National Republican. (Washington City (D.C.)) 1872-1888, 1874-04-28
COMMUNITY OF IETEREsTs

The Sonth and West say they want more
currency. Do they not confound currency
with capitsli Is not the latter what they
really need to keep their labor Employed
There is plenty of capital seeking invest
ment but 1t requires prompt payment of
interest Is 1t not just possible that lack
ofpromptitude in meeting past engagements
has tended to weaken the confidence of
capitalists in the ability or willingness of the
South and West to pay their liabilitiesf If
they should get banking capital of their
own equal to their desires how long would
1t be retained without amendment in this
matter of meeting notes ct maturity Prompt
payment alone maintains the credit Labor
can only be made productive by adequate
rewards readily bestowed The United
States imported last year ninety-four mil
lions of sugar and molasses, and paid for it
in gold. A good proportion of these arti-
cles should have been produced in the
Southwest, and could have been produced
there if the capital had been available to
pay for the labor requisite to that end.
While the sections named no doubt desire
more money than they are now able to
command, they certainly do not want de-
preciated currency. They need active cir
culation of the genuine medium by which
to keep their labor fully employed in the
production of wealth. There is apparent a
great desire to secure Investments of capital
in railways and other improvements in the
South and West in the hope of thereby en-
HANGING the value of unimproved lands with.
out labor, the owners of which hope to
become rich by them selling out. This is
q speculative, spasmodic and unhealthy ap-
probation of values when unaccompanied
with the development of material resources
by applied industry. ~.
That the West and South are intellectually
rich in agricultural and mineral resources
there is not the slightest question, but that
they require the unemployed capital of the
East for their development is no less true.
II is so entirely apparent that the true in
forests of capital and labor are identical
that it is always sad to see them antagonized.
But IL becomes much worse when this In.
wolves sectional strife, as nlthe present cur
rency imbroglio. The West and South
have become largely indebted to the East
since the war. Inmany portions, especially
ofthe South, payments have not only been
lax, but they have been largely made in
bankrupt notices at that. And now comes
up the cry for a deprecated currency. or
an augmentation which win inevitably
amount to that, and which will enable the
debtor class, in effect, to pay their remain
iDs Obligations at thirty to fifty per cent
discount
1t il, admitted that the South and West
do moi see it in this light, or assent to the
truth OF the proposition, but this is the view
the capitalists and hard-money people Of
the East take il, and they do not hesitate
to say thatthey are unwilling to loan money
or entrust goods to . people who are con-
trolied by such notions Of finance.
As all agree that under an irredeemabls
and illiinitable currency there can be no
stability or uniformity Of values, and as
consequence no vel grounded commercial
confidence, it should be patent to all that
there is no road to success free from panies
and fluctuations except the whole worlds
highway Of % specie foundation.