The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-08-25

The lnhOrcIs ana hlcCIhnIts llusl Na'o VIM
povment or they cannot have money
There was as much money in the country
the next day afterJay Cooke failed, and the
Northern Pacific railroad suspended, as
there was the day betorc-just as much IN
volume and Just as much in value.
The government increased the volume
fifty millions by the reissue of retired legal
tender. but il had no effect it did not revive
the industries, The failure of Jay Cooke
and the suspension of the Northern Pacific
railroad caused heavy loss to the holders
of the bonds of that corporation and greatly
affected other securities and caused a
general distrust throughout the country
II produced such a distrust in the country
that almost every railroad in course OF CON
s,ruction failed at the same time. This
necessarily caused the failure OF many OF
the largest foundrics and rolling mills and
suspension of many of the iron and coal
mines. and thus il continued until almost
every industry in the country was affected
by the failures. But for these failures we
would have no army Of tramps IN TINS coun-
try to-day. What caused the failure OF
JavCooke and the Northern Pacific railroad
In the first place there was no demand for
the road, it was projected through Wild
erness, much of which was uninhabitablc.
But the Republican administration at
Washington had indorsed JAY Cooke. He
had organized syndicatcs, and sold govern
ment bonds He was pronounced by the
Republican press the greatest patriot and
financier in the land. The bonds were adj
vertiscd as the best investment to be had.
They were Endorsed in editorials in leading
religious and Republican papers They
were for sale everywhere, not to the capital
lists but to the middle classes. In hundreds
of instances savings bank deposits and gov
eminent bonds were converted into Northern
Pacific Wherever widows and orphans
funds were found, there appeared to be an
agent near by to convince the holder of the
safety and profit of investing in the securi-
ties that were being kindly offered
to the dear people by the
patriot financier. The pension and bounty
money of the soldiers were not allowed to
escape and have heard that large por'
ton of the reward money paid for the cap
ture Of J. Wilkes Booth, went IN the same
way. When this great patriot had exhaust
ed these resources there was no avoiding
the failure. The real capitalists knew Jay
Cooke They knew his scheme was avid
one. They doubted his financial ability
and knew that his patriotism would not
build the railroad and would not invest.
When the crash came il fell mainly upon
the middle classes and the laborers.
The Republican congress is responsible
for the law that authorized the building Of
this road and the issue of these worthless
bonds, that have brought this panic upon
the industries of the country. Not satisfied
with allowing this corporation to issue these
bonds, they provided that it should lay
nothing but American steel and iron rails.
made exclusively from American ores. Is
any wonder that when this bubble burst,
that it shook the labor and producing in
terests of this country from center 10 cir
cumfcrencc. II c failu , of the Northern
Pacific is not the only cluse of the tramps
and hard times. For the last fifteen years
there has been going on in this country a
Capitalization OF capital, aided and encour-
aged at Washington and every state under
the control ohthe Republican party Some
will ask what evidence have upon which to
round this charged | answer: see the
breach widening every day between the
rich and the poor. see the rich grow
Ing richer and the poor growing poorer. |
see the distinction between the classes
g-owing more manifest every day. see
tie' one class gaining political power every
day. see the other lessening. Twenty
years ago the milionaircs of this country
could be counted on the fingers OF the hand
They were the Astors of New York; the
Girards, OF Philadelphia; the Longworths,
Of Cincinnati. and the Shaws, OF ST. Louis
Their wealth was the result Of years ofsaving
and toll, aided by the increase in value Of
real property, produced 10y the honest and
healthy industry that surrounded them
They were rich but not unduly influential.
who ever heard Of an Astor lobby AT Albany;a
Girard loby at Harrisburg; a
Longworth loby at Columbus /;
Shaw loby at Jefferson City: or a
combined loby of these millionaircs at
Washington. Their wealth was not the
product of combination and Legislation, hut
the result ofindividual sagacity and it need
ed no legislative protection. To-day we
have millionaircs 10y the hundreds. ANY
one of the states of the east or northwest
can to-day count more millionaircs than the
nation could twenty years ago. Their
wealth does not come from honest industry,
nor from the increased value of real prop
ery, bought, held and carefully cared fol .
but from combination and favorable icgis-
latlon. They are unduly influential and
powerful-politically influential. Their
iobhlcs are at every State capital and their
combine lobbics ARE at Washington Their
wealth is the product of legislation, and
TO legislation they look for protection, and
for increased power and wealth BY the
aid OF legislation they rob and plumber
every industry of the country They con-
troll the legislation Of the states and nation.
and If perchancea law is passed contrary 10
thcitWlll and wishes they block its enforce
inent and make II a dead letter upon the
statute books They control Legislation, and
IN some instances mould Judicial opinion.
The Supreme Court of the United
States under the oil organization
decided II law making grccnhacks LEGAL
tender unconstitutional. They demanded ,
reorganization Of the cour, and forced tie
reversal OF that opinion. They demanded
the passage OF the act of 1860 declaring
AL bonds OF the United States PAYABLE in
The coin OF the country. They demanded
the passage OF the act Of 1873. dcmoncti2.
Ing silver, which made fine honds ~ p,,