Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1865-07-28

CONTRACTION OF THE CtRREALA'
Notwithstanding the familiar fable Of 1Esop
the same short-sighted policy, Of killing the
goose that lays the golden eggs, j. being
every DAY repeated by the statesman as well
as the humble citizen, by the learned pro-
fessor. as well as the ignorant laborer. Just I
Al. pre- sent we are having IN exhibition OF
this same policy on grand scale aud It's et- |
feet. ii nel speedily checked, viii be to say |
the leas,9 del,lorable Under the false ioea
that a superahundance of currency was the
cause Of the high price Of gold. cry has
been raised by newspaper publishers aud
would be financiers fdr a contraction In the
currency ana return to specie payments.
The Seeretary Of the Treasury has also sig
nifed his intention of enforcing speedy
return 10 specie payments, and with this
view has set about contracting the currency
bv Withdrawing from circulation and IaIla-
inn large suns Of Government notes. n
der these circumstances the curTencyI IS being
s sal,:dly contracted rs seriously 90 inter-
Itere Will tla ordinary business Of the conn J
trvs This Is being done just at the time
when the South is opening its doors to US
aud inviting enterprise and capital to come
and rebuild her desolated homes, repair her
railroads and canals and once more set IN
motion the wheels Of business, in their acctis
toned channels. She is without any cireu
lating laediulo and must depend upon the
Government 10 furnish it. Thus we seethe
demand for a circulating medium doubled
bv the wants Of the South and at the same
time a rapid contraction policy inaugprated
/ Under the joint action of the Southern de
mand and the contraction policy OF the
/ Treasury Department the whole business Of
| the country is IN danger cf being brought to
a st;a,d still and bankruptcy will be staring
us IN the tace before We dream Of it VII.
our rulers never learn wisdom from expert
ence2 Have ourstatesnen not yet learned
that general prostration and bankruptcy
have always followed sudden eontraetions Of
| the currency not only in our own but in
| foreign eouneries2 From 1873 10 1917 the
ba nix Of England contracted tho circulating
medium of the kingdom twelve millions
sterling, tsxty millions Of dollarsl, and
caused the suspension Of every fourth bank
| in the kingdom and the bankruptcy Of every
tenth one. If such was the effect of con
traction of 30 millions year in England,
what must ge the effect upon us of the con
traction Of our currency at the rate of mil
lions IN . week, while at the same time th(
extent of the country requiring a circulating
medium is more thar doubled Gan We. .en
dure such a reckless policy without utterly
prostrating our Industrial interests Witt
our workshops closed, our furnaces stopped
our manufactures at a stand stilI, our mine,
3 Of coal and iron deserted because there j.
no demand for their products, where viii b
. the incomes upon which to levy taxes
Without employment for our people how
; can they buy foreign products and where
0 viii be our income from customs. Why Wil
our rulers Bladly pursue this Ignis Fatuu.
of a mercenary and partisan press We ara
In rr1vry l,.-.-- @e ..sl,r.l:a.;e.r, f.ao, tbi
} blind and reckless policy, than from tn
l preaching oil such mv4r - Wandel Philips
for it will speedily bankrupt the country
a
destroy our sources of revenue and prov
!, more disastrous to our prosperity. than re
5 beliion itself Even if their theory wer
% right, and the high price Of gold were en-
u tirely the result Of an inflated egnFehcy, "
4 need no further reduction Of the gold pre-
II 1niurn. until Congress shall increase the tari
Z rates or reduce the internal lFeveuue tax up
$ on manufactured Our furnaces and facto
e ries are already at a stand still in many pla
y ces, because the taxes on their products hay
l. neutralzed the protection afforded by til
e tariff duties Our manufactures are every
IF where lanquishing. IF gold falls to par, be
It fore Congress meets and applies some coi
Is rective, it will result in the total stoppag
" Of our manufactures and their thousands {
le employees VIII he thrown upon the countr
ts for. support or driven into agricultural pul
r, suits and the products of the farm WI
at oyerstocb the market and become unprofit;
rs bic asthe result of this ruinotls policy
S, were far better to bear with the slight II
re conyeniences produced BY the gold prem
1e nm, than to PROSTATE our industrial inte
X ests3 and bankrupt thecountry in order
X hasten. by few months or even years, Il
ty return to specie payments
i