The advocate., 1894-07-04

4
26 millions more Of the Same Caper for
their Heliet-the very same men who to-day
denOunCe it as disgrace TO our govern
ment. 10 was good enough for them when
they were in trouble.
Why is ii chat representatives forgeE the
interests Of their own section and stand up
here Rs 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
ct Jerusalem2 Garry out the
theory Of the ContraOtionists and what must
be the inevitable resultP Every enterprise
and industry must be dWsrfsd in like pro-
portion. The busy hum Of the spindle
will cease it's sound in many a mill which
now gives employment to hundreds Of RO-
tive hands, and supplies the comforts Of
life to many q happy home. The bright
blaze OF many an iron 4oundty which gives
life and OheePfulness to the grand scenery
along the streams Of Pennsylvania, will
cease to gild the night with it's rays. And
the same industry in my own state, and
that Of the senator from Missouri, which
has been 30 rapidly increasing Of late, will
be crippled, and hundreds who now find
employment there will be compelled 10 seek
home elsewhere, for want Of work. The
undeVeloped resources Of the South and
West, which we have just begun TO appre-
oiate, will rest in abeyanOe till a wiser
policy shall bring them into use. #I
Why, sir, the people were never fFeer from
debt in proportion TO the business done
than in 1866, at the close of the war, when
Mr.. Mccullough began his system Of con-
traction, and at the very time when II mil.
lions more people were to be supplied. Was
il TO be supposed that the activity and
energy which the adequate supply Of money
had put in operation, and which was giving
prosperity and happiness TO the country,
would suddenly dwarf itself to suit such
financial notions without q struggle2 The
inevitable result was an expedient to meet
the consequent want, and credit was ex-
panded. AT the very moment above all
others when adequate supply was needed,
the opposite course was adopted; and right
here lies the true cause Of the late panic
which resulted from MoNRY FAMINE and
not from an excessive supply. = Sir,
turn this matter ss we will, and look at 10
from any side whatever, and il does present
the appearance Of being a stupendouS
scheme Of the money holders TO seize the
opportunity Of placing under their control
the vast industries Of the nation. There
fore, / warn senators against pushing too
far the great conAiOt now going on between
capital and labor. Capital rests
upon labor; but when it attempts 10 press
too heavily upon that which supports il in
free republic, the slumbering volcano,
whose mutterings are beginning already to
be heard, will burst forth with a fury that
no legislation will quell.
Here We have good republican au-
thority respecting one of the causes
Of the panic of 1873. Confrmatory
OF General Logan's views, Edward |
Rowland, in his ANNALS of America"
page 691, observes:
Jay Cooke & Go. failed on the 18th. On |
the 18Th SCORES Of firms identified with vari- |
Ous stocks failed, and on the 2Oth the stock |
exchange was closed and not reOpened un-
til the Both. During the panic such was the |
necessity for some legal tender with which |
TO settle indebtedness that greenbaOks we're
boarded and sold at premium.
Other cOn6rmstory testimony |
might be added to sustain this view.
The foundations for such a panic