The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-13

FNgNH YVaT- IhOWEN TNVN ONTV
fourth OF the farms The other siXtysix counties with
over 10000 farms recorded only "a eco moriraecs-
about one TO sx-and very many Of these doubtless
on town or other than farm property doubt whether
one tenth Of the farms in THIS State mortgased
one thircth Of their value. But besides the farmers
and wagc-carncrs there remain Of all the people WHO
support themselves others less than tenth chiefly
merchants, Manufacturers transportcrs and bankers
and professional men Even Of these the great
majority owe less than they have owing 10 them.
Out Of 800 600 dealers and $50 Geo manufacturing firms
fully hve-sXths small tradosmen artisans or me
chancs whose operations involve no great rick or in
dehtedness; who are thriiy, prudent do not hazard
/ the capital Of others and have OWING TO them more
! than they owe Who then, compose 1.-THE debtor
4 class y OF whom hear So muchY You must look Tor
them chiefly in cities They Gull vae curbstoncs rather
than farms. Their risks and debts are so enormous,
that, while the average Indebtedness OF hrns ialing
during the last years outside few large cities has
been barely $l5 900 each the average New YORK city
rosc 20 ~ 600 each IN 1873 has been S97 600 for
two years past and the average in Pcnnsylyania has
been nearly l55 600 If the solvent firms IN New YORK
CITY and the State of Penns vvana owe much the
average OF those failing would Indicate they owe about
T40O 600 600 Records of failures prove that at least
three ourths Of the entire commercial indebtedness IS
in ten large cities in which less Than MY thousand
large operators have borrowed aud rlsked more than
halt the oanabc capital saved by millions OF workers
through years OF labor Ifthey IL prudeny for the
| public good, very wen But why should millions of
creditors be robbed in order TO enrich few thousand
/ great borrOwcrsi Democracy once believed IN 'thc
greatest good to the greatest number" What sort OF
democracy not TO say OF policy or justice is II 10 ako
half their savings from millions of farmers, aborcrs,
arusans mechanics and thrifty tradosmen IN order to
| relieve this debtor class ~
SAVE
We can rise Only by borrowing or by saving The
paper issue the less Europe will trust u.s.
Further imitation only means less saving and more
waste ANY new issue of paper based ON gold can
only drag currency, sink lover and iuctuate
more. Stil IL will rob those who labor Prices
would not rise equnlv-thcy never do Farm pruducts
and wages would inevitably lag behind. Still
shall The producer take the risk while the spec
ulaior pockets the profits Sul more shall wages
fluttcr like moth while interest scorches like
steady fame Still shall gambling faint
every loan aud every contract every engagement TO
labor and every deposit OF tho seed m the kindly earth
Cheap money means gamblers paradise II means
that those who can control the money market shall
plunder others The bghonscs shall mp the
little strong roads and mills shall devonr the weak
the will of few mcn stocks and merchants cor
ncred and loans called in. Only the strongest shall
hold the rest shall sell perforce. Prices go down
crops and goods shall pay the losses Of the victims.
Cheap money means robbers paradise
II means that buy at fancy prices; imagine that
rich and into debt Every scheme has
millions in it," In Gancicd wealth and wild hope
give bonds We want dollars of oday and 10 pay
dollars tomorrow, what they may. We have
right to grumble But finally the bubbles break as
bubbles Will The charming days Of cheap money bare
every breast in turn TO the Knife Of Shyock. The
lender laughs he forecloses his mortgages and trusts
that great American 1nanciers the invaluable
friends Of the poor may give us one more trial Of
cheap money. He hikes TO lend in flush times with gold
$50 and call his loans in hard times with gold
at 10 lie prays for more money and another fools
paradise
Yes let us vote down specie payments, England
did in ISL Violent changes followed; paper and
fell twenty per cent and that land IS not yet free from
the terrible concentration and tyranny OF wealth then
produced Eight years Of continual disaster Taught the
needed lesson also suffer before learn
Let try more money the Chinese did more than
Thousand Once piece Of paper Il
square would buy ali the necessrics OF life, presently
it took 10 600 square feet of that 10 buy
cake. Let Us try more money our fathers did In
l7SO the thrifty barber of Philadelphia cconomiscd-he
papcrcd the walls Of his shop with continental money
Yet years later Rhode Island had another kind
OF money, which the farmers when they paid debts
took 20 town in pillow cases. Let US try IL again
France did until pound of butter 600f Is l20)
hack ride 600 lvrcs 81 100 Let US try il again as
the ConieGcrntos did. Post office clerks resigned be-
they could not support life $4,000 year and
pound Of coffee cost $50. Remedy, more money
Then bookseller in Richmond could not break $500
bill the boots costing SOC and the buyer said, Never
mind the change: il i not worth while To let little
matter Of $500 stand in the way Of trade P" Remedy,
more money Then "a handful OF beef a baskctful
Of dollars and gold dollar worth $l2 800 in paper
Finally society rclapsed into barter, and the doctor
sent 10 his friend for ten or twenty visits worth of
corn" Yet there are men who pretend not 10 know
whore imitation ends. The world knows. Nowhere but
in the gulf Of population
THE LESSON PACIFIC SHORE.
On the Pacific shore sits California untouched by
your disasters Her labor is paid in gold. Her ports
crowded with ships. Her wheat travels 20 600
miles TO push Western grain from the markets. Her
manufactures are growing with marvellous ralidity for
solid money and low prices are 'arin Ia her favor
travel thithcr. The earnings OF the Union Pacific in
$1,000 600 in "a and $500 600 more in the first
months Of 1873 See the trains crowded with
workers flying from the stagnation Of the East
to the life and progress of the Pacific coast "Ah
but California produces gold Very well
60 to the Bank OF France In it, vaults arc 1915 900 600
Of gold over $500 600 600 produced by mines Of these
United States We have exported within five years Why
when need il? Because France has suffered
rbly and has learned wisdom Her lesson worth all
The French people have learned that who rails
at capital and interest and rants about more money
enemy OF society and above All OF labor Frustrated as
other nation by war, France had not the
folly to bc Frustrated a second time, this land has
been by valuecss currency 1t did not leave It's in
dustry for 20 be piundcred by speculation and
at the mercy OF any nation strong enough to use
honest measure Of value France lad the sense TO de-
Inand and the economy to the gold IL retired
1ls00oOO0 Of IT'S paper within twenty nine weeks,
ending June The marvellous progress Of its industry
a 20 England Germany, victor in war secs
France within Eve victor in peace its currency
at par its industry thriving its people growing rich
But ten years after hook sadly dark fur
and silent mills France said, "A sound currency
FIRST Of all We enjoyed ''chcap money" robbed in
dustry prattled imitation mutterod Reputation. Money
knows the difference Enough OF our gold TO make
France prosper went where it was wanted
For generations To shall need 10 borrow. VIII
you tel! the world that he who lends 10 America lends
10 swindlers? We heavily in debt DO YOU know
what the FIRST step toward Reputation would mean ?
Alarm OF all creditors and foreclosure Of mortgages all
over the land Do not forget unpaid interest and ma
tarng debts of corporations counties and municipalities
Sherins and marshals OF would be busiest
men IN richest counties Our best railroads mines
mills and farms would pass TO absentee owners ireland
can tell what that means Oh my friends VIC OF all
people on earth can afford nothing but honest dealing
GENERAL G. w. MORGAN'S SPEECH.
In speech delivered by General George W Morgan
at a democratic rally at Canal Dover, Ohio the 7th
inst he made the following remarks the financial
question:
PRETEEcE REsUMING SPECIE PAYMENTS
Just now my friends vast deal is being said on the
subject Of resumng specie payments The bondholders
demand specie payments The bankers demand specie
payments What do these by a return to
specie paymcntsY DO they mean that the option Of
the holder OF bank bill he shall obtain gold when he
presents the bank note the bank counterf No they
mean nothing Of the kind With banker and bond
holder resumption Of specie payments further
contraction OF the currency it means less money; il
ihp Ofa x-ulu
gold and bank stocks and bonds; it make one
dollar buy two dollars worth Of property; it
double the fortunes Of the money by act Of Con
gross
No fellow citizens, these men, as will prove to You,
do not specie payments and they know that such
a thing Is now impossible In their they have
gone money mad Their bonds worth twenty cents
above par their gold worth from twelve seventeen
cents above par and their hank stock from twenty
five TO thirty three per above par and they are not
vet satisfied.
on the l4th Of January last they passed a law through