The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-11
HARD TIMES
TO the Editor Of the San:

To the Editor Of the Sun:
SIR:-The following discussion
which heard yesterday between al
Eastern Greenback man and a West
ern hard money Democrat, has some
points Of interests:
G.. B. M-Hard times, Ell; why this
is an agricultural region. and the prod
ucts Of the farm have not deprecated
greatly for five years.
III. D.-No, prices have not gone
down much; but nobody seems to
have any money to buy with.
G. B. M-Why, l thought it a
standard position with you resump-
tionists that there is plenty of money
in the country?
FL. D--So there is, but it's in the
banks and the people can't get at it.
G. b. Nj have always thought it
the business of bankers to lend money
and live on the interest received!
FL. D--So it is, but they won't lend
unless the security is good, and our
merchants, manufacturers, ETC., are
not making any profits as rule, hence
so many are failing that the banks
are suspicious of them, and real estate
has deprecated SO greatly that that
which is mortgaged for one-third it's
former value, and that includes large
proportion of it, would scarcely sell
for enough to pay the mortgage,
hence won't bear second mortgage.
G. B. M-What cause do you give
for this state of things!
II. D-The chief cause is over. pro-
duction.
G. 3. M-Over-producti0n of what!
H.D-Oh; well; Of everything.
G. B. MI am to understand then,
that the reason so many of your peO-
pie are starving and going naked, and
being turned out of house and home,
is simply because the land groans with
it's burden Of food, the factories and
stores are filled to overlooking with
cloth and clothing, and houses stand
empty and idle everywhere.
Now, my friend, your logic is not
good. Your premises are false, and
your conclusions absurd.
Let us see if there is not a more ra
tiOnal reason for the hard times that
are upon us.
In 1854 the amount Of currency Of
all sorts in this country amounted to
two thousand millions of dollars.
Now, there is less than seven hundred
millions. Do you not see that the
contraction Of the currency and the
of the price of real prop
erty is about the -tWO-thirds!
Again. Congress has passed Il law
which Secretary Sherman says shall
be carried out, which says that the
government shall redeem their paper
money in gold on and after January
1879. Now, as there is not now, nor
any probability that there will be in
1879, one-third as much gold in this
country rs there is currency, still
further contraction Of tWO-thirds is an
absolute necessity. Now / ask you,
what will be the effect of this?
II. D-Why it will ruin all Of us, the
bankers and other money lenders in
cluded, for the mOrtgaged real estate
won't sell for half enough to pay the
mortgages.
NEG. b. M see you have got one eye
open, you see half the results OF this
policy of contraction. The farmers,
merchants. manufacturers, and other
working classes will be ruioed, but the
money lenders will, by the aid of the
sheriff, become the owner in fee SIM
pie of the bulk of the real estate as
well as the money of the country, and
what then!
II. D-Why. we will all be reduced
to paupers, or slaves, and liberty and
oCnoI;tv will no Of On an1
G. b. Nah, now you have got
both eyes wide open, and | bid you q
very good morning. L. A. BLAND.