The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-09-15
,,:,uld from First PGgs.l


-snCy az I'll values aud consequent ca,
:ract,II The people Is as certain certain Sn Il,
.S.,..byI.hed a. that reauc'loh .,
We. es''ID,r,. ,hrnkage in all material
hest ? W. We had contraction OF our paper
things " IN 1879; again in 1888 again
urren'! - ,er,nd OF contraction being
IN IsoT o,snieI by reduction OF values and
s'l'"fy business distress. 30 II mas oeeh
gene'S.,, .,,rDiry and at all times when
% r''- ::,r,y 10 the volume OF which the
:1' '"'',.i ysIues of threatened with re-
. '"'s' Iy legislation the country are
10" .gIdeniy reduced or any
). ., ,',1. r>peIient. 1t is, therefore, too
a.'', ,,l. disputed that the depression
..rs. -. now prevalent Is due to the
'. . ..,,i,p that has already taken place,
.''.,'' mo boarding from anticipation OF
' -.. which is 10 come. r
.AS ,, ". expectation, then, have we Tor
- What i 10 be the result?
!-' '.', 49,. .,otrsction which has already
j. ~ ,I... - much loss and misery has
49," lln.,.I what Will be the condition
.f,' w.. With The currency reduced to
,s.IooGeo' Why, fellow citizens, 1t
;-.,..p.s.a ~ cause and effect can be
.,,n'. assumption law goes on We
.r'' .', -, begun to see hard times.
49, ~, That's 50 We have not ap-
.,.l Them. II Is true, the pressure
..r..dy thrown immense numbers OF
...., Of employment; II is estimated
million of willing hands are now
.- "A. ,now that want and distress
,-av.,rnt in the large cities. We have
. req, ssSemblages of people demand
gor, in Cincinnati, Chicago, In
- mills s,slwsrt, able-bOdied men
.,. only that they have chance TO
,,- bread: men whose families are
n,In, Of starvation in cities sur
.t.l Ey Al ocean of corr fields. APP
r II that is done when contrac-
hiss reached but seventy millions,
1870. NAV We expect when it reaches five
....r-.! millions2 Aye, tellow-citiZens,
mi, IA Is pushed on to execution, If
.. ,,.nr 81 TINS country should be fool
....y III. Republican party into submls-
the execution of this law, it will
...... more misery, cost more hives, and
-. honest owners of more wealth than
... ,rrs, rebellion itself. Applause.l
rt,, msv seem like extravaganza, but
marx the prediction.
Wrv hi, plan Of forced resumption
n, new thing. 1t has been gone
...-..,a with in Englsnd-the country
..,..r.,. wc derived our institutions and
...,. a, business; Il country whose po-
.~..I sot business experiences We may
49,. learn and profit by. Ia 1919 II
.r-.- named Ricardo, man of extra
.-,,,ry mlrI, led the ballionists of
rr,.,,I In forcing the country to specie
..,nan,. What was done by the Peel
-...rmn,ior law Its very much the
...,,.. ~ the sherman resumption law,
..r,.r WA. copied almost word for word
tram The British lsw passed IN 1919 pro-
...4,, for resumption N 1923. The pa
r..- currency then N England was not a
'..ri 81 uur pr",rs. volume OF currency.
arr,,,! ,trn had, in the hands OF her
n...p.r srI her moneyed institutions,
'0-',. times the amount Of gold and
.,grr wr huyr to-day. The world
,s. beer debtor; We are the debtor
.. ,s. world When she passed her re-
..mp.I,u law gold and silver were ut II
.-rrl4m ut three per cent; ours were NJ
. qrru.4m ut ten per cent. Her means
. sumption rs compared with ours
,--. infinitely better. This Insurer Rear.
VINO forced the people Of Great Brit
.. Ito this step of resumption, said to
...rr. You need not fear the Contrac'
,., the currency; it will OF ly be three
p.- .ynt., which is the difference in value
...,a.rn gold and silver Just rs Sher
nsa -ays to the people of the United
-.,,c.. that they will only suffer reduc
t.r.. the currency and Of values to the
40. mt of ten per cent. difference be-
tween gold and paper. But before re-
..mp,r1n Wa reached il England it
.s.,rd a contraction of their curreAcy of
inv per n.n, and every value, whether
u. ,srl or Ia!ur or product, shrunk in the
,Na. proportion ct the reduction of the
r.-rr.y-hly FER cent. The result
na. Tim, u.aru artnrirs were closed, the
,lrn,n N'u lsi h.lle mortgages on
,au- .,-u. / her lands, and large
p4-l OIL, ,r, wealth of the
..e.l wg. gathered into the
It. - rrr u'ncvcd aristo-
...,,. Nt. i... .u-,cd the adoption of the
a. .rs- au. .nI from one end TO the
.,..- 81. ... wa- NJ cd with the cry o.!
....rr., ~r.. ...p,Ir Applause. VIM.
&. hh~j, predicted ,upt if that law passed
,w...4 Goo. l,..,. Britain the lives Of n
aaa.n Of her people lost by starvation,
and +, came very near dong it, And
,.S We, with All amazing inf4tuation,
s-r nrlug driven on by the usurers of
q, country into the same gulf Of bank
-.p,ry into which the people Of Great
H-.aln were hurled by that scheme of
N.,rdo. Applause. Let US loot up
s0mr # the losses To- our people by this
sudden and forced contraction Of the cur
-,ury suppose call it Il contraction
of on.y fifty per cent by way Of being
absolutely on the safe side-it will re-
luce Nil values fully fifty per cent. Let
%, see tIr effect of that reduction of
values. In the first place, the effect on
debtors There are seven billions of dol
s-, of currency debts in this country.
(.u reduce The value OF every thing that
.s" pay debt-land, labor and product,
al. you double the debt. Say you
lvyrs house IN this town oi Parkcrs-
* with Il mortgage on 1t of 500 You
s."a Jay-aborer and get $50 per day
ages This contraction otthc currency
suits IN reducing your wages to 10
"n.s Grant that everything you want
% buy Is reduced in the same proportion.
Here Republican speakers and news
papers will say, where is the harm? # q
man IAN buy with reduced wages rs
bach rs he can without such reduction,
,w is he hurt? lie is not hurt Mt all,
Y irllow-citizens, provided his debts
SID taxes are also reduced half. Ap-
e ,u.r But to 90 back 70 the 500
"nr,Gssc. Before the contraction, YOU
.ud live on dollar day and save halt
a!".ar. After the contraction, You get
.!,ryrr'y. i've cents n day, and can live
.' half collar, but how much OF your
",g", al YOU save? Twenty-Five cents
Before the contraction, you could have
iaId Z the mortgage with saving OF
r.... IL a ~ n.arn -,