The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1877-06-29
HARD TIMES.
The Cause Of the General Depres-
siOn-OnIy B0ndhOlders Pro-
tected.


worcester thsss.) Press.
The opening Of the late presidential
campaign found the industries Of the
country In a sad state Of depression.
Hard times" were upon the country,
and the dawn Of better times had not
begun TO brighten the future. The suf-
fering masses Of the people were unable
TO explain the cause Of these ''hard
times or to suggest remedy; these
questions led into matters beyonu their
information. But they knew that their
great want was something TO cure these
"hard times'--somcthing To lift the bur-
den Of this business depression some
thing different from the governmental
policy that had been pursued; and they
expressed this want as best they could in
the CRY I'VE want q change 1t was
this popular desire for e change that
gave the democratic ticket majority or
250,0O0 on the popular vote. The
Hayes administration came into power
through the triumph Of fraud, and with
II came - change"--such ~ il was.
But are the people satisfied? Are
"times" betterf Is the burden of bust
ness depression lifted from the country !?
Have the people found the change
they wanted? Manifestly they have
not, or the country would not still be
groaning under the burden Of "hard
times" So the change that came
when the Hayes administration came
into power was not the change that
the people wanted. III they would give
their attention to few plain facts with
regard to the management Of the finan-
ccs Of the country, they would come to
an understanding as TO the nature OF the
change they wanted, and would be
able 10 express their want more definite
". Lot them ask themselves the ques-
ton, Who are they who do not want n
changer They will find that the men
who do not want "A change are the
holders Of government bonds, and the
owners Of national banks. These--bar-
ring hundred thousand federal office
holders--sre the ouly ones Of all the
people Of this republic who are not look
ing forward 70 some ''chanGon hat shall
relieve the industries OF the country
from the burdens which rest upon them.
Does not this fact offer some clue TO the
nature or the change which the people
wanted last year, and which they still
want? Ifany man will take the pains
to examine the financial policy OF the
government under republican rule, he
will bs forced to the conclusion that the
finances Of the country have been adj
ministercd according 10 The diciation Of
the money power, and with no thought
Of the demands Of the business interests
OF the land. lie will find that the ma
tionai bank system has amounted 70 just
this: The government has paid The
national banks about twenty-five mil
lions Of dollars year, in gold, for the
rare privilege Of indorsing their notes
and making them as good as greenbacks.
and this sum Of twenty-five millions 4
year in gold has been assessed upon the
industries Of the country, for the money
ed mcu were exempt from taxation.
lie will find that The managers Of The
country's finances have, under the guisc
OF protecting the credit Of the govern
ment," simply protected the holders OF
government bonds, az the expense Of the
industries Of the republic. They have
kept the property of the b0udholdcrs
from depreciation, and in 80 doing have
caused . depreciation Of from 30 TO so
per cent. in the value Of all things else.
The holder Of real cs ate has not been
protected by the government; on the
|centrary, he has been robbed Of half o {
his fortune in order that the creditors Of
the government might be protected.
The manufacturer has not been pro-
|tected, nor the merchant, nor the labor
ling man all these have suffered and are
still suffering. But the holder OF gov
lernnent bonds has been protected with
10 fidelity that has nearly ruined every
body else. The man who five years ago
held real estate to the value OF hundred
Thousand dollars. can now count him
self worth SCI 'cely more than fifty thcus-
and dollars; out his neighbor, who five
Years ago held government bonds to the
extent Of hundred thousand dollars
has been 80 protected that he IL veal
thier than he then was, and this process
of protecting the credit Of the govern
snent' 10 still going on, 10 his infinite
satisfaction. The secretary of the treas.
Jury is at present engaged In two mag
nificent schemes for the further protec-
tion ef the governments creditors. He
liz rapidly cxtinguishing tho grcenback
circnlaticn and substituting national
bank bills, and he IL working against tho
payment OF the government bonds In
silver. The result of his first scheme
will be this: The industries Of the
country will be assessed for sufficient
Iameunt 70 enable the government 10 pay
the national banks for the privilege o.
Endorsing their notes 70 the full extcn
|of TIE circulating medium required b,
the country. The result Of his second