Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-08-20
NUMBER 8.
In 1873 the storm in financial affairs


| In 1873 the storm in financial affairs
reached a sort OF climax Notwith-
standing the increasing number oi
.sspasms" every year the country was
blessed with good and abundant crops,
and practical business men kept enter
tanning steadtast hope that money
would soon be more plentiful. In
stead of this, there occurred 5,191
.sspasns," 100000 men were thrown
out OF. work, many mills and factories
were closed. This year the scheme to
demonetize silver in the United States
was carried out. and among those who
knew the object of it all contracts for
future payment of money were made
so as to force the country to a gold
basis.
In 1875 the volume of money was
reduced s42, ,41s, bringing the
..spasms" up to 1904. This year the
s'specie resumption" act was passed,
and the national bankers contracted
the currency to the extent of S85, ,000.-
900, resulting in over 10000 more
"spasms" and widespread suspension
of business enterprises.
Fawcet, in work on gold and debt,
says: at is a trick of capital in all
countries to Persuade the people that
their honor is at stake in the payment
of war debts at the highest valuation
the avarice of the holders may set on
them"
In this language is the secret of all
legislation to increase the burden of
public debt upon the great mass of the
people who pay the taxes. What has
been done on this line In the United
States is almost exactly like what was
done by the British parliament from
1915 to 1919. That the lesson may be
remembered by every thinking person
who reads it, note particularly the
points of agreement as summed up in
the following:
British Legislation Dur United States Legisla.
ing Napoleonie War. ton During the Re-
bellion.
Point Ist. Suspension 1st. Suspension of spe-
of specie payment by thelcie payment by the banks
banks. In 1861.
Point I'd Government 2d Issue of treasury
authorized the issue of and legal tender notes
paper based the credit based the credit of the
of the government which government and the ad-
became the money OF the ustment of all business TO
realm. its use money.
Point 2d. Spectators 3d. The combination
did all in their power toIos bankers and sPeeula-
iniure the credit of theHters to njure the public
government, and thereby credit by eHesting the
got the larger part of this enactment of legal meas
money in their owniures to depreciate gov
hands. and it was con- eminent paper used as
verted ieto consols on money. enabling them TO
which the government get the larger part OF it
only realized from 47 IA and converting it into
to S. cents on the dol bonds at from 80 to SO
lar. cents on the dollar.
Point 4th. Immediately 9Th Immediately on
on the close of the warithe close of the war the
the policy of contracting guration of the policy
the volume of money was of contraction
resorted to.
Point 9Th. Papermoney sth. The largest part
was rapidly destroyed. of the paper money de-
stroyed.
Point 9th. Silver de- 9th. Silver practically
monetized in 1876 caused demonetzed, thereby IN
the reduction of the vol suring the further reouc-
ume of metal money in ton Of the volume of
the kingdom oue-haf and money in the country and
increasing thereby the increasing the purchasing
purchasing power of power Of every dollar
every penny nearly dou-i double what il was under
bIe thus giving the class-lthe of the money OF
es with fixed inromeslfhe times.
every advantage TO accu-
mulate the surplus wealth
into large fortunes.
Point nth. Forcing spe- 9TH Specie resumption
Gle resumption from ISioact Of 1875 70 take effect
to 1874 and all that fol- in 1879 thus forcing the
lowed in the line of evil measurement of all values
to the producing classes and exchanges with less
and zhe people in debt-ithan half the volume OF
ideness, foreclosure Of money formerly used,
moYtgages. starvation doubling the value Of ali
riots bfoodshed and peri-.incomes and increasing
odIcsI business depres-y yearly ever since the bur-
sions here called dens of debt Maxim z
sspasms." idleness, sheriff sales,