, 1875-10-23
Hard Times at the East.


and throughout this period a large prouortior.
Of them have been casting about FOR a rem,iy,
and, as if by some malign influence Of occul,
origin, have contrived always TO hit upon
measures the effect Of which was to enhance
their s-lrrings. Perhaps the mos; important
lesson Of the past decade, if Ne would but
take It TO heart, Is that democrats insritu-
tons are no protection against popular ignor-
ance, but that. ON the contrary, " here srch
| Ignorance exists among republican communi-
ties, the greater the power of the masses the
more calami,ous will be the results of their
political action. From the close of the war
up 10 the present time two main causes have
been IN active operation to dePress production,
! to rob bindustrt, and To bring about widespread
| lmpoverishment. These two agencies are,
the currency and the tariff. and between
them they are responsible for all the evils
/ now complained Of, outside Of that national
/ debt which the war OF the rebellion nrceSsi-
( tated- At the present moIn,nt the evils of
/ depreciaied inoonvertible currency are being
demonstrated by competent hands throughout
the country, bnt even now We seldom hear
complaints Of the tariff. and. 50 inconsistent
are politicians, 1t not Iuir,queutly happens
that Il convention couples strong drnuucia-
non Of rag money with rs emphatic an IN
lozSement OF " protection 10 Eoue industry"
II l., however, important that in discussing
these twin evils they should be- considered to-
Srth5r, since they operate together, and play
into one anotber's hands peri. tEaliy. To
ilIustrlte' The effect OF protective tariff
has been to attord an abnormal and unhealthy
stimulus 10 certain branches Of industry,
which if left TO natural laws would have
grown onl, as the needs Of commerce re,iuir, d
them. This abnormal growth has bttn .in,d
at the expense Of the many, Who have been
heavily taxed robbed Is perhaps the better
word, 10 enrie h the few. Bat the currency
has been actively instrum, n;al in promo irg
| ali the evils accruing from the tariff, for Is
effect has been 10 render values unstable, to
| di-arr,,age commerce, 20 make legitimate
| business uu>sie, 10 foster speculation and
gambling Thus the tariff and the currency
together inspired the great excess Of over
production which was mistaken for prospeTi-
to be seen for " hat il really waS-the flush
Of inruxica,ion, and not the glow Of health.
Toseihcr these agencies produced the wild era
Of railroad huilding which came 20 30 di>a,-
trous q conclusion in lN,,;; a conclusion pre-
ripitatcd 10y the farmers crusade. which Was
at bottom blind protest against misnndcr-
stood causes The Western farmers felt that
they were not prospyrins. II was impossible
that they should have prosprr,d while rhrlr
earnings were being reduced on both hands /;
first by the currency, which compelled them
to buy at greenback prices and sell At gold
prices; and second by the tariff, which COM
PEELED them 10 pay th,ir neiShbors constant
bounty for the privilege Of paying the high
est prices for their products. They, however,
pitched upon the railroads as the cause Of their
! sutFerings, and thus contributed TO break
down American credit abroad, and hasten
The collapse which must have come sooner
or later, even without their assistance. But
when that crash came, unfortunately wisdom
did not come with IT. Then brgan The sec-
und delusive crv-the cry that there was not
enough currency for the wants Of trade, and
that the panarea for anything was imitation.
| Thus for the second time the path was missed,
and thus the masses who throughout have
! borne the bruut Of these mischieyous agrn-
cies, sre committing themselves to policy
the sole possible result Of which can b. to Ia
tensify all the evils Of the past At this mo-
ment trade in the Eastern States l. Iabonng
under the depression which Is tho natural
and inevitable result of production
that ovcr-productiOn being itself the direct
eonleanence Of the protective tariff. To cure
this it Is gravely proposed, not that the cur
rrDcy should be reorgauized on a sound basis
hut that there should b. 4 further UulImIt-
ei issue Of paper pr0mI--s To p1y. Ine I"s'i
of this programme Is peculiar. We are suffer
ing from speculation and oTrr-produgtion,
and TO cure this we are advi-ed 10 increase
the causes which originated it. An Incon-
yrrtible currency has already 80 di~5rgtuiz-d
business. that the country Is in a state oi
semi paralysis, and it proposed 10 inereass
the burden Dy making the currency S'Ill
/ more unstable than It T. We observed mt
long since that the intelligence Of the nation
w..s On trial IL he approaching Presidential
campaign and assurvdly the truth OF thl-
must become more and more cbyi5us 20 all
who examine the situation. The triumph OF
imitation and protection in the centennial oi
the republic would 20 Tar 10 demonstrate
that after hundred years Of probation r.
pub!ieanism had failed to secure that measure
Of popular education which l. essential TO the
government Of nations, and without which
anarchy aud collapse can only be questions u
tiue.-SGc. LE.gg-