Columbia democrat and star of the north. [volume] (Bloomsburg, Pa.) 1866-1867, 1866-11-28
gIuo5sBURo, .WBDsgsDli, nov. Is, lSs6


bling. would take the diseased and bloated
condition Of the currency in hand, and apply
courageous and etfectual remedies. We can
not doubt that the Presidents Message and
the Report Of the Secretary of the Treasury,
win contain plausible recommendations on
this subject. 1t is desirable that their ner-
its should be promptly canvassed by all the
ability Congress either possesses or can bring
70 its aid, and that an earnest attempt should
be made to restore the business Of the coun-
try to a solid foundation.
The ominous quaking in Wall Street, New
York, few days ago, and the heavy losses
occasioned by the alarm, was but slight ex-
tarnai symptom Of a malady which may
any day break out in a more virulent man
ner throughout the whole country. Bu-
siness seemed so flush and prosperous during
the last session, that sanguine members were
taken in by the delusive appearance, and
thought it real The condition of trade for
the last few months ought to undeceive
them. That fancied prosperity was like the
putting out of the cheeks in the early stages
Of an insidious disease, which unskillful ply
Eicians might mistake for mark of increas-
ing health, until the distemper had made
further progress. And yet an attentive
scrutiny should convince any clear mind that
our bloated currency is great obstruction
to business, and tends towards utter derange-
ment
tits obvious that the national wealth can
grow only by the profitable employment Of
labor. But new enterprisesrequiring large
immediate outlay, and looking to distant re-
turns, win not be commenced in an era of
high prices certain to be followed, at no long
interval, by an era of lower prices. Who
wishes to put up expensive buildings, or
procure expensive machinery, when the diff
ference between the present cost and future
value may be greater than all he could make
meanwhile by their employment? This ar
gument applies even if man has ready
money to invest, sufficient to meet all the
demands of the undertaking. But it more
commonly happens to enterprising men that
they have some property and need to make
some loans, and pledging the property pos
sessed for the loans procured. 1t is by this
joint use of capital and credit that enter
prise thrivez, and country grows rich. But
no reasonably cautious man wishes to incur
debts in cheap currency to be paid, dollar
for dollar, In dear one, when the difference
may consume all his profits and perhaps eat
into his capital. The consequence is, that
money is unemployed, and becomes more
abundant than the mere plethora of the
currency would make it Long investments
being dangerous, and men wishing to have
the command of their means for new enter
prises in safer times, money runs into the
channels of speculation, and is used mainly
to initiate still farther prices already exorbi-
tant Men buy stocks because, by tossing
them constantly from hand to hand, they
ean preserve themselves from great losses,
and f lucky, they have chance of making
gains. Provisions, building materials, all
marketable commodities, are eagerly bought
up and held at high prices, enabling the
holders to live by a tax on II consumers.
The consequence is, that our people are
compelled to pay double price for everything
they need or use.
Real estate, and especially houses and
stores, have gone up in an almost equal pro-
portion. Measured by the present cost of
building, such property is not too high but
The certainty of decline would prevent men
from building at present rates, if the enor-
nous rents did not tempt them to take the
'isk. 1t is doubtless better to pay high
rents, and await the return of better times
before building or buying. But the pro-
gress Of building has been arrested SO long
that the population has outgrownits accom-
and many are farm to buy or to
build to- get room to shelter them.
The general effect Of the imitation is, as
we have ststed, to- curb new enterprises re-
quiring long investments There is stunt
ing of national growth, waiting for safer
times to embark in solid undertakings, coz
sequent plethora of money, which is used in
al sorts Of speculations carrying prices up
70 such q pitch that in spite of high wages
the laboring classes are pinched and find
difficult to i've in decency or comfort. II Is
IN the posoer Of Congress to remedy these
great euils, and they should address them
selves immediately to the work IF they
wait till the speculating interest ceases to
they viii be ike the fool in the
fable who waited for the river to flow past
him before he would attempt to cross
~ The President without respectable
organ in his support This is not the case.
All the papers in the country which are in