The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1876-07-27

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IN dfmiRistiing e. ne auItiops
of our foreign trade sinde bteaness,
which can not .bechdngee Tor years.
The accumulation orretention Of any
large amount of gold in this country
is impossible. No intelligent man
can believe that Che banks can keep
ahoat currency iredeemablein gold
much if any in excess of the greatest
amount we ever had before the war,
which was S2l5,000,C00. If we call
! it $3.50, 900, 600 we shall then have Il
contraction of the currency in three
years of about sixty-six and two
thirds per cent.
Such sudden and enormous con-
traction involves inevitably reduc-
tion of all values of land and of la
Dor and its products TO an average of
less than half their former value
| Consider carefully the triple evil Of
this immense reduction of values.
First. Our tax is now about nine
teen dollars per head for National,
State and municipal governments,
which is more tlanitho whole net
increase of wealth 6ln the United
States, an enormous and unparralel-
ed burden which was nearly insup-
portable even in a season of prosper
| ity. This contraction of the curren-
cy will at least double the tax bur-
den by reducing one-hGlf the value
of labor and property, by means of
which taxes are paid.
Second. There are about SS,000,-
100000 of private debts, which will
also be doubled by this vast reduct-
ion of currency. The effect on debt
ors will be precisely the same as
though the currency were let alone
and all thei. debts doubled 1t is a
legislative confscation Of the proper
ty of debtors to an amount four times
greater than the sum Of our national
debt, and u Legislative gift of the
plumber to creditors.S s.s,.,.--.-.---.--,
Third. During this process of con
traction, while moneyis rapidly ri
sing in purchasing power. and while
labor and its products are falling, all
productive industries must perish
under an absolute laE of political
economy which forblls manufactu-
ring on falling market.
Under the triple curses of this law
most of the business men of the
country will be dragged from compc-
tenee to poverty. Millions of artis-
ans, mechanics and day laborers will
be cast out of employment for years,
and bankruptcy, want, agony and
despair will fill the land.
That this,is no extfavagant pict-
ure is shown by the history of Brit
ish resumption by forced contraction
in 1S19-1S23. Great Britain was the
creditor nation and had vast stores of
gold. Her currency was less than
onc-third the value of ours, and
moreover stood at but from three to
five per cent. below par in gold, yet
the Peel Resumption Law is copied,
caused, contraction of over forty
per cent. of the paper currency to
reach and maintain resumption,
blightcd her industries, iinpoverish-
ed debtors, starved and beggared her
working-mcn and doubled the wealth
and power of her aristocracy. Let
doubters read Alison's "Knights"
and Doubleday's descriptions of that
saddest era in the history of Eng
land, and the speeches of Brougham,
Barring and Sir Robert Peel himself,
deploring the folly of that law.
We need but look around us to see
the first fruits of this montrous poll
cy. The aggregate business failures
in the past six months is shown by
statistics to smpass those of any
equal in our history; that the manu-
facturing industry in the United
States was never so prostratc as now.
Probably a million of working.mon
are idle and many more millions OF
women and children are drifting to a
winter Of starvation or Of beggary,-
The threat of early resumption, for
which neither the Government, the
banks nor the people are prepared,
has in fact thrown the country into
chronic panic, which itself increa.
ses the apprehension on which it
feeds, and which, before the day fix
cd for resumption, will cause the
death of industries, the subvcrsion
of order and property and a more
cruel and general woe than our ter
riblo war itself inflicted,
The final result will be vast ad-
dition to our bonded debt, the com
plcto control of the currency and the
business of the country by National
Banks, the reduction of million Of
debtors of hitherto fair fortune Ia
poverty, the degradation Of the mass
Of laborors to pauperism, and ulti'
mately | fear, The subyorsion of our
government. in fact if not in form,
so that it will cease to be q govern,
mont of the people,. by The people