Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-31
TWO RECORDS.

The Terrible Curse of Bankruptcy Tfsited |
Upon the Country by the Republican |
Party That the Democrats Haze Done |
to Relieve the Financial Distress.
[Senator Voorhees, South Bend Speech
During the first six months of the year 1875 !
,he business failures numbered 1868, having
liabilities to the amount of 76,344.266. During
,he first six months of the year 1876 similar
business failures reached 1900, leaving unpaid
liabilities to the amount of $10S, AS 429. Dur
ing the first six months of the year 1877 those
who failed in business numbered Att, and
their liabilities reached the of S99, 606 I'll.
But the first six months of the present year,
1878, are darker than all their predecessors.
During the period from January to July, the
present month, 5,S9S business men have been
reduced to bankruptcy, and the debts which
they were unable to pay reached the enormous
sum of $3.50, e32, TIC. The imagination of man
in its highest development can form no ade-
quate conception of the sorrows, the bitter,
hopeless tears, the agonizing sobs of grief, the
sensations of despair, the broken hearts, the
bhghted lives which these dreadful figures rep
resent. Not merely those who appear in this
statement as bankrupts are borne to the earth
by misfortune. Laboring men and women
who dependent upon the prosperity
of business for an opportunity to earn their
bread have been made to drain their CUPS of
misery in silence. No herald proclaims the
sufferings Of the humble poor; the Scribes and
Pharisees pass by on the other side. In the
mad and determined effort to reach what is
denominated specie basis how few even
pause to reflect the awful penalty which
the people have been forced to suffer in order
to attain that object. However desirable an
object may be; however much the human
heart may long for what it conceives to be a
great good, yet there may be sacrifices 30 hor
rible required in its pursuit that they would
render that good unmixed evil. The re-
sumption of specie payments has been pro-
claimed the height of American statesman
ship; and yet to attain it the prosperity of the
country has been trodden into the dust,
and battered out of all shape and recognition.
The poverty, the desolation, the Understandable
sorrow of private families which this policy
has cost can never be explated; will those
who have fastened the policy on the country
with its broad track of ruined lives ever be
forgotten or forgiven by the American peo-
pie. The servile castles of the East Indies with
blind and ignorant faith worship the Jug
gernaut and feel no resentment when mangled
and crushed by their hideous deity. 1t is not
SO, nor will it ever be with the American peo-
pie. They will not worship at cruel, heart
less shrine. They will rather teach their chill
dren and their children's children, to execrate
Inc auClOTS Glelr mlS1OcUQneS.
The contraction of the currency being the
fundamental cause of our general business de-
preston, the Democratic House of Representa-
tives, during the last session. originated and
passed bill prohibiting the secretary of the
treasury from canceling retiring another
dollar of the greenback currency, from what
ever sources received into the treasury, and
compelling him to reissue the same for circu-
lation. This wholesome and just measure
finally became law. 1t passed the Senate
under the management and control of the
Democratic Senators. This law. it is true, has
been slow in coming, but it is equally true
that it would not have come at all but for the
ascendency of the Democratic party in one
branch of Congress and its power and approach.
ing ascendency in the other.
Another measure of almost equal importance
originated in the House and passed that body
Nothing could be more just on the part of the
government than for it to receive it's owr
money for its own dues A bill was, therefore
introduced into the House and passed that
body, making legal tender notes receivable the
| same coin in payment of duties imports
Such measure is MT only an act of justice IL
! itself, but it is also we'll deserved mark OF
! honor to the greenback currency, aiding it tc
stand on an equality with the precious metals
| The Senate did not act on this House bill, but
| aftera severe contest, passed similar measure
| coupling 1T with a proposition to authorize thu
secretary of the treasury to receive the legal
tender currency in exchange for ur-per-cent
| government bonds. The House re elected thi
| latter proposition, fearing that it might enabl
| the present secretary, even in spite of the Law
to the contrary, to retire and hoard the cur
rency received in exchange for bonds. Th
other provision, making duties payable il
| greenbacks, was again passed by the House
and reached the Senate on the last day of tn
session. 1t was defeated simply by that rul
| of the Senate which enables single objection
| to prevent the second reading of a bill on tn
same day it is called up. AS your representa-
tive l pressed it until the last moment, and sa,
! it expire with the close of the session unde
| the parliamentary objection.
| WORK OF THE PRESENT CONGRESS-.
In summing up, therefore, the work of tn
present Congress, the great fact plainly az
pears that the Democratic House has originate
and led in every measure which the people hav
demanded for their relief. 1t is also true tina
the Democratic party, aided by few Republ
cans and still more by an aroused and concer
trated public opinion, has given the heretofor
arrogant anu insolent money power it's frs
staggering blow in the legislation Of the couT
try. Some progress has been made; some goo
has been done; some steps have been taken i
the right direction, and they will not be re
traced. The people are at last aroused to thei
danger and their rights. They intend to re
form our financial system and place it in hal
mony with their own interests. They ar
alive to the fact that an active and determine
conspiracy is at work to bring our government
through the power of capital, into harmon
with the institutions of Great Britain. The
behold the dangers which threaten their own
erships Of the SOIL the title to their homes. Th
scarcity of money produced by the policy of th
government. has compelled large portion G
the farmers, especially of the West, to NOR
gage their farms to Eastern loan associations i
order to obtain a currency on which to do bus
ness. It is the plain constitutional duty of til
government to furnish TO its people a circula
| ing medium equal to their business wants
But instead of doing this policy has prevaile
which has driven the land owners Of the coul
| try to the counters of Insurers and none,
changers to raise money on their title deeds I
their homes. 1t has been estimated that th
loan associations of the East held mortgages O
Western farms to the amount of So, 0OO, 900, 0O(
believe this to be under instead of an ov.
estimate, and on this vast sum of borrowe
money the rate of interest is not less than
per cent. making an annual drain on four
five States in the Mississippi valley of owe
$50 600, 900 per annum. The mind recoils fro
the terrible results which must follow this col
dition of affairs. Ten per cent. interest wi
as certainly bankrupt farmer,
merchant or business man of an
description, who is engaged in iegit
innate business. as fire will burn the dl
stubble in the fields. The grasshoppers of tt
plains are not more destructive of every gree
and growing thing in their reach, than 10 p,
cent. interest is to the life of business. Til
jewellers in Egypt could far better endure a
the scourges sent upon them, locusts, lie
frogs darkness and the plague, than the labo
ing, business people of the Mississippi vale
can endure 10 per cent. interest on their debt
It will suck their ife-blood to the last dro
aud leave them as tenants paying rent to di
tant landlords, where they are now owners
fee simple. earnestly believe and hope tn
J every intelligent mind in the land, the see
of financial reform have been sown broadcas
, and they springing up in every directio
believe and hope that work has been con
menced which Will not end until the Cover
ment, in its dealings with the people on Il