Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1873-11-20
Work for Congress.

Work for Congress.
From all appearances the approach
ing. session Of. Congress will be tn,
most important since the adjustment O.
the. questions arising ont of the war
Not merely is the political situation
feverish and. threatening, but our fl.
nanciai and commercial systems have
again entered into state of disarrange
ment which, in an active and enterpris-
ing country like ours, will eyer peri
odically recur. In fact, experience has
shown that all systems of government
and all social organizations, both in wal
and in peace, whether their currency is
specie, as in Germany and England ,sor
legal-tender paper, as in Austria, are
subject to monetary disarrangements,
known as Financial crisis" for which
more adequate term would be, a
"shrinkage of values" as compared
with money as currency.s Early in the
spring the revulsion began in Vienna,
and resulted in four hundred and twen-
ty-eight commercial failures, involving
the loss of upward of fifty millions of
dollars. 1t spread to Berlin, where
only the direct interference of the Gov
ernment, which placed a portion of the
war indemnity fund at the disposal of
the banks, prevented similar disas-
trous result; and lately in the United
States. the same causes have also pro-
duced financial distress of no ordinary
All the branches of the Government
being, moreover, in the hands of the
party, upon It falls the
heavyi burden of affirmative action.
Approaching this responsibility, neither
'he clamor of the Opposition, which
hopes, as during the times of war, to
obtain political advantages by public
disaster, nor the din of them tempor-
arily-distressed, should move our states
men into hasty and unripe legislation,
or the Government and the party can
'nly suffer by their own actions, and
lot by adverse criticism.
THE FINANCIAL QUESTION.
Foremost the attention of Congre IS
will be directed to the solution Of the
financial problem, and there would be
'reater danger of precipitate and iniu-
licious legislation, were it not for the
act that almost every member has |
inancial theory of his own, which diff |
ers from that OF all others, and which
urlous mental condition has prevented
hitherto, much mischievous legislation.
here never was time when GOODNESS
judgment, independence of thought,
learness of mental vision, and imper-
urbability were more valuable quail
les in a legislator than the present.
he Government, remaining in its own
phere, exercising economy in expen-
itures, protecting the public credit,
nd remaining unmoved amid the tenn
est raging around it, constitutes the
hief safety of the nation, and will
ause rapid restoration of confidence,
Thich is the first requisite to the per-
lament improvement of the financial
ondition of the country
THE ISSUE OF RESERVE NOTES,
The violent contest between the re-
and inflationists has again
evived, and war of words is fiercely
aged. Both classes seem to forget
nat for Governmental purposes no the
ry can be accepted as self-evident truth
ntil it had been tried both inductively
nd by experiment. Should the $40,-
10000 of currency remaining as re-
,rve in the Treasury be issued for the
urpose of paying from month to month
lie excess of the expenditures Of the
overnment over its income, which
lust necessarily greatly diminish du-
ng the next six months, we do not ap-
rellend any violent consequences either
ay. Neither will the stringency of
he money market be relieved, nor will
le currency depreciate, nor will the
ay of equalization of values between
aper and. coin be put off thereby.
300, ,000,0 900 of currency to forty mill
ms of people scattered over a vast con-
nent like ours, and transacting busi-
ess in wholesale and enterprising
brit, is not too much; but legislators
lould, on the other hand, never loose
ght of the fact that it is very easy to
ide down hill, but very difficult to re-
i'm. All our past experience points
the fact that every additional million
dollars of currency issued will re-
ain out forever, for the debtor inter-
It is so much more powerful and clam {
'ous than the creditor interest that :
cannot be secured. Thus, {
lille we do not anticipate any disas- i
Gus consequences from the issuance S
the forty million dollars of reserve,
'nstituting, as it does, an addition of {
lily five per cent. to the existing vol f
ne, in lieu of borrowing money on s
terest-bearing securities to pay the
lpenses of the Government, we never {
eless. regard its issue as necessary ,
Ill, and one of those measures which s
lly extraordinary circumstances can !
stify.
THE REDEMPTION OF GREENBAcKs. 4
Public attention has frequently been /
He'd to the fact that the Government |
IS been remiss in taking care of its c
reed or legal-tender currency. All a
her classes of securities have been
lily protected, but the legal-tender cur q
ncy, which, after all, constitutes the l
'ople's capital, has been neglected. s
he promise of the United States on I
e face of the notes to pay has only |
,en fulfilled in the sense that it was t
ady to give out new dollar bill for a
cry old bill presented for redemption.
nee the five per cent. gold-bearing I
'nds are now at par, if the green j
lcks were convertible into this de- l
ription of bonds at the option of the /
,lder, the currency would at once ap- i