The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-02-21

and swept into the vortex of finan-
clal ruin thousands and tens of
thousands OF our grandest and truest
men. In the words of a philanthrop-
&c journalist we will review the his
cory or the ten years of contraction:
On the 18th day Of April, 1866, Con-
gress passed a law authorizing the
secretary OF the treasury to sell 500
bonds, and with the proceeds retire
Un,ted Stntes currency, includino GREEN
backs. s'''''
On Dec 4, 1866, e. G.. Spaldinp .
Buffalo, N. Y, banker, a member Of
Congress, wrote to Secretary NcCul-
loch as follows:
You, no doubt, now, to a GER
tain extent, haze control of the cur.
remcy Of the country and 1 think
That you will, Of necessity, contract
moderately, so as to preserve q tolerob e
easy money market. There may be oc-
eostondl spasms Of tiqhtness for money.
but generally, shall look for plenty
OF money, for at least one gear to come.
When this letter was written the
country was in possession Of 81 1885,
sS7 ITO currency.
During this year, there were but
40 business failures in the whole
country, involving loss of but ST.
s25, ZOO.
Labor was we'll paid and fully en-
ployed.
1S67-This year the work of con-
traction was vigorously pushed, and
there were 1855 failures, with a to-
tai loss Of 86,218 900.
1S68-During this year, $473, 600, 900
OF money was destroyed, and failures
Increased to 2,60S with a loss to cred
itors of 500, 900. Money began to
0e tight, and financial "spasms" were
frequent.
distributing this year over $780,
Co., 900 of money passed into the Gre
nation furnace, prod ucing 2,799 bust
ness failures, and loss of $75 1854 900.
Money growing tighter and wages
lower.
1s7O-This year s67 900, 900 of money
was destroyed, and 3, 55l failures took
place, involving loss of SIS, 242, 900.
Money very scarce and wages reduced
all over the country. -
1o7l-Thirty-five millions of money
this year is retired, with 2,9l5 fail
ures and loss of $85,25O,OOO. More
men out Of work and wages cut
down.
1o72-Only about $12, 900, 900 was de-
stroyed this year, but such had been
the strain upon the business of the
country for the' past five years that
this proved the last straw to 4,O69
business firms, involving a loss of
1921 ,O58, 900. More cutting of wages
and strikes talked Of.
1S73-This year the storm reached
its climax. Business had hoped that,
with
poets would brighten and money
would become plenty. Instead Of
this, however, Notwithstanding but
100000 were destroyed, the people
became panic-stricken, and 5,183
business firms were precipitat ted,
with loss of $228, 499, 900. Five
hundred thousand men are thrown
out of employment, wages cut down
all over the country, and strikes are
of frequent occurrence.
outstanding the terrible
results of the last year, the wine
press of contraction still creaks on
it's hinges Of death, as round and
round it sweeps out of circulation
$75, 4S4, 900 certificates of indebted
ness, which have been made legal
tender money, $S5, 100000 treasury
notes, $6,335,O45 legal tenders, $3,0O0,-
600, fractional currency, and $1,000
600 bank notes, producing 1882 fail
ures, and a loss of $155 ,239, 900 to cred
itors. A million idle men began to
tramp in search of work. Wages
still declines, and strikes more num-
erOuS.
1875-The volume of currency, this
year, was contracted $4O,8l7,4l8 and
the failures reach 7,74O, with loss to
creditors of $201, 100000. Two mill
ions of laborers out Of work. Famine
and hunger began to stare them in
the face, and "tramping" becomes a
profession.
1876-According to the most reli-
able estimates, the contraction of the
currency this year, in the destruction
of greenbacks, and the withdrawal of
bank currency amounts to about $685.
100000, with 1902 failures, and $19l,-
100000 loss, during the first quarter of
the gear. The aggregate failures of
the year reached over 10000, with
losses not less than $500, 100000. This
does not include losses to stOckhOld-
ers, by foreclosure and sale of rail
roads.
What record for ten years! Who
wonders times were hard, and men
idle? Still with all this array of
wreck and ruin, with the finger
board of contraction at the close of
each year, pointing to the cause, the
people were asleep, or on their knees
praying for some interposition of
Providence in their behalf, while
John Sherman went marching on
with the torch Of death, to burn the
remaining $500, 100000 of the peoples
money.
Three million men are out of en-
ployment.
Bankruptcies multiplying with
great rapidity.
The tramp nuisance eliminates.
Wages are cut down to starvation
prices.
Strikes, riots and general conster-
nation seize the people, and the cir
.culation cut down to $500, 100000
1S77-The red torch of the vandal
lighted up the country from Pitts
burg to Chicago. These are the foot
prints Of the red-mouthed despots,
the money power, which is still
forging chains for the limbs of
American industry, with a view to
enSlaving the American pOpulace by