422 THE IMPENDING REVOLUTION. 



coin in circulation, his property shrunk not only to the 

 extent of the depreciation of the currency, but still more 

 by the artificial scarcity made by the holders of gold. 



"To attempt this task by a surprise on our people by 

 arresting them in the midst of their lawful business, and 

 applying a new standard of value to their property, with- 

 out any reduction to their debts or giving them any oppor- 

 tunity to compound with their creditors or to distribute 

 their losses, would be an act of folly without an example 

 of evil in 'modern times." 



Speaking of its effects in England, he said: 



' ' Small traders, debtors and laborers were reduced to 

 the sorest distress." 



It would be impossible for this man, with all his 

 power and eloquence and knowledge of the history and 

 examples of the past to have more truly depicted the 

 actual condition of affairs which grew out of the criminal 

 policy of contraction. 



By the year 1878 the currency had been contracted 

 from $1,996,658,770 to $765, 679,685. 



Over $1,230,000,000 of the people's circulating 

 medium had been destroyed or exchanged for interest- 

 bearing bonds. In the meantime, we had the great 

 financial crash in 1873, and a general suspension of enter- 

 prise. Prices of all kinds of produce fell so low that 

 'farmers and producers were obliged to sell at ruinous 

 prices in order to pay even the interest on their debts. 



Many were compelled to sell their hogs as low as $1.75 

 to $2 per hundred pounds, and wheat for 5oc and 6oc per 

 bushel. The " honest dollar" had made little hogs. 

 Farmers were compelled to sell wheat at 6oc per bushel to 

 obtain money to pay debts contracted when wheat was 

 worth $1.50 to $2 per bushel. Farms were sold under 



