The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-10-29
woRKISGnEN'S CONvEN-
TIN.

- far as We nave nearu ANY eApCes-
.,,, mon the subject among those most
,.,.,ssted, We believe that the Conven-
80, held by the workingmen OF this city,
a. saturday, was regarded rs success
rwss we'll attended by superior class
otueOhsuics and workmen' ard the pro-
...dings we're conducted with dignity
"A dsoorum. There was no rant, no
,,,,,c;stion OF any class, no wildness of
,o,a.,iop. such IS has characterized the
nsst,nOs of workIngmen in the recent
..ppsign in Baltimore. In this con-
,sctiOn we place before the Gseenback
and workingmen of this city. short ar
.;,,. which we hpd in the last Hunting
., Ad,ytser, which will no doubt in
ierost them:
Wa have shown in an editorial article,
,,hlisb I'd last week, that the financial
ia,i.lstion. with which we have been
.s,rled during the period since the war,
-. reduced the volume o. the currency
f,om s2,2OO, 100000 10 500 100000, or
.h-pt two thirds OF its volume, and that
rbls reduction has had the effect OF re-
ip,ipg the value OF property at least fifty
"a, cent. In other words it has effected
!nonAscatlon of one. half of every bodv's
D,onsrty. except the bondhOlder's, and
doubled the value OF his.
It's essy to understand, therefore, that
the Withdrawsl OF one half Of the capital
,nvsstad in manufacturing ard trade
rom the empoyers-has necessltsted the
d.cnsrgs of one half, or thertabOuts, OF
the lsboring men employed. and this is
the secret OF the troubles of which this
clsIs Of people complain.
Our statesmen hsve patterned after
The financial systems of Europe when
usy be called finished country, because
OF Il. being well settled up and populated,
vnls ours msy be styled an unfinished
country. because so large an extent OF it
lscks settlement and population. The
business wsnts Of the one may be supplied
with less than half the capital required
oy The other.
Hence it was that we grew slowly, un-
Ger the stlnted supply OF capital ayaila'
be 'or business development, until the
accident OF great WAT, with It's neceS-
,.e. for large public expenditures o:
money coined from paper. furnished the
necessary means to push forward great
system OF public improvement. Uad"r
the stimulus If this abundant supYly Il
capital long lines OF rallro7i ~er" pro-
jected and built, reaching far ont IN the
great territories, and maniag It possible
10 people them with the thousands
who sought there the means of
subsistence. The building of the .
Hlrosds necessitsted the building of
ron furnaces and rolling mills; the oper-
ing Of iron and coal mines 10 supply
hem with ore and fue upon sucn ~
eale IS had never been dreamed OF BE-
lore. These gave employment to large
numbers of lsbOring men, and neCesst-
lated the laying out OF cities aud towrs,
and the building OF houses TO GCcommo-
date them. Every man, in this country,
who wanted TO work, had employment
Gd esrned his COLLAR or two dollars u
day and got his money TO buy bread and
shome or himself and his ia lily, until
ihoGssnds of these soDs OF toll owned
homestesdS where only tens had owned
beiore
In tho midst Of this state OF prosperity
std wti.ou lin ded our eyes 10 everv-
Ting inst related &c the financial policy
VI the gov err ment, the DondnUlder WAS
tnsIdicUsly preparing, and having Ell.
scted, law " wulcn were to break up this
asppy condition OF affairs, by withdraw
Lug IRON circulation two.LLirds of the
very money which had created al this
'osperlty-tsking care at the same time
Oilrn the money, so withdrawn, INTO =
bonded debt, upon which these same
AOOring men were to be required to pay
lnteres..
Before We were aware of II, or rather
before the great mass of the peop'"
could be made To believe it, the volume
o. curreJcy had Oeen so reduced that 10
money could be had 10 hnIsh the great
Improvements projected and under way,
And they had TO be abandoned until
profitable wrecks of what they promised
70 be, carrying down with them their
projectors and patrons IN one Comm
rum. The gres, barking house of j.
Oecke & %. had been, under this grow
Ssrtss Of circumstances, carrying the
Nofthern Pacific railroad, then under
So'IructiOn, by loaning it money, in the
~ 80 M WI
would connect with lines of trade, which
would make it a profitable invest
nent, until the scarcity of money
lsde Il impossible tor them to do
lo'e. Their failure, from this cause,
started the panic In the fall OF 1878,
Shl,h was felt all over this continent,
Aai almost around the world. Public
WORKS, furnaces, mills, factories and
nne' stopped suddenly, and poured their
thousands of lsbOrers out upon the wOrlI
'7ek employment where best they
w-'Q while the authors of al of this
'"'n iaugh,d and cbuckled in very = zee
V'e' the success OF their scheme, which
-a1 made United States bona, cOstIs =
.1eA 'orty cents, worth one hundred snd
"go'y cents. They had doubled or
,~eo'ed their fortune, and that WAS what
T IIyy nsd systematically intended to DO
q" csred they when they SAW labor
.-s men, with distressed features
l Isttered clothes, seeking EN-
Po!ment al the silent mills sud
..ned .ed work shops2 They had secured
.o1gh capital in the bonds OF the gov
-heht TO insure their white bread,
Ohe what might come-theIr interest
Rue sae labor OF the country had ceased
I's N'O'e tnis pail of death 10 the lsborer
-, -. settled over this land, all had en-
sSl sSndent Ment at lsbor-since then at least
,'y'VVO OF the sons of toll have nothing
G6. 10. This involves loss OF $1,000
S,Nery day 70 the people OF the United
n% '9e which is the representative and
4re oi the wsnt and distress of the
49, oi whom We write. You have the
vh ,'' Isooring men, cast them for men
uo. appreciate the situation and condi
,.s a Affairs, and who have the nerve
YoaOfce 'Ofce 70 stand up tor your interests.
u may may then nope for such legislation
49,, VIII administer relief to the country