The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-09-17

system Of purchasing, keeping and didributin,
supplies ana o. keeping accounts, was def,clivr
Mr.. Chase's call for the immediate pavmeCi -
MY millions IN gold, subscribed By the barlH
paralyzed them. The Secretary recomueoJeT
the Administration urged, and Coneress s5oolol
the legal-ender note system. -Four hundred mi
lions were issued Bonds were issued and soiJ ~
par IN legaltender notes, but at thirty forty. on
even my per cent. discount in gold. The NsiiaT
al bank system was devised % make InarEef n,
these bonds, and three hundred and sisty tniilons
OF bank paper were issued State bankg tVe,e
taxed out OF existence on tho one hand. and Werc
offered every lndueement % become National
banks ON the other hand. The currency VIZ n,
creased NtO,O0OO0 In addition 10 these ~.
sources OF increase there were also five Der oeaf
notes; seYenlhirIy notes, functional currency and
ceruneateS OF loan, which, for time vers Al
common circulation. The effect was nseicsi
The experience OF England was repfafrd 'Wilb
half OF the country possessed By tho Confederstsu
win largely more than million Of men in De
North eOYerted nom producers % consumes tyifI
taxes touching six hundred millions annnsII,,
win the expenditures for a long time nom thar
two millions Of dollars each dny work was nlent'-
labor was rewarded, energy and enterprise ve,e
egeTeiopeq, gp PUBLIC ana private works wee carried
forward, fortunes were amazed, and a wei beine
beyond what We had ever seen before was eniogrS
in every condition OF life Tho currapct s,sfi
continued deprecated. But Il rose and III not
alwsys . aeeeIlig 70 me quality but according %
the iate OF battles In the meantime tho bonded
debt Of the United States rose 10 upward OF tsre1t
five hundred millions; the hoa.inr debt ~ \,
twelve or fourteen hundred millions, and prjvai,.
indebtedness reached a fabulous amount
The war came suddenly 10 an end. Four hpn
dred millions Of slaves were instantly bruugbt y,
the CONDITION OF seltdependent people and earn
ed and needed money. One million or sojdie5,
were returned from the condition of COnsumers th
the various ay0catiOns Ofllfe and they too esrn
ed and needed money. The markets nlrfiisled
by the demands Of the Government wore closed
New markets had TO be opened Other ynaSirels,
for their commodities had 70 be substituted. Oh
er industries had 70 be developed 1'he ravaepa
Of the war, the disturbance Ofthe systen ofIsRS,
had resulted In the desolatlOn Of the So,th
Houses, barns, fences, mills had been destroved
hogs cattle, horses, wagons harness, agricultnTsi
country was now thrown open In thls condhlon
10 be supplied by currency which had heTpfolorr
been confined TO the North. These conditiopsof
themselves operated a contracted Artificial CON
traction, actual contraction by enlling In t,e csr
rencywas adopted as the policy Of Inc Renubiica,,
party, and has been continued more or lets active
ly every since. The act was instantly yi,iblo In
dustry and enterprise were crippled; prizes fell:
deos debts contracted on an expanding currency aud
rising prices were paid while prices were less and
still falling, and their payment crippled ali m1lI
engaged in active business, and IN every ca,se
trenched on the accumulations Of former ypam
In elght years me payment Of tho floating debt,
which mad served the purposes Of currency and
and the expulsion of bank paperand coin anonn
ted TO nearly 81 ,5O0O00000 While this contrartOu
has been going on, the Administration claima io
have paid S5lO000O00 Of the principal of the debi
and 81 100000 Of interest in gold-in all Bi6d
OOOOJO Of sum equal almost 10 the entire weahh
II the people Of the United Stated In 1870.
These enormous sums for the payment Of them
of the Federal Government have been
drawn from the accumulated capital and o.
gains Of industry. Labor, the source Of ali wpaItb
has borne this burden. The bones and stneue
and muscles, and blood Of men and women have
coined these suns and all the while their wIgca
have been decreasing II Is safe to say thst slnce
the panic OF last September there has been a stae
nation Of business Of every kind beyond Ak
precedent; that thepeOple the merchants themSa
farmers labOrcrs, men and WoIneo
boys and girls, from the millionaire 10 tbc
sewing girl, suffered az they have never Sufcpea
before, and that the husbands and parents haVp
IN the large cities, sought voluntary death ratheI,
han 70 see starvation In the eyes Of their WiVea
and children II Il entirely safe to say that Il
was easier 70 pay six hundred millions ~ anea
IN 1865 than three hundred millions this year,
easier TO pay the high prices Of that year than hc
ow prices OF this year Il IL entirely safe 10 ssV
hat families which were opulent then, famif0
Witch were comfortable then, now are reducedtn
he utmost want, and, in terror and shame, lead
Rretched lives In their endcaVor 70 conceal tbelf
Doverty-stricken condition.
CONCLUDED NEyr wpYE