The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1869-09-30

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These figures are taken from the rec
ords Of the Chamber of Commerce, In
order that their accuracy may not be
questioned. The quotations are also
for corresponding qualities, each year.
It-is thus seen that Mr.. Pendleton's
GLOW prices" do not exist. Every ar
ticle, with the exception of wheat and
hour, is very much higher than in
1865. In 1865 the wheat crop was a
failure. In 1869 the wheat crop was
heavy, yielding three bushels to the
one that was produced in 1865. Wheat
lat SO per bushel in 1865 would not
have realized as much to the farmer,
.as the crops this year will yield at
.$I.25. But political hobby riders, like
Mr.. Pendleton, doubtless regard 1t a
great misfortune that the earth brought
forth abundantly, and Ia consequence
the poor man is now able to purchase
a barrel of -four for Sc which in 1865
cost $3.50, and last year, cost tS13; but
the people who earn their bread in the
sweat of their brow will not regard 1t
in that light. Over-trading has a
good deal 10 do with the stagnation in
business. Previous to 1857 the coun-
try over.traded. Banks inflated the
currency, and the result was a revuI-
sion IN 1857, which was followed byl
prostration and general bankruptcy.
One hundred banks and merchants
failed then to the one that has failed
lately. And as for money, it would
puzzle Mr.. Pendleton to name the
time when as high as HOP per cent.
per month was not paid in Cincinnati.
The reason that money is scarce and
dear now is that the initiation of theI
inflated credits, and now the
proportion Of borrowers in good stand !
ing is larger than usual. Men in good
do not find it difficult toI
borrow money at SOLO per cent. Men
not in good standing could not bor-
row money at these rates If there were
three dollars idle in the banks to where
there is one now. This evil would !
not be cured by an increased issue ofI
paper money. Such an
issue would only aggravate the evil.
1t is not to be denied that the finan-
ces Of the nation, especially as regards
the currency, are in a delicate situa-
tion, and need to be carefully treated. |
What the country most needs, how
ever, in this respect, is repose. Let
the currency alone To increase it
would be to oppress the masses of -thet
people by widening the gap between |
the paper dollar and the gold dollar.
The paper dollar is now worth 72
cents in gold. Adopt the policy Of in
dating the currency and the paper
dollar would go down. Wages would (
not go up in the same proportion
would be unsettled, and in
the general smash that would follow
every interest wouldsufrer. Men who
talk without knowledge or against
knowledge, as Mr.. Pendleton does, are
not the men to guide the country in
such a crisis as that ia which we now
find ourselves. Equally dangerous are
those who propose to contract the cur
rency rapidly, until it shall reach a
specie basis. At present neither in
aatiOn nor contraction would be wise.
The let alone policy is the only safe
one' When we shall have a series of
good crops-when the people shall
have thus made good the losses caused
by years of destructive war, business
Will revive, the debt will be reduced,