The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-06

in.iisSsss than 3 Century the toiiins masses
the day. for liberty.
arh iS slsv: s. .s ! Is. Sse Sif. nst seS s$S e 4 re;
necessary to make saorinces. to save the Union;
Tho business intcrests held back; the moneyed
Government rested on these classes. all would
and offered their lives to defend tho dag. They
came from tho fields, tho shops, tho school
bSndmen. from the cottages Of the artisans, and
from the huts of tho poor. Wall street men
land carried no muskets and faced no bullets.
PAPER MONEY IN THE WAN.
During the war gold left tho country. as II
always does in times OF need. Tho Government
soEii bon SR up Paper Tsr money NONE yaBB Being ~ ali there rev was in
circulation, became the standard of values
among an the people: PEopGrty and Sdi labor Or were T, b sole
ness adjusted itself to it. A bushel of wheat
sold for Two dollars. and all other property IN
times frSs' it'too Go oT spStt1 two Doll dollars nap Of this money to
on. tho average $500 in specie, Thu tho bond:
holder got IL per cent. interest on all specie In
"When the war was over an effort was made
to reduce the volume Of paper TO- a specie basis,
and thus greatly increase the value OF bonds. On
language in the United States senate: The con-
traction of tho currency is a far moro distressing
and other nations have gone through that opera
tion before; It is not possible to take that voyage
except a Capitalist out Of debt. or a. ssaisried
officer, or an annuitant, 1t is a. period Of loss.
danger. lassitude of trade. foil OF wages. suspen.
sion of enterprise. bankruptcy and disaster; 1t
means the fall, OF all agricultural productions
without any reduction of taxes. What prudent
factory, or a barn, with this certain fact before
HIM o., ,.u.u
no turned around and carried out this policy or
contraction BY which the bondholdcrs were, to
get So Of specie for every 81 invested. According
to the Treasury reports the volume Of money In
circulation was reduced more than one-half. and
prices OF property fell in proportion. A bushel
proportion. But debts. interest, taxes. and all
fixed charges remained the same.
THE DEMoNETIZATIoN OF SILVER.
Tho farming and producing classes could not
they ceased buying the mills OF America ceased
running and business was paralyzed; The pic.
awful reality. The panic of 1873 was born, and
caused more ruin and misery than the civil war.
The Thew war ,S Devastated i. the pS South 18th w the panic panic o par,
forces, led by the bondholding classes of Europe.
s a%Ssa? S SsSits as sss ON one 81 shs ~ %ep ps!
ropean nations gradually followed until nearly
one-hnlf OF the worlds money was destroyed BY
tne t% s%TISi'tESne e work Srs' tat 81 FG Il Formerly had hsIi 70 DO To-
gold became twice as important, twice as many
people needed 1t. and consequently It's p9rchas-
ing power was gradually doubled. A gold dollar
the products Of the earth as formerly. while the
mained tho same. This time the purchasing
power Of the farming and producing classes OF
the civilized world was destroyed.
THE EFFECT IN EUROPE.
I'm Europe the effect OF this legislation began
to be felt very soon after the panic of 70. Here
there were, local causes that stimulated and
p saTsf US ca aSr q b bsw fa ylliins'' p sHs ss splesa o sse
the world; IAN and resulted in the comp ON etc break.
moro ruinous, and has produced moro misery
than war. and pcstilence. and famine combined.
To-day 1t takes four times as much of American
Of the national debt as we received. or as
was necessary when the debt was created,
and II takes twice as much to pay any other
debt, or to pay taxes, or other fixed charges as
1t did after we had resumed specie payments.
At the /, close fi6S n OF t The war our national DEBT was
paid the interest and about half OF the principal.
Yet to-day, thirty years after the close Of tho
pay what is left Of that debt as would have been
Reflect a moment. 4 whole generation has
paid at that debt, and has reduced it by one.
policy Psit; hat at t s|fn f ha viii Ge requ ire tG sSser as %neh
OF our products to pay the remainder as would
e eSys been na n;eses q rTo to Iay and IT al de Thsn nations 1t Eas
1t was q crime to legislate exclusively In favor
OF the creditor classes OF Europe, and thus de-
bIlog lHo VI wv VI u pCDpiC.
EVERY GREAT ABUSE INTERVIEWED IN THE
MONEY SYSTEM.
IL will not enter upon n general discussion OF
every great abuse is i~ntcrtwined with it, and
you cannot ign ore 1t; for it fixes the limitations
ever occurred to you that the industry and
energy of the human race would transform this
world into a garden 4 not hampered by money !
There must ultimately come a system OF finance
or exchange that will have "A philosophic basis,
and will not restrict human effort. But until
| h lnn1 nnDNa NNn damn nd tho IN roe nftn ~
the timetable system as it formerly existed in
our country. because it was the best thus far
effects follow causes In the economic and
commercial world, rs they do in the physical
world d The Sr p cHr; Sin co of cur %SS2 "t oGc has az , Sesn
causes has been removed. and SO long as they
exist they must continue to produce the same
effects. We wero promised prosperity; 1t has
not come. and 1t requires no prophet 10 SEQ that
under existing condlitions no permanent pros,
ton into, the hands OF tho few. The country e
p pnfIS'iSn have c dnsf 4sisn and ID got go to 6" Work he YOU'D
DO we'll. But In spite of these assurances he ID
"supposo no did. Suppose that a temporary
stimulant could create q temporary activity II
would be along the old lines; it would be in har
would be simply a continuation OF the process OF
making a few enormously rich and the grea,
second time, and then the case would DO hope
less. A squirt OF activity under Mckinley con
ditionS means the moro certain death or free
institutions; IL means that the poison of cor
ruption shall go on until every organ in the bodJ
Ia destroyed.
EVILS OF TRUSTS.
Again. after the civil war 1t was found that
our industrial ana commercial institutions were
undergoing a change. The spirit Of concentra
ton and enlargement, which Is shaping the civ
i~lization OF tho century, was everywhere active
Little shops gave way to great factories. LITTLE
stores to great Establishments little railroad,
to great lines. Everywhere there WINS consoli
dation. and legislation, was passed by nearly al
the States to further tho formation of corpora
tons. In this way limitlcss money could b.
concentrated in ono establishment, rs 1t coult
not well under u partnership. In one sense thi
movement was beneficial: 1t tended to cheaper
prod uction and IN many ways increased the con
venience OF the public. and i believe that 1t i
yet destined TO be "A blessing to the world. But |
brought with II unforeseen evils, for which tn,
world had made no preparation.
"First-Thc process OF crushing out, or con
solidating, WAS carried SO far that In time man.
Of the most important industries were controlled
by trusts, and all competition was destroyed. 4
few individuals sitting in u rear room coult
arbitrarily. Tx tho price of labor or raw ma
terial, on the one hand, and the price OF thei
products on the other. They could crush on thu
one hand and e1tort on the other.
Second Socalled Christian gentlemen eager