Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1877-04-21
Facts for the People.

OF the people by On extract irou peiNey, -.
-, ,,e,se Inference to them i'll Using odn6-
no,ee--the issues of corpoTations-or green
bock,-,he issues Of their own government
os their currency or exchanging medium. In
the FIRST nararraph Vi the following extract
Won will. from your own experience, recognize
The bitter fruits Of handing over 10 corpora
lions the sovereign mOney-pow, oi the peo-
,Ie and in the second, how easy and cheap
and costiess your exchanges would be, II you
retained that power in your own hands or
strictly. in tic hands of Congress, where 1t is
,,lncei by the 9Th section of the Constitution
Of the United States. quote from Berkey,
page 20: ,c,
Of disaster, both in Great Britain an! 10 the
United States by encouraging discounts and
initiating their circulation they greatly shmu-
late business OF all kinds. As the process goes
/ on. credit becomes inflated 10 an Unlimited ex-
tent. until turning point, beyond which IN
| Gation cannot 90 without bursting, Is reached.
Whilst the process of initiating the currency
and credit Of the country is going on, great ac-
tiyity prevails in all departments OF industry,
and everybody seems to be on the high road to
| wealth and prosperity But it becomes neces-
sary or desirable for the banks to put them
selves in funds, and they begin to convert
their discounted bills into money as rapidly as
possible. They cease 6scounting and call in
! their loans. Ii by such means they do not &C
tually obtain specie, they redeem their notes,
which might Otherwise be presented tor re-
demption in coin. Prices begin to fall. Mer-
| chants. deprived Of their accustomed facility
! for borrowing, and with obligations coming
! round every day. upon which they are liable
| as principals or endOrScrs, are anxious to sell,
while none of them want 10 buy. The pres
sure begins in the great marts OF foreign trade,
! and extends from them to the dealers IN the IN
| terror The latter are crowded for payment
/ by their distressed creditors, and crowd their
| debtors 10 turn. Property Of all kinds depre-
/ ciates aud becomes difficult to sell, when every
| body wants to sell, and is anxious 10 restrict
/ his purchases to the lowest practical amount.
Sales. nevertheless, arc made upon credit, for
| the purpose % obtaining contracts 90 deliver
money at future day. which can be sold to
Insurers. ,rho yioi in their harvest Collections
are enforced by suits at law, and effected at
the expense Of a 6eqyy toll TO Attorneys and
| ShcriHs officers, out Of the proceeds Of forced
sales. Persons whose property is adequate,
even at the deprecated rates, u the payment
Of their debts, become bankrupt from the fall
IRE OF their creditors 70 pay promptly. When
the doors Of clearinghouse are closed N the
afternoon, and n merchants obligation Is pro-
! tested, his credit is gone, and he ceases the Ell
fort TO maintain il hy ruinuus sacrifices. The
hilure Of one increases the embarrassment OF
his creditors, and repeated failures spread gen.
| cral dislrust As one after another goes down,
however there is one less engaged in the scrsm-
hle for money, and the survivors experience
the same sort Of relief as men in q crowd do
when some Of them faint and are carried out"
These financial crises invariably involve gen.
eral suspension Of specie payments. The sus-
pension il charged up to the people, who are
told that they have been producing too
much" OF living too eXtravaGantly ." and
the banks arc enabled 30 retain their reserve Of
gold md silver lif in truth, they hare any to
repeat The operation rs soon as the sheriff ser
vices are no longer required, and " confidence
has been restored
The power which SUch a systtD conicra
upon those 30 whom the righ. 10 furnish the
circulating medium Of tho county has been
delegated is immense. The price which tho
people arc compelled 20 pay for their crcula-
|
b rob labor and industry % their profits
The wealth of the country increases, rs stats
tics show, little over three per cent. n year.
and with money in circulation that costs from
6 20 % per cent il is not difficult 30 see how
il is that the wealth Of the country has a con-
slant tendency 70 accumulate 10 the hands Of
the few. The profits 0f industry arc eaten up
| 6y interest IN the circulating medium OF ex-
| change-if not entirely. commercial crash
will take what is left How sclrlum do peo-
/ pie. when handling money, think Of The great
| difference which exists between n UuI'cd States
| legal tender note lgrcenhackl and National
! Bank bill The crcenblck represents the pro-
! pcrty Of The people, On which II Is lien, and
! IN the performance If its mission Of usefulness,
| rs :; flies from hand u hand feeding the hun
/ cry, clothing the naked, niuis'ering TO The
/ sick or distressed. or furiherirg he operations
| If industry and trade 90 keen eyed Insurer
marks lis flight; is not bHrdcHe3 ruth inter
cst. But it Is otherwise with the national bank
| bill. Whether serving the purposes Of money
/ 10 the channels Of tEade, oT slowed away 10 the
recesScs Of a bank vault, it is perrctually draw
I ing interest That interest, although paid BY
/ individuals, IS a tar upon The community Gf
| large Nouhe can nope ID escape his share ~
the tor by 80 keeping cut Of tho bank Cen
cral laws in the economical world are as un'-
versal and constant in their effect as the law
/ Of grayita,on is 10 the natural world
H. another number, facts will be presented
% show the people the operation Of The coyHo-
rate 6qHkjRg sg,si.m, both in this country and
in the monarchy Of Britain, from which We
most unfortunately copied il. The system il
essential 10 monarchy, where wealth must
be coaGael TO few, but Is uncongouial to
free republic. aad if continued here will work
its overthrow. Labor, and the products Of Ia
Dor, must have .'cheap money and cheap trans
porta,ion, or all their net profts viii 90 into
the hands Of noD-pr0ducers, usurers and cor
poratiuns .JNo 4. Thomson
SUMMIT PoIyT, April 10, 1871
CAUGHTIN THE Acr.-Several nights since.
the child Il prominent citizen was detected
in a severe paroxysm Of coughiog. prompt
recourse to Dr. Schley Family Cough Syrup
rescued il from Group, and all are now happy.
The intelligent reader will take heed For
sale fur Poets by G. T. Beler here, and Gil
bert Bros lIlri er's Ferry.
VIRGINIA TtpD1a