The advocate., 1890-07-09

duCilon from eOOOOOOO0 during the hast year Of
the lNapOleOnlCl war tO little moro than half
that amount Such was the calamity, and NO eX,
tensye the distress that followed that perynded
every part " the country The landed prOprle-
tors could get no rents, tho manufacturers no
markets, the lnhOTerR no employment Bank.
nptcy was universal Fluctuations In prices
were irlghtiul, descending 10 per cent
Thomas Doubleday, In his history OF
England, says Of that period:
Prices fell ON n sudden 10 a ullnOus extent
banks broko--wages fell with prices Of mnnuiac-
lures; and before the year lStO had come l0 .
close panic, bankruptcy riot and dlsaheCtOn had
spread through the land. Vast bodies Of starving
and dlscOntcntCd artisans now c0ngregnted 10
gether and demanded reform Of the parliament,
| The dlsCOnientS, ~ usual, the BOYernment put
down by an armed force, AS the memorable ist
Of May, 1923, drew near, the country bankers, as
well as the Bank OF England, naturally prepared
| themselves by a gradual narrowing NJ their cir
ealatlon for the dreaded hour OF gold and silver
ruin and bankruptcy which now took place were
universal, affecting both the great interests OI
land and trade
This same historign also says
Government paper money has always enriched
q nation when properly issued, restricted and se
cured. 10 has been a success Specie for do
nestle currency, or as a basis for paper, has been
! n failure without solitary exception
Napoleon, at ~. Helena, claimed that England
beat him with her spndeS; butt WIS her paper
money that kept her splndcs IN motion. Specie
| In itS stead would have given him the Victory.
! EnglAnd's entire disregard Of specie md co
! plOus issue Of paper money after the suspension
Of specie payments In 1871 til 1910 were the most
prosperous days that England ever saw.
THIS wise policy, 10 which she was driven BY
! necessity, together with the bills OF credit issued
by the united allied powers and which were moi
only as good, but superior 10 gold, from KAN.
schatla 10 the Rhine" turned the tide NJ wal
against Napoleon and won the decisive battle Ol
! Waterloo, saving England from becoming prov
nce OF France,
Judge Byless, celebrated English iur-
lst, in bis work, popular Political Econ
Omy," says:
Men talk gllby OF variations in the currency
Few reflect on Che awful extent ~ which such
! changes Affect the prosperity OF nll ranks The
laDOrer, the pluper, and the beRgar are as much
Interested In the currency question as the manu-,
fncturer, the shOp.keepeE, or the great proprietor
great alterations In the amount or value Of Che
circulating medium are at best tTaniers ~ prop
erty gigantic TObberies; they are often much
worse; they involve wantOn destruction Vt i'm
menSe property and Noppagc of Industry
John Locke says:
Money, while the same quantity Of II passes up
aud down the Kingdom OF trade, IN really stand.
ing measure OF The falling and rising value Of
other things In reference ~ one another, aud the
alteration In price is truly ~ them only But II
you Increase or lessen the quantity Of money cur
rent In trAiiC In any place, then the alteration In
value is In the money.
Abraham Lincoln said.
II government cOntracte debt with Ger.
tain amount OF money In circulation aud then
contracted Che money volume before the debt
was paid, IL is the most helnIOus crime govern
ment could commit against the people.
A multitude Of quotations from emi-
nent authorities could be added TO the
above, but we have produced enough to
sustain our position, that contracl
the currency means reduction Of pl,y.-
Of the products Of labor and results In
universal idustrial depression and wide
spread poverty and distress. We have
shown this law was passed in perfect ac-
cOrdance with the programme laid down
by the consplrators Of the Hazard Circu-
lar In our next we will endeavor TO
show TO what extent the currency was
contracted and some of It's general effects
on the industries Of the nation,