Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1873-11-03
THE REAL SUFFERERS.

And now the working people, who
make an honest living by daily toll, be
gin to feel most keenly the effect of the
panic on Wall street, and the unsettled
financial condition of the country
Thousands are out of employmentin the
East and in the West, and the " certified
check" system is about to prove a rotten
bridge over our financial troubles. The
expansion of currency commenced
during the war, and fastened on the
country since, is slowly but surely work
ing out its balefulresults. A movement
is on foot throughout the country to re-
duce the wages of employees, and thus
hedge impending evils. The insig-
nifcant plea for all this is that
there will be a corresponding re-
duction in prices Of food, clothing,
and other necessities Of life. That is yet
to see, and is at present poor satisfac-
ton to the laboring man barely able to
make ends meet from month to month.
The times are sadly out of joint when the
Spragues of Providence are on the brink
Of bankruptcy and offer to make an
assignment, and the government declines
or is unable to afford any relief or as
surance. Nothing is likely to be done
TO restore confidence before the meeting
of Congress, if then. Meanwhile paper
is maturing, rents falling due, market
bills to pay, clothing for the winter to
buy, and money locked up. The great
spiuners of New England are hardly able
to buy our cotton at any price, although
they have only limited supply on hand
aud the necessities Of the people
are increasing every day. 1t is an
nounced in a Nashville paper of
Sunday, that owing to the financial
pressure and want of business, the
management of the Nashville, Chatta-
nooga and St. Louis railway were COM
PEELED Friday to again reduce the num-
Der of its employees in the shops.
Thirty of them left the city for the
country. Next we see that the East
Tennessee, Virginia and Georgia Rail
road Company has cut down the salaries
of all its officers and employees 20 per
cent. where they receive more than 81
per day, and made reduction Of 10 per
cent. on the wages Of all who do not re-
eeivee xceeding 81 per day. Instead Of a
cheerful acquiescence, as was expected,
the engineers, fifty or sixty in number,
left their engines last Thursday at Knox
vile and all along the line, thus putting
a stop TO all business on that road. The
only train that ran through from Knox
vile to Chattanooga that day was taken
by an old conductor who acted in the
capacity Of an engineer. We see by to-
days morning dispatches that the com
pany have succeeded in supplying
the places of the engineers
and hremen so as not to
interfere with the passenger service. The
company will not recede, consequently
a large number Of men will remain out
of employment and their families will
suffer. So it is all over the country
As winter sets in wages come down, and
the laboring classes may accept the sit
uaton or starve. Hands are being dis.
charged by the thousand in the East, and
many cannot get work even at reduced
wages. The rich can manage to take
care OF themselves. The Vauderbilts,
Spragues and TaintOrs, the bank officers,
street brokers aud heads Of establish.
ments may live through the winter as
easily as ever, and their families appear
IN velvets aud furs behind fast teams As
usual, but the masses will feel the pinch
ings Of cold and hunger as they have per-
haps never before, and a murmur Of CON-
ing retribution against those who have
forged these evils is already heard deep
but distant among the people Finan-
cial disaster and ruin threatens the
whole country, and day Of reckoning
viii come next-when the reckless au-
fhors Of 90 much misery viii be visited
with the execraiion they deserve.