The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-20

tasss. which have undergone no diminution.
II THE Rad FAITH or THIS GOVERNMENT.
toward the great mass OF Its citizens eliminates
Lo y, people La debt the destruction Of their mono!
81 ss Of tas
makes contract to pey steo on eiyen aay
and has just that sum Of money in bis pos ses
sion at the date o. the contract, he Is doing bust
him by force. and he is left to meet his CONTRACT
oe eaennf TIE amount needed his bankrupte,
sapDed i WIZ one Ta amo ams o pe9p
on which to contract debts, both pubic
and private, and they are now to have another
them. They entered into ali their existing OBJ OBJ.
i,g sh12 With comparatiyely. plenty of money
hst eR ha apa " the b laws Of s
2bIga,ion = fql The national debt IVY Was e CORY
naid Cd on the basis Of initiation and s to be
sss contraction A thousand dollar bond n7' for
which only 5000 In gold was realized BY the
Of It's issue. has now to be taken AXE "u up
BY t.,, the taxpayers, The farmer who bought land
| with deferred payments the mechanic who
purchased a house and lot and made o mort
gage for the balance of the purchase money
OF bis capital, have oil found the weight of their
obligations largely increased by being deprived
OF tho means OF meeting them Thew m i,st ba
| met. however. and property itself. In the ab.
| senee OF money, changes hands from the Il, btor
| 70 the creditor classes In payment Of debts 1t
changes hands. too, at such reduced values that
the business man is sold out and closed up, and
MONIES are swept away. often for the want of a
very small sum OF money.
Since
THE ACT DHMorET1zING SILVER
supplemented as 1t has been by the act for
forced resumption of specie payments. the
property OF the people OF the United States has
shrqnk not less than So per cent in value. What
bought now fer $s5 on an average all over the
country. This ie a criminal copascation OF
I,o amounting to not less In value than
$4,000. oooo 900 when the estimate is applied to
every, State and section alike. In this vast
Shrink GO Of, all values. arising from the
e Be- 2 the @med Ia ' dagss ci tba
sSY ~ lie land with the run Sound Ths q
broken savings banks. and the lamentations Of
the poor who haye been robbed Of the hard
earnings and of the opportunity to earn more
business failures have taken place in this
country since February. 1879. with liabilities
amounting Ia the aggregate to over 81 600 900 900
the SORROWS. the broken hearts. the shattered
hopes The suicides which these figures repre-
s sent II the policy OF the government has been
number. ite success has been com plete tt is
vain to attribute snca widespread disasters
ascribg to what is vaguely styled over produc-
ton. 1 would gladly know what fs meant by
t 4 l oracular term. Oyer-production What Is
it net we producer Is there too much food
clothing and other necessities OF lifa? Has the
soil Welded too much wheat corn, hay cotton.
sugar ,ice2 The producer is one who creates
wealth .sand over production would therefore
SIGNIFY, too great an amount of wealth. 1t will
ne nara 10 convince q sane mind that an over
Gw OF wealth Il the cause Of depression and
creasng poverty, and of laborers praying. and
praying in vain for the privilege. once afforded
70 slaves, q working for the bare means of sub |
sstenee. The mission of wealth produced by |
toll from the bosom OF the earth Is far different
from 'hls. Unless deprived of its natural func- |
happiness to people and establishes smiling
content in their minds.
, Eat the cause most commonly assigned by the
Effects on the business and labor Of the country
y mat the currency has been and is yet in an
only be attained by It's reduction to the gold ba
sis. The evils of
INITIATION
1ave been painted in the darkest colors for
Years past and on all occasions. am not an |
nnatlonist In any sense that would disturb the
rue interest OF trade and commerce. nor would
Y Y, ever be necessary to discuss the question at
Wy II the con ira had only been will
egan 70 a let tb the Volume Of our currency
,rospered most. and the people were hap
,iest. somparison between the periods when
III |
i've ton cents day to the laborer and s1o for
lorse: or shall it be furnished in sufficient
tm ount 70 alord lust equivalent for labor and
o this question has depended the prosperity
= the adversely Of the American people in AT
i he past; on it their present depIorabie condi-
ION can alone be explained, and their future
ate 1oret0ld. circulating medium being
ecognlzed necessity Of civilized nations. and
ao so WhcS On 5I a9n
uslness prospery q its etzens Violates 20 that hat
az In every free political commonwealth.
NOT only, however. has this government failed
tnls great duty but the manner 1t has adopt
U 20 durnlsh tue people with their limited and
lsnnIncient supply OF currency was conceived ]
nd perfected by the owners of retired Inactive
THE SYSTEM OF NATIONAL BANKING
'hene for making the people pay tribute to
ealth, In order 10 obtain circulating medium.
,er known &C In the financial history Of the world
sople on which they have not paid a tax for the
.lyllege OF having it put In circulation by the
idd Haen, bet me national ATT bank is the
,ople. and is enormously paid for doing
a II the ,yernment ought directly to do itself.
,cordlng to the report of the Controller Of the
lrrency tnere were 2080 national banks Octo- u
r l. 1877. and they owned in even numbers IN
80 900 900 Of government bonds as the basis of
Tx 1a n95 by c ire Of s92 The inter
=
secure currency on which to transact their g
slne5s amounts to not less than SIG 900 900 per NJ
mum. This Is the tax paid for the bank note "
rcplatlon. The bondholder has been made
9 parker OF the country. and he is banking on 3
interest bearing debt of the people. For
cry 500 Of currency they pay him nearly 30
terest on the bonds which secure that 500.
9 adyantages. however, only begin with this D
nus OF S16 900, 600, II
The report Of the Controller shows that. Oc- d
per l. 1877, the national banks had loans OUT
iiinalng 70 the amount OF 1891 ooo 900. No one n
II pretend that these loans are made on an ~
erage interest of less than 10 per cent. This
lkes an interest account OF $50 600 900 per an r,
m. and this Is an under rather than an over -
Innate vi other bonds. stocks. debts, real Al
ate. specie. currency, clearing house ex- N
angas, United States certificates Of deposit.
q al other resources. the property of the ma Ca
nal banks. at the above date. amounted to Re
nethtng over s514, 900 900. which. at the low II,
g OF per cent, makes an additional interest y,
'9me OF s25 600 600. The following sta ement
October 1. 1877;
tlonal banks ACKNOWLEDGEMENTS. 1880
"a, M nnnt