Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1874-10-29
The Work that has Been Done
The WOrk that Remains to be

and left undone things that it ought to
have done, is a proposition too plain to
be questioned; but it has had task to
perform that was most difficult, and
that would, under any circumstances,
have brought it into disfavor. Carrying
on the war was much easier work than
paying the expenses of the war. De-
feating the rebel armies was much easi-
er than reconstructing the demoraIized
South, and securing to tie emancipa-
ted slaves the rights guaranteed to
them by the constitutional amend
ments.
While the war was in progress the
currency wassteadily inflated ,and thus,
although million producers were ia
| ken from the fields of industry and put
into the field of destruction, and there
was an apparent increase of wealth.
This delusiOn was caused by false
measure of value-by calling fifty cents
a dollar. When the war closed the SOL
diers on both sides were returned to
the fields of industry, but from that
time wealth seemed to diminish, be-
cause, by the process of contracting the
volume of the currency, and thus ap-
preciating the paper dollar, there was
an apparent shrinkage of values. Had
man measured piece of cloth in
1865 with a stick eighteen inches long,
but called thirty-six inches, there wo'd
have been, apparently, 200 yards, when,
in fact, there were only 100 yards.
Now that the yard-stick has been re-
stored to its legal length, there is a
falling off, apparently, in the value of
his piece of cloth, of almost one-half.
This is called shrinkage of values, but
it is only, in reality, res grafton of the
legal and recognized standard by which
all values are measured. The war in
flation could not last always. 1t must
have stopping place, and it must not
only be stopped, but it must be remo-
we'd. This task devolved upon the Re-
publican party. By it laws had to be
passed that put gold down from $50 to
ITO, and that 50 appreciated the paper
dollar and the national credit as to
make the former worth 81 in gold in
stead of so or 60; and the latter capable
of commanding money in the markets
ofthe world at five per cent interest in
stead ofsiX to eight. But all this pro-
duced what is called a shrinkage Of
value by some. and by others hard
times.
The war imitation had also caused an
extravagant style of living, and over
production. The shrinkage of values,
or rather the appreciation of the paper
dollar, called halt in these respects.
This is not pleasant, but it was inevita-
BILE. No power on earth could prevent
it, unless that power was capable of
making water run up hill, or reversing
the laws of trade, or unless by magic
wand it could convert paper promises
into the money of the world-gold and
silver. But people who feel the incon-
venience of economy, and encounter
hard times, do not always reason de-
liberately, but rather jump at conclu-
sions, and curse or sneer at the laws of
trade. Nothing is more natural than
to charge these unpleasant occurrences
to the party in power, and thus the
outs are armed with powerful weap-
ons to hurl at the heads of those re-
sponsible for the Government. The
outs in this case have not been slow
to take advantage of their opportunity,
and in Ohio and Indiana they have
made ittell. People who itch all over
and do not know where to scratch,
went in for change, and they have
got it, but they are sure to be disap-
pointed in the result. No party can
handle the finances better than the Re-
publican party has done. The curren-
cy might be Inflated; the paper dollar
might be deprecated, and the expert
ence of the war might, in this respect,
be repeated in part; but no party that
may be put in power will dare to in
fate the currency. Besides, if there
should be initiation, it would have to
be taken out again, and we should
have the same rugged road to travel
over, the end of which is now in sight.
But this will not be done.
How, then, could the Democratic par
ty improve upon the Republican poll
cy? The outs say there has been ex-
travagance and corruption, and they
talk as if they knew of some honest
way of discharging debts besides pay
ing them. But this is all nonsense.
There has been extravaganza, and
there has been dishonesty, but the Re
publican party has shown itself capa-
BILE Of stopping the one, and exposing
and checking the other. 1t has redu-
ced the cost of conducting the Govern
ment, until now, Notwithstanding the
increased cost of living, which every
man experiences in his own household, g,
it is less per capita than during the Ad-
ministration of President Buchanan,
the last Democratic President. Taxes
have also been largely reduced, until
national taxes, all told, direct and in
direct, are small compared with To-
cal taxes. Then, again, where is the
evidence that Democratic Admins
tration would be honest or economical?
Wherever it is in power it is dishon-
est and extravagant party. 1t has al
ways had the faculty of preserving its
rascally officials from exposure. The
Republican party, on the other hand,
freely investigates and freely Furnishes,