The advocate., 1892-03-09

some such process &s that.
Senator John A. Logan, In his great
speech Of March II, 1874, discussing the
hard times and the panic Of 1873, said:
But, sir, that the panic was not due to the
character Of the currency is proved by the
history of the panic itself. y No, sir;
the panic was not attributable to the char
acter Of the currency, but to money fam
inc, and TO nothing else. In the very midst
Of the panic we saw the leading bankers and
business men Of New York pressing and
urging the president and the secretary of
che treasury to let lose twenty or twenty
Ave millions more of the same paper for
their relief, the very same men who to-day
denounce it as disgrace to our govern
ment, II was good enough for them when
they were in trouble.
Again, General Logan quotes approV-
inRly from the Berrien county, Michigan,
Record, as follows:
The people have and do realize that their
most prosperous times were when currency
was the most plentiful. 1t is true it was not
80 good for the mOney lender and the Capi-
talist, but for the labOrer, the manufacturer,
and the producer, three-fourth Of the people
of the entire country. is was far better than
it is to-day.
He also quotes approvlngly from Hon.
Isaac Buchanan, of Ontario, Canada, as
follows:
II is seen that the question of money and
the question of labor are one question, the
solution Of the one being the solution of the
other, plentiful and therefore cheap money
being convertible term for plentiful and
well paid employment.
He then goes on to say:
Why is il that Representatives forget the
interests of their own section and stand up |
here as the advocates of the gold brokers' |
and money lenders and sharks, the same |
class of men whose tables Christ turned
over, and whom he lashed out of the temple |
of Jerusalem. Garry out the theory |
OF the ContrsCtionlsts and what must be the |
inevitable resultp Every enterprise and in
dustry must be dwarfed in like proportion.
The busy hum of the spindle will cease it's |
sound in many mill which now gives en-
ployment TO hundreds of active hands, and |
supplies the comforts of life to many q
happy home. The bright blaze Of many an |
iron foundry, which gives life and cheerful
ness to the grand scenery along the streams
Of Pennsylvania, viii cease to gid the night
with ito rays. And the same industry in my
own state, and that Of the Senator from
Missouri, which has been so rapidly increas-
ing of late will be crippled, and hundreds |
who now find employment there will be
compelled to seek home elsewhere for |
want of work. The undeveloped resources
of the south and west, which we have just |
begun to appreciate, will rest in sbeyance
till wiser policy shall bring them into use.
On the subject Of the panic of 1873 to
1877, the United States monetary COM
mission says:
The true and only cause Of the stagnatiOn
in industry and commerce, now everywhere
felt, Is the fact everywhere existing of fall
ing prices, caused by shrinking volume of
money. This Is the great cause. J,
All others are collateral, cumulative or
really the effects Of that primal cause. Prac-
tical men sec what the mischief is, and they
all see it alike, and without formulating
their ideas into set words and phrases, they
state it alike. Capitalists, large and small,
give one and only one reason for refusing
to invest in productive enterprises. Uni
fOrmly and universally the reason given is
that prices are falling and may continue to
fall, and that money is the best thing to get