The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-05

TO THE EDrToR OF THE HERALD
When the panic commenced last September the
general feeling was land 80 expressed IN most OF
the leading newspapers OF the country that the
Industries would necessarily recover In short
time. and, a. we settled down upon solid fnan-
cal basis, we would ca mmence with more assur-
ance OF success In the ultimate progress OF our in
dustries than II the panic had not come. 1t was
said throughout the newspaper press, "Let Us get
down to gold basis and then we shall know upon
what we are building. !" Notwithstanding the green
back In the early part OF the panic appreciated
and to-day Ia not any less value than just before
the panic. Eight months Of desolating suspension
OF labor products has already elapsed. and still
are looking around to ind what relief there Is LII
the signs OF the times.
The NEW YORK HERALD OF June ., in its article
''Finsncial and Commercially speaking Of our rail-
roads, Says
Il i also Be remembered u this connection that the
which has been enforced during the past few years-o
o
1 % s as the stocks and
THIS was written in October Immediately after
the panic broke out. Now. taxing the above as
facLand IT IS only haf the truth because our rail-
ana YET they represent In the stocks, bonds, &c,
nearly 600 per mile (see d. @. Clouds "Monop-
the business OF the country is forced to pay three
tarns, dividends or interest to an industry which
taxes an other industries three times Its legitl-
But railroads are not the only Industry which
tax all other industries two, three and sometimes
witness the banking monopoly. Now, when this
exorbitant tax becomes unbesrable Industries must
SO these minated or waterea lDterests Industries,
ma tnat tne pound OF mesh cannot be given. and
their inaased stocks tumble and their bonds are
this tumble and shrinkage Is the problem OF the
money kings. statesmen ana fnanciers. Each has
lation to start up our PROSTATE industries another
wants the currency OF the country appreci-
great body OF the business portion Of the people
are catching at straws to save themselves from
drowning. None Of these doctors seem to realize
tnat 10 pay three dividends or tartf1s on any one
industry must ruin to just that extent all other in
dustries and as there are about 10 miles OF rail-
receive a tarin on $4,000 100000 instead OF
5000 600 600 al other interests or industries
70 sucsumD to this great watsrsd
OF the lesser industries. SO when the
profits Of the lesser Industries stop the great gor-
value. Innation would only feed its NAV for q
It little while longer, and gold basis would add
began again pour their earnings into its stomach.
Now, as infation will not be accomplished, and,
Y IT were, would only be temporary; and as q gold
were, would not help this monster only as it
started up the lesser industries pour into its lap
their earnings, 1t becomes an important question,
What shall be done TO save the country from gen.
eral bankruptcy and our nation from Reputation
OF its national debit
Many individuals have cut the Gordfan knot by
advocating the reputation OF our national debt
which would lead to the reputation or ali public
deDtS-State, city and town as well. Fearing this
result, there is but little likelihood OF repudiafi0n
while some OF the Northwestern States have taken
the matter OF railroad inflated tariffs to the Legs
lature and restricted the charges by statute law
This is slow process and may take years to SETTLE
because, once In law, there is no telling what or
when the END Will come, so long as money lasts;
and as the railroads represent third OF all the
wealth OF the country they are power which
would control the national courts in their favor.
What then, is the outlook TOR business No bet
ter no better! Husband your resources, live
economically, try to produce something, even If
you have to use 1t yourself, until these railroad
monsters fail, break up. repudiate surrender their
charters, through force OF "dry rot"
r. MADDOX, Of Maine.
NEW YORK, June l. 1874