The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-02-10

tnlu3S pIOWiSe ROOO Itd00 IOT TA!AusilHld
and Chicago, but it Is to be doubted whether
they will do much toward reviving trade and
industry throughout the country at large.
The industrial interests Of Pennsylvania and
New York and the whole of New England are
in very unfavorable condition. The decline
Of real estate has unsettled the foundation Of
the whole savings bank interests in New York
savings deposits in New York, New Jersey and
New England, nearly one-halfis either loaned
on or invested in real est@te If savings de-
positS should continue to increase there is no
probability of danger from these large real es-
tate investments; but, in the present unprofta-
bic condition Of the manufacturing interests in
New England, it is doubtful if these savings
will increase. The mill owners and operatives
are getting more and more antagonistic, and
the disposition to strike is becoming every
where more apparent How is this unfavora.
bic aspect of things to be mended? "Oh, said
one capitalist to US, 1--WE must return to specie
payments! Then everybody will have Econ6-
d-nce in the money, because dollar will
mean a real dollar. and not depreciated piece
OF paper" Yes, increase the value OF al the
debts ten or fifteen per cent, and it will cause
thousands OF failures at once, and will precipi-
tate so much property on the market that
there will be decline Of twenty to twenty-five
per cent. in the value Of all commodities con-
stunned III this country, and this further shrink
age OF values Of property will cause thousands
more failures, and 50 the process would go on
unit! all the property in the country had been
handed over TO !the money lending capitalists
who were out Of debt when the process began,
and 10 this moneyed aristOcracy the great mass
Of the mercantile and manufacturing commu-
nifty would be obliged to come, penniless and
hat III hand, begging the loan Of little capital
to begin lite anew. at the bottom of tie ladder.
"But," says another capitalist, ''people have
loot 70 l;viyO t,NCh hirh Eyorvh01v y fOO ov.
travagant, they must come down! That will
set everything right, even without specie pay
ments. Just suppose 8, ,O0O, 900 families in tue
United States should save $50 year in their
expenses, that would be 40O, ,0OO, ,OUC in one
year" But who is to feel the effect Of this
! S400, 900, 900 Of decreased expenditure! Will
it not be felt by the local trades everywhere in
| out of one pocketto put into another? And SO
the question still is: What are We going to dc
about it?
A Providence. Rhode Island. banker.
OF twenty years experience. writes to a
| western friend:
have never seen before, in my twenty years
experience in this city, any time when every
kind OF business looked so blue as at the preser
| time. l cannot help feeling that unless :
change for the better takes place soon, genera
WOODEN interests (staples Of Rhode Island
are in very depressed condition. Ny opinion
is there will be as good an opportunity to pnr
chase real estate in Providence as IN Chicago o.
ST. Louis, If these times hold.
The saddest part of this whole sac
business is the apparent utter indiffer
ence Of the people. They not only re-
fuse to investigate the financial situation
but they repeat the parrot. cries Of tho
money-lenders about "gold and silver,
worlds currency" rag money" .""rag
babies" &C.. and sustain at the ball0
box the worthless party which has sole
itself out to the capitalists, and is crush
| ing the life ou: of the trade and com
merce of this country.