Martinsburg weekly independent. [volume] (Martinsburg, W. Va.) 1873-1875, 1874-06-13
THE REVIVAL OF TRADE.
From the Nation

liz I'LL i AL VI Ina ~ u
tFrom the Nation
There is only one thing about the
crisis through which we are pass
ing to make it in any way graver
than those which have preceded it
or to account for the siownesS of
our recovery. We are, indeed, in
all other respects vastly better off
than in 1857. There is not single
condition of the national trade and
industry which is not favorable.
We will add, too, that, serious as
are some some of the differences
which have been drawn from the
late revelations of dishonesty, the
honesty of the community at any
given period has to be measured
not by the number and magnitude
of its frauds and defalcations, but
by the extent TO which it carries
its system Of credit; and, judged
by this test, we have, as compared
with other nations, anything to
complain Of Where there is great
trust there Wilt the presentstate
of human nature, be great abuse of
trust, and until men find it harder
than they do in this country to
get hold of other peoples money,
there will be q large percentage of
failures to render q satisfactory
account Of it. The abnormal fea-
ture in the existing situation, and
the one which makes the re-
turn of confidence so slow, is the
power of Congress over the cur
rency. That this is most alarming
there is no denying, but that it
has alarmed the people thorough
ly, and has produced extraordinary
dizziness in trade, we hold to be a
remarkable proof of the healthy
condition Of the public mind. Had
there been any disposition shown
by the business men Of the country
to trust the regulation or its money
to such persons as Morton and Lo-
gan, or to accept from their brains
any plan Of relief from present diff
ficultles, or to work out of their
troubles by any doubtful device, it
would indeed have justified serious
apprehensions as to the financial
future. But there has been no sign
of any such disposition. On the
contrary, the deepening of the de-
preston in all branches of indus
try which accompanied the prepa-
ration OF congressional means of
reliefshowed that the only infu-
ence which could really endauger
our prospects - popular decisions
as to the condition of recovery
does not exist Those most con-
cerned evidently know that they
must get well now, as they got
we'll in 1857, by economy and hard
work, and not by tink ering the
standard of value. Moreover, the
congressional performances OF the
past winter, dismal as is the reve
lation they have made of the NOR
al condition of the political class,
and much harm as they may have
done for the moment to the mate
rial interests of the country, have
served an invaluable purpose as a
means of educating public opinion
about the nature and functions of
money. We think it would be safe
to estimate their value in this
light at $100,000,000. No other
agency WHICH COulu nave Deen ue
vised would have done so much to
rid the public mind of the mis-
. chievous Authorizations about the
greenbacks with which it had been
filled by the patriotic eXaltation of
the war. The experience Of man
kind seems to count for nothing
against the services rendered by
the legal tender notes in 1S61-23,
until Logan, and Kelly and Nor
ton began to unfold their plans for
making the "battle born and blood
sealed greenback" a permanent
agency in human regeneration.
What this has accomplished could
not have been accomplished by
half a century of schools, and pro
fessorships, and books.