Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-01-25

Thursday Morning, January -
HI orHIstory

by q COmLulLtte Vi we Cuhoy
Legislature on the 10Th Of February.
1920. During the year 1919 the pFi'
vate banks, upon which the country
was dependent for 8 circulating medi'
um, became unable to meet their ooii'
cations, and we're forced 10 contract
the currency. The resu!. was, general
stagpsnon and financial distress. So
great was the pr~osiration thatthe Com
mittee mentioned above was sPpolnt'
ed to investigate the ma'ter, and their
report u a perfect picture ofihe cond.'
tlop OF the country at present. We
give a summary Of the report;
1. Puinous sacrifices Of landed prop.
erty a, Sherih's sales, whereby IN
man cases lands and houses have
been sold at less than q halt, 4 third, or
A fourth of their former values, thereof
deriving Of their homes and OF the
fruits OF llborious years, 0 vat number
OF our industrious farmers, some OF
whom have been driven 10 sea IN iu-
uncultiyatcl iorcs's 0. the West tia
shelter Of which they have been de-
priyed in their native state.
Forced sales Of merchandise,
household goods, farming stock aud
utensils, at prices TAR below the cost CT
production, whereby many families
have been deprived OF the common
necessities Of life, and Of the lmP!e.
menls OF their trade. .
3. Numerous bankruptcies and
pecuniary emDarrassmenIs OF every
description, az well among the sgr!.
cultural aud manufacturing q" the
mercantile classes.
4. 4 general scarcity 81 money
throughout the country which renders
il almost impossible for the hn-DtnI-
man or the owners Of real estate 70
borrow at q u%surious interest, aud
where landed security OF the most in
dubitable character Is offered as a
pledge. a similar difficulty Of p7ocur-
Ing on loan had existed in the metro
poli., previous 10 October last, bu! has
since then been partially removed.
5. 4 general suspension OF labor, The
only legitimate source CT wea To, in our
cilies sud towns, by which thousands
of our most useful citizens are render
ed destitute Of the mesns Of suppor',
and are reduced 10 the extremity OF
poverty and despair.
q. Numerous law suits upon the dock
cts of our courts and oil our justices OF
the peace, which lead 10 ~txlravaganI
costs aud loss Of a great portion Of
valuable time.
7. A%Reneral inability in q community
10 meet with punctuality the payment
Of debts, even for family expenses,
which Ia experienced as well BY those
who arc wealthy in property, as by
those who have hitherto relied upon
their current engagements. With such
a mass Of evils 10 Cypress them, Il can
not be wondered at thst The people
should be dispirited, and that they
should look to their representatives for
relief. Their patient endurance Of
suffering, which can only be imagined
By those who have habitnally Intern.
ingled with them Of their homes and
BY their iresidas, merits the common.
dation Of the legislature and prefers a
powerful claim 10 their in eTterence."
This was the state Of atT4lTs arly.sev.
en- years sgo, consequent up2na con-
traction Of the circulating medium, aud
no oae will deny thltit faithfully dc.
pi,ts the scenes Of to-day and clearly
proves that our politicians have learned
nothing from experience. I. may be
urged, .ha. the conditions precedent
were diGeren, in 1920 from 'Ao,e
which underlie our pre;eu. j ti3ul'i.,;
tina, the money had been i',ucd ~ IL
responsible banks; that The people .J,'
confidence IN them, repull2',d them,
AMI the banks. IN turn, dill The sam
anil ,ha, We eau discover 10 ,ach cie-
mems In the causes OF cur present
fnauc.l. Distress, El.the di.simi ar
i.y j, only apparent, not real. The
causes are identical, Substitute FIR the
banks OF those days, the Government OF
to-day, which has deprecated is own
notes-pu. q stigma upon them by r..
fu.ing to receive them for customs;
which has created Al artificial demand
for gold, offered a premium for sp, en-.
lators In the precious metal, . all in
dcpreciating its own promises 70 pay,
thus destroying the confidence ot the
citizen, in the interests of a bond.hold.
ing class which has permitted itself to
be manipulated as a private bank
would be, fol the benefit Of the few 10
the detriment OF the millious-in a
word, substitute the Government, of the
United States Tor the banking com.
name, Of 1920, and the causes and re.
snl,s If now and then will be found 10
be the same, with the exception, that
the Governments transactions have
been on q larger scale and correspond.
inoly more disastrous. To carry thu
sinile further, the Government, afteI
degrading rs currency, has con
tracted It by hundreds Of mil