Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1877-03-31
Facts for the the People.

and dependence. Money Is the H,O5Olized DO1C-
er Of all society, for the use of labor aud its
products, aud was never designed to be trans
ierred into the hands of non-producing corpo-
raiions, OF individual usurers, 10 live on II. OF
out Of H. without work, and to tax and plum
der The labor or productions Of the workers
who produce all wealth. qpote, again, for
the benefit Of your readers from Berkey.
JNo 4. Thomson.
Summit Point, March q, 1877.
Sc Ia civilized nations at the present day a
circulating medium of exchange, called money.
Is as essential 70 TIE production and distribu-
ton. of wealth in al It's forms as railroads and
wagons are TO is transportation. Ia 1873 an
epidemic among the horses, for n few weeks.
seriously interlercl with trade and travel
Were all tie railroads and canals Of the coun-
try 20 suspend operation for a single season.
% Is not difficult 10 Surmjse the amount Of dis
aStcr aud distress that would ensue. And the
public misLt as well Try 10 conduct the affairs
OF lie Without railroads aud wagons. or the
farmer Try o. cultivate the soil without imple-
meutS, as for nation 20 attempt 10 develop
It's producing forces, or carry on successfully
tie operations Of trade, without an adequate
amount Of money in the channels Of circua
tion.
The business affairs Of The country during
and after the late war increased largely -
The wealth Of the nation, in spite Of the rava-
yes OF war, increased from $4,000. 600 900. 10
1860, to $4,000 100000, in 1870. All the
money and evidences Of Indebtedness Of the
goy,rnmeut, which could be used as 4 circu-
.at.ug medium of exchange, were actively en-
ploYcd. The people, for the first time in their
history, bad au abundance of money in circu-
lati1u and were enabled 70 develop the resourc.
es Of the ccn.try aud add 10 its wealth in a
corresponding iegree. The increased prcduc-
ton DO every department OF labor rendered the
buItheus Of taxation light, and, at the same
time, increased tie revenues Of tie govern
meat 20 an enormous extent. The Govern
meut, IN consequence Of its largely increased
revenue. was enabled At the close OF the war,
20 begin the reduction Of the public debt at a
rapid rate. The people, Notwithstanding the
burtlcn OF taxation which they were compel-
ell O. bear, were, individually, ont Of debt
bat matters began 10 change. The channels
of trade became Staguaut ard sluggish, business
began % anguish, factories and workshops
were obliged 10 suspend or reduce labor and
wages, real estate t,ll 10 value, and enforced
idlcueSs began 10 grow common and, as in
times prior TO the war, the climax was capped
by a financial panic The cause Of this aston
ishius change in the condition of the country
from activity aud prosperity 20 inactivity
and GistrcSS-will be found in the following
statement, taken from the books of the treaSu-
~ department by the Hon Moses W. Field.
which exhibits she contraction Of the circula-
ting medium Of the country that took place
from September /, 1868, to December l, 1878:
Amow, 81 Honey, Ctrreacy and Circulating De
dunn, September /, lSGj, ereiusire Of Coia)
United States Notes................ Sl33.1GO. 500
Fractional Currency. .................. 26.3i+.7l2
National Bank Notcs.................. lS5. 600 600
Comp. Interest Legal Tender Notes 2l7.O2ll6O
Temporary Loan Ccrtiicates........ lG7llS.7l3
Certificates OF udebiedness......... s5.Og3 OO0I
Treasury per cent Legal Tenders 3253G.9gl
Treasury Notes, past due, Legal
Tenders and not preseuted..... 1903 .02O
state Bank N1tcs..................... IS SCI .575
Three Year Treasury Notes. $4,000, 900
Total September /, lsG5..........SI 1896, CTS, 40
Circulating Medium, erelu,ire Of Coin, Deceu-
Der l, 1873;
United States Notes................ SGG7. OOI GS5
Fractional Currency .................. Is 600 600
-crt 90 Indebtedness. bearing Int 6iS 900
National Bank Currency ............... $50 100000
Total December l, ls73............... SIG5.6796S5
Contraction from September /. 7
1865 90 December ], 1873, 81, 230, 800 0Sj
causing money panic ......
" From the foregoing statement il appears
that The circulating medium of the country ir
evidences Of Indebtedness Of the government
l~ed ls SUCH was contracted over 81 POO 600. /
poo iu eight years. Tie greater part Of this .
lmCuut consisted Of Three Years Treasury
Notes $3.50 coo 00Ol These notes were
'a..ci in and bonds substituted In their stead /.
prior o. 1868. The crash Of 1873 followed as /.
IN Inevitable consequence! IL wont DO 10 say /.
hat 20 was a result of the war, or Of extrava- /
,luce, 90 Oi reproduction, ~ Of ANYTHING .
It the kind Crashes and money panics inst .
ilc il occurred before the war on an average. F.
rTg nee gears, and this crash Gil not occur F.
lutti eigH yeIrS after the war. The perioGi- .
'll money p1,ics. which occurred before the .
war; were tue natural results Of tie specie ba-
IS system uf money aud the panic If 1873 .
r1s caused by enforcing the policy Of coutrac-
ioo, which WAS planned at tie same timethat
he Nl,ioua, Blukluc System was projected.
% order that the specie basis sy>tcua nigh, be
established. The act Of Congress Of March
9th, 1866, authorizing a contraction Of the
Hrreucy, was adopted on tie recommendation
c Hugh MeCulioch, Secretary Of The Trcasn-
g.. 10 gave him unlimited control over the
naaces Of the country, and he lid not fail to
se the power placed in his hands. 70 the full
- cXieut IN aiding the money power. ,cH
'airl he ras az league % rob the country
nd The people. When McCu.lochs infamous
eiraye. of the high trust reposed in him be-
ONES fully understood, his name will be used
bye-wCrd aud repr1ach throughout the ia
90.
a Failure In the Commission Bust
ness"
TIE Philadelphia Evening Telegraph. an in