Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1874-06-09

$50 on every hundred. And the contraction
is still going on. The Republican party re-
fuses to permit an increase of the currency,
which, therefore, is now being, in effect,
reduced two and one half per cent, or seven>
teen and half millions of dollars annually,
by the growth of busines
cit is demonstrated that, other conditions
being equal, the reduction of the volume of
the currency of a country reduces the value
of labor aud all its products, as compared
with money, and all securities or property
producing fixed interest or rent in money.
The experience and observation of everyone,
for six years past, have shown this. The
creditor class, who are, generally, non,pro>
ducers, and own bonds. notes aud other fixed
money incomes, therefore have profted enor>
mously by the contraction of the currency,
because of tho increased value of the dollar;
as compared with labor and its products gen.
orally; and all which that class has gained;
and far more, the debtor class, the producers,
and the masses generally, have lost.
"For example: A borrowed of B, in 1865,
$4,000, and has to pay ont of the produce of
his farm; which yields 900 bushels of wheat
year. At the price then, say 50 per bushel,
it takes one years product 10 pay the debt
In 1870, the debt comes due, and wheat has
fallen, by tile contraction Of the currency, to
say 81 per bushel. 1t now takes tUo years
product to pay the debt. The effect on A is
precisely the same as though the currency
had been let alone, and the debt doubled In.
.juries. like in kind but differing in degree,
have been inflicted on nearly all who have
been in debt within the past FIVE years-es-
pecially in the past two years for, though
the greatest reduction of the currency was be-
fore 1868, yet the consequent reduction in
the prices, and cramp of business, have been
slowly felt and the seDcreSt e1ects arc probably
yet to come. Still, thus far, as result of con-
traction, nearly every thing has fallen pcry
greatly in value, but money and securities
calling Torrent, interest or principal in money;
all debts hare been largely increased, and all
business, 'chether ct projection or exchanges,
has suffered, because done on falling mar
ket" hope, then the first interrogatory of B.
f. J. is answered to his satisfaction, and that
he sees the creditors are making the "loud
oufc'y," while they have dealt to the debtors
tho ''sorc blo,0."
Mr.. Cox, of New York, who proposed to
increase the currency by doubling its value,
is either money oligarch himself, or their
tool aud ageut-(of Wall street, )-and, there
fore, can see that it is perfectly fair to double
the debt on debtors, by contraction, but
heiuOus crime in the debtors, to wipe out the
fraud by erpdnSion. Lawyers say deed
must he dissolved ''eS Lg1mine quo Hgdiur"
or, in plain English, by another deed
Fraud and robbery should be dissolved in
similar manner. 1t is better to do it in this
way than by revolution and, as to the "equal
division" hinted at, l will say to Mr.. Cox,
and to Wall street, and tho world, that it
would be better for theI Ilaborers and producers
of all wealth to take ''equal division" where
all would get something of what they had
created, than to suffer few ''boards of trade" !"
and "business men, par crcellence, and bank
ers, and brokers, and usurers, to appropriate
the whole, and reduce them to serfs and
meuials. The laborers aud producers do not
wish the mode of 'tequal divisiOu," nor do
they design anything of the kind but they
do say to their tauntiug robbers, "Your spo>
lations shall cease. Keep what you have,
but give us fair rule, and We will work to it
patiently otherwise, your own crimes and
spoliations be on your own heads. You in
solently threaten war, through your hireling
press, unless you can retain your engines of
plunder; we as plainly tell you we will not
submit to it."
From the President of the United States
(no wonder he is bullionist), down to a tide
waiter, including Congress and the United
STATES judiciary, and from the Governor of
State down toa constable, including the Leg
gislature and judiciary, every man of them
is bulionist, and for the reason that it
doubles. trebles and qusdruplcs their salaries,
and oPpresses, and taxes, and subordinates
labor, and the works of labor "rbe servant
should not be greater than his lord p and,
for that reason, rejoice at the birth aud;
and origin of the Grangers. as they, too, viii
be "boards of trade" and "business men"
who will have some influence over Govern
meut, and, on the part of the people, meet
and confront the combination of monopoIists;
who think this world, and every thing in it,
was made for them, and ''if you take care Of
the rich, they will take care of tie poor"
IN, .,,.. . m