Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-13
CLEARFIELD, Pa. WEDNESDAY, FEBRUARY 49, 1875

u
. IL not now, and never has been at an
{ one time, enough gold in circulation q
money on the face OF the whole cart
to meet this demand. II, therefor,
, specie payments are in reality 10 be +,
sumed in January, 1879, the Govern
, ment has yet to destroy ut least two
thirds Of It's present paper circulation
} and the people on this reduced bash
: and under the gold standard alone, vii
} be compelled TO meet their debts an,
their taxes which have undergone N
diminuti0n.
Sir, here the bad faith Of this Gov
ernment toward the great mass Of il
.",z"ns a''.,'na.as To n people Il
debt tue destruction vi tLSi. ...e.., d
the virtual inci ease of their indebted
ness 10 the extent of the money dcs
troycd II q man makes contract I,
pay one hundred dollars on a givel
day and has just that sum OF money
in his possession at the date Of the con
tract, he is doing business securely. II
however, fifty dollars aro taken from
him by force, aud he is left TO meet biz
contract on one half the amount need
cd, his bankruptcy necessarily follows
The American people were supplied
with one amount OF currency on which
TO contract debts, both public and pri
vate, and they are now TO have another
and far smaller amount, with which tc
Jay them. They entered into all thcil
existing obligations with comparative
ly plenty Of money in their hands. By
the laws Of this Government now they
are first to be deprived OF half tbeii
money, and then required to pay every
obligation in full. The national deb,
was contracted on the basis OF imitation
aud is to be paid on the narrowest basi,
OF the most merciloss contraction. A
thousand.dollar boLd for which only
5000 in gold was realized by the Gov
ernmcnt, in its distress, at the time Of
its issue, has now TO be taken up aud
paid Tor with over thousand dollar
in gold by the tax.payers. The farm.
er who bought land with deferred pay
ments the mechanic who purchased
house and lot and made mortgage
tor the balance OF the purchase money
the business man who uses his credit
Us n part Of his capital, have all found
the weight OF their obligations largely
increased by being deprived Of the
means OF meeting them. They must
be met, however, and property itself,
1.-THE absence OF money, changes hands
iron the debtor TO the creditor classes
IN payment oil debts, IL changes hands
too, at such reduced values that the
business man is sold out and closed up,
and homes are swept away, often for
the want Of a very small sum OF money
Since the act demonetizing silver,
supplemented as IT has been by the act
tor forced resumption OF specie pay.
ments, the property OF the people OF
the United States has shrunk not less
than 80 per cent in value. What
could be sold for 500 five years ago
can 10 bought now for 500 ON an aver
age all over the country. This is a
criminal confiscatioD OF property
amounting to not less in value than
slO,O00,O000OO when the estimate Is
applied 10 every State and section alike.
In this vast shrinkago OF all values,
arising from the shrinkage of money
in circulation, is to be found the immc'
diate cause Of that genera. bankruptcy
and ruin which now fill the land with
the sound OF falling business houses,
commercial failures, broken savings
banks, and the lamentations of the
poor who have been robbed Of their
hard earrings and Of the opportunity to
earn more Under the influence of this
policy nearly forty Thousand business
failures have taken place in this coun-
try since February, 1873, with liabili.
ties amounting IN the aggregate to over
81 ,OOO.O000O0 The heart slckens in
thinking tor moment OF the sorrows.
the broken hearts the shattered hopes,
the suicides which these figures repre-.
sent. II the policy of this Government
has been to infict the greatest misery
on the greatest number its success has
been complete. 1t is in vain TO attrib.
ute such wide spread disasters to other
causes. We sometimes hear them as.
cribed TO what is vaguely styled over.
production. wohlu g'auiy kno"
what Is meant oy lh's oracglar term.
overprouuct'on What Is u that
we overproducef is thefe 700 much
1000, clnthlng' ana otner necessities OF
llie Has tno soii yielded 100 muen
wheat corn, nay, cotton sugar, r'ce 7
rhe producer some VINO creates wealth,
ana ovrrprodnoi'on wouid therefore
SIGNIFY 700 great an amount OF wealth,
l, wiz DO haru 70 convince sane NINA
tnat an oVeriow OF wealth. Is tne cause
oi depression ana gloom, OF nnanc'al
calamlties anu rspiuly increasing pov.
erty, and oil the laoorers praying, ana
praying IN VAN, ior sne Prlvlicge, once
afforded 10 slaves, OF Worklhg LOT tne
pare means 0, suosislahce' Inc ms
SION Oh "ea,.n prouuccu oy 'on from
tue oosom U, 'no ear'n - 'sr u'hcrch'
from TINS Unless deprived OF i's ma
tural functions oy pern'c'ons laws ~
brings abundant happ'heSs 10 pe'p.c
ana establishes smi'ing content III the'r
midst
But the cause most con monty assign
ed by the authors OF our financial poll
cy for It's balcful effects on the business
and labor OF tho country Is that the
currency has been and is yet in an in
hatcd condition, and that real prosper
liy can only be attained by its rcduc.
ton to the gold basis. The evils Of in
hation have been painted in the dark
est colors Of years past, and ON oil oc-
casions. | am not an indationlst in
any sense that would disturb the true