Democratic Sentinel, Volume 2, Number 24, Rensselaer, Jasper County, 26 July 1878 — Contraction the Nation’s Curse. [ARTICLE]

Contraction the Nation’s Curse.

That we are in favor of making the United States notes, commonly called greenbacks, a full legal t nder in payment of all debta, public, anp private, ex -cpt such obligation only as ure by the terms ol the’’original contracts under which they were issjied, expressly payable in coin. That the right to issue paper money as well as coin is the exclusive prerogative of the government, and such money should be issued iu such amounts as the sound business interests of the country may from time to time require.—Democratic platform. Ebe position of the Indiana democ-* racy upon the greenback and currency questions is clearly defined. The party, when last in council, took advantage of no subterfuge, skulked no responsibilities, nor did it seek to obscure tlu issues of the campaign. On the contrary, the language of the platform is bold and clear. Greenbacks should be made full legal tenders for all debts, public and private, and the government should issue money in sufficient amounts to meet the sound b isiness interests of the country Now, we submit, that the financial plank in the democratic platform are eminently wise and timely. They are declarative of a remedy for business ills and a guarantee for future prosperity. We have given the figures showing the total currency in circulation each year from 1865 to 1877, the amount per capita, ami the estimated population of the country each year. The rapid reduction of the currency frum 1866 to 1873 was productive of universal stagnation in business from which the country has never revived. From 1865 to 18G6 the currency was increased $152, 420,353, but from 1866 to 1873 contrac tion was rapid and fearfully disastrous. We will give our readers the figures showing the extent of contraction and the number and amount of failures from 1866 to 1877:

o « “F § ? g sf go ■ S Ydabs. g <t> “• J ? hrs S o » s P r 1866-7 $473,288,055 682 $47,000,000 1807.8 512,414.8 8 2,386 86,000.000 1868.9 67,173,7t5 2,197 57.000.QC0 1869.70 9,986,810 2,411 65,000,000 1870.1 6,795,405 3,160 80,600,000 1671 2,915 87,000,000 1872 4,069 121,056,000 1873 -V 83 928,499,000 1874 36,906,518 5,820 155,289,000 1875 7,740 201,060,353 1876 9,692 191,117,391 187< 8,872 190,669,936 1878 (six mos.) 110,966,547 5 825 130,832,763 Totals $1,109,565,471 :50,902 $1,639,474,443

It will be seen by the above figures how the grasp of contraction brought upon the country business and financial disasters that almost defy exaggeration. They extended to every section. They included every description of business except that engaged in by Shylocks and money sharks, and even now, after contraction has spent its force upon the currency, its disastrous effects upon business has not ceased. Failures multiply. The bankrupt court was never so hard pushed to accommodate its patrons, who from every department in business, and «every w'alk in life, rush into conrt, give up the struggle, confess that the radical party and’ policy has destroyed them, and ask for an order of court to bury the attenuated remains of their estates in the business pottersfield. As a matter of supreme importance legislation is demanded that thall advance the dignity of the greenback. If the government issues greenbacks the government should make them by its fiat receivable as a full legal tender

for all debts public and private. The difference between greenbacks and gold from the start has been in a great measure owing to the fact that the radical party would compel the people to accept what it itself dis-hmol-ed, and this was productive of an irrepressible conflict which democrats would long since have terminated if they had had the power. We have shown in the tbove figures how failures and bankruptcy followed c< ntraction, giving sum totals as follows: Contraction from 1866 to 1877, $1,109,565,471; failures from 1866 to 1378, 60,902, with liabilities amounting to sl, 639,474,443. But this amount of losses by failures represents but a fraction of losses sustained by business throughout the country. The democratic party in view of these failures and Ic-ss. the prostration of business, the idleness, poverty, hunger and starvation throughout the country, attri-" butable In a large measure to the radical policy of contraction, demand that the government shall issue currency from time to time in amounts demanded by tho sound business interests of the country. The demand is wise. It is universally indorsed by the people. It will win in October. Indianapolis Sentinel. According to the Lafayette Greenbacker, the bankers of Indianapolis put in eirdilation 400,000 Mexican dollar? an.l as soon as the money was fairly in circulation tho same banks refuse I to take them for more than 90 cents on the dollar.