, 1875-09-13

tiana ohttion or tllGr regular balueHA). md fear
~ losses have been sustained by reason of lnju-
t!cloua invostnlnnts; but Tho nnlion IL, al n
Whlic. IN Pattnfaetory financial state. Nos
nerd not h.k II tito toyorso Of thfa IL not TITO Of
tlio t,ntte't states. The question, then, to DO
considered 10. To what, in addition to oyer-pro-
nHe!lor, la tito prostta alton OF country so nbt,n-
'"1't III foao''scos, with population 40 intoilt-
Eent vigorous ~ ohts, Atti tilb,ltabla? Ii It not,
s. td.t, y .,a Ss Gv War; sesopy to o.s r.
lhucions tAxAtion2 Lat I'D uMnfl for moment
upon tho iirpt two-loAying tho third for consid-
Grafton at sotnu future dar.
Ii,vt; TAr ,tar-Etorybodr knows that v.rs
are terribly destructive OF property as west "a
!tc, and that civil wars ate especially no. The
Wnr between tho Hovernlnent ailllt.l,a Southern
Stntcs waa ono Of the most oxhauattug that has
ehl'ia play II. comparison with Y. Nothing llko
! H. In fact, las avor occurred. During its exist
/ once we failed to comprehend i!s greatness or
] its dcsMttsrt!veness. tn For nearly four ycars
| engaged iii thu fcrceRt ami most extensive
| nttHggl0 thai tIe world has over Witnessed
- ntfuEelc that was only endca With the utter
nrostfattan OF tho van9ninhed section. During
sAry for ils prosecution was in demand. TITO
manufacture Of war implements tho building Of
var aud transportation hhlpa, tho production OF
ou ioou Tor tila snpport OF tho armies. nscessAriy
AtiInu!ua TO industry Which seerstd 10 tho
cursoty observer ike t,ntionei PROSPERITY.
Never Nero wages go high, never were for
proeton If tnatort", MI Vas spho snen ~ H.
using. upyer warn q nennla IN intn1irttc;, v hv
dccepkiyo nupcarancas flint ihis nrosncritv
was dci1atso 1s t'osv apparent bnt 1t did not be-
lttriuu tno War thn Unvcrmmonh r. mrnt IT,
enormous oxpen1ituroa. no. ohiy isenna . xssi
amount Of its interest -besrinr obcations. but IL
made forced loans In the form OF prou1feHory
MONEY. " ""1"'
rnr ,,os ,x 4 MN .1tn,.,
Stcon,,iv. prjun,ia,I ouj T;c;o,,. c,r-
ri nro 1eGsase wo1 tho Mar IT. tor
isrnn n,.nuis 4,sas "ns 1s;no !ul so
ahsi ia5 1arah t ~ ts,.a IL
for tho tr,,a S'esa,,tc thnpahx nnie,nn '@o ,o
stanaMo Nv Ie ,s,;c, ha ar Go mo 10 Sor o,, .o
nie,l 1yit,,o,s e,n,,,,.r,;ni ~ 1i,t,',s ss Des WI
tho ,iniatinn mnn tnt,.. ao,,.na1 gasg, %
tinnai ,s.ster "A' 'o"6 oo"''""'u' "eA'"s na-
tr%.t tha i'a.,
the Ns,inn.I f;s.,. .al !ptts ~ Ann tue uuaes u
redundant is proyol hy tl,e srtfnci.i nrrcs thaJ
created aud sustained, by thair rroat dourccin.
tion, nni by t,a ,,sss ths. hovo hosn mt;1n ~
them. Tl,alr yiciofsnoss II msdo 1nanifost hy
that they hayo fatntj.srizei tho ueunlo VIII s,ls.
honored obligations which thot haya bean ami
hre compelled 10 treat az money; that thoy woro
aud continue to bo constantly iluotuating
business mon gamblors. That an
irroaoomnb]e curtoncY ia a tar npon
industry aud fruitful source of Generalization
requires no argument 10 establish II tbo truth
collti bo hrriyet n, IL wn,jd In t{snovarei that
deprcc,atcd pspcr money has beon a hesyior
burden upon tbc Industrial and producing claanea
Of tho United Btates than nlI tho taxa. diroct
and indirect, to which thoy hhvo been subjected
corrupt tho mi publlo % scptlmen. @ than pIl' ii other
catlscs combined. The eubg,itntion OF In
convertible notes for coin is an old game Of
distressed monarohies. Il ID 10 now pxperi-
mcnt, 1t hns beun frco,lertlv resnrtoa IL hv
disastrous results. 1t was fesortod to by the
United sta.cs, under tho pressure OF what SOON
cd to 10 great emergency, That il should be
Lad ceased and stIli have intei|lront Adj l@ohent @
Rdvocatos Is difficult Of oxulanation, in yioH OF
tho fnct that ovcr.iesuos Of paper money lAyo
bcen tho cause Of every financial crisis, eyery
deerrrottol iiuanc,al diaofdor. that has occurred
preyious experiences,
r,vr .rrn, rx rrp NAM
Tho hnnk-notr circuiat;,n T., IL frr,oa at.,.x
waa increassd from *tl. .oo0 900 Qn round num-
pos|ts from AK flil M, IN aiq7 I'M oGe. iosn.
fron, sSo t,o nm ~ Ssoo ~ INK nnG t,o' .oans
tile crush whoh mnny Of a. % ss,Il remembor' % ami
Nv wh,nh thn nnHn,ry go nrnstts'as ~ ..e. -"
A1ain fhe hsnk.noto cirronlat1nn wh,e,s ,J'% ~
1B43 waa SIS. 900 co., Wss r1n nm Ia A1i4 mn nm in
1857 bank deposits within tle 6ame period from
a5o. 600, 900 to $3.50, Oo0 600: losns from e25o-
O0o 600 to $Gso 000, ,60 Thon tho second great crl-
siA occurred, which. although sharpor and for tho
tins ii labted more destrnotiya, waa Of nneI1
shorter duration than tho former ooe. Ii 1860
tho bank.note circulntiotlres e207 00O. .Ooo-at the
present time tbs circulation of legal lender and
bank notes IL. and for gomu yoars has
been, upward Of 800 ooO, COO, whtlo the deposity
and loans OF tho banks laYo been Increascd tn q
still greater ratlo, Il IL asserted. knoT. thsf
bank deposits aud bank louns, and not i,sper
money, have boon tho chiof causo OF our tluanctal
crises, but al examination Of tho bsuk rs.urns
will show that bank deposits and bank loans bayo
only au7rt kept pace aa they ua.uraliY would, |
witt, the pneot circulation, Aud now viii over
e70n, ,0O0, boo Of rapcr money outstaudnr.
more t1tn half OF which copstsss of lorSi
tcudora thora aro thousants Of people complain.
Ing OF scarcity Of currency; some Of tho lead
ers o. 4 Etsat party ard adyooaiipR q lsreer
supply of It, IL tie carly deya Of the Wcat |
caloinet wha oonside1ol bY q ect Of self-etyied |
doctors b spociflo FOR ali cotnuiaints. and wheu
they had broueht thcir patieu,s-soolo Of tLem
naturally strong and vigorous mon-to the brlpk /