National Republican. (Washington City (D.C.)) 1872-1888, 1875-03-03

sor, attributed it entirely to the mrltdmin-
istration of the party in power, and they
turned them out and placed their oppO-
nents in their places. The political econo-
mist and the political philosopher knows
perfectly we'll that these financial revulsions
find their causes and origin In matters
entirely outside of politics financial and
industrial laws that politicians cannot con-
troll If they would. Take the next no.
table instance in our history, that Of 1857
on the election OF Mr.. Buchanan, who was
so astute q politician as to have Ind the
slightest expectation of the financial revul-
sion and panic that followed his inaugurl-
ton in the very year, and yet it came, and
the people charged it again TO the admins
tration Of public affairs, and proceeded to
turn out the party in power and install
their adversaries We know that men were
wont at the time to say that the Northern
conscience on the subject Of slavery con.
trolled that election, but it is doubted if the
Northern conscience" would have been
so aroused If there had been good times, if
the owners of those conscicnces had
not failed to get more than half an eel to
a pot" The next in the history-that o
1S7S-with its BLACK Friday and all
its long train of evils, that too is charged
to the party in power-to the maladminis-
tration of public affairs, and the election of
last fall is the first fruit of this panic
and yet really and truly the administration
Of President Grant is as innocent ofthe pres
ent as he is of the recent transit Of Venus.
The Independent Press " of the country
rot only charged the panic to his account,
but nearly every other known sin, and with
about as much reason. Is it not possible
for men TO learn that il is not in the power
of Government 10 control financial results,
anv more than it can control the elements?
True they may give direction, but the con-
troll is under memorable law, and the people
themselves must comply with the law. If
a country over trades it will become bank
rupt; if men live beyond the product Of
their labor or of their income what govern
ment can save them from bankruptcy? And
yet to expect the Administration to prevent
the bankruptcy of the over trading nation,
or of the men who eXpend on their living
more than their income, is not more absurd
than to hold the present Administration re-
sponsible for the financial panic Of 1873.
Such being the case-if governments are
powerless 10 prevent and impotent to arrest
a financial panic, and if it is but folly to
hold them responsible for that occurrence
what then is the remedy?
Before replying to this, a proper inquiry
is, what is the present condition of the
money and labor market? Both paralyzed.
Money in Wall street now can be had at
from to per cent. on call, and at from
per cent. and upward on time and approved
collaterals. But the qualification of Gap
proved" is precisely where the rub comes.
Baron Rothchild was inquired Of once,
during financial panic, if money was not
very scarce, replied, 'INo; money is plenty
" enough, but satisfactory securities are
every scarce" There are millions of dol
lars unemployed, lying idle in the vaults of
the banks to-day, and millions of men are
idle to-day for want of employment.
These must both be employed, and then
we shall hear no more of hard times To
solve this question, how to employ both
men and capital, solves the question of our
financial panic, and ends it. What can the
Government do in the premises to accom-
plish this so much desired result? Much.
everything, and protect itself perfectly.
Take the two great trans continental rail-
ways, now partly constructed, and stopped
by the financial panic, guarantee the in
terest at five per cent. on sufficient amount
of bonds to finish and equip both roads.
These bonds will furnish the satisfactory
security of Baron Rothschild, and will
employ a million of men now idle. 1t
would start every rolling mill, rekindle
the fire at every blown-out furnace, and
open the coal and iron mines. Both CAPT.
tai and labor would be proftably en-
plOyed, and the people would not call for
a change. This cannot be accomplished
without aid from the Government, from
the impossibllity of aggregating sufficient
private capital. Let the Government
guarantee only the interest at five per cent
on the bonds, requiring from the roads
adequate protection for itself, and the re-
suit would realize all we could desire But
where are the men who will venture this?
Where are the statesmen who have the
courage of their own convictions? We
fear we are no nearer relief than if no sure
way were pointed out. But it will not
always be so. The time will come when
Administrations will comprehend their
to the people, and have the
courage to do the duty of the hour.