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Editorial
October 12, 1871
Eaton Weekly Democrat
Eaton, Preble County, Ohio
What is this article about?
Editorial criticizes post-Civil War federal currency contraction from $40 to $17 per capita since 1865, attributing it to bondholder influence and Administration corruption, leading to increased debts, property value shrinkage, hard times, and doubled taxes.
Clipping
OCR Quality
95%
Excellent
Full Text
Radical Financiering
That was an important fact stated by General Thomas Ewing June, in his Speech in Cincinnati, that since 1865 the Federal Government has reduced the volume of currency from $40 per capita to each individual in the country to $17: This immense reduction has vastly added to the liabilities of all persons who were in debt, It has shrunk the value of property from one third to one half. It has severely injured the fortunes of large majority of the people of the country. It has brought hard times upon us.
Money was not too plenty at the close of the war. Nobody asked for a contraction and diminution of the currency, but the bondholders, who desire to make their bonds as good as gold. The Administration, with a shameful subservience to the moneyed interest, produced, perhaps, by the appliances of corruption, has struck a deadly blow at the prosperity of the people. While contraction has held business in a vice, the taxes of the nation have been doubled and trebled. As the ability to pay was vastly lessened the demand for payment was increased in the same proportion.
That was an important fact stated by General Thomas Ewing June, in his Speech in Cincinnati, that since 1865 the Federal Government has reduced the volume of currency from $40 per capita to each individual in the country to $17: This immense reduction has vastly added to the liabilities of all persons who were in debt, It has shrunk the value of property from one third to one half. It has severely injured the fortunes of large majority of the people of the country. It has brought hard times upon us.
Money was not too plenty at the close of the war. Nobody asked for a contraction and diminution of the currency, but the bondholders, who desire to make their bonds as good as gold. The Administration, with a shameful subservience to the moneyed interest, produced, perhaps, by the appliances of corruption, has struck a deadly blow at the prosperity of the people. While contraction has held business in a vice, the taxes of the nation have been doubled and trebled. As the ability to pay was vastly lessened the demand for payment was increased in the same proportion.
What sub-type of article is it?
Economic Policy
Taxation
Partisan Politics
What keywords are associated?
Currency Contraction
Hard Times
Bondholders
Taxes
Economic Hardship
Administration Corruption
What entities or persons were involved?
General Thomas Ewing
Federal Government
Bondholders
Administration
Editorial Details
Primary Topic
Criticism Of Federal Currency Contraction And Its Economic Impacts
Stance / Tone
Strongly Critical Of Administration's Subservience To Bondholders
Key Figures
General Thomas Ewing
Federal Government
Bondholders
Administration
Key Arguments
Currency Reduced From $40 To $17 Per Capita Since 1865
Reduction Increased Debts And Shrank Property Values By One Third To One Half
Injured Fortunes Of Majority And Brought Hard Times
Contraction Favored Bondholders Wanting Bonds As Good As Gold
Administration Subservient To Moneyed Interests, Possibly Via Corruption
Taxes Doubled And Trebled Amid Reduced Ability To Pay