Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1872-10-16
sGET USHAVE PEACE. -

Twill make NOur pathway brighter
To smile whene'er you can.
'IET USEAVE PEACE"
The general trade of the country is
in situation to ask, as our Southern
wayward sisters did, to be let alone.
1t may not be so perfect as not to be
capable of improvement, but it is so
well that 1t has reas on to dread sud-
den changes and great financial ex-
periments. Every prudent man who
has capital, business, and the means
of livelihood at risk, must see that il
is better that things should be let
alone to work along as they are do
ing, than that financial theorists,
who think that anything may be
brought about at once by a turn of
legislation, or by some government
demonstration in money matters,
should be placed in power to try ex-
periments upon their theories, back
ed by party which is in the habit
OF invoking the enmity of ignorant
numbers to the capital whose invest
ments furnish them subsistence.
A review Of our progress will show
that it has been as well as anybody
Z
| the general disturbance of values by
the vast imitation of the currency to
which the government was driven
by the necessities of q gigantic war
I We think a comparison of our pro-
gress with that made by Great Brit
ain in recovering from her currency
expansion of the Napoleon wars, al
! though the depreciation of her cur
Fency only reached % per cent, will
show that our progress Of recovery
has surpassed hers. Eventually, in
/ trying to hasten a resumption of spe-
Gle payments, she caused great COM
mercial disasters. and was compelled
To suspend. And at last she resumed
by scaling the currency, or, what is
equivalent, raising the value of gold. |
The trade and industries of the
country are generallyin a prosperous
condition. We do not pretend that
our currency isin a perfect state, but |
IL has gained a reasonable degree of /
stability. Men may now make con-
tracts with confidence that the obli- |
cation will not be changed by a vio- |
lent change in the value of the cur
rency. This is requisite to enter |
prise. To throw this into q state of /
uncertainty is TO paralyze all new en-
terprise, and To clap a shell over all /
existing business. And we should 1
reflect that while all declare for cur
rency reform, yet the currency re-
form by specie payment means great /
contraction of the currency. If not |
made before resumption, it will be all 1
the sharper upon resumption. Our /
business men know what this means. |
1t means a falling market for all /
things n general loss of confidence |
the stOppage of all new enterprises
a boarding of money T.; the payment |
Of debts with money made dearer /
than when they were contracted /; |
the depreciation of the stocks and real /
property bought on credit gen.
eral stagnaticn of trade, and bank
Tuptcy of men who have to use credit.
Neither SAMSON, who was a very |
strong man, nor SOLOMON, who, save
in the matter of women, was very
wise, could "flOat" seven hundred
millions of paper money with specie
payment, on but one hundred and
seventy-five millions of specie in the
whole country. Specie resumption
on this volume means a run" the
boarding of coin, the struggle of
Treasury and banks for self-preserva-
tiOn, a violent contraction of the cur
reney, the sacrifice of all the custom
ers Of the banks in their desperate at
tempt to keep their heads above wa
ter. 1t is no stretch of the fancy to
say that these are the elements and
of general disaster. How
we shall bridge over the chasm be-
tween specie and currency is a prob
lem we do not now undertake to
solve. But it is not thing of a day, {
and we remark that the progress that
has been made toward stable eurren-
ey and settled values since the great
war initiation will compare with that
made by Great Britain, which is held
up as an example, and is not by any
means discOuraging. And we remark !
further that the present situation is
not only not one to drive us to des- =
DeTate resorts, but it is so favorable
hat we should avoid great disturban- :
,es, violent changes, and rash expe-
riments.
Mr.. GREELEY thinks that the re- :
of specie payments is the :
iOvereign cure, and that this can be :
brought about Immediately by a turn ;
If the wrist, by dropping our Treas :
Try gold on the market to break it 7
lown, and then putting plaeard y
,yer the door of the Treasury, "Spe- :
lie Payment Resumed" and then q
aging coin to all cOmers till they :
re surfeited. He says that it is hu-
nan nature not to want thing that
au be had for the asking, and that
ghen the people find that they can
ave coin for paper, they will not o
rant il. 1t is as some mothers do, u
lhO elOy their children with sugar a
D stop their stealing IL. Upon this d
heOry of human nature, Mr.. GREE :.
EX would try the experiment of Il
oeeie redemption of 700 millions of -
aper money when in the whole d'
Ountry there is not over 135 millions Ell
{ gOld-an experiment whose be- q
inning would be a wild disturbance pi
nd alarm, and which would end in dl
lIlure and in widespread private a
ankruptey. !
Ii was truly said by Gen. BANKS, OF
! his Cincinnati speech, that the
ipital of the country IS afraid Oi
REEI.EY. And what is the capital ds
the country? It is not the money. m
his is but fraction of the capital on
is to the whole capital what the Iio
ard stick is to the stock of goods s1
very set of tools, shop, factory, en- IN
ne, all machinery, fixtures, stock, tb
Id all that give employment to al m,
,r, are capital. When capital is an
armed. the laborer loses employ ca
ent. The confidence or alarm of toj
.pital reaches to every mans sub nit
stenee. Capital may well fear Mr..
REELEY, for during the last six
,ars he has been incessantly crying
r the most violent measures by the mt
in relation to the cur a
ncy and finances. And he is that be
nd of a philosopher" and phi ais
nthropist'' who regards those that be-
e ruined by his theories as perverse, lo'
ID as served right because they he
luld not be saved in his way. ne
Nor can we afford 10 bring In a hu
rty that has for the last five years go
en- taught the theory of the bless on
2 of new initiation of the currency. VIC
e have realized that the specula- Gc
N which few may make out OF Fo
is, must be paid for by a long period
q falling market and a want of =
lfidence, in which even they who HY
on the initiation are likely sal
be reduced with the rest toeollapse. eli
to the general financial and curTen- res
situations, we want to be let alone. an
best We want no violent destruct- vva