The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-11-13
Ons, and maintain the credit. Of the aorsrn.

ment.
Spectators and men in legitimate business
Eve know no reason why speculation is not a
legitimate business) are said to be alike suf-
fering from the present stringency. The real
difference between the two classes is, that one
are ftful and the other steady employers of
capital. Let us consider their cases separately
as respects the expediency of relief from the
Government.
II men in regular business have not suf-
ioient foresight to plan with reference to such
periodical variations in the money market as
are of constant occurrence, they Justly suffer
the consequences. At this season of the year,
when large amounts of money are employed
to move the crops of the West and the South,
the rate of interest for short loans Is naturally
higher than at other times II, at this season,
large speculative movements Of any kind set
in the rates go still higher, and men in regular
trade, and all other men, find it more difficult
to obtain loans. Now it is one Of the most
obvious precautions in the world for men who
foresee that they must use borrowed money
while the crops of the country are moving, to
make some preparation beforehand. If they
neglect to do 30, they expose themselves to a
voluntary risk, and cannot with propriety ask
the Government to shield them from the
effects of their imprudenoe. Nothing is farther
beyond the proper scope of government than
to insure individuals against the consequences
of their lack Of judgment or foresight in the
management oftheir private business.
But if men in regular business are not en-
titled to such relief, then certainly not the
spectators. Such men buy on their judg-
ment of the future state of the market. They
take voluntary risk, and If they miscalculate
they must suffer the loss. Ii they under
estimate the forthcoming supply of the COM
modify in which they speculate, or over
estimate the demand; if they fail to take the
probable state of the money market into their
| IL. -
their speculations will turn out badly, and
they have only to blame their own want Of
sagacity. So far as money is an element of
business calculations, speculative or other, we
admit that the Government has duty; which
! is, to furnish a currency as well guarded as it
| is possible for legislation to guard it. against
| sudden fluctuations. But for the Government
to intervene on every emergency is the very
way to unsettle all stability. If business men
cannot know beforehand how much currency
there is to be in the country; If it is liable to
| be expanded or contracted at any time accord
| ing to the judgment or caprice Of the Secre-
| tary OF the Treasury, an additional and un-
necessary source OF risk is added to the ordi-
| nary hazards of business.
Ii spectators mscalculate the market and
are obliged to sell at loss, they will learn to
! be more cautious another time. Ii they use
| only their own money, they can still hold
their commodities as long as they please, and
put them on the market at such times as they
think they will bring the highest price. But
if they are speculating sn borrowed capital,
and cannot get renewals when their loans
mature, their losses may be great; but that is
no reason why the Government should come
to their rescue. If the Government expands
and depeciates the currency for their relief, it
does it at the expense of their creditors.
When money is worth less, goods are nomi-
pally worth more, am the seller of the goods
| ic oil 70 in lass
valuable than he borrowed. II the Govern
ment intervenes to favor such an operation, it
Furnishes the lenders of money for the impru-
dence or miscalculatons Of borrowers. Even
if such intervention were within the proper
sphere Of Government at all, it would be
| grossly unjust.
Before we can ever get back to a sound cur
renoy there must be good deal Of financial
pressure, and the business community must
make up their minds to bear it in heroic
spirit. But resumption will by no means be
attended by such widespread distress as it was
in England after the long suspension in the
early part of this century. Our agricultural
interest (Which is the life of all the others, as
furnishing their chief marke) will suffer but
lightly as compared with the agriculture of
England, where the soil is not owned, as here,
by its actual cultivators. In England the land
is leased for long periods, in order that tenants
may be encouraged to improve it by the GER
| talnty OF enjoying the results. But tenants
who took their leases at fixed rents when an
inflated currency made prices high were
ruined by the return to specie, which left
them with the same rents to pay and SIN all
prices for their crops. Our farmers, who own
their land, are exposed to no such calamity.
Their crops may bring lower prices, but less
money will buy an equal quantity of all other
commodities. Still, there must be considerabe e
suffering in getting back to specie. One con-
| ia hat wa
are reduced to choice of evils; but those W no
have clear perception of the value of health
will not refuse to take necessary medicines,
however nauseous or bitter.