The farmers' union. (Memphis, Mo.) 1891-1895, 1894-06-07
MORE MONEY NEEDED.
CRITICAL. REVIEW OF FINANCIAL
LEGISLATION.

LCoIoCA io".
fndisputable Facts Showing that the Vol
Prosperity Cox~y and the Grass Echoes
Of dur Exchanges.
Would Bring Good Times.
A correspondent OF the Springfield.
Mo-. Democrat says the demand made
by COxcy for All issue of $500. 900, 900
Of full legal under Sreenbacks Is con-
stitutionaI. The Supreme Court Of
the United States in the Eth Wallace
and all decisions since has held that
Congress can make money out of any
material it sees ii, and make it legal
tender III payments Of debts. That
the law fixes it's money quality. Is it
exrendicnt? Yes. Because it is a lack
OF IL sufficient volume Of money that
causes the present panic.
The legal-tender money in Septem-
Der, 1865, after the close of the war.
was $7lO,OOO,O 600, page sixty-three.
United States Treasurer Hugh Nc
Culloch reports, besides $S3OUUO, 900
OF 100 legal-teil,ler notes, lsame page,
-
notes in the country, then it had been
reduced and contracted each year
until III 1873 it reached the low point
of only $3.50, OOO, 900 and then the law
was passed to demonetize silver t"
still further lessen the volume of our
money. The panic then set in. Pres
ident Grant, III his message Of Decem-
Der, 1873, says:
''During the past four years from
1869 to 1879 the currency has been
contracted by the withdrawal Of the 3
per cent. certificates, compound inter
eat notes, 1880 bonds, outstanding on
the Ash Of March, 1863, all Of which
took the place OF legal tenders IN the
bank reserves to the extent of $685.
600, 900"
This panic lasted until 1879. Dur
ing this time from 1873 to 1873 the
panic continued to get worse, prices
kept falling and business men failing,
til" price of the products Of labor went
down and wages tumbled, and with Il
general depression of business of the
country; the same AS We have now, We
witnessed in 1877, the great railroad
strike, caused by the reduction of
wages. and the United States troops
had to be called out to put down the
hungry men. In PittsburS the railway
shops, cars. freight. etc, were burned,
causing $G,OOO,OOO loss of property
and many lives. So riots had to he
luclled by United States troops Mt St.
Louis. Chicago. BEDDING, Scranton
and other cities.
Prices fell on everything with the
shrinknge in the volume of money.
Take to illustrate from the United
States statistical report of 1892 and
and 1898 OF the Treasury Department
The corn crop of 1867 was 7SS.OOO. OOO
bushels and brought $6l2, OOO, 900,
nearly so cents per busllel. while in
1873 the corn crop. |, 1888. OOO,OOO bush
els, nearly twice rs much, only brought
SAL. 1000, 900, being less than 81 cents
per bushel. bigger crop and $3.50
OOO. 900 less money for it.
The aheat crop in 1867 was PIP, 900,
900 bushels and brought $42l ,OOO. 600
or about $3.50 per buslel. In 1875
the crop was APO, 900. 900 bushels and
only brought 1896. OOO. 900. or about K
less money for nearly twice the wheat
Rye in 1867 WAS $l.4O per bushel.
Rye in 1873 was only 80 cents pei
bushel.
Oats in 1867 was 81 cents per busl:
ell.
Oats in 1873 was only 81 cents De
Iushel.
Barley in 1867 was 50 cents pc
bushel.
Barley in 1873 was only IS cents pc
bushel.
Buckvheat in 1857 was sl.OO pc
bushel
Buckwheat in 1878 was only 81 cent
per bushel.
Hay in 1867 was $l4 per ton.
Hay in 1878 was only s. per ton.
Pork in 1867 was 81! per barrel.
Pork in 1878 was only ~ Der barrel
SO it is with all crops ami farm AMI
mails. etc.
DO Won wonder farmers failel an,
could not get money to pay their debt
when their products fell in price $
that when they raised twice rs niue
Der of dollars for it, This made thei
debts and taxes double on them an
they lost their homes. And Congress
pHSStu pHhhFuptcv law 10 eEinu o''
the grist they had made.
The prices Of cotton and cotto
manufactured goods like everythin,
else fell with the volume of money
tsee page 334 statistical abstract Of til
Treasury. In 1867 cotton was )
cents per pound In 1873 cotton wa
only l. cents per pound. Standar
sheetinS fell from "a cents per yard il
1867 to cents per yard i'll 1875
Standard drilling in 1867 WAS Is cent
per yard. tell to cents in 1873
Bleachsd sheeting fell from IS cent
per yard in 1867 TO only IL cents
yard in 1873. Standard prints fro,
Ii cents per yard in 1867 fell to onl
= cents per yard in 1878. and So wit
Nil other manufactured goods. d
YOU wonder that manufacturers la