The Morning herald., 1875-09-25

Iull huuNlcuSc tHdt luc lucNltnoAC suA u
, ing of all values, by that time will furthe
: lessen his ability to pay the increased vol
ume of his debt. This is patriotic, this
, the boasted honesty Of the money lenders
We have hundreds Of thousands of head
!. of families now idle:-idle for the reaso
) above stated. Very many ofthese have tn
the entire earnings of their whole lives in
vested in the margin, over and above tn
mortgage upon their houses. Wan
Of employment, aud the inevitable fal
in the price Of real estate, vii
swallow up these margins, and houseles
then, now owners, will become the tenants
of their mortgages. 70 thus deprive the
poor of their homes is statesmanship-it i.
boas,ed of as honesty. o! for shame.
! Take up the list of disastrous failures for
the past month CT So and investigate the
cause, shrinkage of the valve Of property
either owned by the failing parties or hy-
potLicated with them by others. Property
Of every character is shrinking in value,
houses, farms, produce, and will further
fall under the threat of enforced settlements
in specie. One thing alone does not nor
will not lessen debt nominated in ones
obligation; whether the amount repre-
sents five days work, or fifty. 1t is stated
is some quarters, that in the United States
there is no distinct debtor and creditor
classes. This is mistake. There is a dis
tinct debtor class. Every farmer in our
State who has mortgage upon his farm,
every working man whose house is encum-
bered or ''in the loan" as we say here;
every manufacturer who has obtained
money to build a::factory, equip it with ma
ehinery, depending upon his capital to
merely carry on his business-ali are Of
the debtor class.
1t is true some Of them may be credi-
tors, but as a rule never in the same pro-
portion as they are debtors. We might
include merchants, with large stocks of
goods bough, on credit, but will not.
II is gravely answered, that the depres-
sion in business, 's result of the panic Of
1873, that may have quickened into action,
the disasters we are laboring under; but
judging by pas: panics, recuperation ought
10 have followed in a few months, The
terrible panic Of 1857, was succeeded bv
immediate prosperity, as there vas no
threat OF couhscation by &C, of Congress,
de;erring the industrial forces Of the nation
rom action. We are no inha,ionis:s: well
knowing that money, whether "barbaric
gold, or currency" is alike the symbol.
which represents the fruit OF labor or is
the certificate OF labor performed; hence
II must be based u!on value sufficient, TO
give it purchasing, or paying power.
lhe enback currency is mortgage up
on the entire values Of the United States.
Ii Congress had le. it alone, and made no
threats of confscasion, the gap between it
and gold would have been almos.
How do the Confscati onis;s propose to
regulate the money question?
l. To sell bonds enough, on which we
must pay interest to pay of the green
backs in gold, ard thereby loose S2o.-
900 900 per annum interest.
ii. To tax tea. and coffee S2O,0OO, 900 a
a year 10 help out this scheme, il the sale
Of bonds f.s!l shc-: OF retiring the green
backs.
III. T. give iii..:.a.i:al'l4 banking pow.
@r> 70 the owners q bonds, enabling them
10 issue >2o00,~N.oQ0 Of National Bank
notes, ii profitable TO do SO.
Think upon the ettec, OF this scheme =
by contraction aSi the aid Of the Sheriff.
70 eonaSca,e al@.o.I every debtors properly
in lie co'li:ry.
All Q tie burden. Of the Iovr BY tax
in their only luzrrie- 10 touching the
rich mans wines cr .iks.
Wien the >her::: would lave brought
enough properly, TO the hammer 10 engor-e
The rich, with more riches, contraction
would end-bonds would he expressed to
Washing nSton-banks would muliip!v.coun..
less millions Of their notes would be issued
Imitation and expansion would be ram
pant, the earnings Of the industrious would
again be invested in margins over mort
90 @a-es-to 1e IN time confsca;ed by new
scheme as vile As the present.
Is Wall street and the junta of Foreign
domestic capitalists to rob Us, by act of
Congress or not?
We want the infamous specie payment