The Caucasian. [volume] (Alexandria, La.) 1874-1875, 1874-05-09
The Veto.

brought the East and West face to face ina
contest in which the West cannot afford to
accept a compromise. and the East is nm
willing to relinquish iIer grasp Of a power
more omnipotant than that of numbers
fevan in this government protesting to be
governed by maiorities. 1t is the contest
between capital and labor. The East rep
rcsents the one, and the West the other.
1t is virtually asking: shall we have cheap
money aud high wages, and rununerating
prices for produce, or shalo we have low
wages and low priceg and dear money?
That the division between the opponents
and supporters of imitation is sectional
clearly reveals that this is the light in
which the measure is regarded. With the
West, it is not merely question IF dol
lars and cents, but of freedom. There is
TO power in a government more potent
than that of the currency. Joseph with
the granaries of Egypt in his hand, in the
mi1lst Of the seven years famine was got
more potent. than the East will be over
the destinies of the West, off this money
famine is continued: It is in vain to point
to the backs of New York, Boston. and
Philadelphia plethoric with ggeenbacks,
to prove that there is no famine. Joseph
could with equal force. have proved that
There was no famine in Egypt; by point
ing to the overloaded granares of her cit
les. 1t is not sufficient that there should
be enough to'supply the necessities of life,
there must be enough to make these hoard
ell treasures sell at living prices, and in
vest in something else. than the freedom
|aDd liberties Of the toiling millions It
is not the first time in which this question
has involved the destiny and liberties of a.
people. Thereis no error more fallaeious
than the theory that the prosperity of Il
Lnation is inseparable from currency, con
vertitle-i ato gold and silver, and 10 blum
tier so costly, rs the arbitrary contraction
OF the currency. to reach a limit within
which it may be redeemed It would be
much wiser to let this matter be adjusted
by commerce. That our government
should haze made this latter blnnder, and
Entertained the errors wliclp led ITO it in
the face oY history and her own history is
surprising.
It's we'll known that the Bank of Eng
land suspended in 1897. and did not return
to specie rayrncnto until 1922 That dur
ing that period Of twenty-five years, she
WAS flooded With Bank paper, and in spite
Of the most gigantic and expensive war,
her improvement in wealth and power
lad tgipled, and qnadrupied, that of any
other twenty-five years of her existence.
The issuing of this bank paper was not the
result Of craftsmanship but Of necessity.
The same result followed t !! e issue of
GreeHbacks in this country. They We're
issued in defiance of gil our ideas of an
over Issue until they were like in number
to the leaves Of Autumn, and in spite of
intestine war, the most gigantic and eA-
travasant known in modern tines, the
wealth, and enterprise of the country out
striped! any other like period Of her histo
~. This prosperity cannot be attributed
to the belief that the bank paper or green
backs would be redeemed in gold for no
one in England and America believed any
such thing. Under the tlelusion that the
welfare Of the Kingdom required return
10 specie payment, the English govern
9acr1t continued to contract the currency to
bring it within the redemption of specie
payments, and the bank finally resumed
in 1922 But this contraction caused in
seven Years of peace, more rnin and DESC
lation than the 7avases and waste of TWEEN
ty year0of war The wings of her mighty
commerce, which ggpder the stimulus Of
her increased currency had swept over the
world, seemed smitten with palsy Her
Ships roted in her docks; enterprise per-
ishcd, great commercial houses one after
another failed. Thousands We're reduced
from affluence to poverty, universal bank
.ruptey prevailed and tens Of thousands
begged for bread. So great was the dis
the aid of the military, to repress the in
surrections it had caused. Our distress
has not reached such point of exaspera
ton, but it has produced symptoms in the
West-and among the tailoring classes,
looking very much in tha5direction. The
history of our finance since the war has
been entirely similar to Sat of England.
Our government has been possessed with
tho same insane idea of retnrningeto spe
Gle payments by the arbitrary means of
contracting the currency instead of devel-
opingthe energies of our commerce, our
manufacturers, our agriculture and other
industries, by Furnishing cheap money or
rather by letting cheap money alone.
Under this contraction, the last fonr years
of peace, have produced more bankruptcy
than four years of war. Every where we
see the usual results of &sar money and
cheap labor The capitalist is growing
r;cJ,or ,,,l In 1ol ouI vroIuoor v,onr