, 1875-10-03

AIr. SCHuRz, in his Cincinnati speech,
pointed out very clearly the errors Of the
very common assertion that the poor men
want cheap money with which to pay their
debts, while the rich creditors do not want
cheap money. Is it true that the poor men are
the debtors of the country? To contract a
debt requires credit, and credit is based upon
the means to pay. Men Of very small means
are seldom in debt, because their opport1ni-
ties to become SO Gre limited. lIr. ScHuRz
estimated that IS per cent Of the debts owing
in this country are owed by men having
large properties, while the wages class are
the least indebted class Of society in proper
ton to their earnings and savings, and next
to them are the farmers and small business
men. These are not the capitalists or b1oated
bondholders; and, while their Indebtedness is
comparatively small, they are creditors to q
very large amount. The laboring people, in
cluding in that designation all those who
work for wages, daily, weekly, or monthly,
are of necessity creditors, and to q very large
amount. There is not manufacturer,
merchant, or professional man who does
not include among his creditors the working
men in his employment, to whom he owes
wages foz month or pars of month. On
the average of half q months wages due to
those employednt labor, it has been carefully
estimated that there is always due the sum
of S12O, 900, 600. The same class are the
owners of the great bulk Of the 1000, ,000, 900
deposits IN the savings banks, and, inc1ud-
ing the farmers and small dealers, this class
hold between two and three hundred millions
of dollars deposited in the various other
banks and trust companies. In the aggre-
gate, they are creditors to a sum ranging
from twelve to fifteen hundred millions Of
dollars. That immense sum has been obtain
ed by them ut the cost Of sacrifices unknown
to the rich it has been obtained at the price
Of blood, Of health, and Of strength it has
been saved by the sacrifice often Of the very
necessities Of life 1t Is al these people hare j!
The effect of an increase of the currency is
to depreciate this immense credit. The full
in the value of the currency which has taken
place within the last thirty days from so to
S. cents on the dollar has been equal to the
destruction of $75, 900, 600 in the purchasing
power Of these wages, savings, and deposits.
Had Congress enacted law conAscating
$75, 5,0o0,0 600 Of the money Of these people,
there would have been an outburst Of public
sentiment concerning the outrage that would
have hurled the Congressman voting for it
into perpetual disgrace. But it is now pro-
posed TINT Congress shall legislate for the
express purpose Of reducing the money value
Of the currency, not merely S cents on the
dollar, but so OF 40 cents on the dollar. The
effect Of this will be that when these work.
men, workwomen, farmers, and traders, seek
to get their money they will be paid in
illegal tenders worth 80, 40, or so cents On the
dollar. The 1,500, ,00O, 900 which is now
due to these people, if paid at this time when
currency is worth s. cents On the dollar,
would be equivalent to $1,251, ,000, 900 in
gold-that is, would purchase the same
amount Of property that could be purchased
for that amount in gold
If the value Of the currency be reduced ia
75 cents on the dollar, it would be equal to
$1,1a5, ,ooo, 900 in gold. II the value Of the
currency be reduced to 60 cents on the dol
lar, it would be worth $500, ,0oo, 900 in gold.
# the value Of the currency be reduced to
so cents on the dollar, the whole deposits,
wnges, and credits would beworth only $780,
ooo, ,ooo,-a. shrinkage from Its present value
of $500, COG, co., MI
Now, it il arRded by tho Democrats in
Otto that t1 fzs5aabo III 1Atn2 o9 Hns Ersahr