The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1885-07-23

Of 1856, ,OOO,O 900.
IA. ID. SOC Rome had circulation
Of $168, ,OOO,O 900.
Mr.. Jacobs adds:
"And such was the power Of the
rich over the moneyless people,
many Of whom were held in slav.
cry, while others were reduced to .
condition of servitude little, if any,
preferable to actual slavery, tina,
the prices Of hawk, or a grey.
hound was the same as that Of 4
man, and the robbing Of hawks
nest was rs great crime in the
eye Of the law, rs was the murder
Of a human being.'
After attributing the fall oi
Rome and the condition Of the
"dark Ages" to the limited supply
| Of money, Allison continues:
"And as if Providence had in.
tended to reveal in the clearest
manner possible the influence Of
this mighty agent on human affairs,
the resurrection Of mankind from
the ruin this cause had produced
was owing to the directly opposite
set Of agencies being put in opera
ton. Columbus led the way in
the career Of renovation, and when
he spread his sails across the Allan.
tic he bore mankind and its for.
tunes in his bark.
The annual supply Of the prcci-
ous metals,-of moncy-for the
use of the globe was trippled-be-
fore century had elapsed the
price of every species Of produce
was qnadrnpled. Tho weight OF
debt and taxation insensibly wore
off under the influence of that
prodigious incrcase-in the renova.
ton Of industry, the relations Of
society were cllanged-the weight
of feudalism cast off-the rights Of
man established"
Commenting upon a later period
Mr.. Allison says:
"Thc suspension Of tho hank oi
England in 1893 led to the use oi
an enormous amount of irredeem'
able paper money.
The result was magical.
It terminated in a blaze Of glory
and flood Of prosperity which
have never, since the beginning Of
the world, descended upon any na
ton.
Prosperity, universal and un
heard Of, pcrvaded every depart
mcnt Of the Empire.
Agriculture, manufactures and
commerce increased in an nnparal
lelcd ratio.
The landed proprictors were il
affluencc.
Wealth to All unhcard Of extent
was created among the farmers.
Our exports, imports, and ton
mage more than doubled; and thu
condition of the people was one o.
Extraordinary prosperity"
All this ON account Of the use o.
an enormous amount Of irrpdcem
liable paper money.
But the bankers, the shylocks
the usurers and money sharks wer'
not prospcring. 50 they, Repnbli
can-party like, resolved on contrac
ton and resumption, and carried j
! through tho parliament.
i And what was the result!
Let Sir Archibald answer:
"The effects Of this extrlordiu
} ary piece of legislation were 500
; apparent.
! The industry Of the nation wa
} speedily CONCEALED.
The alarm became universal an
} widespread.
!. Prices fell rapidly.
The fall of prices by the in
mense narrowing of the paper ci
!, culation, producing dstvess, ruiz
t and ban kruptcy IN tho great inte
4 ests Of both land and trade, ",
! especially severe upon land owncl
4 whose estates were mortgaged.
4 In hundred Of cases, from Il
; tremendous reduction, the mortga
G ed estate sold for barely enough
e pay off the debt, leaving owne
It penniless bcggars.
le The distress become insufferabl
4 In Manchester 60, 900 men, "
4, men and children assembled d
II manding blood or bread.
II A collision occurred between t
5, starving populace and the Britt
G troops in which many were kill
# and many more YoHnded.s
,lrl The experience Of our own ps
ple during the prosperous times
ssGreenback imitation" contrast
with the results of contract
which eliminated in the panic
y 1873, and the subsequent comm
cial distress, industrial stagnati.
~ ~ labor riots, tramps, and the aim
!" :, universal bankruptcy Of Rgiffllmll''
~ !: pnrepsisl, is Goo fresh in tho p,
T.. IT, lie memory to require repeating.
~ ~ Ax.<, - l&s sa.kx -