433 THE IMPENDING REVOLUTION. 



The Chicago Inter-Ocean, June 29, 1878, said: 



u So the shrinkage went on at the beck and bid of the 

 money power, till the volume had been contracted $1,230,- 

 990,086, leaving a volume of money of $765,679,685." 



Senator Stewart of Nevada, in reply to the question, 

 "What is the cause of so much dissatisfaction among the 

 laboring men of the country?" replied: 



( ' Contraction of the circulating medium * * * 

 The price of labor has declined and this has been produced 

 by contraction. * * * The system of contraction has 

 been constantly going on. This is in pursuance of the 

 cherished policy of the bondholders. They never have, in 

 any one instance, since the war closed, suggested a measure 

 of legislation which did not involve contraction." 



If any further evidence is required that the currency 

 has been contracted u let every man examine himself," 

 arid ask his neighbors if money is as plenty as it was 

 twenty years ago. The answer will be conclusive. 



It should not be thought, however, that this measure 

 passed Congress without some opposition, or a full 

 knowledge of the direful effect it would produce. As has 

 been seen on a preceding page, John Sherman, before he 

 became " persuaded" to serve the bondholders, uttered his 

 note of warning against the infamous measure, which he 

 said was an * ' evil without a parallel in modern times. ' ' 

 The general effect of a diminishing volume of money has 

 already been pointed out. We will now proceed to 

 exhibit some of its effects on the American laborer within 

 the past twenty years. The following table shows the 

 amount of circulating medium t>er capita and its contrac- 

 tion from 1865 to 1877: 



