H. V. Mobthimeb, Proprietor. INDEPENDENT" Live and Let Live." $1.00 a Year if Paid in Advanco.
VOL. VI., No 45. LEHIGIITON, CARBON COUNTY, PA., SATURDAY, OCTOBER 5, 1878. Single Copies, 3 cts.
CARDS.
Furniture Warehouse.
T.Schwarta.Daok street, ccafcr in all kindi of
PurAiture. CoJTtntmadtlo ordtr.
Boot ami Shoe Hakeri.
Clinton Bretney, in Levan'a building. Bank street.
AllordtrtprompUy filled work warranted.
Attorneys.
JOIIN KLINE,
ATTORNEY AT LAW,
Offlco with Allen Craig, opposite American Ho
tel, MARKET SQUARE,
MAUcn CHUNK, PA. jnlysn-iy
JOHN D. BEKTOLETTE,
ATTORNEY AND COUNSELLOR AT IjAW,
Broadway and Snsqnehnnna Street!, Opposite
Court Homo,
MATJ01I cnUNK,
Mar bo eonsuttcd In Gorman.
PA,
inay25.Iy
P P. LONUSTKEET,
ATTORNEY AT LAW
Next dool tethe " Carbon House.'
'BANK STREET. LEHIGIITON, PA,
December lO-Cm.
w,
91. ItAPSIIKIt,
ATTORN BY AND COUNSELLOR AT LAW,
BlXK Slam, LtnlOHTOK, Pa.
Real Estate and Collection Acencr. WlllBuyand
Bell Ri-al Kstate. Convejandnj: neatly done Col
lection! promptly made, settling Estates oi us
tedenta a specialty. May be consulted In KnIiih
ndUerman. N'cv.2.
JAS. II. STUUTI1KUS,
ATTORN ST AT LAW,
a- Office: 2d Boorof Rhoad'l Hall,
Mauoh Cliuiik. Pa.
All business entrusted to him will be promptly
attended to.
May27, ly.
J. MKEHAN,
ATTORNEY AT LAW,
NeXtDoortoKlrit National Bank,
HAUCII CHUNK, PA.
JSS'Can fca roDaulted In German. fJauD,
Justices and Insurance.
yj A. BELT3,
JUSTICE OP THE PEACE,
Obert's DullJlnjr, BANK-St.. LviuoiiroS.
Conveyanclnjr, Collecting nnd nil other bnal.
bees connected with the office promptly atteud
cd to Agent tor the best Flic nud l.ite Insnr
ance Companies i Rents collected ut reasonable
charges. Ac. Apruijy
rnltOMAS 8.
BF.Clt,
JU6TICK OF TIIK PEACE,
BANK Street, LIMHOHTON, Pa.
Conveyancing, Collection and all business con
aected with the oftlre promptly attended to.
AVAirent for first-lass Iusuranee Companies,
and Risks of all kinds taken on the most llliernl
terme ln. 0. 1875,
milOJUS KHMERER,
X CONVEYANCER,
AND
GENERAL INSURANCE AGENT
The following Companies are Kepresentedt
LEftA.N JN MU I UAL l'lBE,
IlEAIItMl MUTUAL I-'IllE,
WYOMING PIIIE.
POTTS VI I.LK FIRE,
LlilllOli KlllU.nnrt the Til A. V
EI.ER ACCIDENT INSURANCE.
Alto Pennsylvania nod Mutual Horse Thief
Heiretlve ann initur&nco fmnpanv.
Marcnsa.1873. thos. KEMERER,
Physicians and Dentists.
1IIAS.
I f
t. lion, pi. u.,
O FICEt OVER II. A. PETER'S I)IUO
ORE, BANK ST., LEIIIQIITON, PA
in.
Oeneral practice attended to, and BPKCIAI.
ATTENTION GIVEN TO DISEASES OF
WOMEN. mar Jl. IWI-rl
yjry A. DUKHAMEIl, M.D.,
TIIYSICIAN AND SCIIOEON
Special attention paid to Chronic Diseases.
Office: 8outh lint corner Iron and 2nd sts.. lo
hlzhlon.Pa. April 3, 1675.
S. II. HBBKIt,
practicing physician and sunaisoN,
Offlee. Dark Strert, next door above the Poetofnce,
LahlRhton, Pa. Office Hours I'arryvltleearh day
om to to izo'ciock) remainder oi day atoiurein
Lehr'uton. novaj.'iz.
w
p. M JsBlItLK,
fiiyhioTan and suroeon,
rffit lo E. n. Snyder's '-ott, HAMt ST.,
LEHIOTON. I'ENN'A-
Jf.B..
Hueeial AiintUn siven lo the Curec.
Katt IU'iiu).U-
H. A. PETER,
OVTUE
Central Drug Store,
T.EUCXEL.3 BLOCK. LEHIQHTOX, PA.,
Offer to file public a full line of
PURE DRUGS and CHEMICALS,
PATEKT MEDICINES. HORSE and CAT
TLB I'OWDUIts. TOILET ARTICLES,
HI'ONOlSS. CHAMOIS hHINS. I'.AIN anil
VANCY HTATIONKRY. latest styles ut
PLAIN and FANCY WALL PAPiM.U, at
p-lces to "Jit the lluiee, PURE WINK and
LIQUORS for medicinal use. Ac. Phyaleiau'a
ireacriiHlons compounded by myself at all
louraof tne cay and night. onuar lutlndecl.
All offered at vey reaauDable prices 1'hank.
ing the teople for their iast fawrs, I aoth It a
continuance m the future. 11. A. PETER.
Muicb 2V7e-yl
BAYARD TAYLO R
Sayt "I take neat pleasure In rrcommendiDK
tn parenu tue Arademy of Mr S C hurtlidire."
Hon. Fernando Wood, a pMtron says: 'l cheer
lullv cunaeut t the uae of uiy name as refer,
once." t;u per qr full cost tor youofr men and
boya. No ExtruCharire. Bpeeial attention to
both advanced aud baikwaiil pupils Iterom.
meudM br Judae Vau Ilotien llev Dra. Hill
and Foahnuy. Addres BWINTIIIA.S O
rtHQUl LIDftE (Harvard A. M.) Media, Fa
Media baa 7 churelit and a temperanoa charter
Ac. 17, l.w-
HONEST MONEY against REPUDIATION
SPEECH OF
General Clias. Albright,
Delivered at AIjLENTOWN, Pa., Friday
Evening, September 2Uh, 1878.
Fkllow Citiiens : It is not exnezera-
lion to say that tho issues involved in tlie
finnncial bearings of this political campaign
are freighted with the greatest significance
to tho nation and welfare of the masses.
The country is full of political economists
who are prolific in assertions, but alter all
they nurturo untried theories and proposo
that what is settled shall give way to that
which, to say tho least about, is untried and
doubtful.
The chief essentials in cood government
arc certainty and stability in the laws. The
titlo to property, the security of life and lib
erty, ana mo enjoyment ol Happiness large
ly depend upon these. Vacillation and vio
lent and sudden changes produce theopposite
anil carry destruction into business circles
and retard enterprise and tho development
of I ho natural resources of tho country.
Tlie country is in trouble, and the people
are suffering in many particulars. Tho em
ployed anil tlie employer, tho laborer anil
capitalist, the landlord and tenant, the
manufacturer and mechanic, the producer
and consumer. Look whero you will and
stagnation and business depression prevail.
There is a want of harmony in the different
relations of societv. Labor in the various
fields of industry needs re-ndiustment.
This is a sad statement, but it truthfully
represents tlie actual condition ol tho case.
For this state of thines there aro manv
causes, anil ore perhaps forcing a new phase
i.. .1 !..!!! HZ... ., il Ji.l
iii iu vi vmiuuuii ui inu worm, aiiu im
mensely destructive warsofthu last half cen
tury and wonderfully productive develop
ments of tho material resources of the earth
in excess of the needs of man are some of tho
causes which havcdtsturbcdthccnuilibriuin
of society. I shall, however, mainly confine
myself to a discussion of tho money ques
tion. In 1800 the countrv had no crcenbaclts
and no National bank notes, and only about
$04,000,000 of Eovcmmcnt bonds.and'lho en
tire banking capital on tho 3llth of Juno of
mat year was if ii)7, 102,477, scattered over the
different states and territories of tho Union.
How inconvenient and vexatious and full of
loss this system was, many of you remember
and know. Tlie notes of the Slato banks
were supposed to bo based upon coin, and
the banks were required by law to redeem
their notes in gold and 6ilver, but which
they could and did not do in times of panic
or stringency in the money market, besides
nearly an country uanK notes weroat a dis
count in the commercial centres of the count
ry. This loss had to bo borne by tho work
incmeit and ixiorer nconle.
The population in 18(10 was 31,413,321 and
a fraction over id tier capita of tho inhabi
tants of tho United States represented the
banking circulation, I will not now discuss
whether that was enough money or not for
me country, lou Had only tho Ktato uanlc
system to depend upon for money and tho
V. 8. mint.
Hut for the war of the rebellion, it is alto
gether probable that we should to-day havo
tho old system ofStalc banks and Stato bank
notes, and perhaps "thin plasters." Tho
war created groat necessities and stimulated
the activities of tho nation to their utmost
tension and made demands which had to bo
supplied outside of tho ordinary channels of
businessaiid trade. Thero was not gold and
si Ivor enough i n tlie country to meet the great
expenses occasioned by tho war, and extraor
dinary means had to bcemploycd to provide
the money to pay the cxpensesof tho nation
al struggle and save tho Hepublic, and our
national debt in part represents what it cost
us to perpetuate the Union ofourf.tthersand
to give posterity a free government. Tho
U. 8. bonds, greenbacks and Notional bank
notes are tho promises of tlie government
made to tho world as the price wo owe and
ought yet to be willing to pay for national
existence.
To have simply issued the ordinary green
back during tho war to the extent that bonds
were issued would havo made them worth
less and paralyzed the strong arm of the
government, because all along and now tho
value of tlie creenback note uusnnd is mens
ural by tho gold dollar, and in proportion as
tho nation demonstrated its cairacity to imy
gold for its obligations tlie greenback dollar
lias advanced in value until now it is almost
equalto gold,as is also tho National bank note,
nun uoiu oi incm would Havo been redeemed
in coin but for the unfriendly agitation and
advereo legislation.
Tho bond is a debt for lxirrowed money
nnd is tho promise of tho eovernmenttoiiav
at soino future time, with interest lor thetito
of the money. This promise the iieoplo be
lieved in and gave their money lor it, and
thereby helped tho government and assisted
in saving and putting tho U. 8. upon a firm
and permanent basis. The bond represents
an honest debt, and it ought to be paid hon
estly and to do othcrwiso will bo disgraceful
unu uisuuiioruuic.
The issue of the creenbacks were resorted
to as a war measure, and only sanctioned as
such by tlio Supremo Court of tho United
States. Had thero been creenbacks issued to
tlie full extent of the war iccc.ilics, thero
would i.'avo been n failure in the struggle.
Tho Nai'onal banking system was no
doubt authorized to meet this constitutional
objection and glvo the conntry nt tho same
llllIU U SUlt, tUlirt'llll-llV U.iu umi.uiiii tysivill
oi currency, uascu upon jiuuo'uu cicuu, vis;
the bonds of tho covermnent. Iie.'d by the
government as riiilateral security, not for tho
banks, but for tho note holder, and in the
end oo a great solvent and agent in return
iuc tn hkvjc navmeut. because it would di
vide this res ionsibility with the general gov
ernment until there wero more kink notes
than irrcenbacks.and then in all probability
inogreeuuacif wouiu appreciate above tlio
valuoof gold, and thereby aid tho govern
ment materially in placing its bonds in the
hands of its citizens as well as place them at
a low rate of interest.
It is charged however, that the National
banking syatem is a inouojioly unjust and
opprcsaivu alike to tho iple and govern
ment. If this charge bo correct, tho system
ought to bo abrogated and destroyed. I
claim your earnest consideration to this sub
ject. 1st. No speeial charter is required to or
ganize a National bank a general Jaw cov
ers the whole subject.
2nd. The business is open to all classes
of )ersons -male and female may become
ttockholdere, and a National bank nay be
started in any community, and where tho
Copulation Is o,U0O and under, on a capital
asis of $50,000. It requires at least five
Iicrsons to unite in the organization of a
milk, but there is no limit to the number
above that. Tho only thing required is
money, and without that no bank of any
character that will inspire peoplo with con
fidence can be started anywncre.
Therefore banking is as frco as manufac
turing, farming or any other business that
requires capital, and the charge that it is a
monopoly is not true. Great portions of the
slock in many banks aro held by persons of
small means. Banks havo no power to com
pel people to transact business Willi tnem
nor is lliero any restriction upon people who
desire to engage in banking to do so upon a
greenuacK oasis, tor tney necu no cnarter.
Nor is thero any power lo compel people
who havo invested their money in govern
ment bonds to exchange them forgrcenbacks
nnd bank upon greenbacks alone. Nutional
banks may be driven out of existence at tho
termination of their charters, twenty years
after their organization. Tlio first National
binks wero formed in 18G4, so none can bo
compelled to expiro until 1881 but tho
stockholders arc entitled to tho bonds of tlio
banks aflcr they have surrendered their cir
culation, and the government must pay in
terest thereon ns it does upon the bonds held
by other persons or corporations.
Tlie government lias tlio power lo destroy
tho National banking system after tho ex
piration of tho charter, but cannot compel
tho stockholders to take greenbacks for their
bonds, unless thero shall first bo general re
pudiation by the government and the faith
nnd promise of Ilia government bo broken
with its creditors. Aro the peoplo who want
a stablo government prepared to sanction a
wholesale repudiation and destruction of all
values which this idea involves?
There nio to-day $350,000,000 of grcn
backs and less than that ot National bank
notes. Now tho proiwsition is that the gov
ernment shall issue that many more green
hacks, and substituto them for tho bonds
held by National banks and save interest
upon that amount of bonds. The first ques
tion that would present itself to bankers is,
would n greenback dollar, when the volumo
of greenbacks is $700,000,000, bo worth as
much as when tho volume is but $350,000,
000, before they would agree to jnake tho
exchange and surrender their bonds. If they
would withdraw their bonds from banking,
how could the government exchange green
backs for bonds for such purpose? lithe gov
crnmeutwould not issue greenbacks without
receiving in return nn equivalent of value,
of course the peoplo would bo no nearer the
greenback than they are to-day. You meas
ure tho value of the greenback by what it
will bring in tho market in goldthe moro
greenbacks are issued, tho moro difficult it
will bo for tho governments maintain them
nt par, and as thevfall below the gold stand
ard, the less will be their purchasing power
lo tho laborer, mechanic, farmer or capita
list. Ot course everybody understands tho ob
ject of money. It is tho known standard
among civilized nations by which the value
of a house, horse, plow, barrel of Hour, book,
cigar, box of matches, Ac, is measured. A
dollar is wortli exactly what it will buy in
tue mantii to ino man who must live and
wonts to do it honestly, and when the gov
ernment prints a piece of paper and stamps
it oi tue vaiuc oi a dollar wiinoui obligating
itself to redeem that piece of paper with somo
known and established standard value of a
dollar, that nicco of paper will become worth
less ami turn to curse communities and not
bless them. My greenback friends suggest,
" let the government print greenbacks and
pay them out to its creditors, nnd in that
way money win oecomo plenty ana be In
circulation." Ilut what is to give tlio green
back its valuo when issued without regard
tn redemption. History is full of this kind
of experiments and failures. Tlio Island of
Cuba to-day is cursed with a paper currency,
valuless becauso tliero is no provision or
power for its redemption, and it is just such
money as is proposed lo bo furnished our
jieopie. ino boulliern Uonledcracy had
paper money nnd plenty uf it, and our fore
fathers had their Continental money, and
you know its value. $300,000,000 of Conti
nental money was issued, but there was no
provision maiio for its redemption, nnd it
was never redeemed. It became worthless,
and tho holders of it wero ramiiollcil to lose
it. Shall that bo the fate of the greenback ?
Pojier can only bo kept in circulation with
advantoge to the people when it has a known
standard value in tho market of tlie country
where it is used and when tlie eoplo believe
mat tue government will redeem it.
Another obici-rHin uracil acainst the Nn
tional bankingsystem isthattho covcriimcnt
pays interest upon tlio bonds deposited for
circulation, and also gives circulation to the
banks. As long as the bonds arc not paid,
of course the government is bound to pay
interest on thcin without regard to who tlio
holders are, and docs not lose anything be
cause banks hold the bonds. Tho" bonds, let
it be distinctly understood, arc deposited for
tue ncuciit oi ui noto iioiuer, and tlio gov
ernment is merely tho stakeholder. Tho
National bank notes do not cost the covern-
incut anything, becauso the banks pay for
the printing of them, and tho notes really
arc not money until signed nnd circulated
by the banks I besides the covcrnment is
not bound to redeem National bank notes,
but throws that resiwnsibility upon tlio
banks. In point ol fact tho general covern
ment no moro furnishes banks with their
circulation than the States did under the old
system. It provides tlio machinery to secure
it, and in furnishing the unsigned notes
to banks, it keeps an absolute check upon
banks to prevent an over-issue. It controls
tho system for tho good of tho people -holds
tho security prevents an over-lssuo nud
watches the management of each bank, nud
all this nt tho cxieno of the banks. Hanks
pay tho government a large bonus for the
privileges which they enjoy although , ns
already stated, it is not a monopoly in the
shape of a tax on circulation and deposits
nnd an tins tsriearproniioiiie government!
besides the States havo the power to tax
shares of bank stock to their full market
value, so that in fact, tliero is no species or
kind of proiierty which is so heavily taxed
as this kind. Tho taxation, National and
State, last year upon $310,775,111 of circula
tion was $10,777.8111. and if the bonds do-
jiositcd for circulation were 5 ier cts. tlie
interest ninounteit to ciieioo,iaa.io, suuw
ins that banks received less interest than
they paid taxes. Under this high rato of
taxation millions oi dollars ol money invest
ed in National banks aro being surrendered
all over the country. In New York city
alone, in two years, $15,000,000 of banking
capital has been surrendered and bonds taken
up becauso of tho unprofitableness of Nation
al banking. National batiks do not get dol
lar for dollar of circulation for bonds depos
ited only ninety tier cent, of circulation la
allowed for olio hundred of bonds and this
difference is nlo in tho direction of security
for tho note-holder in the event of bonds be
coming of less valuo than par, that there
should bo nt lenst a margin often percent.
to inacmnny ino note noincr. in addition
to this, banks aro required to add ten per
cent, of their net earnings to a surplus fund
until tho surplus is equal to twenty per cent,
of the capital nnd to keep twenty iicrcent.
of deposits asn reserve. The National bank
ing system is tho best that has ever been de
vised as a fiscal and financial agent of cir
culation and exchange in this country. It
is full of elasticity safe and uniform as well
as frco from tho charge of being a nionoK
ly, and is ono which "costs the (icoplo less
has more guards against fraud and counter
feiting than any other.
The population in 1870 was 38,558,371,
nnd
Stato Bank circulation $ 2,222,703 00
National Bank circulation.... 200,760,084 00
Demand Notes 100,250 00
Legal Tender Notes 350,000,000 00
1 and 2 year Notes of 1803... 248,272 00
Compound Interest Notes.... 2,152,010 00
Fractional Currency 30,878,081 48
Tho entire circulation was $700,375,809.18
equal to eighteen dollars per capita of cir
lation. Tlieonc dollar greenback, according
to tho gold standard, was wortli 85.0.
It is charged that tliero is not enough
money in circulation to do the legitimate
business ot the country with. Whether tins
be true or not depends upon circumstances.
The volume of paper money in tho decade
to which I havo just referred, increased over
two hundred per cent., while the incrcaso of
population was less than twenty per cent. It
is hardly wise to claim Hint tliero was a fair
ratio between the issue of paper money and
population. Itcal money represents wealth
and must be created by labor and tho devel
opment of natural resources. Tho merely
printing nnd stamping a piece of paper with
figures and devices ond calling it money,
wiiciner uy nations or individuals, docs not
make it money unless it has that hack of it
which can be converted into wealth or mon
ey, according to somo known and acknowl
edged standard of valuo amongcivilizcd na-
iiun;. .i. iiiuii iiiuy issue ins promissory
notes for one dollar and upwards, and as
long ns persons to whom they are ollcred be
lieve that there is back of tho promise wealth
valuo out of which tho noto can bo paid,
it can lie negotiated nnd passed, and that
idea back of tbo written or printed promise
gives it value, and not tho pieco of paper.
Now what is true of nn individual is equal
ly truo oi a nation.
Notions, like individual", become bank
rupt, nnd without credit os Mexico, Spain,
Turkey, etc not becauso they are not able
10 print paper promises representing money,
but because' they cannot niako nations ami
individuals lielieve and trust m their print
ed tokens of money. But if tliero is nn is
sue of such paper promises bearing some
fair proportion to tho income of tlie covcrn
ment issuing them and having n redemptive
jxiwer to back them, then paper promises
would pass as current money, just as our
greenbacks and National bank notes would,
if let alone.
It is asserted, however, that moro paper
money is neciieu man wo nave at present in
circulation. Tlio National bankintr system
provides an easy nnd safe way Ui incrcaso
the volumo of paper money necordine: to the
business necessities of n community or of
tlio country, but on the very face of tho pre
tended demand. National banks aro with
drawing their circulation, because banking
does not pay. Now if tliero is so much de
mand for money, and National banking is
as profitable as is claimed, why do individ
uals ami communities not avail themselves
of these advantages to get more money into
circulation and make the profits which they
allege tho National bankingsystem provides?
Tlio National bank notes aro safe because
they aro based upon tho maturing interest
bearine obligations of tlio nation ns well as
the individual liability of the stockholders,
and therefore in a double senso represent
wcuiiu, una uavo oacK oi tnem tue reaemp
tivo feature, vizi that banks must redeem
their notes in crecn backs or cold nnd silver.
As real money represents wealth, banking
l.ijiiuii ui iiiereasu wiiu it n mere is suiil
cient certainty and stabilily in tho laws to
protect it fairly without unjust discrimina
tion. Is it nota clearprojiosilion, therefore,
that the creation of wealth does not consist
in the printing of pieces of paper with
promises of monev -but rather in tlio build
ing up nnd developing of tlie resouives of a
country, aim men wnen n nation can re
deem its paper promises with cold or in
a known and acknowledged standard ol
value, its pajicr promises will pass for mon
ey, because jlicu they are convertible and
iiiicrciiaugoauic.
Oulsidcof the present banking system, I
know of but two other ways of creating ia
iicr money one is a return to State liank-
ing, and if conducted under no better guards
than tho old system wa, the note holders
have no security ousido of the stockholders,
and in many cases that would amount to
nothing, and there would necessarily lie a
constant fluctuation in the valuo of the Slate
bank notes manv would break tin and noto
holders would loso nnd be cheated out of
their values. Tho other is to lame green
backs. I havo already intimated that tho
merely issuing them will not mako them
money but it cannot be successfully assail
ed that tho moro Greenbacks you cet into
circulation tho less valuo there will lie to
them, Suppose vou paid olf tlie covern-
mrnt bonds $2,000,000,000 with them, do
you supiisofora moment thala$100 green
back would bo wortli $100 in anv known
and acknowledged standanl of value? If
not, then tlio creenback would bo measured
by its purchassing power in tlio markets of
me worm.
I do not object to the greenback as now
issued, and believe that the present volume,
it is desirable to maintain In circulation
and for tho good it has accomplished I am
profoundly grateful, nnd the ltepublicans
enouui nave mo creait lor providing it.
Tho government could not emit green
backs to iiay tho bonded indebtedness with
out further legislation and repudiation.
Would such an act bo beneficial to the work
ing manwould it give him employment
or bread to Ills family 1 If to, I cannot see
how.
Before, men who have money nn willing
to invest ond embark In busine-ss.they want
to know that they have some protection mid
that the government will not declare what
i
Is money to-day shall not bo money to
morrow.
It is succested , however, that only so many
of the bonds as are held by banks shall lie
repudiated, giving greenbacks lor National
bank notes. But suppose tho persona en
gaged in banking decline to accept such u
C reposition, now men would you get grccn
acks into circulation ns n basis of banking
capital, nnd how would they Incrcaso the
volumo of money nnd make better times?
Tlio suggestion is preposterous and the pro-
lusui-iu is juu oi uuuger aim uamtrupicy.
t would be unconstitutional to attempt It.
That sort of bankinc would involvo tho
severest contraction it would drive tho Na
tional banks into liquidation, nnd of course
the persons to whom they havo loaned mon
ey would havo to contract nnd sacrifice
proiierty to meet their obligations indeed
sucli n course would havo a tendency to stop
the wheels of industry altogether. The gov
ernment could not under any circumstances
become a money lender In the ordinary
business way and upon commercial terms to
get out the greenbacks among the people.
You can pulldown, but notalways build up.
Is it a tact that tho hard times ore caused
by a scarcity of money for legitimate busi
ness purposes? Tho law of supply and de
mand regulates tho market valuo of mer
chandise, grain, labor and money. If an
nrticlo is scarce it becomes dear when plen
ty, cheap. Banking capital is compelled to
retire, because it cannot find profitable em
ployment, and tho government is borrowing
millions upon millions at four per cent.
Now, do these things indicate that money is
scarce or plenty? If money wero scarco it
would bedcar and tlie rate of interest would
go up, anil the government could not borrow
at four per cent., nnd bankinej capital would
not bo comiicllcd tn go into liquidation ami
retirement, nnd beg lor employment. II
there was nn activo demand for money, it
would seek other channels of investment
banking capital would multiply, and the
volumo of currency would increase accord
ing to tho necessities of business.
The fact is then that tliero is not demand
enough for the money in circulation for busi
ness purposes, or banks would not surrender
their capital, and men who have money
would not put it in four per cent, bonds.
There can be no getting around tlio fact that
if business men needed money they could
borrow it ns readily to-day as they can when
the promiscdmillcnniuniofgrccnbacks shall
bo inaugurated because oven then bankers
will not loan out money without security.
On tho 30th of Juno last, tho volume of
currency was $088,57,275.27,and tho value
of a paper dollar was 03 cents and 4 mills
uj-on the very verge of resumption. That
accomplished, nnd at least $300,000,000 more
money would have been added to the circu
lation, and you would have had $1,000,000,
000 of money for business purposes, with tho
facility of increasing the circulation to any
extent by establishing additional banks;
and this could havo been done too without
the destruction of $50,000,000 of fractional
currency to Increase tho bonded indebtedness
that amount, in order to resume silver pay
ments. The people seem to bo willing to
sanction an increase of the bonded indebted
ness to resume silver payments but not a
dollar to resume gold payments, and yet the
silver dollar to-day is a premium oftwelvo
per cent, to the foreign manufacturer and
importer! and discriminates to that extent
ngainst the American manufacturer and
laborer. Why? Because goods in I.uropo
arc bought on a gold value; but tho duty is
paid in silver, and as a silverdollar is worth
but S3 cents in gold, tlie foreign manufac
turer and importer pockets Uh 12 per cent.,
and tlie American consumer in theend pays
it, nnd in that way the silver dollar is a frco
trade ally - and yet you find jicoplo who
clamor for the silverdollar and proiioso such
legislation as must banish gold from trado
and business as n medium ot exchange.
Is it not a singular circumstance that tho
greenbaclcr who is so anxious to pay off the
bonds with greenbacks should nt tlio same
timo be willing to issue bonds for tho pur
jiose of buying silver to put into circulation,
when the fractional currency is moro con
venient for small change nnd certainly a
great deal better and saler than silver?
Business men of allelasseshavono trouble
in supplying themselves with money if they
have pro-ier security to oiler therefore. Is
it not clear then that business and the vari
ous enterprises of tho country aro stagnant,
not for want of money, but becauso they can
find no profitable employment for capital
no niorket for tbo products of tho shop and
tho manufactory.
Wo are on tho suro road to prosperity, if
wo can ici natural causes worK out their
legitimate results but wo may mako things
n great deal worso by taking stejis back
wards. The value of a dollar is measured in tho
market by its purchasing iwwer. The dol
lar, thercfroe, whcllur gold, silver or paper,
is worth most that you can buy most with.
Gold has always been dearest because it
represented moro labor or wealth than paper
or silver, and therefore lias been the stand
ard dollar by which tlie value of the others
was measured In order that you may clear
ly comprehend this proposition, let mo givo
some additional facts. In June, 1805, tbo
paier currency attained its largest volume,
uud was of follows:
State bank circulation $142,010,038 00
National bank circulation... 140,137,800 00
Demand notes 472,003 Oil
Legal tender notes 432,087,000 00
One nnd 2-yr. notes of lb03 42,338,710 00
Compound interest notes 193,75O,OS0 00
Fractional currency.. 25,005,828 70
Total amount of currency .$983,318,085 70
The iiaiier $1 was wortli then 70 cents and
4 mills in gold. In 1877 the volumo was
$098,104,2G9.84,and tho paper dollar was
worth .04.7. Tlio $1 In 1877 was worth
.24.3 in gold, more than it was in 1805. Its
purchasing power was moro than one-third
greater. Thereforo the paper money in 1S77
would havo been equal in its purchasing
power to the volumo of 1805. It is nn in
controvertible fact, therefore, that less paper
money in tou was necessary to tio tne bust
ness of the country than in 1605.
In 1805 a bushel of wheat was worth $1.88
In 1877 it was w.irth 1.47
In 1805 a bushel ofnats was wortli... 1.03
In 1877 itwasutrth 55
In 1805 n barrel mess pork was worth29.12
In 1877 it was wortli 17.50
Thus I might go on and name different
articles that enter Into domestic use of near
ly every family, and show that cverylhins
is cheajier now thau it was in war times,
and Ilut less money Is required now to do
ino Mima uimHiui ui uusiuers. aunt lue
nearer paper'money appreciates to the value
of gold, less of it is required than when there
is n iiign premium on gold or a great dis
count on paper. It is true, therefore, that
It is not tho quantity of paper money, but
rather the quality that helps to regulate busi
ness, and that money in its uses is measured
by Its purchasing power.
In considering tne hard times, stagnation
and depression of business, it is well to re
member that hard times are universal. In
every part of tho civilized globe people aro
suffering without doubt from tho same
causes.
I am satisfied that whatever relief is need
ed in tlie way of legislation to remedy any
real evils, tlio Republican party can bo
trusted to give but it cannot bo wise tn
change altogether ond entirely tho financial
Jiolicy of the government. Better times aro
now dawning the productions of tho coun
try from the farm and shop nro coming into
demand more nnd more each day, and if wo
can have pnticuco and not disturb tho pre
sent good and wiso financial schemes, wo
shall emerge from our troubles nnd hard
times and return to prosperity.
I believe that the Republican party, which
was instrumental in saving tlie unity of the
the nation nnd which inaugurated a wiso
system of finance, can bo trusted in tho
future. I believe the Republican party is
the safo party to-day for tho masses of tho
people, and that tho" best interests of society
are subserved in keeping it in power, and
believing so it shall continue to receive my
support.
r.A-rtni'itisi:.
Wo cony tho followins from Tlit American
Book-stlkr, New York :
Few people can have failed to notice tho
great enterprise, if they have not observed
the scrupulous caro wim wiuclt -Messrs. D.
Lothrop A- Co. have published a class of
books adapted to the highest culture of tho
people.
it is oniy ten years since tney commenced
the work of publishing, and their list now
numbers more than six hundred volumes.
We aro glad to mako record, that bravo
and persistent following of a high ideal has
been successful.
Messrs. I). Lothrop Sc Co. havo given
special attention to the publication of books
for children and youths, rightly considering
that in no department is the best, as regards
literary excellenco and purity of moral and
religious reading, of so great importance.
Yet the names of works by such authors as
Austin Phelps, D.D., Francis Wayland, ond
Dr. Nehcmiah Adams on their catalogue,
will show that maturcr readers havo not
been uncared for.
Of their works projected for tho coming;
season, wo havo not room to speak in detail;
it will suffice for tho present to say that it is
wide in range, including substantial and
elegantly illustrated books, all in tho line of
tlio practical and useful, and fresh In char
acter and treatment.-
Their twojuveniie magazines, "Wide Awake
and habyland, aro warmly welcomed in
every part of tbo English-Speaking world.
Wo advise any of our readers who desiro
to know more about theso publications, to
send to D. Lothrop k Co., Boston, for an
illustrated catalogue.
All who visit their establishment, corner
of Franklin and Haw-ley streets, will not
only bo courteously welcomed and entertain
ed, but will havo tho pleasure of seeing ono
of the most spacious and attractivo book
stores in the country.
Don't filvo Vp tlio Ship."
When these words wero spoken by our
lamented Lawrence, it must have been a sol
emn time for those on board, nnd probably
not n dry eyeninongthem,sccingtheircom
mauder mortally WoundelPand still giving
orders liko the above; but not moro solemn
than when the family physician informs
you that some one of your family has an af
fection of the lungs which, if neglected, will
eventually terminate in Consumption. But,
reader, don't bo frightened or "givo up tho
ship," for Dr.IIale, a physician of Europe,
discovered a remedy for all Coughs, Colds,
Hoarseness, Difficult Breathing, and all af
fections of tho Throat, Bronchial Tubes and
Lungs leading to Consumption, and C.N.
Ckittkxtox, ono of our leading medicino
dealers, of No. 7 Sixth avenue New York,
believing tho market required an nrticlo
which wns certain, safe nnd sure to do tho
work, nnd yet within tho reach of nil as re
gards price, etc., has purchased tho original
receipt from Dr. Hale, and we understand is
selling very large quantities of tho same,
and, as far as we hear, it gives entire satis
faction. It is now sold by all druggists in
New York, Brooklyn, Jersey City, Newark,
N. J., llobokcn, and, in fact, all through
tlie country at 50 cents ami $1. Great sav
ing by purchasing large size.
Bked City, April 5, 1877.
Mr. CiUttf.xtox. Dkar Shu I use your
HoNCV of Hoimioi'xp and Tar in my fam
ily and uso it very freely. I run the Union
Dining Itooms in the Union Depot at Heed
City. I have from ten to fifteen in my cm
ploy, and wo nearly nil uso your medicino.
But I cannot afford to pay tho retail pries
for it. The last Honey or Horkhosu and
Tar I cent to Troy N. Y., for, ns I could not
buy it in East Saginaw or Grand Rapids.
Do you have it In quart bottles, or can you
put mo iipono dozen in some shajio so that
it will come lower thau the last I bought?
I paid for the last five dollars for six eight
oiinco lwttles. Can I buy it in five-pound
bottles? This, I think, would bo n very
good place to advertise your goods. I do not
understand why it is not sold in East Sagi
naw or Grand Rapids. I think it is tlio
best cough medicine I ever used. Wo have
used it more or less for ten years. J'leaso
write mo the cheapest ond best way for mo
to buy it, and if I can afford it I will send
you a small order, and when I order I will
send the money with order.
Yours, D. Adams, Iteed City, Mich.
1'iko'aTootbacho Drops cure iu one minute.
134
Secretary Schurzdelivcred his spescb. on
the financial question to an audience of (000
persons In the Music Hall at Cincinnati, ou
Saturday night of last week. He argued for
sound currency, tho speedy resumption of
sjiccie payments and the strict fulfillment of
theobligationsof tho Government. He op
posed the issue of the silver dollar with tin
limitid legal tender quality, and pleaded for
the retention of the national banking system
as not ouly best for banking purposes, but a
useful auxiliary to the Government in tho
p:ocess of maintaining the currency on a
specie bads.