New national era. [volume] (Washington, D.C.) 1870-1874, 1874-02-05
The Imitation Panic.

In another column will be found circular
published by Capt. +. Il. Ward, of Detroit,
Michigan, upon the absorbing question Of
finance, and especially devoted to the propo.
sitiOn to enforce specie payments by act o.
Congress. Captain Ward is one Of the
largest iron manufacturers in the United
States, being the principal owner and master
spirit Of extensive rolling mills, FORCES and
furnaces in Michigan, Illinois and Wisconsin
AS an intelligent, enterprsing, clear-headed
business man he has no superior. Employ.
ing several thousand men in his various en-
terprises, paying out for labor millions and
millions of dollars annually, and doing more
to promote the interests of the country than
whole army of the men who are clamoring
SO boisterously for a return to specie pay
ment and against the bugbear of imitation,
regardless of the wants of business and the
necessities of labor and industry, his opinions
are entitled to the very highest respect.
AS will be seen from reading his article,
Captain Ward lays down the proposition as
absolutely prerequisite to any permanent re-
sumption of specie payments, that our en-
ports must exceed our imports enough to pay
the annual interest due to Europeans by our
people. We think no intelligent observer
will deny the soundness of this proposition.
Of course we except revenue "reformers "
and all kinds of free trade Missionaries. While
we continue to export many millions Of dol
lars annually to pay the balance Of trade
against us, and for commodities that we can
manufacture ourselves quite as well, any sys-
tenn of finances intended to bring the nation
to specie basis will prove failure. Its
only result will be to diminish our circulating
medium and add to the embarrassment the
want OF money is now causing the country.
In regard to the question of the imitation
of our currency, which is causing money
lenders so much horror, Captain Ward Iefers
to the historical fact, proved not only by
every mans experience and observation, but
by the last census returns, that the United
States never added so largely to its substan-
tial wealth and national progress as it did
during the past ten years of suspension. In
these ten years, which he designates as the
Imitation period" in our financial history,
our manufactures were doubled twice and
half; our railroad system spread with mar
velous rapidity, nearly doubling in that time !;
and our population increased in greater
ratio than ever before. These are ugly facts
for those who so bitterly oppose any increase
of the currency of the country to meet the
rapidly-growing demands of business ofevery
kind, and are so fierce for resumption, to get
over. They are the results of the protection
afforded to the labor and enterprise of the
country, and liberal financial system.
Now every branch of industry is suffering
for want of money. There are at least two
millions of people, Captain Ward asserts,
out of employment, " suffering the miseries
of enforced idleness - loss to the nation
far greater than the daily average expense
of the war of the rebellion.
Though the business of the nation has
twice and half during the sus-
pension of specie payments, demanding
vastly more money than it did eight years
ago, it has actually been reduced in that
time from %, Ill 100000 to s7G5, G79, 900
hat is, it is over 81 300, 200, 900 less than it
vas then. And $l7s, AK, 900 of this amount