The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1890-05-20

1867. This year the work of con-
traction was vigorously pushed and
there were 1886 failures with a total
loss of $50, 2I8, 900.
1868. During this year Sab
100000 of money was destroyed and
failures increased to 2,6O8, with a
loss to creditors of $63, TIA, 600.
Money began to be tight and financial
"spasms frequent.
1869. During this year over $780,,
OOO,O 600 passed into the cremation
furnace, producing 2,79O business
failures and a loss of SIS, 054, 900.
Money was growing tighter and
wages lower.
1870. This year SCI ,OOO,O 600 of
money was destroyed and 1851 fail
ures took place, involving a loss of
SIS, 242, 900. Money was very carce
and wages of labor were reduced all
over the country.
1871. T~hirty-fve millions Of money
this year was retired, with 2,9l5
failures and a loss of $85, $50, 900.
More men were thrown out of work
and wages were cut down.
1872. Only about $l2, 900, 900
was destroyed this year, but such had
been the strain upon the business Of
the country for the past five years
that this proved the last straw to
1909 business firms, involving a loss
of $121, O58, 900. More cutting of
wages and strikes talked of.
1878. This year the storm reached
its climax. Business had hoped that
with every returning season, prospects
would brighten and money would be-,
come plenty. Instead of this, how
ever, not wi~thstanding but 81, 900, 900
were destroyed, the people became
panic-stricken, and 5,183 business
firms were precipitated with a loss of
$228, 499, 600. Five hundred thou,
sand men were thrown out of en-
ployment, wages were cut down all
over the country, and strikes we're
frequent occurrences.
1874. Notwithstanding the terri
BILE results of the last year (the wine
press of contraction still creaks in it's
hinges of death) as round and round
it sweeps out of circulation SIS, 484,
900 certificates of Indebtedness, which
have been made legal-tender money.
$85, 100000 treasury notes, $685.,
O45 legal tenders, $4,000, 600 frac.
tional currency, and $1,000, 600 bank
notes, producing 1892 failures and a
loss of $155, 1885, 900 to creditors. A
million idle men began to tramp in
search ofwork. Wages still declined
and strikes were more numerous.
1875. The volume of currency this
year was contracted $4O,8l7,4l8 and
the failures reached 7,74O, with loss
to creditors of $2O1, O6O, 900. Two
million of laborers were thrown out
Of work. Famine and hunger began
to stare them in the face and "tramp
ing" becomes a profession.
1876. According to the most re.
liable estimates, the contraction of the
currency this year in the destruction
of greenbacks and the withdrawal Of
bank currency amounted to about
$50, 900, 600 with 1902 failures and
$19I, O0O, 600 loss during the first
quarter Of ne year. The aggregate
failures for the year reached over
10, 600, with losses not less than
$500, 600, 900. This does not include
losses to stockholders by foreclosure
and sale of railroads.
l have no statistics for later years.
but contraction has steadily gone on.
Who wonders, then, that times are
hard and money idle ? Three million
men are out of employment.
Bankruptcies are multiplying with
great rapidity. The tramp nuisance
continues. Wages r cut down tc
starvation prices. All this to please
the money kings and make them still
richer.
The next scheme to rob the people
is known as the Credit Strengthening
Act, by which the 500 bonds were
made payable in coin. This act, ap
proved March 18th 1859, added tc
the burdens Of the people more than
six hundred million dollars. Having
purchased their bonds with govern.
ment money, deprecated from 38 to
so per cent. )on account of the excep
ton c~lause) and having exempted
them from taxation, with advanced
interest payable in gold, ought tc
have been sufficient to satisfy them.
But no; they refuse to take the same
kind of money they paid for them
claiming the credit of the government
must be kept up by paying gold
Hon. Thad Stevens said: ave were
foolish enough to grant them gold in
terest and now they unblushingly de
mand further advantages; the truth
is, we can never satisfy their appetite
for money Later Stevens said
Yes, we had to yield. The Senate
was stubborn. We did not, how
ever, until we found the country