The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1874-02-26
Financial I'inkering.

y three months, and Notwithstanding there
has been much big talk on the fnauca
situation ard some little voting, but little
has been done towards settling the financial
affairs Of the country Each member ap-
pears to be impressed with the idea that he
is financial tinker, and that his peculiar
aud particular province is to solder up old
cracks and, where the matter shows too much
use, new bottom the old rams which,
since the commencement of colossal fortune
making, held the greenbacks In conse-
qucnce Of this idea we have all sorts of plans
for ''the relief OF the peoplc" the
building up of the business interests of the
country and, yet, not a single effort has
been put forth that does not show a complete
piece Of botchwork on the part Of the mani
pulator-and that would not have secured the
peremptory discharge Of journeyman who
should be guilty Of the same kind of botch
work in any mechanical branch of business.
The business Interests of the country are
governed by fixed and unmistakable laws.
This the experience Of all ages shows to be
the fact, and no action of Congress can alter
them. When over trading is persisted in
to certain extent. reaction is as sure to set
IN as night is sure to succeed day, and it is
the same with over money making 1t Is
always the grasp at the one dollar more,
which leaves the millionaire the penniless
man Of the street. and makes way for those
behind him TO come to the front. The object
Of the Congressional tinker is to change this
course Of things by futile attempt to change
the natural course of events. More green
backs, says he, would enable the bloated
money bag 70 hold its own and in conse-
qucncc more grccnhacks we must have
And yet. all experience shows that if it Is
not today it IS only certainly deferred for
a very short time. The smash must come
and the only additional attendant upon its
final consnmmation is that others arc drawn
into the vortex who would otherwise have
weathcrcd the storm.
All the experience of the business world
renders it cstential that there should be
some foundation for valves Gold has always
occupied this position heretofore because be-
ing the most precious Of metals it more
nearly represented the extreme of value. 1t
will not bc denied that the more nearly we
approach gold the more sure are the results
Of business operations. Aud yet Congress
Sional tiuEers would attempt to bring none
tary relief to the country by going still farther
from the gold basis than we have ever been.
The state of affairs last fall was bat the re-
suit of the natural effort OF business to eGua-
l.ze itsct-tO bring currency nearer TO a par
with gold. There had been too much over
trading and more speculation based on mere
fictitions value The bargins and sales Of
years had been based upon collatcrals which
were worthless save as public confidence he!d
them good and it needed but a whimpcr OF
suspicion to render them worthless indeed
The slight failures of August shook the
foundation, and it only needed the collapse
Of Jay Cooke & Co, to bring the whole
financial fabric to the ground. And there
was where the time for action came in, not
as Secretary Richardson inaugurated it, and
the Congressional tinkcrs would now in
augurate il, hy opening the food gates Of the
greenback presses upon the Treasury, but By
letting the times severely alone in their efforts
to right themselves and by allowing the only
remedy that could be certain and enduring to
take possession Of the situation There
would have been more smashing and howl
ing-more rich men might have been com
PEELED TO look to labor as means of support
but the legitimate business Of the country
would have risen from the ordeal, bright and
FURNISHED as new gold from the hands Of the
rcfner.
The day relief to the country, financially,
was inaugurated in the failures of last fall,
and if the matter had not been interfered
with we should now be experiencing the bless
ings Of specie resumption, as exhibited in
firm, onward march towards solid business
prosperity. The Congressional tinkers
should lock this matter squarely in the face
with view to full appreciation Of the de-
mands Of the situation. IF they do this they
cannot fail to preceive that if we would build
our financial prosperity On a rock, VIC must
do it by contraction, and by a speedy return
to the time when the dollar in grcenbacks will
be truly the representative Of the dollar III
gold and silver. 1t is high time that we give
up the illegitimate idea that gold commands
a premium, and accept in its stead, the legit-
miate one that greenbacks are depreciablc
currency. We have lived too long in infla-
ton, and it is time we begin to think of a
collapse.
ESg" The very best conducted, and most
readable of our Country exchanges is the
Easton Argss. Its politics, it is true, is of
the tangle-toot order and we have not the
shadow Of doubt but that its editorial brain