The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1877-06-27

the paletul influence OF the new
gi"e business failures began to in
crease, employment disappeared and
idle hands multiplied Things went on
from bad to worse, until the business en-
barrassment eliminated in the panic of 1873.
from which the country has never recovered.
On the contrary the panic, as is demon
strated by the failure has been continuous,
increasing every year, and by the statist les
for the first quarter OF 1877 the outlook for
the entire year warrants the conclusion that
the business disasters will exceed those of
any previous year since 1864. With these
facts staring the country in the face with the
haggardness of starvation, John Sherman
continues TO contract the currency TO invite
further disasters, that the bondholders and
the creditor class may reap still richer har-
vests off of the producing classes of the coun-
try. 1t has been favoriie theme with those
who are responsible for the present state of
affairs TO talk about "honest money" ode
preciated money" etc, through the entire
vocabulary OF clap-trap. 1t has always been
an easy matter to make greenbacks "honest
money" but it has never been
the wish OF dishonest legislators
to do it. All that has been necessary at any
time was to make them legal tender for all
debts due the government but this sine qua
non has been studiously ignored, and, as
consequence, all professions to give the peo-
pie "honest money" have been dishonest
and entitled to no consideration. The de-
sire TO promote the interests of She bond
holders at the expense of the people and the
general welfare of the country is further
evidenced by the demonstration of silver.
making the bonds payable, principal and in
terest, in gold, instead of gold and silver, as
was provided by the law which au-
thorized the issuing of bonds. A
more barefaced fraud was never perpetrated
upon any people, and it is satisfactory to
know that the country is becoming intense
ly aroused upon the subject, and the de-
mand is assuming such emphasis that it is
now believed that satisfactory result will
be reached during the early days of the
called session of congress, and the indica-
tons are equally favorable that the secretary
Of the treasury will not be permitted to go
forward with his scheme to bankrupt the
country in the interest of the m )ney sharks
OF New York and Europe. The result of the
contraction policy is eminently worthy of the
consideration of all classes of the people.
We have shown in these columns that con-
traction and failures keep abreast OF each
other; that since 1864 contraction has
reached the sum of 81, 25s, 957 ,973 and that
the failures for the same period have reached
the sum of s1,373, $40, AIS But these figures
indicate but small portion of the losses
that have been sustained by the contraction
policy. The shrinkage in the value of the
one item of real estate, if it could be even
appropriated, would appall by its magni-
tude. But we hold that neither the sum
total of failures nor the sum total of shrink.
age in values, nor both combined, fairly
represent the losses that have been sus-
tanned by the country under the miserable
policy of contraction. 1t is fair to assume
that there are 40, zoo, 900 people in the United
States Allowing five persons as the average
number in family, we have 100000 fam
lilies. We hold that it Is largely within the
limits OF prudent calculation to estimate
tlat the average will reach one person to
each family who is out of employment as
the direct result of contraction. This would
give 100000 idle persons who. under a
wiser administration of the financial affairs
of the country, would have had employment
during the past year. We regard it as pru-
dent estimate to place the average wages that
those idle persons would have received at one
dollar per day. If this estimate is prudent,
then we have as the result of the contraction
policy the loss of 81, 400, 600 900 to the labor
ing classes during the past twelve months.
The number of idle persons is steadily in
creasing, and the losses TO the country are
also increasing. for contraction is still going
forward. How long this state of things can
exist is matter for prudent people to con-
slider. There must be a limit to such cruel
folly.