Democratic Northwest and Henry County news. [volume] (Napoleon, O. [Ohio]) 1894-1905, 1896-09-10
.UBJ FL LESSON.
One That is Most Pertinent at
This Time.
Columbus Buggy Company Forced to
the Wall,
And Wrecked by Demoneti-
zation of Silver.
Read What the President of the
Company Says.

WASHINGTON, Sept. 1.-The man
ayers of the silver headquarters in
this city have received an interesting
letter from G. D. Firestone, president
of the Columbus Buggy Works Com
pany.
This company is, or rather was, the
largest exclusive manufacturers of
buggies in the world. Its product is
known in every civilized country on
the globe and there is probably no
hamlet in America where some of its
vehicles are not in use. Notwith-
standing this the Columbus Buggy
Co., has been forced to close its doors.
Mr.. Firestone's explanation of its
failure is one of the striking object
lessons of the campaign.
Twenty years ago." says Mr..
Firestone, "before the act of 1878
had taken full effect upon the finan-
ces of the country, and the contrac-
ton of the currency which has been
brought about under that act, There
was money enough in the country to
enable us to do business on strictly
cash basis.
"We were paid in cash, or what
was the same thing, 80 or 60 day pa
per- We had tremendous buis-
ness and made a greatd deal of money.
But rapidly and surely conditions
changed and the company found that
while its business was increasing its
profits were failing off. The rapid
increase of population in the country
the marvellous growth in every line
of trade, mechanics and manufactur-
ers, rendered each year the necessity
for an increased volume of currency
more vital.
But the coinage of the country
was not permitted to keep pace with
the population, so that every year
the per capita circulation grew beau
tifully less. But even this was not
enough to satisfy the greed of the
money sharks. The amount of cur
rency in existence was by varions
schemes known to the iniated and
never understood by the public, con
tracted by thousand of millions ofdol-
lars so that within a few years the
Columbus Buggy Company found
that it no longer had any cash GUS
toners, No one had cash to pay. 1t
was all in the hands of banks and
spectators. "We were compelled to
accept notes, running from three to
twelve months at per cent. Of
course we attempted to protect our
selves by adding the interest charges
to the face of the notes, but in the
meantime we had to have money
with which to our business and there
was only one source from which it
could be drawn, the banks.
So that by reason of the contrac-
ton of the currency owing to the de-
monetization of silver, though we
were a prosperous institution, we
were compelled to do business on the
capital of others, to ask the banks to
carry us and to pay them smartly for
it.
''In other words we did business
upon the money held by the banks as
deposits, and we paid for it. We
paid so well for it that. as times grew
harder, people less and less able to
pay the interest charges, larger, the
entire profits of the concern were
swallowed up by the charges of the
banks.
''The Columbus Buggy Company
was forced to close its doors and 60
into liquidation, not because it was
unable to get business, not because it
was not a prosperous and successful
concern, but because of false and ig-
norant legislation and for the reason
that selfish and INSCRIPTIONS men
had been allowed to tamper with and
contract our financial system until a
legitimate enterprise was stranded"
Emancipation Day" September
22nd is the national holiday of the
colored race in America and that
they may visit friends along the line
or visit the great celebration at Lima,
the Lima Northern Railway will
place on sale at all stations on above
day tickets at one fare for the round
trip limited good to return Septem
ber 23rd. ct