The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-07-27

payment should come there would not be
sufficient currency of any kind to meet this
indebtedness. Tocapitalist and the govern
ment went to work TO contract the currency,
while the population aud business of the
country was increasing, until in 1872, when
money was wanted to move the corps, it
could not be had except by breaking the
banks IN New York, and the government
stepped In and bridged the chasm till the
next year, by the deposit of S., 000, 900 with
the banks in New York. This gavelstem-
porary relief, in the expectation that Con-
gress would stop the contracting policy and
prevent the destruction of the business of
the country. But the Shylocks prevented
this, and in 1873, when the money that had
tioated down to Eastern cities after the
corps Of 1872 had been marketed was de-
manded again, by those to whom it belong
ed to remove the crops, it was found that
there was not enough to reach round, and
the banks all oyer the country except in
Chicago were broken, and compelled to
make use of clearing house certificates in
lieu of currency until the paralysis which
this contract on policy had brought upon
the whole country and shut up so many in
6ustrial institutions and thrown so many
out of employment that one. third of the
money which was necessary to do the bus
mess of the country when all were employ
ed, was more than enough to answer the
demands of the paying business that re-
manned, The banks then, and not till then
opened their doors again. The effects of
this contraction policy pere first seen il
the panic stoppage Ct the banks 10 1878
next in the general bankruptcy Of business
men and manufacturers, and the conse
quent diminUtive earnings of the railroad
companies, and their inability to pay divi
dends, and consequent reduction of the pa!
. of their employees, until the latter coulC
not support their families and they have
: felt compelled to strike for higher wages
for fear of starvation. Now, while no on
condemns strikes and tramps more thar
we do we cannot shut our eyes to what W,
, regard as the great producing cause oil
= present financial distress and railroad VIC
lences. Railways are regarded by tn
people as quasi public corporations, an(
they exist only through the Legislative
power of the government, and the govern
: ment is powerless except so far as 1t Il
! supported by the people for whose bench
governments are established among men
! While we are denouncing mobs and mol
violence, aud doing all we can to protec
the lives and property of individuals an
. corporations, may.we not appropriately AS
> how much property has been destroyed
: aud how many homes ruiued by the falls
> and ruinous contraction policy which ha
, been forced upon the government through
the undue selfish interests of capitalists
We cannot conceal the fact that an
government which adopts a policy tha
I bankrupts the people, and creates sue
= want that the country is filled with tramp
= aud rioters, must have made great mis-
: takes. We have followed these footsteps
:. which lead only to the lions den, quite tc
y far. We demand that, in future legisls
: ton, while all rights shall be protected
- the rights of humanity shall not be mao
- subordinate to the views of capitalists.
Cor, Int Ocean,