The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1878-06-04
I" Hard Times"
SEATTLE, June lst, 1878.

ED. INTELLIGENCER Your remarks
in this mornings issue of the INTELLI-
GENcER, headed the "Key to Pros
perity.' are suggestive of a few
thoughts. Not day passes but some
man. business man as well as laborer,
says. what hard times" and asks,
ARE they never going to let up" But
few in our midst stop to inquire into the
causes which have produced these hard
times, while all are watching for some
ray of light, some gleam of hope
10 save them from actual want and
misery. In the East, where manufac-
turing enterprises have ceased. and
thousands of people thrown out of
employment, this state of affairs exists,
while business firms by the thousand,
that felt they could pull through, but
fearing the repeal CT the present Bank
rupc Act are taking advantage of it, and
throwing up the sponge Farmers and
mechanics are unable to pay their con-
trscted store bills. Merchants in the
interior are unable TO pay their con-
tracted debts. and the result is gen.
eral stagnation in all the various
branches of industry throughout the
country.
Men who borrowed money and put
ii into their business, when the volume
in circulation among the people was
from $50 to $40 per capita, and are
now compelled to pay it when the
volume is less than $40, find that it is
not to be had, except in few instances
on gilt edged " security. and at such
rates Of interest rs to make it only q
matter of time for them to loss all.
Moran. the celebrated French finan.
cier, says that the volume of money
in circulation in France per capita is
$5S; in Russia. $40; in Germany, $50; in
England, $40, and In America Sl4.
Moran's estimates were made before the
late contraction in the United States
commenced, which has since reduced
her volume to less than seven dollars per
capita. and yet resumption is far
| from being q matter of fact; so far that
| it will never be reached to the extent
of specie basis, or specie payments.
In my last letter to the INTELLIGEN-
GER showed the general prosperity OF
the French people, and the financial
situation of her banks. as compared
with other nations. and attributed the
cause to the wise policy of her Govern
ment in issuing an irredeemable paper
money! legal tender without limit,
in the sum of near three billion four
hundred million francs.
Mr.. Editor. what the people of the
United States are demanding now at
the hands of our Government, is re-
peal of the resumption act; repeal of
the National Bank Swindle,' no more
interest bearing bonds issued by the
Government; no more wholesale land
grants. to monopolists, and an issue OF
irredeemable paper money, legal
tender without limit. never to be re-
deemed except in exchange for new
issues without loss TO the holder, In a
volume equal TO not less than SEQ. per
capita, Of every citizen in the United
States. When this is accomplished
land don't trsmble fearing that il is
like the long promised millennium then
may you look for the development of
the grea. resources of our country,
with such strides as have never yet been
reached in America, aud upon basis
that cannot be crumbled at the will OF
favored, merciless, few. Then may
you look for the establishment OF
various manufactures in our midst, fed
from the varied resources found in this
great North. west. without fear of COM
petition from the results of starved
labor in other lands; then may the
/ honest, hard working, man, who Is try
/ ing ~ carve out home in the wilder
ness. labor with cheerful heart and a
feeling IF safety that he will not be
robbed before the object of his hope is
anticipated: then will the merchant, the
manufacturer and the banks of ex'
change feel safe in their commercial
transactions. and then will labor aud
capital work hand in hand for the
| general good of the whole.
NJ. S. Il.