Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-09-26

from 1870 to 1874 If there had been O sudden
change then there would be just ground for
charging the government with unworthy manip-
ulafi0ns for political effect.
4. All over the world from 1873 to ", the
same phenomena were observed, especially 90
In those nations where there was no suspicion
of tampering with the currency. England, pre-
emlnently the hard money nation of the world,
IN these years suffered more than did by hard
tunes. SO with Germany and France. The
labOrer of the United States Is to-day and has
been for the last ten years, better paid, fed and
clothed, than the English or German laborer.
The great iron, coal and cotton industries of
England have been for the last i've years COM
pletely stagnated. This cannot be char Led up
to us, for the Unne ed States consumption of Eng
lands goods in lS73-45. did not substantially
fall off from former years.
,. 1t hard times is caused by the contraction
OF the currency, why is it that to-day between
suDnp and sunset the United States has borrow
Ell Sl 900 600 of it's people at 4per cent INTEREST,"
In 1901, III the glorious prime of Democratic
economy and financiering, the United States
PAID Tor the use OF u mere bagatelle of loan IL
per cent. interest. Why is it that within eight
month the United States government has been
able to borrow over Sl00,00O,0OO at 4 per cent.
INTEREST,"
The Democrat answers: Because every other
species of property is so depressed that the cap
ltalist will not touch it." The reverse of this is
the universal experience Capitalists always
are the freest buyers when property is the
lowest. They buy low in the expectation of
rise
Locally, here in Indiana, the rate of interest
Is high But Indiana is only one out of thirty
nine States; the true test is the average rate
throughout the entire Union The reason why
interest is so high here in this State Is easy to
explain. 1t is lack of thrift and selfsupport in
our people In Massachusetts, smaller State
IN territory and population than Indiana money
to-day is a drug at 6 per cent. In Massachu-
sets, In every good-sized town, there ia saw
ings bank. The poor people OF that State have
s24oOoo,OOo laid away for rainy days. These
banks belong to the mechanics and day labOrers.
They receive dime deposits. In Indiana out
side OF indianapolis, there is not a single saw
irgs bank. Our entire savings-bank capital
does not amount to S2,0U0,000. If we had
gao O0O, 900, like Massachusetts,, our rate of
interest would be at once ightened. Again,
for insurance. This is all wrong We ought to
do our own insuriDg. Who ever heard Of
H0osler insurance company taking risks in any
OF the Atlantic Statesf As with insurance,
with score Of other items. We send our sous
and daughters abroad to Connecticut and Mas
sachusetts for education, instead Of patronizing
our own Wabash, Asbury, Hanover and Purdue.
Ii we want rest, instead of recuperating among
the beautiful scenery and healthful breeZes OF
Madison aud the Ohio river, post off to Yer
| mont and New Hampshire. We spent outside
OF our own State last year tor education ami
recreation over 81 ,000, 900. Within the last ff
teen months we have sent East $4,000, QUO in In
| terest- AS long AS We keep up this system we
shall continue poor. We shall never own our
own capital, the East does. until we become
selt-suppOrting and independent OF the East
And now having disposed of the Democratic
charge OF contracting the currency, let us next
inquire what III truth Is the cause of the present
distress. just before the war we had 500, 000,-
900 paper. The government was q consumer in
the sum of SGT, 600 per annum. Suddenly
our currency rose to $500, 000, 900 of paper and
the government became a consumer OF 81 000,-
000.0vO per year. Every farm, factory and in
dustry was strained TO the utmost to meet the
demands of the United States. This ovefissue
of paper at once demOnetized gold aud silver
and shut US in from communication with the
worlds exchanges. Thus we were deprived of
the benefit of the great International monetary
| tides which distribute to each nation with
| erring regularity their exact share of the g.
600, 00O, GOO of gold and silver which is estima-
| ted to be the worlds stock of precious metals.
As with the winds and tide in nature, SD with
trade. Excessive heat in one part of the con-
| tinent causes the air to rise and create q
vacuum. This is filled with the surplus stock
of cold air in another continent, and the bal
ance is held even. So with real money. The
commercial world is a vast pair of scales, and
| the equilibrium is automatic. If money is
scarce in England her prices fall, and the stock
Of gold and silver In the United States, at
| tracted thither by the profits, restores the
equilibrium. Ii, in the United States there is a
| plethora OF coin, prices rise. and thus coin
leaves tue New World, and seeks, attracted by
| the profits to be made by importing goods to
| the United States, in the markets of the Old
| World al investment in their profitable wares.
and SO the balance IL restored. When, how
ever, q nation shuts itself out of these great
| tides of commerce by adopting a currency not
recognized 10y the law of nations, the result is
nothing but loss. The candle burns at both
ends. The isolated country is constantly
drained of its gold, and receives no gold from
| abroad to supply the loss. Paper money is a
swamp No matter how much water you pour
! into it, it absorbs it all and stagnates until a
| fresh supply is given. There is no outlet There
is no stagnation with gold and silver currency,
| for there Is an outlet that carries 1t off when
| in excess, and supplies it from the great worlds
| stock when a supply is demanded. Here then
was one great mistake in adopting the paper
money system. and it is this mistake that the
Republican party is now making haste to correct.
| 2. The second cause of hard times is the
| great desrucUOns and bad Investments OF the
last fifteen years Take few Of them:
| By the emancipation of the slaves
| lost W, OOO, OOO,OOO
The national debt at the close of
the representeda destruction
The Chicago, Boston. and Portland
fires represent a destruction Of 200 600, 600
| We imported into the country from
| abroad from 1S65.75 In foreign
silks wines, diamonds cigars,
i and luxuries. Observation-Disclosures. LOO 600 coo
We have paid in interest upon our
war debt :-:.....:.--.......... 1000, OO0 O0O
| We have sunk in railroads that do
not aud never will pay a cent of
| interest or principal and which
were bubbles begot In the fever
Of Imitation. ,...-:..-..::.....: $500, ooo, ooe
] And in improving our cities and
building public works other than
railroads, and from which we are
realizing NO returns. 1000, 600. Oot
Total: :s14, GOO. 600 OOG
The entire taxables of the United
States amount to, say. .$45, 600 600 OO(
Here then, is nearly one-third of our entir,
property sunk What individual or nation
could sustain such loss and not suffer as W.
have sufferedf Why lay upon the government
that for which we have no to blame bu
ourselvess There is but one reason, and that II
the desire of the Democrats for office.
3. This is not all. The multiplication of ou
currency fourfold begot mania for speculation