Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-13

u Sir in the entire catalogue Of Grim,
!. against human society not one can b
/ found 30 awful in all It's consequences
# both immediate and remote, IN u go,
= ernment commits when il delibcratel
= destroys the money of lis own citizen
= Wherever in all the regions Of tim
!. such measures have been nccompllshe
: the horrors Of history have taken plac,
/ No shrinkage in the amount Of money
no contraction Of the currency IN tn
: hands OF the people was ever eniorce'
by law to any considerable extent, ex
. cept amidst broken lives, ruined hopes
, despair, lost honor, and all the vices
! springing from the lowest depths q
: human misery. The worst in,,r,di
ents of war, pesti,ence, and iamine al
flow from the act VI u government viz
lenlly tearing from the bands OF thu
laborng masses the moncy they ~
much need. Murder, theft, robbery
prostitution, forgery, emb' zzlcmcnt
aud fraud of every hue and mien ours,
the land that il deprived of full and
sufficient circulating medium on which
to give employment To its toiling men
and women. The social statistics oI
mankind will show that wherever the
supply of money has been scant and
labor p orly paid or left entirely idle
there the gallows-tree has borne most
frequently its horrid burden; there
the jalls and the penitentiarles and all
the haunts of iniamy have been most
crowded The well clothed and well.
fed Pharisee may ostentatiously thank
God that he is better than such as
these, but he is not. When the strong
hand of the government is engaged In
abolishng money, and thus interpos
ing between the labOring- man and the
laboring-wOman aud their last chance
for bread by honest work, their sins
Tor seli-preservation are less odious to
their mercliul Father than the prayers
of the usnrers who have driven them
Ia ram.
1t is said in highly intelligent quar-.
tiers that at this hour there are three
millions OF our own people unemploy-
cd, who have no other dependence for
TODD and shelter than the labor OF their
hands, and one-haIf Of whom are now
tramping IRON place to place for crumbs
Of charity. Pitiable and dangerous
spectacle IL never happened before
u this land Of bonnteOus nature, nor
would il now but for the fact that in
these later days class has arisen in
our midst which is benefited by the
scarcity Of money, aud the consequent
destruction OF all those great industries
which afford employment to labor.
Nor does this irightful spectacle appeal
alone to our sympathy with human
misery, deep and indescribable as that
must be. The loss to tho country in
actual wealth arising from the absolute
idleness Of three million persons is very
great II has been estimated that at
one dollar per day as wages il would
amonnt to enough in two years to H.
qnidate our public debt. The United
States monetary commission make the
following valuable observations in their
recent report:
The worst effect. however economically consid-
cred, ~ falling prices is not upon existing prop.
erty. nor upon debtors. evil as It Is, hut npon
lahorors. whom Il deprives Of employment ard
consiTns to poverty, and upon sociciy. witch II
deprives of that vast sum of wealth which resides
pntrntisliy 10 the vigorous arms Of the Idle work
man. A shrinking volume of money transfers
lax h. IL. 1, a. l.
pnriani element Of value conferred upon Il BY the
skill, energy. and care Of the debtors from whom
u l. wrested. But u does not destroy sny exist.
ing property, while u does ahsoiufely nnnihilafe
all the valus rroducable by the labor which II
condemns to idlene.. The eaimste Is not an
exitayagani one that ihere are now 10 the United
Sfa'es 3,0e0.00o persons wiiling In work, hnt VII,
are idle bee ,use they cannot obtain employment
THIS vast poverty stricken army l. increasine
and will continue to increase a. long ~ falling
prices shall continue TO separate money capi,ai,
he fund out of which wages are pai'i, from labor
and Ia disesurage its Investment In other forms
sf property.
Laeot. cooperating with the forces ~ Na,nr..
" the s"urce Of all wealth. and to reach tho heh
est degree Of effectiveness u must b. classified
through the aid Of capital and supported nv capi.
tai during the process Of production and b. meas.
urcd and paid In money, each unit Of which Is a
'iEh,draf' on all other forms Of property, hear.
ing value 10 proportion 70 The number of such
drafts In order that any country may reach the
maximum OF material prosperity certain c0ndi-
i"ns are Indispensable. All ia labor, assisted b,
the most approved machinery add appliances.
must he employed, and The fruits OF indu.,yy
nusi he justly di'iribu'ed These conditions ar.
only possible when capital u ahsoiu,ety nro,.c,.a
againa violence and free from ilIrsi,inste ,o.,-'
Ative Interference, rnd when the laborer is pro.
ec'ed IN bis natural right TO dispose Of his labor
In such manner as he NAV prefer. They arc
utterly impossible when the money stock IL shrink.
ing and The money value Of property and services
IL ieelinine Hpososp, greafihs ratnrai re.onYce.
gf a country my b. hoperer ye@iai n. climate,
Jeriiishs soi Ingenious. e1srpri.ing and i@da.iri
nus fs iHhobimnis, or fee hs insiifn,isps II he
roin@e of moa,y sshrinkisg aad price. m, E,iiag
fs me'ohaws wU BE- or,rrheim.d phh bapkrup,cp
IL 'ndHst'i.' eW be paro,ya,d, and ds.hiuiioa and
distress pH prsrad
The instinct NJ self interest Il ths mainspripg
of industrial and commercial activity II il the
animating motive alike 0f tho capitalist and Of
the lAhorer. without H. no labor woalI be per
formed. nor would capital have an existence. II |
money capital IL with ifawn frnin productive on. !
ierprises u l. from The apprehension " los, and
from The same instinct Of thrft through which II
was acquired II 10 natural that the inoaey capi
ialist shou exact from labor all he can In o. |
exact all the money he can In exchange for hi. |
labor. What !. known as the c'nfiici he'wccn
capital and labor 10 not 50 much y conflict be. |
tween other forms of ca piiai aud labor as II Is he
tween money aud labor Indeed tho conflict he
tween money aud other iorms Of capital 4. as
dishncilv marked and quite A. severe as the con. |
H'ci between money and labor. and 10 that
conflict "ther forms Of capital suffer fully ss much |
rs labor, The only difference b-ing that thew are
better able to endure iosses. 0 her TURNS of CAPT.
tai must be constantly converted into money
IN order IL pay wages anil To meet other demands |
incident 10 industrial enterprises. when the |
stock OF money Is shrinking and proea are falling,
this conversion osn only be made at rates eon- |
unually crossing more uniavnrahlr, whiir ~ tho |
sane Tins The products Of tho labor for whose
wages sacrifices have been made are also under |
go'hg shrinkage Of money value. Thu. loss |
and sacrihce are encountered At everv tarn, and
The owners Of other capital than money shrink |
from the friction II erehsnge, withlrav f,om
productive enterprises, AnI only exchange a.
much II heir property for money as will suffice 10
meet the necessary expenditures II living. which
ARE reduced 10 the most economical level AZ II IL
principal and not income which IL being oonsumsd. |
hit te more labor viii be empipyed under these
circumstances tlsn 10 sufficient 10 support tho
owners of capital on this parsimouious 6ssis. and
n consequence the labor market will he over. |
stocked. aud the composition belwesa iaborefs |
will reduce wages to . starvation level. But |
during this period, when property 10 nsing sacrl-
tced 10 meet current necessities, aud lsbores are
being rrmitted To idlenes aud dssitution, money |
faiiens On the general dissster.
Whom. therefore, on the i4th of Jan.
uary, 1875, this Government, having
already destroyed silver money, deter.
mined to destroy within tho next four
years its outstanding lcgal.tendcr pa.
per currency until there should bc no
more Of II left than could be rcdecm.
cd in gold coin alone on the lst day
OF January, 1879, il became rcSpohsi.
bic tor all the appalling consequences
that have followed An attempt to
force the resumption Of specie pay.