The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-10-04
What Forced Hes pttOn did for
England.

What forced resumption did in Eng
land, says an exchange, will evidently
be the result of forced resumption in
the United States. By law ofEngland,
passed in 1919, it was decreed that Re
should take place in England
in 1921. From that time until 1888,
1.-The distress, ruin and bankruptcy"
"were universal, affecting the great in
terests of land and trade" ut was an
era of suffering, destitutiOn and crime,
and the whole land was one scene of
confusion. dismay and bankruptcy.
The price of grain went on slowly and
progressively falling for a decade [ten
years], when in 1888 wheat was selling
for four shillings bushel. Prices
were, upon the whole, lower than they
had been for half a century before and
agricultural distress prevailed in the
land from one end to the other.
That is what forced Resumption did
for England. 1t is doing and will con-
tinue to do the same thing forthe Uni
ted States if not arrested. This is a
comforting entertainment to which the
country is invited by the Republican
party, amt it?
And it should be constantly borne in
mind that every vote cast against the
democratic party this fall is vote to
continue this accursed policy.
COLFAx On THE HART INES.
The Hon. Schuyler Colfax made a
powerful speech on the currency and
times at Beloit, Wis, Sept. 9Th.
He took the true ground. (and by the
way, his conversion is remarkably
that the cause of the present depres-
sion is due to tn contraction of the
currency. We quote:-
1t seems to me SO apparent as to be
almost undpni:,lle, that the reason for
this widespread and increasing strin-
yency il the constant contraction in the
constant contraction in the volume of
what was recognized u dozen years age
as legal tender, and therefore as our
circulating medium. coupled with the
conviction that what is yet to come at
the date of resumption, next New
Years year, is to affect the nation
aud its people more disastrnusly. No
other nation than ours, with its won-
,lerful resources and its equally WON
derful recuperative powers, could have
borne, as we'll as ours has. the enor-
nous contraction from our war maxi
mum of legal tenders. And l thin K
the seventy million contraction i'll
-reenhacks aud national bauk notes
since January, 1879, as proclaimed in
official tables, has been almost akin iii
its effects To that last straw that broke
the Over.aden camePs back"
Mr.. Colfax then went on to show
what the effect will be in the future
unless this villainous contraction poll
cy is abandoned. We quote again.
"Banks, AS matter of self-defense
will withdraw their bonds and the cir.
culatiOn based upon them, as they
have been doing, but more rapidly mex
wear than last, thus intensifying the
made by banks, savings institutions
aud individuals will be called in t.
prepare for the evil day. Mortgage:
past due will be foreclosed, aud beside
sweeping off the mOrtgaged propertie
at the hard-pan prices OF such times
leave a burden OF debt on the RUNE,
| debtor. Manufacturers that need finan
cial aid, as all but the most prosperous
! do, must either take in sail, close up
or be ruined, thus swelling the tw
armies Of the unemployed and tn
bankrupt. Values will settle down
ward still more hOpelessly and We mi,
expect panic fromJanuary TOD anuafy.