The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-10-18
THE PANIC AND THE WORKING
MEN

.''li '' t-lN 4i'llcNtiA ~ stem proposed ~
the National Labor Congress may be ques-
toned ny some, but to our mind it is
pretty clear, Il the hard money"
system hai been IN full operation the evil
effects Of the late panic would have been
intensified ten fold greater The Bulls"
and the Bears would have gobbled up AL
the specie, and the worthless notes and shin
plastcrs would have been left IN the hands
Of the working people For those who
glory III th, ~ohriquet NJ "Fnanciers can
form 4 pretty good idea 81 how the none
tary barometer stands, and to certain de-
gree be prepared for the coming storm. 1t
s. ia fact this anticipating. or knowledge
~ the financial condition u the country
thlt leads % the crisis. Those who care Il
watch che monetary barometer cannot fail
OOH observe the premonitory signs Of crash
File stock markets iluctuate banks com
tract their irluS and become more cautious
IA their general dealings A stringency il
money ald g partial want nj confidence is
the inevitable result
Yet notwithstanding the fact that these
signs U,r, plainly discrrnible for months
past tne announcement n the failure #
'aH 1"'N a O". t'"A every BODY ~ SUI
prise, anna when 10 VA, followed 10y the Sis
pension ,l N'''''''' 'rl''S' CONSERVATION sci
R" 'hd th' p'n' VA 'he result
ihe present a''leis rom Al preceding
""''''7. 'n'"N"e" tA'' ID Is mt CONNER
.a. ruHc U has n"t been brought about
ty a'.rtI3inS "th foreign countries.
'nr leading commercial houses stand a.
hr" to-day ~ tiey dl' SN months a1'.
lA'li reputation "Ao lre'It i not impaired
10y '' ''uI manufacturing I'rIlS nave S"S
tanned 'ht Il Very sH5At sh"th. me crops
q the Iaot y1"r nays Teen abundant ana
our Western -r'h"r'e' "re tuil r. rerletion'
anu au"eIli'- ''r want "I Importation Ia
clltles to carry them t' ti'e Seapoaru. 'ur
railroads thi AIS ih running ordel ley hut
Very Sh-ht chech up their lrelIhl de-
iuah"s, anna passenger travel continued
about 'ht Same as usual. Hence those r'il-
I''1, tA'i "fe nh'sh1d ana III running or
"el '.''''' ''l' "''l' '''''''' 'ilelr uSuS, ui'-
"''N"'' -' ''''' '"''''1 'He S'och l'""elS
ana money E'o''e's 'I the money centres
OF the Republic the legitimate business OF
the country haS been PM little affected.
but there ls one result arising from the
present crisis winch appears 70 US heAplc-
able and unJustliahic under the circum-
stances VI the case. We allude to the gen
erai disposition "n the part q capitalists 70
refuge tn ,r1qe' n '7'fA'"gmta. Why =
this God knows their pay, or the inter
est on the capital invested in them, was low
enough, in fact, III too many instances 1t
.,., - l..". -, --,,,,l-,--'
IT,, -. h.. h..,, .--...or..ns ~ Last
Nm t.......-'....I. .,I ,..,.,,,or
Observation-Disclosures,
.r..l.. ....r..... ..r... 49,. s.....,,I
...l
Peg
h's per cent 'o twenty -u'e per CENT Aiiu
theh reduce ther WORKING 'liHe' WHICH
ii-aA'9 " s'''i create '',''''''o'i ~, men
""'N'i'- ''aii' ~" II ''' ~
IT, S"''l0 O9 iii''ie W ''i'''' ''i' "i'' t0i
hla'-ciV i'ss ny 'he i'S'l'' say P''"'l
t
r,a,,. an5 + o,.r 1. ,,a+s bacl. \, +ba
-ts,,5.r{ a. ,,I,i.l, IT.. Is nr.,.io,s \, III
manic ba y.;Il ..,.. Nv, rasort 70 that recourse
which 4. M, universally. c.ndamraj
80.
d.. a l..:..... ;,..-o.+ ~
49, ~ " --n
commerce. anu ni'''' 'i'''''e u''S '''' 90
III '"e reo"''l''h n Wages "'i' M 'i.iie
:,
''''''
the country III no ne pelie'e"' 'i'e oaiiAS '''a'
went mr. h4uiaatlon are aoie m ana VII
meet III '''''' l''''.i','''A' i'''."' ''uoiiis
men ~ '''''' '''' ''''' 'i's - ~
,.' '''O ''''
'-o ''''i cru t-5 i''''''9' ''' ''''' "
~ 'ss'''''' p"' ~ '''''
Inn ''''''' 80
"Al's
-, '.' I'm e 1-.e:It;,.. ~.
ID ~
w II "ii. " A'''''ui'' ~ ~
COMM UNITY anu r"'lro"u companies q
ies,hs 'n' s','"sen'y 'i '"e money ,ii"'Ae'
"l,u ''S' II business a an excuse ior .ne