The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-10-07
HARD TINES.

The opponents of the Administration loudly
declare that 1t is necessary 10 hare change Ot
rulers, because Mr.. Van Buren aud the lnde
pendeut Treasury, has produced scene Of DIS
tress among the people never before witnessed.
Those who reason in this way, have paid little
attention 10 The history Of The Government, and
for the purpose OF refreshing their irail memor-
les, we introduce ule totto'1lng Jdcfs, conmehc-
ing with the year lSl6.
In the year 1916. the Bank Of hs United
States 1cas chartered, and in 1917 wcRt into sac.
crssfu[ operat,oR. and Immediately commenced
erpaniing her issues, and the Stale Banks Iol-
i,lred the ernn,pte. in a short time afterwards,
every man thought himself rch--paper money
was plenty-but soon the hubble bursieS, and
here is the sequel, as furnished by the standard
prints Of the country, The periods designated:
Distress in the year 1918.
Stocks are d0sn, down. while the rates OF
exchange are advancing at rapid and unprc
ge3sn;ed rate. The CURRENCY is in con
fason--ruin aud bankruptcy meet US on every
hand. The domestic exchanges were never
worse. and scarce ever can be. The Southern
bills are aleost worthless AT the North, and
the Wes, is in nearly as bad sItuaion.--
Whn, is 10 be done. we know not The UNI.
TED STATES BANK eau afford us no re-
lief. h'even it shall be able TO stand itself"
National TateiGgenccr, SEPT. IA, 1873.
This extract shows the true situation OF the
United States in 1873 the confusion of the
currency and he inability Of th~ great regulator
10 afford any kind Of relicf.
Distress in the year 1919.
From all parts Of the country we hear II a
rcyere pressure on men of business, general
Ntagualon uf trade, a large reduction in the
price of staple articles. Real property is rapid
" depreciaiing in its nominal value, aud lis
rents or profits are rapidly diminishing. Many
lighly respectable traders have become bank
rupt., and it is agreed that many others must
.co;" the banks are refusing their customary
accommodation confidence among merchants
IL shaken aud 3 per cent. per month Is oherec
for the discount Of promissory notes, which
little while ago was considered as good as " olt
gold" and whose makers have not since suffer
ed any lcsses to render their notes less raua
hIe than heretofore. ."-Niies Register, Aprii
1919.
from The same paper. June, 1919.
1t is sickenins to the heart to see the list,
ot persons who are published weekly in ih'
Baliinore papers, as making application for th'
benefit Of the nsolvent laws Of Maryland. Th'
amount of debts due by them is enormous. A
similar work is unbappily going on IN all ih'
large cities and towns of the United States
They who were little while since the Z" tip %
the ton," aud residing in palaces, are thus en-
gagged 10 settling their debts, aud dragging man,
sober and discreet mechanics and trsdesmen u
long with them. The pressure Of The times
the want of something TO give a circulation Il
,nobey, and hence the possibility of making rea
sonable collections, also prevents many, who arr
really able TO pay their debts, from meeting thei
engagements; The facilities which they nigh
have relied on, in an emergency SIX month";
ago, being now wholly denied to them Sacl
is the horriJ state into which unprineipled spec
Viafions, combined with palpabie fraud, IN to'
many cases, have reduced our country. Th'
paper system has seriously affected ou
moral character. aud enough OF pure CRIME ma
sometimes happened 10 a single bank TO send
thousand little rascas to the Peniteniiary. -
- Oue murder makes villain millions hero.
- Mics Reg. tot. l6, p. 2oi.
From ,he same paper, August, 1919.
1T is estimated that there arc 10000 per
sons daily seekisg work in Philadelphia; j
New York 10000 able bodied men are said [,
be wandering about the streets looking for it,
And If we add 10 them the women who des.r
something 10 do, the amount cannot be les
than 10000; in Baltimore, thorc may be abou
10000 persous in unsteady employment, or nc
,ually suffering because they cannot get int
business. We know several deeeu, men, lat,
ly good iiyers.' who ro~ rubsi., on such Fie