The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-09-27

The people improved new farms. g
Cities grew up like magic.
Our country increased in all ths
elements OF wealth az never before.
Then we had in circulation Of ths
various kinds of currency issueI b,
the government and the banks, 50 200,
100000. This, too, in the Northern
States alone.
Since that time we have added TO-,
OOO. O.OOOto our population. We have
built $1,000 miles of railways and ado
ed like amount of telegraph and ex-
press lines. We have started 1.5Ot
new banks. We have populated new
empire out West equal in extent tc
nearly all Europe. All these requir-
ing more money to transact their busi
ness. But in the face of all this tht
policy of contraction has been practic
ed, until we have less than $SOO,OOO,
600 in circulation oyer all this vas
territory.
The result is that prices Of labor, an
it's products have shrunken to abou
one third what they were in 1866.
The people have ceased to spend
their money with you for pleasure
rides. Your freightage is relatively
much smaller than it was then. You,
rates are lower, and even these reduc.
ed rates are SO high that the people
find it very difficult to pay them ou'
of the small prices they get for thei'
products.
But your liabilities have not shrunk
en- any.
Your debts are Just as large as the,
eyer were. The rate of interest j.
just as high as it eyer was. The re-
suit is that when you have balanced
your accounts at the end of the year
like poor Brown, you have not a dol
lar left, and many of you, year afte'
year, have fallen in arrears, and the
foreclosures of mortgages, receivers
and worthless stocks followed by hope
less bankruptcies, tells the story.
Gentlemen, as still one more results
of this policy,you,with all your agents
are reduced to little more than SC
many collectors of interest for thu
money lenders.
You are not getting rich. You hav-
lost many millions of dollars in tbs
last eight years, which you had to
draw from your permanent capital, to
make up deficiencies not provided for
by your surplus earnings. You have
had strikes and collisions with tn.
people.
You have done ali in your power TO
make the two ends meet and have
something left But you could not do
it The source from whence your
funds are drawn, is drained to the
bottom. The supply stream has drieu
up until it is only halt what 1t was.
You tried to draw from the cssk a.
large stream as al first. The suppl,
gave out and the stubborn Granger
refused to bear it longer and you were
compelled TO contract the stream thai
flowed out of your Golfers.
You could not cut down your utter
est account, and were therefore con-,
PEELED to cut down the wages of em
ployes. Your employees not compre-
hending the nature OF the force brought
to bear on you, thought it was the re
suit Of your avarice, and they exhibit
ed their human nature. They did just
as you did. They refused to subm, t
until they had to.
They struck.
One thing more, gentlemen, you
have not seen the worst OF this thing.
President Hayes has declared in his
inaugural address that 1t will be a
prominent feature of his administra-
tion to push this policy to its utmost
extreme. lie has placed John Sher-
man, of Ohio, who has shown himsel;
the most ignorant, or the most corrupt
tool of the money-lenders' ring, i'll
charge of this matter to see that his
policy shall not fail of its fulfillment.
The result will be that the supply
pipe will be practically cut off. Your
bankruptcy is only question of time.
The net profits of all industrial pur-
suits are not more than three per cent
In this three per cent. business you
are trying to use 1Oper cent. money.
You can't do it. 1t will bankrupt the
last one of you. There is but one
That is, use cheaper money.
You must raise Browns wages to
what they were at first, and then he
will be able to pay his interest and his
grocery bills and haYc handsome
surplus left. Interest is the price OF
the use ofmoney. The price is high
when money is scarce, aud relatively
low when money is plenty. The vol
ume Of the currency should be increas-
ed until il would seek investment in
business we are carrying on at d rate
that business will pay. If ai5A
Contraction has paralyzed ourtrsdc.
1t has silenced our factories and ruin
ed our commerce. It. has turned mil.
lions of our best mechanics into the
streets 10 beg or steal. IL has stopped
all enterprise aud reduced the most
productive laud on earth to beggary.
Expansion TO q sufficient extent to an
swer the legitimate demands Of trade
will bring back our departed prosper.
ity and fill our mouths again with
songs OF gladness and thanksgiving.
But you say there is too much mon.
ey now. The banks are full of it and
can't loan it. No, they can't loan it
kocansa II 10 oil 10 nor sant ,,Ouny