The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-03-20
The Pressure OF the Times upon
Debtors and Working People.

The Pressure OF the Times upon
Debtors and working People.
Edition. intelligence:
In your paper OF the 18th, under the
head OF "Intormation Wanted" while
You answer aPeterp very fairly, there is
q point or two you do not touch, viz:
Tariff aud Banks. The former has really
nothing to do with the present ''business
Depression except In its agitation,
which ada to the uncertainty existing
In trade circles. Il cannot cure our lille,
therefore let It alone. Il has and will
be . bone OF contention, but Tor the pres.
emit Il Il alone. This Is the feeling OF the
people, even in the West, the great home
Of free trade.
As to banks: Is their breaking caused
BY our financial or business depression,
or do they cause IL? Or does not i'm
proper management and downright dis
honesty have more to do with bank trou-
bles than anything else? The people
need something in the way Of banking
they do not get, namely, better security.
II something like the postal saving sys
TEN Is adopted, then we hear the cry Of
Capitalization" But really 1t does
seem as II we need more OF this in our
Government, p~rtjudiced as some Of our
people may be against il. We may assign
many reasons as the cause Of the "depres-
sion 10 business" "hatd times" 60, but
/ think you put the hammer on the head
OF the nail when you say that they come
upon Us on account Of the vast volume
Of debt, both public and private, which
we have accumulated" Allow me TO
copy your sentence entire, for 1t needs to
be re-read:
"Our hard times did not come upon Us
for any lack OF paper money. We had an
abundance OF II. They amt upon US on
account Of the vast volume Of debt public
and private corporate ard municipal,
which we had accumulated. We had
stretched our credit as a nation, o. States,
as cities, town and counties, and, finally,
a. individuals, and built railroads, great
manufacturing establishments, and fine
houses, and thus Ia the course OF q few
years had locked up incredible sums OF
other peoples money In ~unproductiye en-.
terprises and speculations, far beyond our
ability TO pay"
Your correspondent HPeter' ventures
to make q suggestion or too because "they
are not party questions" Be they party
questions or not, there are no more vital
questions before our people now than the
financial ones. ALLOW me, at the risk OF
length, land We may all wish some day,
that we had given these subjects more
thought to make q statement or illustra'
tion.
A few years ago, when greenbacks
we're plenty mo not that for you have
shown that We had more money per capt.
IA then than now.) Well, no matter, We
bought real estate then. We "all did IT,"
except the bondholders, capitalists,
mechanics, laborers and farmers. We
went In debt for Il too, and gave mort
cages to secure the debt. The capitalists
paid Tor this, and my illustration as 10
him stops here. No, not exactly either,
he sppearsfurther along.
Some OF Us bought more than We could
pay for. Presently. a. you euggest, the
bricks began to fall, and Jay Cook being
larger than some OF the rest knocked
down a great many bricks, and they have
kept on ~tunbling ' e since. As you
say,
aThe day OF general settlement was pre-
cipitaled In q moment upon the county,
and this settlement has been going on ever
since, by payment and bankruptcy, and
the wisdom OF man, as In all times past, has
proved unable to stop It"
This Is so, and the question il, where
Is the end? The skeleton In the closet
thrust its long hand through the door the
past summer.
We do indeed need statesmen at the
head Of our government with its two
billions OF debt to handle, aud our people
owing many billions more all hanging
over their heads. We need fnauciers,
bu. not our Eastern Agold bugs" rs they
are alarmed.
Thp, you will say, We know. Now let
me carry the above Statement" . little
furthur. OF those who have been buy.
Ing real estatAte probably the majority
OF them bought TO secure homes and gave
mortgages and cannot pay. Il take.
more labor to pay now than then, and
debtors are therefore driven to the wall.
Il Is ruin to them. Home gone, and, In
many cases, a loving family dependent
upon them broken up: There are thou
sands Of them thus driven out BY "capi-
tall as the unfortunate ones allege.
These u~nfortuuates reason In this way:
When "greenbacks were plenty" we had
nlenty Of work and better times. Let rs
have the greenbacks again. It cannot
make times worse for US. We are driven
to the wall"
Thee people have votes, and being
Joined by those who arioted" last sum.
mer andhaying demagogues TO lead them,
where Is the endf How a We avoid
this question: Ipropose 70 answer, II
you indulge me 4 little, and II you do
not you may wish you had. This Ia no
threat-mSfely an opinion.
A few years ago 1 bought 3 farm, also
q government bond, each costing $1,000.
paid s., 900 in gold for each. Isold the
farm for the same I gave for it and took
= mortgage for back payments, 5000.
Now, to-day, the farmer still owes $500
principle and come accrued interest. II
should foreclose on him which | have
the legal " right to do)t The farm could not
bring more than the back payments. He
could be driven to the wall. He has
msnAsed a. well as Ieould, and has Il.
bored harder. The great cause OF his
not being able TO pay may be laid at the
door Of the "steenback question:
Istll have the bond; tits not like the
land ceiling for 5000. get instead OF
5000 In gold, $4,000. Now give the
iaborer the same chance. Thissis the
problem Of our day.
The capitalist or business man will tell
YOU: Aour property hiss shrank. We are
not worth half as much as We were. Our
business is depressed" &c. We have
beard this story often. But 1t affords no
relief. While capital has one vote these
other people have Q doten-and may 30 =
hundred-and while they may be led By
demasoeues and assisted BY tramps and
incendiaries-While they may not take
away your beautiful homes By mortgages,
= - NIX L..a #ItNNIa