The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-10-10
Hard Times and What Caused Them.

Hard Times and What Caused Them.
That this great country of ours, we
mean her people, are greatly oppressed
by ''hard times, goes without denial:
which began about twenty years ago;
and seem to be growing in severity.
What caused them may be disputed,
but the stubborn fact that the dis
tressed condition exists, is too patent
to admit OF denial.
Some facts underlying this condi-
tion are too plain to admit of doubt
also. The first fact is, that hard
times never exist when money is plen-
ty. The second fact is, that good
times never exist long when money is
scarce and hard to get. The third
fact is, that money is scarce and hard
to get by the common people and lab
orers. The fourth fact is, that when
money is plenty labor and property
bring remunerating prices.
The fifth fact is, that when money
is scarce it requires good deal of
labor and property to realize little
money.
The sixth fact is, that money meas
ures the value of everything the peo-
pie eat and wear, and which cannot
be purchased without money, no mat
ter how scarce or hard to get it may
be, and the next fact is, that when
the people can't, by their labor or
property, procure the necessaries OF
life, then they know that times are
hard.
Another fact the people know is,
that the common people have not, and
cannot get enough money even of the
SO cent kind, (which Mckinley calls
the dishonest dollar to answer their
necessities, while the rich have plenty
of gold and to spare. But the fact,
perhaps not generally so well known,
that is to say, what made money so
scarce: now let us try and ascertain
this.
When the war closed in 1865, we
had about forty millions of population
and three billions of money of all
kinds in circulation, which you see,
made per capita, of S75 TO each man,
woman and child in the United States.
Then those old enough to remember,
know we had easy and good times.
Much OF this abundance of money
consisted of greenbacks and scrip,
which became worth less than forty
cents to the dollar though gold and
silver remained at parity.
Now, we have over 10000, 600 OF
population and less than half the mon
ey we had at the close of the war, and
about one-half of that demonetized
and put out Of circulation. SO that
now we have not exceeding twenty
dollars per capita. So that it is easily
seen that While S75 per capita was
too much yet $50, or less per capita is
quite too little, even If that amount
was in fact In circulation, which it is
not, because the enemies of silver keep
it locked up as far as they can, SO as
to make money scarce, and thereby,
enhance the value Of the gold dollar.
Now to keep up the same per capita
among the people money must increase
over $50, 900, 900 each year to keep
pace with the increase of population.
Instead of that, capital or money has
decreased over $3.50, 900, 600 a year for
the past two years. This contraction
of the currency has been going on
since about 1873, and like the falling
of ball the longer it falls the faster
1t goes, until now, no one can tell how
much or how little money is now in
actual circulation. The supposed
$3.50, 900, 900 of gold is now chiefly
locked up in the treasury vaults or in
the banks, or boarded up by the cap
italists of the country. to be in read
mess to purchase bonds with, when
the opportunity again occurs, as it
soon will if Mckinley should be elect
ed President. Then much of the
about 5000, 900, 900 of silver coin and
bullion is also locked up in the gov
eminent vaults, for as they say, to
keep gold and silver at parity, leaving
no other money than treasury notes
and greenbacks, and they are being
cornered and held by the bankers and
other capitalists to play the 'sendless
chain game with, that is to say, at
the proper time, to present to the
treasury for redemption in gold, as
Secretary Carlisle says he will redeem
them in gold, and not in coin as the
law requires, and this to raise the gold
to purchase bonds with when offered
for sale at high rates of interest, and
when so redeemed the treasurer is
bound to REISSUE said greenbacks so
as to be ready for the next endless
chain operation. So that it must be
seen by all casual observers that the
United States Treasury now stripper
as it were, will soon be run dry, but
let US hope that the credit of our gov
eminent will be not yet wholly de-
stroyed nor greatly impaired. Is it
any wonder that such great contrac-
tion of our currency and debasement
of our money has intimidated capital
and made such hard times as we
now have? No indeed, the greater
wonder is that it is not worse than it
is.
Let us read you portion of a
speech Senator John Sherman made
on the senate floor of the United States
only a few years ago and before he
sold himself body and breeches to the
goldocracy: s'The contraction of the
currency is far more distressing
operation than Senators suppose. Our
own and other nations have gone
through that operation before. 1t is
not possible to take that voyage with
out the sorest distress. To every per-
son except a capitalist out of debt or
salaried officer or annuitant, it is
period Of loss, danger, lassitude of
trade, fall of wages, suspension of en-
terprise, bankruptcy and disaster. 1t
means ruin to all dealers whose debts
are twice their business capital though
one-third less than their actual prop
erty. 1t means the fall of all produc-
tion, without any great reduction of
taxes. What prudent man would
dare to build house, a railroad, a
factory or barn, with this certain
fact before him." This was John
Sherman, before he entered into this
wicked and selfish conspiracy to de-
stroy silver to make their gold hold
ings more valuable. What he said
then was true, and is true now, as EN-
phasized by several years Of sad expe-
rience and depression, and that is
what many Of our ablest statesmen
then said who are now liz this wicked
gold conspiracy. We wish we had