, 1875-06-23

bad money. lad money his always, 20 far u the
nnane'.! h'stor5 Of tho World y known, eEoatea .o
and ea.er 1t oerstes from Causes that arc simple
sud hare often bccu esrlaine to cxc,lo ali kinds al
production md exchange 10 IN actstS far peyond the
needs Of The community and then to leave hcn u,tor-
ly unsupported when tbs inevitable reaction comes.
II Icrangca commercial rcl4uons uith foreign coun-
tries, no that tho industrial disorder II conpete,
affecting both internal trade aul foreign commerce.
Wha Is true that inflated cursency has aHnJs tho
sequence Of panic, II Il not truo that every panic
c1nsed " tho curTrncJ. Therc has been spsce cur
rencythas H. curroncy convertible on demand Into
spsctein uso in EnBnna sinrs 1874, hrt This hrs not
prevented Tho occur'ence Of thtto 'e'erc
and anancfal pauics sineo that dAtc to az nothing
several minor disturbances Ike that which has Just
taken place. An example Of this WA tho railway
panic, IN which Hudson, "ihc railway ang." ~ns de-
tzoncd THIS was one Of the ssormesf q the ietaer
srses Of Engash ananeea' but y ras clearly
hr4sAt; ' Ghero vas too rapid consers'on Of
nossluts captta1 uRa snoncg, food. and labor. Into
ec.Io raj tno income from the railroads. constructed
could not " interest on Currency haa nofhsns 1e
GO Fa1a th's' o'tanr'J "'ta euo !A'e Aiouo'o ~ w
yolyod Tho !. IN nlspufacture STUN Amez-
e.n md Fast 5,dau trs,~ Had been carried zoo far.
Tso.o who hsa c. Y. their own capital 1eronl dc
po,n. Of pro ,a TO-. failure slppoa otses. the Zines
o.aea los' ~ a .,.,. lat haancaM trouble. II I'M bps
e ns~s =. INV comes It that your bossteI
sptee Currency dld not prevent tlIa sroabe In En-
nna IN Tho question ussfeprcsena the position of
tho a1voc.to Of ,rsco n.yntnts lie doca not clairn
eta, or prevent tneschaits snd rnanufaesus-
.,, collectively s, o. s.ss s.es ,'' esst
- ~ n.no,. .na .a,. ~. ~ ~. disorders tint
follow m irrsassm.oio eurfency It vii euro theso
sytry tlme aud completely Tic depreciation Of pub
1o sccurttles tho impairment Of puelo as> prirste
ling spseul.iols and ts@ns Away. against ths peo
MA the continual solicitation 10 further ulaton aud
fur,he. auc,u.tjons. tho acrpngepncnt Of foreign
trade tho expulsion of gold &nd silver 10 oscr
tries thu d,nanution Of nsrts-for thess er.s
oucpces. "a tbev rssu1t tIypta inaaou spcc.o pay
,ntDts IL tho remedy, I'D % only one.
Ths Journal of Cosn1sTS Ia recent srt}c1a on tho
saRnattou Of huaness ses2 To full Into tho error OF
Asributng all ot It to thg condition Of the currency.
II draws thl3 i4sad{uA pactEsa pf New Y0rk:
Owtut to our monetary ay4tet, wo aro st dsstlvan-
taee will III tho rest Of the world aud Esw Yotk fsaa
me.e shan ~ otnes ey; az, n9h nave
In. gonn tnct f1mr4nr tbc tnsrrSt in nearly ryrry
fora ot eo1.nessiA 1cttytty The ev4dences ca,uos
~ concealed from oshsza, evon y ws would blind our
jt1 eSea 10 tAo fath aa Ao no tsue ii9ea& " Ins
coioriuRs f.sTa,,ne % III rnn1i,foT Iirm Tia very
nature Of ia fa,.rnaellK eonneetio,A md intimate
syn!Atn{ VITA e"eaA s-ANs@vs:. and aaetlslusa,-ho~
I'll ktny an spy oihrl cant aaES H. H.
general depr ressIon, And il soma remedy il mt annn
applied th!s suffering Will beeo1no chronic and tho
esotssAtton @ilt 10 reema4eat.
,,s.Iv a,1,,ptn, @ tI dGneyt n, WI Nhete hte sne
Ing snduary Ia what ftttrvoir ato ferne,sd lie
PTo1tsbls fotu1ns Of fAE-reaeAlng cosnmorenf Who
tAoH. H. oi anyialnG taAt pfonssa to-day fly rssu
hic ~ . trasr sEn! H. Hsaito y aaei
Win distant c,is,ouern Or Al FETAL YIth CIR own iii,
1euA, can take account OF stock at s cash value,
natt on ~ 1onte tnat gt!e a1p *py qneaathchs. aud
}.aa. an " ~ e~anso o. s'eay Rans sotno show =
eststa Inio rsnl oney nv IN III honnst i,,es ana
count ID hand u much Al Lo was really Worib fen
years ago7
Tbs rspcs-1nonoy sy,teu,, tho journal says is tho
1caden ~aght that fetsa industry aud stiRes enter
IRsc. i i uoro truly Of tho leadcn woghts. It
Il Incorrect y ssofe a deprcason 10 ths curren.
Gp,oe TO- N1tc& that Prosperity will inevitably and
Immediately follow its 1ectihcallon The s,aunnttun
Of business II wod-wlls tut our currency Is local.
Terrible exu has QUE ras moupy brought unon thu
country, bnt moi oven to mako popular poIntp y
against It csu H. to sadded With I'll our woes. rhoro
are common festp1as tu the coumctcIa reactions tn
tho United States, csnads. Gres. Britain. and
Gcrmany, that provo tho existence OF common
eauses+ spec!e payments ~e must hlrs, but
Il u dangerous 10 cl.i IN too much for them Tley do
not prnvcn& ii! panics nor gusaip
" shove the possibility Of raua II sp+cis n.Ymnnt.
.crs re.n,"sa ~ .,as.,s ~ ..