The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1897-10-07
A SKINNY CHAIN WITH PRE-
CIOUs LITTLE FILLING.

| We have been treate. in the last few days
| by the Republican press to the exuberant
statement that Dun's Review would report on
Saturday the largest decrease in the number
and amount of failures for the last quarter
that had occurred in the last twenty.three
years. And in view of this statement prosperity
had come so boomingly and abundantly that
the effect would startle the nation. We felt
glad. We were not only ready to join in the
boom and take part in the abundance, but
were even inclined to give almost any body,
even the gold bugs, credit for bringing it
about, contrary as that would be to sound
economic sense But the trouble with the
statement like all statements emanating from
that source was that 1t was not true. In fact
it was lie, manufactured from the semblance
of chain with precious little filling.
The anxiety of the Hannaites to create
prosperity out Of nothing has been so intense
that single straw has been exaggerated to a
full sized stack behind the barn and handful
of wheat to that of a bin full.
What are the facts2
Note the following from Dun's Review,
{ ytobor 2:
Failures in the third quarter of 1897 were
1908, with liabilities of S2s, 1853, ,261, but of
these 90 were in banking, with liabilities of
SO, ,3S7, ,O69. The commercial failures were
2,s74, with liabilities of $3.50 1872, the
average per failure being only $500, which is
the lowest average known for any quarter in
twenty three years"
What is the lowest average over which so
much outcry has been made the number of
individual failures or the total amount involv-
ed? Not by any manner of means. 1t is the
average per failure which amounts to the
mere bagatelle of $500, only the average
earnings of SO, full grown American working
men for the same time These gold bug papers
are so intent on deceiving the people into the
belief that they are really prosperous, that they
think any statement they may make will be
accepted as gospel by their dupes, many of
whom-poor wretches-have not sufficient
clothes to cover their nakedness. Their faith
in their power to deceive may be well ground
ed considering the election events of the last
year. But there are others, plenty of them,
who are not deceived by their DER true tales.
In the year 1871 the total failures for the
whole year was 2,915 as against 1908 for the
last three months of this year. As late as 1882
to 1888 the number of failures reported in some
of these years for six months was less than the
last three months, which the goldites declare
is such astounding evidence of prosperity.
"But it is not the number of failures but the
average amount of each," the goldites will say.
Oh, yes The failures are not for such great
amounts. Yet the number this year will
amount to $1,000 and over at the rate already
reported for the first nine months as against
567 Just 80 years ago.
1t would seem reasonable that after having
averaged $4,000 failures per year for the last
five years that the number of failures would be
smaller. There is possibility that under
continuance of our present system the time
might arrive when the number of failures
could be counted on the fingers of one hand
with the liabilities shrunken to few hundred
dollars. Would that be an evidence of pros
perity2 Would it not rather be convincing
evidence that the country had gone into the
hands of a receiver with the owners Of gold, the
creditors, and the great bulk of the property in
the hands of the one or two "billionaires"
who would then own the country?
The comparatively small average of liabili-
ties seems to be the only claim for prosperity
which the gold press can boast and out of
which they are raising their spirits to such
lofty nights. Not that there are any less mum.
Der of bankrupt business men hut that the
shrinkage of the last five years has simply left
them with ,'ss amount to fail with. If the
bankrupts Or the old press can gain any con.
ISOLATION from these cold facts they are quite
easily satisfied.