The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1869-05-06
The A11eghandan:
THURSDAY, MAY g. 1869.
The Dearth in business.

of the stringeney Of money AID the uull- !
ness Of the times In the winter, many
mei 5impatiently waited for spring, and |
now that spring is here and money as tight
and shines as dull in the winter, they no
less in.paticntly ask when a change for
the better ,eiU come. We propose to an
sw=r this question.
1t now requires about one dullar and
Il irty four cents in greenbacks to pur-
chase a dollar in geld Six months ago
1t required about one dollar aud ffy seven
cents in greenbacks to purchase a dollar
IL gold. In other words, dollar green
back is now worth seventy-fve cents in
gold. During the. Presidential campaign
it was worth sixty-eight cents in gold
We cannot have everything cheap, if by
cheapness we mean low priced. If we
would have money cheap, Gas it was, for
instance, during the war; we must be con-
tent to have prices high. If we would
have prices rule low, we cannot have mon
ey in profusion. We do not mean to say
that prices rise and fall and wages increase
or decrease Just as the volume Of currency
is increased or diminished 1t is very
possible tor the bulk of currency to be pro-
portionately large, and prices, at least Of
certain articles, as of labor, for instance,
10 be very low. Such a state Of affairs is
the obvious and certain result Of the policy
Of the free-traders In England, France,
and Belgium, the bulk of currency is suf-
fciently large, but the pay of the laborer
aud artisan is small, simply for the reason
that the capitalist can live, whether the
workshops of his country are opened or
closed, but the working people muse work,
steal, or starve. 4 nlercilcss composition
to supply the markets Of the world with
manufactured articles induces the capital
lists of these countries to bring down the
price Of labor to whltever rate is necessa-
ry, in order to undersell his foreign COM
petition. At present Belgium either has
or is getting the lead in the half or quar-
Ter paid labor.
But we in the United States do not
need to enter into this grinding, man-de-
grading composition. The area of our
territory is SO large, the increase Of our
population so rapid, and the development
of our wealth and the improvement of our
country so wonderful, that our home de-
mand for manufactured products is sufi-
cent to keep every loom and spindle, ev-
cry anvil and forge and furnace in con-
slant operation. Hence, in order to make
it possible to pay the American workman
such wages as he ought to receive, we in
many instances need protective tariff
Without it, there Is nothing to hinder the
foreign manufacturer from selling his cheap
wares In our markets, while our own work
nen go idle. We are now undergoing a
cheapening process as regards both the
price Of labor and manufactures as well as
agricultural products. Greenbacks and
sagar (thanks to the Cuban revolution
are the only things that are getting dearer
that is, higher priced, Two bountiful
harvests in succession have brought down
the prices of -four and grain to nearly one
half what they were year after the close
Of the war. The volume Of currency is
daily getting less in ratio to our popula-
ton and area The South is slowly but
gradually resuming her prosperity. Yet
the government is virtually contracting
the currency by not increasing its volume
The law-if we shall be allowed to call it ;
law-ofwhich we before spoke here comes
into play: Greenbacks are getting rela
lively scareer or dearer, and prices of goods
II --l-~"1En up by The ifost, wuG.u
labor, &C., cheaper. len q liars OF green
backs, will purchase more labor, more -four
or grain Of any sort, more CLOTH cotton O.
wooden, than they would two or thrc
years ago. Thoy are getting nearer am
.neareE the purchasing power of gold, an
hence the price of it tumbles and tumble
until at last it will stand, Gold 1907
Temporary causes, such as an urgent ne
.ccssity for it by those who have specula
ted in it, or who have debts to pay tha
cannot be met with greenbacks, will rC
tard it for time on its downward course
OF send it up few cents, but so long /
The Government refrains from issuing mo,
e,rrency, It's doom is sealed.
Thus brief time-a very brief time
has broken :he bubbles of those who fal
cied they could conduct the country bac