The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-10-15
THE MONEY AHAI,I.

At tne aoJournment OF congress last
spring, when the currency question was
left in an unsettled condition, and as
everybody understood opened for con-
sideration just so soon as congress should
get together, there was a hope that the
political events of the summer and fal
would furnish such an expression of
public opinion as to give that body
something TO work upon the coming
winter.
This hope has not been realized.
There has been an unreserved express
sion of public opinion, but it has been
such sadly mixed matter that it would
puzzle the most astute politician to get
anything ont of it. There is no har-
mony Of parties on the vital question,
and in many instances the party resolu-
tions have been the result Of sectional
wants, while in others the money part
of the platform seems to have been
caught at hap-hazard.
Congress will 90 at the currency
again upon Its reassemblins in Decem-
Der with nothing more definite to work
upon than it had before. The Presi-
dent will tenaciously adhere to his con-
traction theories, while congress with its
initiation majority will endeavor 10 retain
as much as possible OF its own theories
while constantly endeavoring to do
something to meet the approval of the
President.
Whatever may be attempted it is GER
tain that only disaster can result from
any effort to enforce the speedy re.
su umption suggestions of the President,
and while such thing is considered it
may be well for those who do this legis-
lating to look little into the financial
legislation of other untries, and its
effects. Here, for instance, is England.
In 1907 that country suspended specie
payments. Six different times Law S
were passed to enforce a resumption,
each tipe resulting disastrcusly, and
nullifed by the inability to make water
run up hill. Notwithstanding the de-
feat OF Napoleon, France reouperated
while England struggled in despondeucy
for many years. AS late as 1916 she
again fixed the period Of resumption,
aud within one month gold advan ced
twenty per cent, and that year the
bankruptcies increased flty-fve per
cent. The wild disorder which soon
prevailed, produced, according to his
torians, "a state of suffering greater than
England had known since the Norman
conquest" A stay law was again hast
lily rushed through Parliament, defer
ring action until July, 1918; whereupon
business revived, aud bankruptcies de-
clined fifty per cent. Still the disas-
ters had been such that there was
lack Of confidence. The government had
learned by experience, and dared not
legislate against the immutabe laws of
nature The Bullonis.s, however, car
ried through compromise resolution, iu
1919, providing for partial resumption
10 May, 1920, and for entire resumpt-
ion in May 1921. England again took
the alarm, and the people paid the pen
atty. Again the time was extended,
and it was not until 1921 that specie
payment was finally and completely re-
sumed Then began that terrible re-
volution which carried misery every
where, and which tended rapidly to re-
duce England to state of barbarism.
1t was then that fortunes of hundred
thousand pounds could not find pur-
chases at one-twentieth that sum; it was
then those terrible bread riots commen-
ced throughout the kingdom; that SOL
diers had to be stationed before every
granery; that strong men, helpless wo-
men and innocent chlldeln died of hun
ger and froze with cold. Then
commenced that widespread dsorde r
and universal suffering, such as this
country certainly does not desire to
invite.
There is lesson in history which
may serve to guide the action Of our
congressman even better than any ex-
preston of public opinion among our
people. A most CONSPICUOUS feature of
tina; lesson is that specie resumption
cannot be forced upon any country, and
when the time for it comes there is lit
tie use 10 passing laws to prevent it. 1t
is something better regulated by the law
OF trade, and refuses to be made sub
servient to statute law WlHomasport
Gazette and Bulletin.