Year: 1879

The Chronicle is essentially the poor
mans paper. 1t holds that, in proper
system of industry and exchange of its
products, the few could not absorb into
their possession all that the many produce
as now they do. Nobody can deny the
proposition that the products of labor be-
long to laborers. 1t follows naturally that
they should have the opportunity to ex-
change their products equitably. If this
were done nobody could amass the earn
ings Of others. Everybody would have
what he produces, or its value in some
thing else produced by others.


The Chronicle desires to see all the evils
of the present system Of industry and ex-
change remedcd in the interests OF labor;
and it will unainchingly advocate such
measures as it believes will tend in this di-
rection. 1t does not expect that every evil
will be set right at once. 1t believes,
however, that when once the backbone of
the opposition is broken; when the people
shall see the necessity of the first step to-
ward securing justice; when a majority of
representatives in Congress shall pass the
first bill of relief, the progress will be
much more rapid than is generally ex-
peCted.


The query is, What are the reforms
necessary to remove the present tendency
Of things? If it can be determined what
induced this tendency in the first place,
this would be answered since what caused
the industrial ruin, if reversed would in
duce prosperity again. Nobody can deny
that the people we're prosperous in the
year following the war. Nor any better,
that they are not so now, nor have not
been so since 1871. What has taken place
to cause the change?


The close of the war, in 1863, found the
country full of money. Everybody was at
work getting good wages or making large
profits. At no time in the present century
were the people individually so nearly out
Of debt. This did not SUIT the Money
Lenders. They were getting next to no
interest. With money plenty Shylock
has no business; everybody pays for what
he buys. With money scarce Shylock
hOurishes everybody who can get credit
has it and pays him interest.


1t was necessary that Shylock should
make money scarce. The foundation to
do so had been already laid. An interest
bearing currency had been created when
greenbacks would have answered better.
This currency, it was provided, should be
funded into bonds. The funding process
had not gone forward to any extent at the
close Of the war. All the various interest
and non-intcrest bearing currencies were
in the circulation, swelling it to about
2000 million dollars. One thousand two
hundred millions, or the interest-bearing
portion OF this currency, were taken from
the circulation and changed into bonds,
reducing its volume in six years to about
eight hundred millions.


This contraction OF the currency had
two effects; first to make money scarce,
and second to force people to go in debt
Those who had been doing large and pros
porous businesses could not get the means
with which to pay iher obligations, and
gave notes for them. These notes were
renewed from time to time until the evil
day could no longer be avericd. The
crash came in 1873. Since that time bus
mess depression has been continually on
the increase, eliminating in 1873 in TO-
46S failures in the country.


1t does not seem that anything could be
clearer than that if the process that
brought the business rum on were to be
reversed an opposite series Of effects would
follow. If the same quantity of currency
should be gradually put into circulation
that there was in 1865. there would be "A
rapid tendency toward the prosperity of
, that time. The real problem to be solved
then is, how to accomplish this?


The situation is serious. Anything that
is right to be done at all, is iustiiable.
If the bonds could be paid in Z. S. notes
the problem would be solved. Can they
be so paid? The answcris, Undoubtedly.
These bonds, or most of them, were
made originally payable in lawful money.
They were bought for their holders under
that provision. BY their influence over
Congress they had this provision changed
to one that made them payable in coin,
Now if Congress had any right to change
the original contract for payment in law
full money to coin, it has the right now to
/, change it back again; and this is what
must be done.


With the large part of the public debt
paid in lawful money, ITS holders would
invest it in business instead of drawing
interest on it while doing nothing as is the
case, and everything would rapidly ap'
proximate to the condition of things in
1865 to 1868. Then everybody was EN-
ployed at remunerative wages, and thrift
and contentment, comfort and happiness
reigned everywhere. The gold republi'
cans and democrats, those interested in
banks and who own bodds, say No! t
this; but the interest of everybody elsC
replies to them with Yes! and Yes! it vii
he.