The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-10
North American Rerie,c, in which he says Of
the Resumption act:

<NNf" hHfIU" FffWU, III MHiNn Nv ooSo vi
the Resumption act
The effect Of the necessarily involved In
the execution o the law will he 10 double and probably
treble quadruplc all d~ts and taxes by shrinking in
that proportion the value at everything with which
money can be got 10 pay uem'
In Chicago 2oUD pieces Of real property have been
forfeited Tor taxes this year other feor communities are
hand
The iifr e'rs called the chief workers the
land Nis law rols them their property CLOSES their
mercantile aud manufacturing establishments and sets
adrit with tcm millions VI laborcrs to sink paurcr
ism, vice aud despair"
This law robbery Of Sitpr.. taxpayers. aud
laborcrs more gigantic than pcrpctratcd 10y
conqucring On conquered people"
Here we have II over and over again. II is
the debtor, the debtor, the debtor, who is
going to suiicrby resumption. Well, who are
the principal debtors at the present moment?
Gen. EwING says they are the chief work
crs of the land" the owners of " mercantile
and manufacturing establishments But,
merchants and manufacturers are more
creditors than debtors. If they buy on
credit they also sell ON credit as much as
they buy. pits the amount of their own ca nl-
tai. Manufacturing corporations, particu-
larly, usually own their factories and ma
chncry, and have great deal of money
invested in raw material and goods Mcr-
chants. likewise, must have more owing to
them than they owe to others. or they would
become bankrupt and have to stop
business. Mechanics and laboring mon,
as such, are creditors to their employers for
their unpaid wages rs they accrue, and
often have money deposited in the savings
bank. Is ii not plain that the debtors for
whom Gen. EWING shows 50 much concern.
are only the spectators who have borrowed
money to gamble with and have lost III
Tho truth of this cxplanati ion of the matter
Is illustrated by Il telegram from Chicago,
received yesterday, and which is but one
out of many others of tho same nature
which have appeared in the newspapers:
SPRINGFIELD III. Nov s-CoRypox WED who kent
savings bank III Bloomington has nled a voluntary
petition IN bankruptcy, with liabilities Of FL ~.
90 AMI scarcely any asscts Mr. WEED has beer loauim.
money tor other persons ON Illinois fann Inortgagos
guaranteeing uc interest and principal ol the loans
Anpn- his creditor, the .Eini Iac Insurance Com
plny of Hartford s27ptrp; = TArNstR Waterloo y "
sl-Vsr, HIRAM sieLiN OF Eochc-tor y T. s2,tS 90,
HnNHr lntso> of New York city pu ~ Johnson oi
S'ncca Fall. \, S34,VcU. ". n BAiN Of New York
city, sJS.trr
The unfortunate bankrupt in this case Is,
neither n merchant. a manufacturer. nor n
laboring man. He is described as having
been engaged in the business of leaning
money, which proves him TO have belonged
To the creditor class, and the sufferers by
his failure are also creditors aud Eastern
creditors at that. His loans are said To
have been mortgages on Illinois farms, hut
the term farm evidently means land
near towns and cities held on speculation.
Regular farming land. used for farming
purposes, either in Illinois or elsewhere. has
not deprecated so "a To wipe out any rea-
sonable mortgage upon it. and no genuine
farmer ever borrows money for any pur-
pose except for improvements which add to
the value of his property. Mr.. WEED and
many others like him have come to grief
through the collapse OF a speculative inna-
tion, and that Is all there is Of It,
Gen. EWING refers to the shrinkagc Of real
estate in Chicago, and intimatcs that its
owners must have relief or they will re-
pudiate. Well, who will suffer If they do
repudiate? Nobody but the laboring
classes. The city of Chicago l. shingled all
over with mortgages held by Eastern saw
ings banks, life insurance companies. fire
Insurance companies and similar institu-
tiOns, which represent the Investments of
people who have earned their money by
hard work. Gen. EWING proposes to rob
these people for the benefit of the men who
have borrowed their earnings stakcd them
on the rise of real estate and lost. he Is,
We are sorry 10 say, only one among MANY
of the Congressman who misreprcscnt the
Western people They belong to small
but noisy clique, who are up To their eyes in
debt, and hope to eXtricate themselves bV
cheating their creditors The mass Of the
inhabitants of the West are as much inter-
cstcd as their Eastern brethren in having q
sound and stable currency; but their voice
is ovcrborne 10y that of demagogucs who
are interested the other way, and who mean
to save themselves at any cost.