The Indiana State sentinel., 1877-06-27
COMMERCIAL FAILURES.
what RadicaIism is Doing for the Coun.


Insurance Agents and Brokers Magazine. ]
The first quarter of 1877 exhibits an in
crease of commercial wrecks, even among
those openly reported through mercantile
agencies, while the mass of them never see
the surface through successful private settle.
ments and compromises.
Those publicly reported foot up ., ,809, with
$54, 53S, ,074 aggregate liabilities. These fail
ures do not pan out 20 per cent. on the aver
age, and these commercial wrecks alone,
therefore, show over $44 600 600 loss to those
involved in them II this ratio should con-
tinue through 1877 it would wipe out IL ,236
commercial houses with an aggregate liabil-
ity Of $2lS, 152, ,296.
Thus the work of destruction goes steadily
mencement of the business destroying
bonded system, and substitution OF bonds
for the over $1,700,O 900 currency, over
sic OO0, ,000, 900, or half the estimated wealth
of the nation. The blight on busi-
ness and commercial enterprise has been
universal, except those exclusively engaged
in the exchange of bonds, or money chang
ers. The people being without labor or
without the powers of purchase, OF course
consumption has been destroyed. Inas-
much as the great mass of the people are
laborers the comparative destruction
of their demand has paralyzed all
the commercial and manufacturing indus
tries of the country. Railroads and manu-
features and values have been cut down
over one-half. The loss to real estate alone
is more than five times the total amount of
the national debt The people are poor in
deed, so much so that many voluntarily
are leaving the country to try to get a living
under other and hoped for better sys-
TENS of government. Colleges, schools
and all humane institutions are withering,
many to decay; business enterprise is of no
f<Nr rIa Ia hofr nit xrnrlr
ana OF course without money, can not buy,
however low the price. Goods are exported
for less than cost, hoping to get money to
prevent bankruptcy. Cities and villages
instead of being the pride of the country
are running down in wealth and beauty
failures steadily progress for though busi-
ness efforts are desperate, yet, how can it be
sustained without sales, and how can there
be remunerative sales when the masses are
without work and money?
Who Is to blame for all this suffering and
loss? it may be asked. Those who worked
and voted to substitute bonds with interest
for currency without interest. What is
the remedy, or is there any remedy, and
when? Not until congress is forced by the
people TO call in those business destroying
bonds, and issue in their places full
| legal tender currency, without interest.
| As each million of bonds are thus de-
stroyed and legal tenders issued, so much
money will be forced into business, that will
require laborers, that increase wages that
increase consumption, and that revenue and
values. New York city alone requires fifty
million of this legal tender currency a
| month for at least year to
stop the tide of general bankruptcy and
| start business and values. As the system
now is, each succeeding year the people are
poorer and poorer for the simple reason less
and less money is invested in business. The
people are worse off than in the midst of a
war. In fact, starvation and general demoral-
ization prevail throughout the country. No
we'll wisher of his fellow beings can vote for a
continuation of the present financial system.
As long as the present misunderstanding
bonded system prevails so long values and
| business will decline. Every bondholder
is an enemy of the country. Until the
present bonded system is broken there can
be no hope for any relief The evil effects
of it have been tried for the last
six or eight years, and the result is general
ruin There is no legal difficulty in the
way of change. Those who say there is,
either wickedly or ignorantly mIsrepresent
the truth. These are facts. Let the masses
consider upon them and act accordingly.