Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1886-01-01
CONTRACTION.
Ets Frishtfui Results ns shown by
COnipfchensive Facts snd
Figures

Il GtENFtN
nut since Tho TWO contributors to the JouKr Al
have made II so clear within tho past few wocks
that the seldicr has just aud equitable olalm'
agninst tho Government, VIC at lsast fool tnstlf
1 cd In endnrlug the facts thoy bnvo advanced
Tho plothorlc pnyso OF the plothotlc bosd holder
l aud fnonopolist has nndo plcthcdic tho rtirsc o
many law maker. When soaking yotes Tho
pnrty platforms hnyo almost invariably con
domncd and opposed tho granting OF tho public
equally lnyarinhlo tho parties hSnorod with tho
| responsibilities uf making tho laws havo done
Just what platforms forbid chem to do Now
| mat they lavo got tho syn0catcs and inonop-
olists well Supplied with their millions Of acres
an'l theit tnH measure for measure In gold du'
cnts with legal iEtcrcst, all sufficient to last
| thun during their tojourn on this terrestrial
srhctc, lot thcm DO but n simple net of Justice
70 INC soliiots whose sncriiicc9 preserved The
mouse That Jack buist" aud JObuny was trying
| 70 tear down, thereby vouchsailng to thetu the
faco value OF their stocks, bonds, norllages and
Interest. as well ms united coupsry to tho com
| fnon herd OF humanity who had not the mems
| 70 invest in bonds. They protected Sophia,
Marin aud lnnny others. II was a big thing
| ~ savlng tho bonds. to sny nothing about tho
tropical soil. Compare, u you please, tho diff
| icronoe IN rrico OF Federal and Confederate
bonds " tho London, or any other market.
ciNo tbe sOidicr his 10 cents on the dollar TINT
he dldnt get, with or without interest, and n
| Tow acres Of Government land not yet taken mp
by the English syndcatcs. Leave him out of
pnrtlzan politics. call him comrado and do these
| things for him.
II Congress or the people desire to do JUSTICE
king" bounty bill giving something to those
VINO have not asked or received anything, and
deduct from those who have already boon well
provided tor.-JourRal, Dec. IL.
As you say the plethoric purse Of tho
picthorSc bond holder and ntonopolist has
made plethcric the purse OF many law
maker. There is no doubt about this. Ii
was the filthy lueure that teni9ted our
law-makors TO soil out to tho money
changers OF our country and 10 the de-
mands of "Change Alloy" on the Thames,
and "Hamburgh," on the Rhine. These
shylocks ought to have been satisfied after
making nearly three hundred per cent. on
their gold-bnt they were not So they
induced Congress TO destroy over sixty per
cent OF all The money then in circulation,
and 10 issue interest bearing bonds in its
place.
On the 18th day OF April, 1866, Congress
passed a law authorizing the Secretary OF
the Treasury TO sell 90 bonds and with
the proceeds retire United States currency.
On December 4, 1866, E. G. Spaulding, OF
Buffalo, n. Y, banker and member of
Congress, wrote to Secretary McColloch as
iollOws-
"You no doubt now, to q certain extent, have
the control oil the currency OF tho country and
think you will of necessity contract moderate
1y so as to preserve tOlorablo easy money mark
ct. There may be questionable spasms and
lightness for money but generally / shall look
Tor plenty OF money for at least one year to
come"
When this letter was written the coun.
try was in possession of 81 ,S96, ,e7s,77o Of
currency. During this year there were
but 662 business failures; labor was we'll
paid, as We all know In 1867 contraction
was vigorously pushed, bu. business hav-
ing been prosperous and confdencs I'M
shaken there were 1886 failures with a
total loss of S47 1886 90.
In 1868 $4,000, 600 of money was de-
stroyod and failures increased 10 2,16O,
with loss to The creditor OF $50, ,2lS,0o0.
In 1869 over S5O0,0oO,O0 passed into
the cremation furnace, producing 2,4ll
failures, and loss Of S57 ,275, 900. Money
grew tighter and wages lower.
In 1870, s67 ,o00,GoC was destroyed and
| $3.50 failures, involving loss OF S,244,-
600.
In 1871, s35,OOo.0O0 of money was
destroyed, with 2,9l5 failures, and losa OF
SS5, ,250,0OO.
In 1872 only about $4,000, 900 was do.
stroyed, but such had been the strain upon
the business OF the country for the previou,
five years that this proved the last straw to
the cnmmel's back, and 4,069 failures, with
a loss of Sl2l ,05S, 900, was the result thi,
year.
In 1873 the storm reached its climax
Business had hoped that with every re-
turning season prospects would brighte,
up and money would become more plenti-
fnl. Instead OF this, however, nOtwith
standing but Sl,600, 600 were destroyed
the people became panic stricken and 5 ,lS(
business failures were precipitxled owe
the bankruptcy precipice, with loss O
S228 ,490 600. Four hundred thousant
men were thrown out of employment
wages cut down and strikes all over Tia
country.
In 1874, lwithstanding the terrible re
suits OF the last year, the thumb screw o
contraction still ereaked on its hinges O
death, as i. swept out of existance S75,4SS,
900 certificates Of Indebtedness, which ha,
been used as legal tender money 1857 ,76,
treasury notes; S6,335,O4 legal tenders
$4,000, 900 fractional currency, and 81,
000, 900 bank noies-producIng $3.50 tail
ures, and Sl5l ,GS7, 600 loss To creditors
A million men were thrown out of EN-
} ployment wages still fulling and etrike
more numerous.
In 1875, currency contracted WAS SAP,
BIZ ,4S0; the failures reached 7.404, with
, loss to creditors of $l95, ,2S9, 900. Tw
million laborers ont of employment; fam
,ne and hunger began to stare them in III
|; tace, and trampIng became a profession.
> In 1876 about Ss5, 100000, with 1000
: failures, involving loss not less thai
, $500, ,O00OO
, In 1877 the destruction OF the currency
: the contraction OF greenbacks, and rel,rin
) OF bank currency approximnted $4,000
600, while the number OF failures was esi
mated AT $4,000, with losses of over $500,
3 900 900. IYhal record of ten years-$1,
272,422,7ll vi the peoples money wa
cremated.
3 Should people be at loss to know VIII
g we should have $1,000 business failures i
3 1877, when over sixty per cent of o,
}, money had been taken from us and "
: made to pay interest on it, after the hasi
e ness OF the country had adjusted itself /
D that amount OF money? Ii is bad enoug
e to be robbed of sixty per cent. Of all on
e is worth, and not be compelled to pay in
terest on 1t afterwards.
Il Oliver N. Bryan, in sour Country
makes the following estimates of what III
q farmers lost by shrinkage OF values frol
n l8G5 10 1894.
Bushels. Valuo
Wheat crop OF 1869 sOo.OOo.OOO
Brought ss75. 900, OF
At price OF 1862 per bu. 6O1OOO,O
2 Losa to farmer 22j,000,O
brought 2oOOO,o
y At price OF 1862 per bu. $50 U
I Loss to farmers 52l ,OO0,O
y Corn crop OF 1869 600000,000 450 ,O
/, | At price OF 1865 6s5 OOO,O IN
IoSs Tn farmera o3b nm IN