Columbus Democrat., 1840-10-03

with the utmost economy and industry, are scarcely
able 10 obtain sufc enl articles 20 sustain he; rtal
I and D-rsona property are daily sacrificed, ana De-
come tie nrey Of specuators debts unpaid, cred
tier, are dissatisfied and tie priso7s are crowded
with honest but unfortunate persons whose wlses
aud children must b. burden 10 The township u'
/ suffer Tor want Of the mere necessafIes OF fife.
/ a. SuB1ry citizens Of Wayne county represent-
From he al. Of every kind Of produce, he scar
civ of he circulating medium, and other causes,
The general distress n our part Of the State hath De-
coms ~ great and alarming, as To cal Tor Tie alien
| t,,n and wisdom Of the Legislature. Our most ~
INDUSTRIOUS citizens are no longer able 10 NEE iheir
enoagements but their hard-earned property IS da-
ly sacrificed at a nominal value, and falling into Tie
hands ola iew spectators.
" Sundrv inhabitants ofPlke county assert
AT no time since the Revolution, has greater DIS
tress been lelt than at the present moment. We
consider the Banking system TO have been the prln-
cinal caus.. instead Of becoming, as VAS pre-
dcled. blessings to the people, Banks have be-
come ike scorpions among the children Of Israel,
,erlact beasts Of prey. The property the great
poIlion Of our Industrious people is brought 10 sale
al one-lourth Of its value and struck oil 10 specula-
rors, lcayng honest creditors unpaid, and families
reduced to beggary.
Sun1ry inhabitants o Huntington county repre-
sent
That the mass of the people are utterly unable,
AT once TO paw their debts that their property sell
ing at such rates, even the fees Of law officers are
not realized: that the industrious are impoverished,
whilst tie specializing part Of the community are
daily growing more wealthy: that the EVIL IS ohy
begnnirg and demands Legislative interpositon.'
"A memorial from sundry cluZens ol lhe western
parts of the State, asserts
THAT embarrassment is universal, that the sor-
did and avaricous are acquiring the sacrlhced prop
erty orlhe liberal and industrl US: that 50 much prop
erv is exposed TO le under execution that buyers
cannot be had to pay more for il than the lees OF the
olcers that those mischefs, instead OF diminishing,
are daily increasing, and that overradng and the Ia
clty OF getting credit, have produced these effects
"The petitions Of the inhabitants OF Faye'le coun-
tv representa-
That the fictitious capital and boundess credit
extended by Banking, the almost universal splrl Of
speculation the prostration OF manufactures by lhe
| mistaken policy of The national goveI nmenl the IN
PRODUCTION ofuxureS and extravaganza, and the re-
duction of exports have produced long tram oil
caIamites: that industry is paTaIzed-lhat the pre-
cous metals have vanished-that litigation IS unpre-
cedented in extent and runous in ITS e1ects-llat
many merciess creditors, not content with plunglnS
unfortunate debttrs into ihe most ahJect poverty
frequently take from them the whole of that property
to themselves, which in better times would pay the
sums due to all, leaving the unfortunate debtor in
: Jail, and his family in misery
After short sketch OF the CONN ercia! history OF
the country, and view OF operations subsequent 10
the last war, the committee declare
"A new measure however, remained to be adopt
ed that was really to close the last scene IN the ORA
ma OF error: the currency had already nearly val
ished but temporarily restored on the seaboard;-
The enOrmtv of fictitious credit began TO be ieT
the abusive extent of paper issues was about to Ell
feet its own remedy IN the State, when congress
created corporation, with authority to circulate NJ
I wards of one hundred millions cf new paper med
UNA corporation spreading its branches over tl'
f Union with the baneiu influence of the labled. .UpaS
awakened by the quick succession OF events ST
, disastrous from the dream perpetual prosperity
under which they had been so long eniranced INT
+ people now find themselves involved IN dlSlresses
S against which no provisions had been made, ant
$ from which they aege, they can find no refuge ou
in legislative interference"
/; Such was the state of tangs in Pennsylvania whel
the great regulator was located All the distress am
y ruin that prevailed that community was direct
charged, BY both branches of the Legislature, to th
o operations of the UNITED STATES BANK!
;, To give an idea of the universal distress that pre-
u vaded the Union at that period, we quote the lo
VI lowing extracts from The newspapers OF the day.
n &" From all parts of our country" says MI
/ Nes,* "we hear of a severe pressure on mel
- in business, general sagnaon OF trade, laTg
Il reduction in the price of staple articles Ke'
I property is rapidly dcprecanng IN It's nom'ni
,e value, and its rents profits are exceedingly d
,e mushing. Many highly respecebe traders haV
become bankrups, and II is agreed that many {
IS Tiers must 'go:' the Banks are refusing the
" customary accommo odations confidence anon
tS merchants is shaken, and three per cent p'
"' month is offered for the discount of promlssoI
,e notes. which a little while ago were considered
lly good as 'old golj,' and whose makers have n
-to since suffered any losses to render their note
lnl less valuable than heretofore"
'k' Weekly Register, April 10, 1919.
vs., -Four months afterwards, he says, + at
Lo estimated that there are 10000 persons dai
~. seeking work in Philadelphia in New-Yor
"a 10000 able-bodled men are said to be wanderl
by about the streets looking for II, and il we add
ra- them the women who desire something TO do, d
HI amount cannot be less than 10000: in Baltmo
re- there may be about 10000 persons in unstea
ssyy employment or actually suffering because th
INK cannot get into business. We know several
per cent men, lately good liyers,' who now subs
acy on such vctuals as two years ago they would I
S II have given their servants in the kitchen"
mn t Id. August 7th, 1919.
mo- mo A committee appointed by a meeting Of
no, citizens of Philadelphia, on the 2lst of August
ON. inquire into the situation Of the manufacturers
ing, the city and IFS vicinity, reported, on the I'd
and October, that in lhn'y mechanical and manui
had turing branches of trade, which they enumerat
ON which gave employment to nine thousand {
con- hundred and eighty weight persons in lSl4, anC
wa, WA. nine thousand SIX hundred and seventy two,
CO. 1916, there were but two thousand one hund
INKS aud thirty seven persons employed in 1919.
the - committee Of the citizens of Piltsburg,v
NJ made report on the oath OF December, stated I
lblis certain manufacturing and mechanical trades
Her- their city and its vicinity, which employed {
thousand nine hundred and sixty persons IN is
y employed only six hundred and seventy. .twC
a 1919.
y Narar " nn;A tl,n ErnnLc..I E.,A A.