Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-03-15

provisions to three quarters of million of people,
and through the influence of this augmentation, to
all the Union besides, while the quantity was
abundant Were these people defrauded? We
can see nothing but fraud in buying up an article,
pretending it is scarce, and raising the price for
the foundation of the enhancement in price is lie.
And if it be a fraud, what but swinder is the
perpetrator? And if he is able to do this through
a system what else is it than a swindlng system ?
And if distinguished politicians praise the system,
what explanation be given for them besides
ignorance aoickedneSS, and what else are they
than fools or knaccs 2
In season of extraordinary abundance, -four is
suddenly raised from four dollars and a half to So
for the barrel. The mlers, who have monopo-
lied the wheat CROP finding that low crops do not
fill their pockets, and that combination will pro-
duce high prices have stopped their mills to dmin-
ish the quantity of flour in the market This ope-
ration enables them double the price of the stock
on hand, which price they will keep up as long
possible by short supplies; and when the price falls
again as it certainly WILL and they have large
stocks Of wheat on hand, they will have ock-
eted good profit out of the temporary rise, thus
while flour is abundant, and cheap from this album
dance, it is suddenly double in price without any
diminution of quantity and this duplication is
caused by combination of monopollsts, and their
object is their profit at the public expense. And
how is this done By a combination between the
millers and the banks. Are the public swindled
The price of bread is doubled by combination,
and the object of the combination is profit. If we
understand the term s,oindLing, this is clearly
| swlndLng operation as any perpetrated by bank,
or by any convict in penitentiary. And who
are the swindlers? The milers and the banks
| And how is it done Through the instrument
talty of large loans by the country banks the
mlers, to enable them to buy and store the wheat
crop. And what is the system through which the
people are thus cheated? The credit system. Is
it any thing else than a swindng system?
But this is not all the swindling caused by the
system. These very banks which thus assist
swinders to speculate in the necessares of life, can
| not will not pay their debts, and consequently
their promises not good in the market for the
sums promised, and there all holders of these pro-
misses are swindled out of the difference between
such promises and money. A mechanic having
sold several pairs of shoes boots and received the
notes of the Red Dog Bank, or the Blue Cat Mi
nnq Company, buys barrel of flour for his family.
A week ago, he would have got it for five dollars;
but now, when the quantity of flour In the country
40 not diminished, except the ordinary consumption,
and the stock is sufficient for more than year, he
must give seven dollars: and on offering a ten dol
lar note of the Red Dog or Blue Cat Bank he finds
| it is worth only nine dollars. And why this de-
| probation These banks have loaned largely to
L
to buy up the wheat crop, and these operations
| have thrown into the market ten times more notes
| than they can redeem at sight; and they
pend. Or perhaps they suspend for the purpose of
monopoIizng the wheat crop. Is this mechanic
swindled He has paid high prices for leather be-
cuse the price enhanced by an excessive issue
of Red Dog, and Blue Cat, and Yellow Rat notes,
under the nickname of currency and this excessive
issue is made through an operation which enhan-
ces the price of -four, and an effect of the operation
is depreciation in the value of what he gets for
his work. We think that he is Ssc,dLed all arOa1td,
and can give to the system by which it is done no
other name than the SacindAng system.
A laborer or mechanic buys every thing
credit He keeps no account, and therefore knows
not what he owes till the bill is presented; and he
then finds that he has bought more than his earn
ings in the time will pay, and that he has to
paw for his purchases more than would have been
asked, has he paid in ready money. But as he got
credit, he also gave it and agreed to receive his
wages even monthly or quarterly. When the pay
comes, he has the alternative of Red Dog moth
ing, they being deprecated ten per cent. As his
family cannot sarve while he goes to law for JUS
tee, he submits to be imposed upon by his en-
ployer. Thus, in ignorance of what he was buy
ing he has bndly permitted to owe too much and
| being, practically, at the mercy of his dishonest
employer, he receives too little Is he stcndted?
We should say that he swindled at both ends;
and that the system by which it is done is Sacind
ling system. Had he worked for cash and bought
for cash, he would have known ohere he stood from
day to day. and would have accommodated his
wants to his means and were no currency in cir
culation but real currency, his employer would not
be able to cheat him out of discount; and were no
shaving mills in operation, this employer would
not be able to monopolize labor, and then cheat 1t
| of It's earnings.
All extensive borrowing for the purpose of ex-
tensive dealing, is monopoly. Thus Stelnbergen
monopolized beef, Nolte and others monopollzed
! cotton, the millers are monopozing flour great
builder, or great shoe dealer, or great tailor, who
conducts an extensive business and employs
many people, monopolizes labor. All these
monopohes cheat somebody directly, and every
body indirectly. Stenbergen and the millers cheat
the consumers of beef and bread; the great build
err, the great shoe dealer, the great clohier cheat
all whom they pay in deprecated currency, and
they are sure to do this if any such currency can
be found and all the lenders by putting into cir
culaton so much of their substitute for money, en-
nance all prices and cheat every body In every
thing; and when the lenders fail, as they frequent
j ! : -.