The daily gazette., 1881-12-22

CHEAP MoNRY.-Cheap money ID
what many people desire but the
difficulty to get money cheap has
always presented insurmountable bar.
riers. There is mostly two sides to
question, and this one is not exem pt
from the rule. The man who has nc
money wants it cheap but as soon
NJ his pockets are full he wants it
dear. The man who has money de-
sires to buy all that it can be made to
buy, while the man that has no money
wants to get as much money for what
he has to sell as possible, and this is
especially the case with those who
are 10 debt. Never in the history of
the United States did this question
involve such tremendous consequences
as in the two or three years before
and subsequent to the panic of 1873.
The people of the country in 1873
had during the midst of a period OF
imitation by paper money run headlong
into debt in every section. Men who
were rich and owned splendid farms
had mortgaged them to get money to
buy others, and those who had half
dozen houses clear of debt mortgaQed
them to buy others, hoping that the
prices would 20 up and thus money
would be made and they would get it
cheaply. The newspapers urged the
people TO get out of debt, to sell their
property and pay off their liabilities
In vain. The reply was always that it
would be too great sacrifice. They
could not see that the keys to the
great money chest was in Washington
that it was in the hands of the
President and the President in the
hands of the Secretary OF the Trea-
sury. That these two men could
drain the country and make money
scafce at any Time, and when the
people were told chat the greenback
circulation was being reduced month
by month and week by week they
would not believe it. They still in.
dulged the hope that they could bor-
row, and borrow on mortgage even at
higher rate than six per cent-that
by paying little usury they could
save their property until prices would
rise and then they would sell and
make money-cHEAPLY. Alas. how
mistaken they were. In spite of all
remonstrances--inspite of all appeal,
lin spite of the fact that the banks
could not get greenbacks to pay
checks and were compelled to beg
men to 10. them mark checks good
the contraction Of the currency went
ON and day by day the peoples cur
rency was drawn out of their pockets
by JOHN SHERMAN. He did not sion
at this. But in addition to withdraw.
ing the greenbacks until near one-hali
that the initiation prices demanded
was Withdrawn and the gfeenback
circulation that had been about
T,000, 900 900 was curtailed to less
than s4oo, 900, 600, he was instrumen.
tal in surreptitiously having a bill
passed demonetlzng silver, thus
destroying its power to come to The
peoples rescue from the remo'e parts
OF the earth to relieve the distress.
This completed the power OF the mar
who held the keys at Washington
What was the consequence The
Credit Mobilier bubble burst ! 1t wa,
the great leader Of all the rascalitie.
aid it was managed by congressman
men close to the government. charges
were made involving the Vice Prssi.
dent and the Speaker of the House
and members of that body as well a,
bankers and gentlemen OF great
wealth and influence in all sections o,
the Union. This destroyed credit
abroad and the destruction of credit
abroad where there was abundance oi
real money affected credits at home
where money was mainly based OF
bills of credit. Jay Cooke & Co., the
trusted agents of the Government
failed, and the failure carried down
hundreds and thousands of others,
and destroyed almost all credit foi
those who needed credit while it shu,
up the purses of those who had
cash, while many who had wealth
had only even a small amount
of cash. This was the slate oil
affairs brought about by the mar
who urged Imitation and Vhen sefshly
contracted the currency, under the plea
that there was too many greenbacks and
b. n notes. The result Is qulckDy told