The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1875-09-30
Excuses for the Panic.

Excuses for the Panic.
The following says the Indianape-
lis Sun is brief resume of the, csuses
assigned by the bullionfsts for tbt
panic: ~
First. "Over production"
We understand that ito mean thst
there have been too much corn, wheat,
pork, cotton, potatoes, rye and tobac-
cs raised. That there has been too
many wagons, plows, hoes, shovels,
axes, reapihg machines, engines, SAWS,
harness, chains, tables, chairs and car
riages mads. Too many yards of cloth
and carpet woven. Too many hides
tanned and boots made. Too many
hats, coats and dishes manufactured.
Well, why too much of all these ?
Manifestly it is because the people
have got all they want. They are sup
piled. Every body being iully sup
piled, of course there was no further
buying and selling, and business stop
ped. If this were true what happy
people we should be. Everybody
housed and clothed and we'll fed.
Does the reader think this condition
existed in 1872, And if it did exist
what do the bullion papers mean by
berating the tramps because they do
not GO TO work and produce more Of
all these things of which the people
already have too much? r,
Second. "Over-trading" =.
We understand to consist Of buying
and selling. Now, how could there
be over-trading when the people are
already over-sspplied with every
thing they want? How can there be
over-irading when the market is glut-
ted and business at a stand-still in
consequence of over-production? We
can't make these two reasons fit to-
Eether. They don't exactly consist" :"
Third. '.Extravagance Of the peo-
2Ie."
The Implication is that the people
have all spent more than they earned.
bought things they had no use for, and
been guilty of other extravagances
that prove their need Of a'royai guar
dian. Now, If the people have bought
things they did not need, of whom
did they buy? II they spent their
money without consideration, who
did they pay it to?' In short, how can
nation OF people become poor by
squandering their money Eon one
another? Does not one gain what
another loses, SO as not to affect the
grand result The common experience
Of mankind is that the only object in
life of ninety mine men in each hum
dred is to make mOneyTto accumu-
late property. This assumption Of ex-
travagance contradicts all experience.
and makes ninety of every hun
dred men graceless spendthrifts aud
so determined on getting clear of their
substance as TO secretly bury it in the
ground or sink it in the sea, SO that no
one else shall benefit by their folly.
Then, again, how could over-pro-
duction and consequent stagnation ex-
list in nation of spendthrifts, where
each individual was bent on buying
something whether he needed it Or
not7 Finally, if the people are not
competent to attend to their own busi-
ness, what becomes Of the theory of.
self-government7 .,..te:
These are samples Of the profound
reasons given for the prevailing dis
tress and bankruptcy by the bullion
lists. --
Is it not much easier and more ra-
tional to say that the panic was occa-
Toned by the inability of the, banks
and plople generally 10 pay. their debts,
because they had no money to pay.
with, and they had no money because
the government contracted the cur
rency and put it out Of circulation ? j
4.