Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1873-11-05

Sagaoity in business has decllncd.--
Tho comments on the panic OF por-
tion Of the press have shown this
clearly. Sharpness and boldness have
become prime business qualities. Tho
same decline in business sagacity and
banking soundness was one of the
marked features during the bank re-
striction in England. Moral effects
arc almost always secondary, and il
seems to us that this decincc in bust
ness qualities is legitimate result OF
currency which has altered the char
actor Of business.
Paper money Is false preterso.-
1t deals in big names for little things.
1t gives the appearance Of wealth
where wealth is not. 1t flatters q
man with the idea of growing wealth,
while larger and larger figures are re-
quired to measure the same Value
Extravaganza and sensationalism seem
to follow naturally from il, just as 30
called sterling qualities seem to be
educated by the use OF real valaes-
Tho motto of paper money Is that
lilo well stuck to is 40 good as the truth.
Men arc more consistent than they
know in transferring their notions
from one department to another.
1t has been said that property OF
immense value has been transferred
by nod or wink on pure trust. -
This way Of doing business seems to
US Of doubtful benefit Tho nearor we
como to legitimate and safe modes,
the more strict are the legal forms -
The nearer wo 60 to gambling and
stealing, the greater is tho element Of
"honor" in transactions. Stock deal
ing is gambling only by a kind OF ex.
aggeration, but in departing from law.
1t sots up code Of its own and en-.
forces it by the limited standards and
the public opinion of a coterie. If wo
still hold TO the old.fashiond notions
of the utility and univcrsaliiy Of law,
wcmust recognize in everything which
escapes law and seeks refuge in limited
codes n decline in public character.
Under paper money tho most profit.
able form of business is speculation In
paper values Of all kinds. Money is
made by manipulating the stock Of
corporation rather than out Of its in
dustrial operations. Hence stock spec.
ulations multiply, while Legitimate in
dustry is comparatively neglected.
Men whose minds fall under the do.
minion of this state of things are edu.
Gated to care for paper names more
than for actual production. Thoy
study stock maneuvcrs rather than
industrial laws, and develop refine.
ments in Stock Exchange manipula-
tion rather than business enterprise.
II seems TO us that all this has very
important effec,s-effects which are
open to daily observation--on the
moral Of the business community
Under paper money, with active spoc.
ulation and rising prices, the opportu.
mites for those who have capital
ough to enable them to incur debts
are very great. The temptation 10
all who bold trust funds to "borrow"
them is enormous. All feel III all
but the strongest fall under il. When
tho shrinkago comes VIC are enabled
to infer, from the humber who are
detected, because they spcculated
recklcssly or too long, something as
to tho number who have succeeded,
and have replaced their borrowings.
We have seen it mentioned that only
q score or so of cases have been dis.
covered during the panic. We have
not counted them. We wait for some
sign that the list is full. Tho amount
of dishonesty which has been practiced
can only be rudely guessed from the
cases which como TO the knowledge
of tho public. Probably a man who
has converted trust funds to his own
use with success has been more do
moralized than ono who has failed and
been detected.
The financial strokoe which tho
Government Of the nation has made
since the existence Of the paper money
arc large factor in tho decay of poll.
tics, of which wo SEQ the evidence on
every side. The public conception of
the proper Office and functions OF Gov.
ernmcnt has been distorted by tho
habit of seeing it modjlo with finance
and currency, and expecting IL to do
80, Tho Government owes no small
share OF its loss or public respect and
confidence TO its financial mistakes,
The paper money involves Govern
ment in the necessity of acting, and
whether it does one thing or another,
it does harm, because IL is meddling
with what is none Of its business.
Political abuses are not all due to pa
per money. No ono would affirm it.
But paper money is largo factor 10
tho mischief, All this is not TO say
that tho same evils might not have
other causes, or that other causes have
not actually been involved. Social
and political evils act and react on
one another until it 10 impossible TO
trace them separately, but they al.
ways embrace each others mischief
1t may be possible TO exaggeatc tho
share Of any one Of them, yet this
docs not soem TO be tho time TO fear
that the people will be unduly aroused
to the evils Of paper money.