The patron of husbandry. (Columbus, Miss.) 1875-1883, 1879-09-13
PHILIIPICS.

NO.
We make the following extracts from
Wendell Phillips arraignment of the
financial policy of the Republican party,
in his letter to Solon Chase:
THE. NATION BANKRUPT
What is its result? In 1866 the prop
erty of the nation was estimated at $25,-
ooo,ooo,ooo. In the opinion Of the best
judges the nation is bankrupt to- day.
That is, if called upon to day to pay its
national, State, city, county, town and
corporation debts, and for that purpose its
property sold at present values, there
would not be realized from such sale
enough to pay those debts, If the prop
erty could be sold at its real worth, amply
would 1t pay our debts. But, if sold at
the prices to which republican folly has
it, we are bankrupt.
Further, real estate and railway prop
erty have shrunk to half their former pri-
ces, the value of manufacturing stock of
ten wholly destroyed, hundreds of savings
banks broken. Thus have the rich men
succeeded in fulfilling the threats uttered
by the journals the own-the New York
Iri6nNe and others-that the people
should soon find themselves as heavily
chained, as wholly subdued as the labor
classes are in-Europe. That's no idea of
mine. got it from Mr.. Sherman. He
was SO placed in 1860 that he could afford
to point out that all England gained, af-
ter destroying business and spreading
ruin among all classes in 1917 and 32I,
was to have her Government able to bor-
row at 3 per cent.
Prices the world over were never so
low as now. Yet our producing classes
are so unable to buy what they produce,
and their wages are SO low, but they are
forced to export to find a market, and our
exports exceed our imports, a very rare
thing in history. Were it to be so when
fair prices ruled in the worlds markets
there would be great reason to rejoice.
But when nation only keeps its spindles
moving by selling goods to foreign ma.
tons at cost, or sends its products abroad
because its people are too poor to buy or
use them-as Ireland has done for cen
tury-such fact means loss, not pros
perity.
THE wRECKERS' WRECKS.
For the first time in our history Legisla-
lures and conventions have spent weeks
in discussing cramps" So many thous-
ands of unemployed men, and so many
more on the verge of want, that in the
United States the masses are dangerous,
as in Mexico, Italy and Spain! What
wickedness and folly have called this ele-
ment-so disgraced to the Government
that creates it-into our streets? The ad-
ministration which take busy and pros
| porous county and turns it into a land of
bankrupts; its streets filled with men beg
| bing for work, or driven at the point of
the bayonet, as in Pennsylvania, to work
| at starvation wages; zoe, 900 men in
America rotting into criminals, in our
highways and country towns, for the first
in our history, shrinking from the sight
of stranger, and our courts constituting
| every stroller into a ruffian-such an ad-
ministration proyokes only contempt and
indignation when it comes before the peo-
pie and expects anything but the gravest
condemnation.
CONTRACTION AND CREDITS.
In 1865 it was generally seen, and even
| McCulloch admitted, that the people, in
dividually,, we out of debt. Mills were
active; BUSINESS renunerative, railways
fast paying off their debts, wages high;
everything in the market met ready sail,
and little or no credit was asked. Goods
were bought for cash, or at ten days
credit. McCulloch began his policy o!
contraction, Merchants felt, though they
hardly understood at first, the difficulty
Credit was reso1ted to in order to meet
the new friction in business. From doing
business in greenbacks, or next door to
them, bank discounts were resorted to-
and men, as Of old, bought and sold on
time. This created currency, as Carey
well terms eit-discounts increased from
$766ooo,ooo in 1866, to 'I,3oo,ooo,ooo in
1873 This is the only true and harmful
ssinfation," and this, which was forced
upon business men by McCulloch and
his insane policy, was one of the most
fruitful causes of the ruin that has devas
tated our business circles. 8fE
FRANCE ANSWERS THE MONEY KINGS
Some men cry: "''This always comes af
ter great war and years of paper money,
1.-The complete answer to this cunning
dodge of the money kings is the example
of France. - In the German war she wa.
conquered; her richest provinces stoler
from her; lands and houses burned ane
spoiled by the enemy, and her chief city
Paris, occupied by them. After spending
thousands of millions in defense she wa
! fined $I,oooooo,ooo for ransom. Yet sh'