The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1875-09-29
THE FINANCIAL ISSUE.

tucStou vi lhC Hohi' OPOi bitis ioSuc
the political parties are in sad mud
die. In New York, both parties declare
for hard money, in Ohio and Pennsyl.
vania, Democratic conventions declare
for imitation.
If the money question becomes the
main issue, it must result that parties
will reorganize, for of both parties
there are many who are for hard mon
ey, many for more money of any kind,
and many who have no opinion about
the matter at all. 1t strikes us that
We need something to get money with
corn, wheat and portland that in
some way our currency must come to a
par with gold. As to the best ways
and means to accomplish this end, we
shall have more to say hereafter. In
the meantime, we commend the letter
alluded to, to the careful perusal of all
intelligent and thinking readers.
To the Editor Of tie Tribune
Sir: A few days ago | asked a gentle
man Of large experience and careful OBJ
servation-a friend OF the United Statee
when We had few friends among the
leading men of England-"When shall
We be able to borrow at four per cent for
the purpose Of retiring our six per cent
Government bonds?"
"when," replied he, you get back to
specie payments. Everything hinges up,
on that agree with you that the cred
it of your Government ought TO be equal,
IL not superior to that of any Government
in the world. and it will he when you
come 10 your senses upon the question o.
She currency. Should the intiationists
succeed in their efforts TO increase the
circulation Of irredeemable legal tender
notes, you will not only be unable TO
place your four per conts either at home
or in Europe. but you will find even tia.
holders OF your tives for which there lie
now an active demand ut premium) dis
posed to get rid OF them as speedily a,
possible. II the inha tionists get the con
troll of your legislation aud renew tn,
Old and foolish experiment OF maxim,
money plentiful by the use of the print
ing press. the credit Of your great countr,
will sink to the le,ei o, that OF Egypt Oh
Turkey"
TIyIDiTY OF HARDY MONEY MEN.
This opinion, which | have given in
very nearly the language of the gentle
man who expressed it, is the prevailing
sentiment on this eide OF the Atlantic
There is not an intelligent man in ali
Europe who has given attention to the
subject who does not wonder at the in
fatuation, If it be not something more
than infatuation, of the advocate of al
frredeemable currency in the United
States, who does not condemn the irresolu
ton of most OF those who claim to be the
friend of sound currency. There is in
fact more danger to be apprehended from
the timidity Of many who are ranked Oh
the side of specie, than from the undIs-
guised action OF those who favor further
Issues Of Government notes. Every re-
fecting and intelligent mind must per-
ceive that further depreciation Of thos,
now in circulation, an increase of fnan-
cial trouble, and ultimate reputation;
but the fatal results of ''the let alone"
policy are not so apparent, An immense
majority Of our leading politicians of all
parties are sound in theory, but they
seem to lack nerve They favor return
to specie payments, but they do not sa,
ho" this is to be effected They seem to
be atIa.d Of the bugbear of contraction, as
II return to the true measure of value
would affect values. They seem blind to
che seli-eyident proposition that there
will he no real contraction if the purchas-
ing power Of the currency is increased
proportionately with a reduction of its
volume. Unless some decided and prac-
tical measures are put into actual opera
tons Of the restoration of the specie
standard, we shall 60 on as we have been
going for some years past, during which
every day has made return to the paths
Of safety and real prosperity more diff
fcGlt Let us look for a moment at the
causes OF the existing embarrass ments
and prostration in the United States, and
then consider some of the remedies which
have been suggested.
CAUSES OF THE DEPRESSION.
First, the cause. That there is great
stasnation in all or nearly all branches
OF enterprise and industry in the United
States, that our manufacturers are sadly
depressed, that very few of our railroads
are yielding fair return on their actual
cost, while large part fthem are una
bic to pay the interest on their bonds;
that our shipping interests have so de-
clined, that the United States, which a
quarter of a century ago seemed in a fair
way to become the first in maritime pow
cre, la now not even IN he ranked
among second-class nations in the foreign
carrying trade; that our counties, cities.