The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-12-07

tory of tile British resumption law.
When the act had been in force three
years and resumption day was but 3
year distant, Mr.. Atkins showed on the
floor Of the House of Commons-and
looks s'Tables of Prices" confirms his
statement-that the reduction of the
bank paper 45 per cent as a necessary
preparation for resumption caused an
equally great reduction of all values on
the island.
think it safe to say that the COM
bined effect of the withdrawal of over
seventy-five millions of the paper cur
rency under the resumption law and
the boarding caused by the threat of
resumption have together reduced its
effective volume at least one third, re-
like proportion.
EFFECT ON DEBTORS, TAX PAYERS, AND
WAGE-PEoPLE.
Now, Mr.. Speaker, what is the meas
ure of injury thus inflicted? How
hsve taxpayers suffered? We pay
more taxes each year than the aggre-
gate volume of cur currency-seven
hundred and fifty millions-fOr the
support of national, state and local
governments. That Is tax of $l7.50
per head for every man, woman and
child in the United SLates-an eHor-
NOUS burden, far surprising any borne
by any people on earth. The British
pay $Il.41; the Germans, 1924; the
Austrians, % 22. This burden is IN
supportable, except the industries of
the people prosper. The resumption
Law has broken down those industries
and reduced one third the average val
ues OF land, labor and products, by
which alone taxes are paid, and in eff
feet has thus increased the tax burden
50 per cent. The burden has thus
been made in heavily taxed communi-
ties absolutely insuDportabie. Several
great States and many counties and cit
les have already sought relief in repu-
diation. Continue that process of re-
ductlon OF values, bring them down
much more, as will inevitably be done
IL this law be not repealed, and one
half of the corporate and municipal
debts in the United States will be repu-
dated. The greed of the money pow
er in thus seeking to enhance so enOr-
mously the value of the gold dollar is
only equalled by its arrogant and dog
ged stupidity.
Consider, Mr.. Speaker the wrong
done to individual debtors by this con-
trived shrinkage of values. The aggre-
gate of private debts in the United
States, including railway mortgages,
is probably not less than seven and
one-half billions of dollars, three and
one half times the sum of our national
debt. They are owned, generally, by
the young, energetic, driving business
men Of the country, who are seeking
to rise from poverty to competence, or
from competence to wealth. They
fhNr 0c of hn mi o
manufacturers, and exchangers of val
| ues, and give employment to two
thirds of the wagemen in the country.
The law breaks down their business,
strips them of their property, and casts
out of employment millions of labor
eFs dependent on them.
| Above all, Mr.. Speaker, consider the
effect of the shrinkage of values on
wage labOrers and their families, on
the millions who are compelled to eat
up in idleness the little accommodations
of thrifty industry; on the millions
who have no accommodations, but rely
only on daily labor for daily bread
| and who are now unemployed or liv-
ing on pauper wages. There is not g
city in the United States not manu-.
featuring or mining district, from
which does not come the grOans of un-
employed labor. The President of the
lSpFingfield & Pomeroy Railway Com
Y pany, Mr.. Emmett, who is struggling
to build his road across Southern Ohio
told me recently that he had enough
laborers Offering to build his rOaC
without other compensation than
enough bread and meat to keep the
poor machines of their bodies in work
ing order, asking nothing for clothing
nothing for wives or childen, nothing
to lay up in store for winter, and this
too, in the midst OF bouuteous harvests
in q region one OF the tairest ever fash
Toned by the Almighty for the abode
OF man.
| o, God! that bread should be 81
dear,
And flesh and blood 50 cheap,
| Applause
ESTIMATE OF INJURIES THUS FAR IN
FLICTED.
Suppose, Mr.. Speaker, that resump-
eion were attainable without further
fall of values or further depression o.
industries, and that on or after Jan. l
1879, prosperity should promptly re
turn. Let us make rough estimate
of the cost of resumption. 1t will have
cost the people at large, through the
nforced idleness of factories, an enor.
nous sum, probably surprising severa
times tile aggregate of our natiOna
debt.
The debtor class, instead of paying
seven billions, which they owe, would
haYe to pay One-half more by the
shrinkage of former values; that is
the enormous sum of about three and 9
half billions would be wrongfully Ia.
ken from them, so far as they have
power to pay it, and given to the cred.
itor class without consideration and il
violation OF the spirit of the contract.
The census of 1870 indicates thai
there aIe not less than ten millions Of
wage-people in the United States, men
women, and children. If there be nc
increase of demand for labor by re-
sumption day. we may safely put the
loss OF labor, unemployed, or only
partly employed, at daily average o.
three million of days labor, and put
ting their wages at an average of q
dollar q day the loss to them from
want of employment alone will have
been nine hundred millions a year fol
about thr ee years, an aggregate of 50,
7OO, OO0, 600 wrung from the poores
class of our people.
The loss To taxpayers in deprecia
; ton of property with which taxes arr
paid, while the sum of taxes remains
, tie same, would be three hundred anC
fifty millions year, or over a thou.
. sand millions in the three years; anC
] the increase of bonded debt in pur
chase of gold and silver to pay anG
cancel the greenback and fractional
, Icurrency will be four hundred and six.
!, teen millions more. Thus, under TIT
: hpOcious pretext of obligation to add
? 10 per cent. to the value of three hun
dred and sixty millions of greenbacks
, the contrivers of this scheme will hay'
!; Wrested from the people many times
. the sum of our vast national debt.
FURTHER AND GREATER DISASTERS II
: FOLLOW.
: But the shrinkage Of the currency
and of all values cannot stop here i
: the resumption scheme be not arrest
ed. The entire industrial system o
the country has been pushed 70 TIT
verge of destruction. The saving
banks and insurance companies ar,
: now falling everywhere through de
probation Of real estate mortgaged Il
: them. Yet my colleague Mr.. Gar
, field appeals to as In the name of Ch'
, Wofkingmen whose means are In thes
falling o0guna Mica Tn adhere IN the mi