mey rlso up 828" t will be ablo to o Wiry, IT OUT OF EXIATENCD i tton that organization may I\Ifl:‘:l't:f fi?..i’."m. (m-"iuomu of you%' loglanod bn L oblor seano? %o P