New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-02

to contemplate, cannot be exaggerated. In
England, in 1917, wheat sold for 112 shillings
pence per quarter. During the five follow
ing years the crops grew successfully DETER
until in 1929 the highest price per quarter was
so shiliDgs z pence, and the lowest ~ shii-
lings. At that period and by nine-tenths OF
the writers who have subsequently referred 10
il. the resulting distress of the farmers ana
the dizziness of trade caused by the necessity
of adjusting wages to the lower prices OF
food were ascribed to the restoration OF specie
payments under the act of 1919. Inc most
determined efforts were made by some OF the
great land owners, supported by the populace,
To 90 back to irredeemable paper, or to lower
the standard of the coinage by making the
quantity of gold contained in two pounds
legal tender for debt of three pounds. In
short. "the business interests Of the country"
loudly demanded an increase of the currency.
However, the House of Commons, on motion
of Mr.. Huskisson, resolved "that this House
twill not alter the standard of gold or silver,
lin fineness, weight, or denomination ana
the danger yas escaped. In 1924 MIR. Iooke
published his work on High and Low
prices" in which he demonstrated by
the in, ;ncible logic of facts that the
resumptoa of specie payments had not
been the cause of the distress which
happened to be cOincident with 1t IN time.
Even now very intelligent persons may DO
found who believe that it is impossible to get
back to specie payments without causing
fall in general prices Of at least fifty per cent
that is to say an article which now sells for
two dollars could be sold for not more than
dollar if specie payments were restored. This
is the sheerest deluson, but it comes by direct
descent from the delusion which ascrlbed the
fall of prices between 1917 and 1922 to Peers
bill Cobbett, a powerful writer and welding
at that time vast influence with the lower
and middle classes of Englishmen, had taken
the position that the resumption of cash pay
ments was an impOssibility. He maintained
that the Bank, and the Bank alone, was the
cause of the public distress, and that doctrine
has always been the accepted belief OF the
masses, as well as of those persons VINO are
naturally disposed to reject causes whose OPP
Grafton is plain and direct for those which
work, as they choose to think, after some IN
comprehensive and superhuman fashion, re-
vealed only to their own gifted minds.
In the present emergency it happens to be
the case that the currency has just been ex-
handed and that nineteen hundred country
banks have been set free from all effective
restrictions on their powers of lending the
money left in their keeping. They can advance
i'm many cases their bottom dollar for the sup
port of the business interests" II they see TIT.
Nevertheless, the price of bushel of NO. 2 Mill
waukee wheat in the NewYOrk market having
fallen from 81 SO a year ago to 81 % at the time
we write, we are prepared to see the Mortons
and Logans return to Washington with the
announcement that they have found the cur
rency entirely inadequate to the necessities OF
the agricultural classes and business interests
of the West. While we see IN the general dis
position of the people throughout the country
with regard to the currency much to be thank
full for we are warned by experience to look
for danger in the present unfayorable outlook
for the producers of breadstutfs and cotton.
individuals and corporations have awaited
themselves too freely of their credit, and it Is
inevitable that they should endure the conse-
ouences. Their misfOrtunes must not be made
the prctext for plunging the nation any deeper
into the boundless and bOtomleSs mOras5 OF
manor money.