The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-01-09
LOSSES RESULTING FROM VICIOUS
FINANCIAL LEGISLATION.

1t has at all times been a difficult matter
to estimate the cruel curse of radical legis-
lation in favor of the bondholders and
money sharks. 1t is possible, however, to
arrive at such approximations of results as
to satisfy all fair minded men. In consider
ing the deplorable condition of business
affairs there must of necessity be starting
point in the estimate of the losses the people
have sustained by legislation enacted in the
interest OF capital and in opposition to the
welfare OF the country. In seeking for
statistics we are forced to consult
the census reports of 1870. They furnish
the most reliable data that can be obtained,
and the general reader will accept the
figures as authentic By consulting the
census reports of 1870 it will be seen that
the true estimated value of the real and
personal property of the United States
amounted to $50 06S SIS, 5O7. Under ordinary
circumstances it is held that the average
increase of wealth will reach 4 per cent.
This would equal 50 per cent addition to
the amount given, making sum total of
$50, 800, 434, 419 as the present valuation.
But instead of an increase in the wealth of
the country we are confronted with losses
such as the world never before con-
templated in times of peace. Under
the influence of vicious legislation,
in the interest Of the rich and in antagonism
to the welfare of the country, the reign of
shrinkage, bankruptcy and ruin commenced
and has been going steadily forward. 1t has
withered like sirocco; it has shaken down
like an earthquake; it has killed like
scourge and eaten like a canker; it has sent
the best business men In the country into
bankruptcy; 1t has made wrecks of stately
fortunes; it has filled the land with idleness
and poverty, and created an outlook of in
tense gloom and depression. 1t could
hardly be otherwise. The vicious legisla-
ton that proposed the contraction of the
currency as a means of reaching resumption
on the LIST of January, 1879, inaugurated the
reign of shrinkage of values, and instead of
an annual gain of four per cent. in the
wealth of the country, there has been a loss
of fully 40 per cent. Nothing has appreci-
ated except bonds. and, while legislation has
taken care Of the creditors, it has laid the
most grievous burdens upon debtors. While
it has sought to aid bankers, cyndicates and
money sharks, it has paralyzed all other
descriptions of business.
We have shown by our figures that with
an average annual four per cent increase of
the wealth of the country we should to-day
haye real and personal property valued at
$39, $50, 434, 419. but it is conceded that the
shrinkage in values since 1870 equals 40 per
cent, giving grand total of losses to the
country, on a valuation of $50, O6s, SIS, 507, of
$l2 027. 407, 402 Nor is this all, for
the snrInKage that commenced with
the bondholders' policy arrested all in
crease of values, and hence the country
not only suffered the actual loss of 40 per
cent on the valuation of property fur
nlshed in 1870 but has also suffered the
loss of the annual gain that would have
accrued, provided the legislation in favor
of the money sharks had not been enacted,
and this gives the sum total of loss to the
country since 1870 of $2l ,649, 323, 3l4 or more
than seven times the cost of the war.
Indiana's share of this whitening, blighting
curse is about one nineteenth part or 81, 1884,
43s 900 an more than 5000 per capita for every
man, woman and child in the state in 1870.
This crushing curse has been going on for
years. 1t is no longer tolerable or
endurable. The people are unit
upon the necessity for change. They say
repeal the resumption law and thereby assist
contraction and shrinkage; remonetize silver,