The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-02-21
tai invested in farming :goes steadily

on.
The manufacturer comes next.
Calculating on the stability of money.
he erects works, buys material, and
puts his goods upon the market. But
he finds, to his dismay, that prices
have fallen below the cost of produc-
ton. Unconscious of the true cause
of his failure, he ascribes it to transi-
tory conditions, soon to pass away.
He returns to his work hoping for
better success next year; but again
and again the Iresult is the same.
Disheartened by the badness of the
times, the prudent man limits his sop.
erations, the adventurous redoubles
his exertions only to sink at length
into bankruptcy. By this process
one half the capital invested in ma
chinery has been lost during the last
fifteen years. The laborers share in
the misery, and while the same cause
continues to operate, the numbers
that are thrown out of employment
continue to increase. Oppressed alike
by idleness and want they are seen
lounging about the places of their
former activity, suggesting the image
of the suffering groups that stretch
around the pool of Bethesda in list
less expectation for the delivering an.
gel to touch the stagnant waters.
The merchant also finds all his calcula-
lions end in disappointment. The
general distress diminishes cOnsump.
tive demand and aggravates the fatal
tendency Of the approaching currency
to depress values. If he thinks ''this
unnatural state of things cannot con-
tinue,'' and thus fortifies himself
against doubts, ruin overtakes him.
If he limits his operations to the pres.
ervation of what he has already &C.
quired it is a paralysis of trade.
Sooner or later the suffering reaches
all classes, coming at last to the bank
ers and dealers in money. With rue
full countenance they bring up the
rear in this general muster of pur-
suits. Alarmed by oft-recurring dis
asters, the capitalist recalls his loans
from trade "as from burning city
devoted to destruction.
Deprived of his best custOmers-the
productive classes-he waits in vain
for an effective demand in the money
maaket, and though he reduces the
interest again and again, large por
ton of it will still remain unemployed
and thus his income is reduced. In
the midst of the general distress the
|fundholder and the annuitant, the
man and pensioner, and the mortgage
are the only real gamers. The pur.
chasing power of thier income has
vastly increased, and TINS. the weigh
of their claims on the productive class
has been made prOpOrtionately heavi
er. In fact, the whole sum of addi
tional enjoyment gained by the former
has been lost by the latter. and sc
long as the same cause operates the
spOliation will continue. Such are
some of the effects of a rise in the
price of money. In proportion as they
are unsupported or defied they are de-
|structive. In proportion as commu'
nifty is wealthy and productive they
wi II be severely and accurately felt.
Is the momentum of the all exhaust.
ed, or is it still in operation If the
latter, when will it terminate !! and,
lastly, what remidies does the cause
admit of
We can get no more metals, but we
may diminish the demand for them
by the substitution of paper money
-"by rehabilitation of the condemn
ed paper circulation \ reform of
the English banking system is all that
is needed for England.