The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-10-31

time. Another unpleasant feature is the price OF
iron. ~
bottom, but 1t Ia doubtful whether IL ho struck It
or not. Sixteen dollars and seventeen dollars for
common brands is not very inspiring.
"The prices Of merchant bar and nails are ex.
travagantly low. Iron i,60.1t0 to 100 100 cents
per ID, Nails 81 90 to SO per keR Of 100 lbs This
is lower than has ever before oeta touched.
read from another newspaper: "There are 1s
windOw.glass houses In the city Of Pittsburgh 3%
In operation leaving l4 idle, In ordinary times
all Of these factories would be in operation frem
the 18th to the goth OF August, and from present
appearances there 10 no telling when the others
will light up. There is no strike and no difficulty
about Wages-merely waiting for times to get bet
ter so as TO warrant the manufacturers in starting
up. The party drove by six window glass houses
that were idle in order to get 10 the one they WIS.,
tied, and when the party was up on Duquesne
Heights they could have seen almost Immediately
under tn cir feet window glass houses besides a
number Of bottle houses lying idle"
SPECIAL CAUSES OF EUEtPRAN DEPRESSION.
We are told by high ofhcials In Iotund phrases
that all Europe suffers in the same way and even
to a greater extent; and they would have us In
fer that the causes are general affecting all coun-
tries, and not special TO this land I do not know
the fact. will not go into nice calculations as to
the extent OF their sutferings Suppose the state
ment to be true. There are causes special to each
county. Long after our war ceased, Prussia and
Austria fought the most expensive and bloody
campaign, in proportion to It's length Of modern
times. Years after that Germany ant France met
in terrific struggle, and France stricken to the
heart by the mutilaliOn Of her territory was COM
PEELED to pay one thousand millions of dollars for
war expenses and another thousand millions OF
dollars for war indemnity TO Germany. Even now
England isgravely excited over the result between
Russia ana Turkey and felt obliged to bring her
dusky warriors In the East TO lake part IN the
complications OF European politics. Spain suffers
frnN Ih hn n 40 gFu av,1 o.,
France is seriously affected by the same disaster
Millions Of people have perished from famine in
British India. II these causes were not sufficient
to account for distress of labor and stsgnation of
trade abroac might say further that these coun-
tries are ruled by landed or titled or moneyed
oligarchy-that there is In each-as in another
country we know OLA Money POWeI-that Shy
lock now, as at another time, lends money on
usury, to the adventurous merchant on the RialtO,
and now, as be did not at that other time, Fits in
the halls Of legislation, al in the seat Of judg-
ment and will not heed the quoted by Daniel
come To judgment" which fOTbids the spilling Of
one drop OF blood when the pound Of flesh is cut
nearest the very heart Of the people.
CAUSES OF OUR BUSINESS DISASTERS.
But with us It has not been $50. We have had
proufond peace. We have had neither war NOR
famine, and until lately no pestlenee Nature
as showered upon us It's richest blessings This
year, and last year, and years before, our crops
b ave been most abundant, Last summer, as
rod across your State through the ertile valleys
OF Ohio, over the broad and blooming prailies Of
the West the wheat, and the rye ana the barley
and the oats, waved their full heads brilliant
nth golden glory, inviting the hand Of the reap.
er the corn reared Its tasteled top to the Iusthng
bree re until the frequent heavy ear compelled II
to bow as If in tribute TO the Great Benehcence
which had given 1t the rain and the sunshine the
seed time aud the harvest, In their seasons. The
cattle more numerous than those ION thousand
hills" were feeding knee e'deep in green rich pas.
rfVn, tor 10 rk knf nf thn 4,
your grounds are bursting with plenty your
breadstuis are sufficient to feed every human be-
ing in the land TO Iepleti0n and yet leave a sur.
plus for other lands leks blessed than yours. Be.
meath the surface of the earth teeming with such
fertility almost beneath the four datiOns of your
own city nature has stored away untold masses
of coal and iron. They are hidden just deep
enough to invite search. They are abu1 dant
enough to supply the world. Touched by the
hand OF the worker they become the necessities
of our civilization, the essentials in the uses Of
olr daily life In It's comforts and luxuries. They
aye richer than the diamonds Of GoConda, more
valuable than the KOhinoOrs OF royal crowns
They Almost beg 10 be used. Why is 1t amidst
this great abundance OF food, this craving Of all
nature for he touch Of human labor, that men
and women and ChildIen 20 to bed hungry at
night with scarcely roof to shelter them or cloth
ing to protect their nakedness? Why Is ii Is
there some hidden mystery some occult and ma
lign power before which we must bow because We
carnot understand 1t, which thwarts the intelli-
gence of man and the benefceDce of God? do
not believe it. The cause, think, Is plain. It Is
to be found in q policy which for ten years or
mole has peTsistently, without cessation or varia-
tiOn, enhanced the value OF money and OF secur-
ties dependent on the enhancement of money,
and has deprecated capital invested IN produc-
tive industries which employ labor, and thus has
discouraged energy, thwarted enterpri'e, depTess-
ed trade and by diminishing employment has
enforced idleness among the people.
The Democratic Convention Of PeDnsylvania
has truthfuly and strongly declared the cause to
be o policy which has enriched the few and i'm.
poVerikhed the many - "a system Of fnance ini
favor Of moneyed monopoly, Of unequal to- xatlon,
of exemption OF classes, Of high rates OF interest
and Of remorseless contraction, which has de-
Stroyed every enterprise that gave employment to
labor"
GLANCE TEN YEARS BACK.
Ten years ago l took part in the canvass in
Pennsylvania. remember well the condition Of
the country at that time, and the policy which
was urged upon the people. Prophecy itself could
not have fOretold more accurately what has come
We Lad Just emerged from bloody and desc.
lating war and already the fatal policy had been
adopted.
The Indebtedness Of the Government and of
the pc Ople of the United States was enormous It
had b cen incurred on the high prices and the ex-
panded currency Of the war. The necessity OF
borrowing money had caused the issue of large
volu me of currency. Prices had risen very high.
The Government had put q million men in the
army. 1t had transferred them from the ranks Of
prod duCers to the ranks Of consumers. II net ded
almost every product Of Northern industry for
their support It needed food and clothing, meat,
bread, wheat corn, oats, clothes, thOes, horses,
mules, wagons, harness, powder, shot, Rune, can.
non, all the appliances OF the hospital It created
large mark cts and paid literally. 1t stimulated
industries and raised prices. II borrowed curren-
cy at six per cent. interest In coin. It sold its
bonds at par in paper, and paper was at one time
worth less than thirty six cenh on the dollar IN
coin. The money thus borrowed and bought was
expended at these high prices. The people, the
counties, towns and corporations followed the
example OF the Government.
Wisdom, good faith justice to the creditors and
to the people required that this debt thus con-
tracted should be paid on the basis Of this eX'
panded currency and these higher prices; that
this war debt should be paid on the basis of war
prices; that this volume Of currency should be
kept up that production should be stimulated,
as II to suggest and aid this policy the peace
which trankferrId d these millions Of consumers
back to the ranks of producers, and closed the
markets OF the GOvernm ent, broke down the bar
rlers which had separated the North from the
South, and opened in their stead the markets OF
fourteen millions of people whose lands and
farms had been laid waste whose mills and fac
tories had been closed, and whose industries had
been destroyed by theWar
But this wise and humane policy-sO just alike
/ o creditor and debtor, was not adopted. The
reverse was adopted
THE REPUTATION OF THE GREENBACK CONTRACT.
Part Of this policy was that the ivetwenty
bOndB of the Government khOuld be paid IL legal
.ender notes. They were payablein legal tender
notes by the terms OF the law authorizing their
issue. They were redeemAble in i've years after
issue, and much Of that time had elapsed. The
and those time notes and interest bear
ing notes which were used as currency, was in
afae volume. Taxes 10 the amount Of ave hun.
dIed and fifty millions year were collected, and
we're paid more easily than half the amount now.
The proposition 10 pay these bondsinlegal tender
notes as fast as possible after they became re-
lea mahle waa m fair and honest that Il command
ID the support of all parties and almost all men
throughout the West Both parties in Ohio, In.
llama Illinois, Iowa, Wisconsin, Minnesota and
adopted 1t. Senator Morton es-
)oused. Senator sherman declared that the bond
holder who refused 1t was himself q repudiator of
lis contract with the people and an extortioner.
Yet the first act passed in General Grants ad-
ninistrs tion In March, 1869 declared that these
,onds should be paid In coin. The premium on
oin and the amount of Indebtedness was so great
hat this act of legislation alone added the burth.