The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-10-01
SEATTLE. mosDA,. ocr. !.
THE DEMOCRATIC FINANCIAL
RECORD.

We think we are plagued with hafd
times; we talk as II the people had never
suffered so seyesely since the great crash
of 1887. This Is not true; the losses oil
capital have been enormous by the shrink
age Of values In shape Of stocks. bonds,
etc, but so far as the absolute suffering of
the mass Of the people is concerned. they
have had harder times more than once be-
fore. and before 1887. too.
In 1919, during what is termed the era
of political good feeling. under President
James Monroe, the times we're exceedingly
hard for the mass of the people. The
South Sea bubble in England and the Mis-
sissipi scheme Of John Law in France.
1850. added together scarcely paraiieled
In their multiplied folliss and dishonesty
the monetary excuses of 1918 and 1919
The years shat Immediately followed the
close Of tho war Of islf-l5, like those which
followed the close of our civil war IN is65.
were pears of imitation. speculation, over
trading and extrayagance in living The
products of agriculture commanded an I'M
exampled price; the iaborer received in
nation wages. Lands both uncultivated
and improved suddenly rose in value and
money was abundant. Tho amount Of
bank notes in circulation was increased by
liberal loans made TO merchants and specu-
Iators. The propensity to speculation be-
came general and was carried to an alarm
ing extent, aud its consequences seriously
embarrassed the industrious part of the
community and resulted In the rain Of
thousands.
These flush times lasted for short time,
and were followed by almost universal
bankruptcy among the people. The banks
which were moro numerous than the
blacksmith shops. factories. sehooihouses
or churches saw the storm coming and
shortened their line ofdiscounfs end loans.
Times at once grew bad; trade languished,
factories and workshops were closed:
thousands OF artisans. iaborers AMI clerks
were thrown out of employs ent. The
leading thoroughfares OF tue principal
cities were thronged with idlers olamoring
for work. Failure followed faslure. Bank
after bank closed its doors and more sas-
pended specie payments. Those that con-
tinued in business ceased To discount
Panic and CONSERVATION everywhere pre-
vailed.
The Albany. \. Y. Argus Of October,
1919, contains III notices OF insoi vents.
The Frankfort, XIV. argus OF June, 1919.
furnishes even a more deplorahle picture
OF the situation. The Richmond hagssrer
for November. 1874 is fall OF testimony 20
the terrible hardness of the times. Neither
lands. negroes nor any other article could
lie sold for half their value ia cash; OF gold
and silver there was next TO none. Mer-
chants would not take North Carolina
money and the sheriff demanded a dis
count when he took it tor taxes. The
creditor demanded gold or silver for his
debt, and the debtor. unable TO raise
either, gave up his land and. ruined,
sought heme Tor himself and family Ia
the Western wilderness.
The demagogas remedy fer the situation
In 1919 vas the same thai the Populists
cry Tor nov: IL was the issue of s.0.o0o. 0po
eft paper money by the United States Ia
flation was the expedlent 10 revive trade
and kill hard times seventy-sye years ago,
1t Was that Of the Greenbaeksrs and
Democracy in is6S and is74-sa. and as il is
the expeaisht OF the iAt money people Of
today.
The argument Of the leading financial
eranks Of Isia u "a much the same az that
offered BY the Weavers. the RlAnas and
the Bryans Of today. History keeps re-
peating itself from time to time; the
World learns nothing and Is rarely admon.
isasA By the terrible ohjset lessons Of the
past. The popnlssts Of 1919 needed 20 be
fold What Comptroller Eokels ted the
Ohio rcgalists the other day. whsa lie re-
minded them that paper money consists
q tickets for ths exchange OF property,
hut property Is NOS increased By multiply
Tag the number 81 tickets. lt may lie
diminished. hossvsr. by that means sad
viii be. II Il dsters the owners ct capital
from investing IL in the work Of rsprO1ae-
ton"
Nslss' Register for December. ISIS. records
the fact that in New Yerk, Peansylvsnia,
Kentucky, ohie, ns.swAre. Maryland and
Tennessee cases Of hardship and misery
existed sash IS nersF were before Wit
messed ia snY para Of the uaitsd ststes.
The sidaw saa the orphan. ths aged sad
TIE inGrm wsrs conspicuous amoas the
sufferers.
Tas hts;sgy q al countries demonstrates
that aanng saa Immediately after the
soss II AZ gFsat sArs eenss ssasos OF
unssssapiea psetaora Of Hsonsy aud &C.
slsssus prosnsFitY. After she var Of lsis-t4