The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-03-07
1t Has Produced Over $4,000
business Failures, Involving
n a10ss TO CREDITORS of
over Two Thousand
MILLION DOLLARS.
S6i5

tary Mccullough, as follows:
You, no doubt, now. to certain ex-
tent. have the coutrol of the currency
OF the country, and I think that you
will, OF necessity, contract moderate
ly, SO as TO preserve Il tolerable easy
money market. There may be occa-
5ionai spas.ns, and tightness for mon
ely, but, generally I shall look for
plenty OF money, for al least one year
to come
When this letter was written, the
country was in possession of 81 ,906,-
8ST, ITO, currency.
During this year, there were but
500 business failures in the whole
country, involving a loss of %s17 ,625,-
O01.
Labor WAS well paid and fully en-
ployed.
This year, the work Of contraction
was vigorously pushed, but business
having been prosperous for years, and
confidence mistaken, there were bnt
$50 failures, with total loss Of $47,-
$780, 900,
1858.
Daring TINS year, $4,000, 900 Of
money was destroyed, and failures
increased TO 1886. with a loss to
creditors Of $50, 2l8,0O0. Money be.
gan TO be tight, ard financial
"spasm8'' were frequent.
1869.
During this year, over $500 COOS 900
Of money passed into the cremation
furnace, producing 2,l97 business
failures, and a loss OF $57 ,275 600.
Money grows tighter, and wages low.
er.
This year. $Q7 100000 Of money
was destroyed, and S3,55I failures
took place. involving loss of SSs.-
24A,00o- Money very scarce. and
wages Of labor are reduced, all over
the country.
1871.
Th rty-nve millions of money, this
year, - retired, with 2,915 failures,
and a loss of SsS5, $50 900. More men
cut OF work, and wages cut down.
1872.
only about ST., 000,0 900 was DESTROY
ed, this year, but such had been the
strain upoa the business of the coun-
Try tor The past tive years, that this
proved the last straw TO 1000 business
firms, involving 4 loss Of Sl2l ,o5S, 900.
More cutting OF wages, and strikes
talked of.
1879.
This year, the storm reached it's
climax. Business had hoped that,
with every returning season, pros
poets would brighten, and money
would become more plenty. Instead
ot this however, notwithstanding but
81 ,600,o0o were destroyed, the people
became panic stricken. aud 5,lSl bust
ness firms were preeipitated over the
bankruptcy precipice, with 4 loss of
$s22S 400 900. Five hundred thousand
men are thrown ont of employment;
wages cut down, all over the country.
and strikes are of frequent occur
renee.
1874.
Notwithstanding the terrible re-
suits Of the last year. the wine press
OF contraction still creaks on its hinges
of death, as round and round it
sweeps ont of circulation SIS, 4s4. GER
titicateS OF indebtedness, which has
been made legal tender money. SIS.
100. treasury notes. Sc, 335 .ui5 legal
tenders; s. 600 .00e fractional carYen-
cv, and $1,000, 600 bank notes. produc-
ing 1926 failures. and a loss Of Sl5l.-
61s,000 70 creditors.
a million idle men begin to tramp,
lnseareh ofwork. Wages still decline
and strikes more numerous.
1875.
the volame of currency. this wear.
was contracted S42.Si1 Ills. and the
failures reached T.sl. with loss 10
creditors of 1875. PSI 900. Two mil
lions OF la5orers out of work. Fam
Inc hunger begin TO stare them in the
face, and "tramFingr becomes pro-
tesSioH-
1915.
According to the most reliable es-
Inmates, the contraction of the cur
fency this year. in the destruction of
greeupacks, and the withdrawal OF
bank currency, amounted 70 about
50 ,'shl.asAa. with 2.S06 failures. and
Sei,e#4, 200 loss. during this slrst quar-.
ter ~ the year. The aggregate fail
uIes Tor the year will reach over SIu.
Go. with losses rot less than $780,
o0o.e0. This does not include losses
to stockholders, by foreclosure and