The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-10-10

1866.
On the 18th day Of April, 1858, con-
gress passed law, authorizing the
secretary of the treasury to sell $40
bonds. and with the proceeds retire
United States currency including
greenbacks.
On December 4, 1866, E. G. Spauld-
ing Buffalo, n. y, banker and
member Of congress, wrote to secre-
tary McCulloch. as follows:
You, no doubt, now, to certain
extent, have the control of the cur
rency of the country, and l think,
that you will, Of necessity, contract
moderately. SO as to preserve tolera-
bic easy money market. There may
be occasional spasms and tightness for
money, but generally. | shall look for
plenty of money for at least one year
| to come.
When this letter was written, the
country was in possession OF Sl,9Oo,-
| 6S7 40. currency.
During this year there were but
662 business failures in the whole
country, involving Il loss Of $47 $685.
| 900.
Labor was we'll paid and fully en-
ployed.
This year the work of contraction
was vigorously pushed; but business
having been prosperous for years, anu
confidence mistaken; there were l 1888
failures, with total loss of SAT 1888,
900.
1868
During this year. $457. O00.O06 of
money was destroyed, and failures
increased to 2.16O. with loss to
creditors OF So6.2l6,000. Money be-
gan to be tight, and financial
''spasms' were frequent.
1869
During this year, over $500, 100000
of money passed into the cremation
furnace, producing 2.4ll business
failures. and loss of S57 .275, 900.
Money growing tighter and wages
lower.
This year, S67 100000, of money
was destroyed, and $3.50 failures
took place, involving loss of $685.
244.006 None very scarce, and
wages of labor are reduced all over
the country.
1871.
Thirty five millions of money, this
year, is retired. with 2,915 failures.
and IA loss of $50. 100000 More men
out of work, and wages cut down.
1872.
Only about $4,000, 900, was de.
stroyed, this year, but such is the
strain upon the business of the coun'
try, for the past five years, that this
proved the last straw to 4,061 bus
ness firms, involving loss of Sl2l,
O5S. 900. More cutting of wages, and
strikes talked of.
This year, the storm reached its
climax. Business had hoped that
with every returning season, pros
efpects would brighten, and money
would become more plenty. Instead
Of this, however. Notwithstanding
but 81 600 900 were destroyed, the
people became panic stricken. ant
5.l6l business firms were precipitateo
over the bankruptcy precipiee, with ;
loss of $22S, 400, 900. Five hundred
thousand men are thrown out of EN-
ployment; wages eat down, all ovel
the country, and strikes are of fre
quent occurrence.
1874.
Notwithstanding the terrible result
of the last year, the wine press o
contraction still creaks on its hinges
: of death. as round and round il
sweeps out of circulation SIS. Asa
certificates of Indebtedness. which
: had been legal tender money. $50. IS,
. treasury notes S6, 49,. 045 legal tender:
: $1,000 900 fractional currency. ant
$1,000, 0o0 bank notes. producing 5,
$50 failures. and Il loss OF Sl5l. $50 .0Ol
To creditors.
A million idle men begin to tramp
. in search of work. Wages still de
! cline, and strikes more numerous.
) 1875.
: The volume of currency this veal
was contracted S42.sl7.4ls. aud tn,
failures reached 4 with 4 loss I,
, creditors of SlQ5. os9, 600. Two mil
: lions of lahorers out of work
/ Famine and hunger begin 10 star,
D them in the face. and .tramping be
comes profession.
1NIo.
According to the most remarkahl,
of estimates the contraction of tn,
: currency this year. in the destruction
4 of greenbacks and the withdr nal O
! bank currency. amounted to abou
So. 600. 600, with lo.O0e failures. in
l volvlng losses not less than $500 600.
: 600. This does not include losses t.
\, stockholders by foreclosure and sal
I'll railroads.
: 1877.
+ The contraction of the currenc,
: during this year. in the destruction
: of greenhaeks and retiring of hans
t currency. Appropriated $4,000 Coz
; while the number of futures is esti
!. mated ut $1,000. with losses of owe
2 $500. 600 200.
t What record for ten years.
e Who wonders times are hard ant
!. tEat industries are depressed
t Who but member of congress de
/. string n reelection wonld ever ask
] or he TO the expense Of paying com
: mittee to investigate the cause
: Still with all this array of wrecl
5 and ruin. with the finger board o
: contraction ut the close of each yea
- Il