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Show COIN THE SILVER DOLLAR STOP CONTRACTION. We publish in the Herald to-day an article from an eastern financial journal, beaded ' Commercial Failures," Fail-ures," in which it is attempted to throw the entire burden of the hard times upon tho financial system of the government, referring especially to tho bondieg of the entire public debt and the immense contraction of the currency. While the article presents pre-sents what we regard an extreme view of the subject, it contains truths which a great many people are coming com-ing to recognize through tho force of circumstances. Under the financial system ol tho republican party one-half one-half of our commercial classes have become bankrupt, and if tho present state of aflAini continues tho same fate awaits the remainder. No business busi-ness (save the exercise of cutting ofl coupons from the national bonds) can flourish during eucb a period of contraction as the country has undergone for nearly four years past. The act of congress pledging the resumption of specie payment in Januaiy, 1S79, has operated like a funeral pall ou every legitimate inuu--try and business interest. It has de stroyed confidence, locked up the circulating cir-culating medium, prevented tho establishment es-tablishment of new enterprises, and cut -down to tho smallest limits all existing industries. It has reduced the wages of labor and the ability of the people to purchase, stopped pro duction and created a new American race the omnipresent tramp. Still this prespect does not daunt th organ or-gan and agent of the bondholders, Secretary Sherman, who from his seat in the treasury, is pledging tho government to coutinutd contraction con-traction and promising tho bond-holdur bond-holdur to pay him only in; gold at the expense of tho people, who are starving from enforced idleness. Eten the silver dollar, which was outlawed out-lawed in 1873 (or tho advantage of tho foreign bond holds ra, in which coin all American debts, public and private, a ri constitutionally payable, is n-pudialed by Secretary Sherman, notwithstanding silver is tho principal product of the Pacifij coast, whoso prosperity largely depends upon the uau of this metal aa money. What is to be done to restore con fulonce and business prosperity lue republican state convention of Iowa answered that question on Wednesday by areaolution which is a solid rebuke to John Bhorcuan. It pronounces for the restoration of the silver dollar to the monetary system of tho United States, and dclarea that the ruinous contraction of the currency cur-rency must be stopped. Every western state which holds a convention con-vention this year will probably follow Iowa's example, and it is believed be-lieved tho cry will bo ro echoed in the south, until congress will bo forced to heed the demand and comply with t. hv nhanoinf tho financial nol'icv ol the administration. We do not believe that tho pooplo of tho west desire any direct inflation ! of the volume of tho currency. They simply ask that tho conUaction which is now paralyzing every industry in-dustry and ruining every business shall stop; that the foolish attempt to force specie payments be abandoned, and the country allewed to run in the natural commercial grooves until confidence is restored and prosperity again dawns upon the United States. |