, 1875-09-28

,m.rtst n,o,,c,n', , er."t, r,n.. f",rts ID H.
,tr"r,,tnf p,,J =. rs,,.,s n,rn danais a. nj omr
.,',,,. III nrcat. I'M, ,r - ,n,,,o -, naTti ran
Tm,"mi'sr f,p oann,t',na "s nnw. v''t'' w
,dxr";a, uf ,nantinn INVITA- rn, " y, " Il.uiv
Th.t T. IN ~ ~ s,,'sos s,t ' as ,,o ,son.
tlrri' = ',ovo>n Az ,mn,t -, nrns,c, ~ w thnv
ns,..1. uusu'" ,.'sss ~ LILY m,a.t !. ~.
roniae You N sc & g9" eocts sn Tnan ~ s,s
,yr1,no .t uI.c AZ T. ,,,,or, ,ci, r. 1ira mn.
istnrsrs ohnn1nr,n ~. -, wnrL nni mn,ro aanntni
Moor. tn nut lrsa1 inn tho nnnth. of if,n
rcnds a. =" ,o. 1" n,,os W. ~ ia ,r"t;, mi ,,
,ind not1,no hut y ',,,.n.at ~ h,nE,"niru ,n,rc
rcnerni. and ua,aIvs. n,nr. fntni thn,, nyor i,c.
furn, nth ugh it NAV bn a sn,,il consontton t.,
tho honest t1nn of tn9 couI, r; to uuo the lock-
icas st,ceulato.a who nj Tho nxIatao Of ali.
snteht to o;,rI,,, themselves "upn'fti viii, ,}r,n
l., tba snruo rum. '' S'''
},nt n.E yn,,' With all rnr1o, md an,,crncsa
lmsi,c.s rnnn. farmers. inbore.a" h,ucut nni
pot,ioi: citze1ss Of ali ol,s.o, IN L not limo to
Hrup a,.ctr w4y1oH SCHEMES up Mt,o,rEr?
Can wo 10 40 blind An uot to sro in tnnIn1cy or.
ttciuo it. f., reckless M 10 run nn tcreIho riuks
suuw NJ wnai az nuvbady thn. bueiuess IL do
rros,sd hul that mary ara ctisynuaiy suffering.
f!1t t1ons mt fhr cnumon nn,,pn uf maj, kfni
dus. mt Tho ncr,tmuia ri exnnrtcnco ~ iusinrv
does not onr own tocalloction 0t nnst events
ctearly point on. Tho .oaI Of .tl,proy etnpnt nnl
relcf?
banks t,,a: lies unooplo;cJ, Ii IA ovA5n.jy not
more ,norny wo noeI. Whnt do wo n ,t,i. ibon
t;,ndenco contldenco which Viii inducc ttInid
CA ital 10 venture INTO outerprtso, And what n
tho hrsk tenu,romcnt Ia rertoro oonTdeuco7 Il
is STABILITY, ai,vo all th:pgn Tia STABILITY
Of current ysluen. which roudern voYsFbIe
business catcuta,j,ns Of roasou5i,Ic coltat,.
ty, When tho capitalist il essuroI that
The ssuns yalue AZ The doI.r Of to-t,sy. md tbat
this stability Of vane finds full neortty IL, q rA-
tiona, and iixod monetary ey,tem, then, ana no
soonnr, viii he ltbo,ally trust his monoy 10 tlioso
who want ac.iyoIr to omtioy IL aud promise
fa,r return. Dnt contldenco viii LOT grow as
long A. tho prospect that tho wild schomes OF
dop.roRuca ar yis,3nsrjea may obtaip co,,t,ol OF
our National tinanccs l,suga ovor tho business
world like q threatening Htor.n-clond Conf
aence viii not grow as long Al every buaiuosu
mnu in tho cou,l,ry luuas with tropi.Iatiol for
tho n1eot;np OF tbo National Congress. aud docs
not cease 10 trrn,blo uutil TITO welcome as OF its
adjournment, for feAr lest tho co1nse's of folly
MIGHT preyail nnl cross oven tho most senshto
| caiculat,nn and battle tho nc1test fotosteht.
Coundonro will not return uptli q tlunpc ii noficr
IL upaItcrally ltteFninnl upon which, will giyo
us, NOT mo1e u1onoy, hut
HONEST, aArE HONEY.
Far honest. nafe mo',ov ia, Of all foundations OF
sound business. tho most indispensanlc,
Let III understand the toaollings Of our own
| history. There aEe many among ua who remcm-
bet tue groat crises ot 1887 and 1877 IN the
Hooded with an Unsecured. unsafo tault curron-
| cy, mid fOferish speculation prevailed. Then tho
crash ca,nc. Speculation collapsed tho buhLlo
OF fictitious vales btirst tho rotten banss broke.
and thoir currency 0as swopt away. Business
| was paralyzed tho people Wcra iu di.tresa ~
they hra now. What rcnedy rhd applied Thu
natural. tue only edlclent remedv. and t applied
i!sclf. No frcah iufIslon OF moro unsaio moaov; !;
no, Just Tho reverse. Dy tho breaking of tho
| ROT ton banks aud the dtsnppoaranco OF their
note 'ssues tho volume OF tho currency contract
ed itself violently. There was at the otd OF Tho
process, far less money IN circulation than De-
tore, but shat whloh rcmh'he1 "ns Sound a. 'neY.
pcoplo carao TO their Aetnea. Proiting by the
teach!nse OF misfortune, thsy began to rocog-
nize ouoe moro that not wild sPccul ltion,
not the csoatlou OF imaginary valuos, but
| hoDcst. sturdy frugal 'n,'lntrF. u tho
| 8ource of real wealth mad prosperity. Whom this
the lleB hua deceptlopa IN tho shape nj rottet
bank lhs'!es aud fancy VAines had disappeared.
When tho e!t-act!nE contraction OK currency and
credit had dono lts WORT, buslness enterprise boz
I gan oucn more to fcol firm ground under itH
teet. Busne:h men haa to8aof that which called
issolt monoJ, but thoy were sl,ro that oycry dol
inf they did nave not only called ltao!f dolart
oat Wa oonar anu ..-.....
Upon tho stability OF .ta vaIus they could un-
t.esltat.n.ly hasa tbeir oacular iona Thus COLI
Rleneo gradually returned the ga - iu t.s VOL
umo Of currency were presently filled. not by net
flowing in from abroad In obodonco 10 the laws
| Of trals; business opterprlHo roviyod. and soon
tbo country waa again In tho COURSE Of prosper
Gus development. TO bo enro, tuo fancy stocha
and speculative values, which had porlahcd in
the cEasn, did not recover but tho production Of
real wealth WAS moro nsllyo than before.
Look 1T thcso historic events, aud then hsk
yourselves: Wnat would have been the effect If
Congress- had tried to tolievo a'stross and t. ro-
we business by making nosoa OF the broken
banks loyal toudsr, Or BY creating au irtedoenl-
| HbIo Government paper onrrenoy2 a now elo.
mont OF fucIuation and uncertainty would hhvs
been thrown into tho gonora! oonfns.on;, tho
stock gamblers aud Fpecuatars might perhaps
have succeeded IN oallug thoir rotten yolturen
| npop tue shoulders Of now vic:lms; but tito
| staEnatiou Of legitimate businehe would unqtcs-
tlonAoiY have continued; capital would sursly
not haye vontutod out. confidence would no,
have 1eturne1, the general distIets would Ger
tajDly havo lngered on Until at last shat element
OF uusa1ety aud deception, m irrcuDem1be and
anotusting currenov,-hhd been wiped out. and
the busitess OF tho country had been placed
again on tho sound basls Of the liability OF cur
rcnt yalnes.
| Can we fail to understand that lesson?
E1AMlNE THE onlsls
which broke out tHo yoarH ago. In September,
Fofo sntr