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

cannot he denied nor Disguised. Now,
while this depression Of our manufacturer,
this profitabIeness Of our railroads, this
decline of our merchant marine, this
frightful accumulation Of municipal in
debtedness, this extravaganza and waste
fulness cannot be attributed exclusively
to a redundant currency, they can in
great measure be traced to it. Other
causes, it is true, have to some extent as
sisted in producing the trouble in which
we are involved; but il we had been on a
specie basis, this trouble would have
been small in comparison TO what it is.
Had there been no over>emission Of pa
per money, there would have been depres-
sion in trade and manufactures, but we
should not have been overwhelmed as
we have been with debt and bankruptcy.
We should have felt the effect OF over
production, as Great Britain is feeling it.
Enormous as has been the increase of
consumption in civilized nations within
the last 20 years, it has not kept pace
with production. The wonderful inven-
tons in machinery, the revolution effec.
ted by steam power, and the reduction OF
time in international exchanges, have
greatly disturbed old economic laws
Production has been immensely stimu-
lated by forces which were not under
stood, or at least were not utilized, I'M
Ill long after the commencement of the
present century, the result of which has
been over-production, reaction, depres
sion, and these are felt in the greatest
measures in those countries in which
these forces have been most actively in
use. There are very few branches OF
manufacturing in Great Britain, the
greatest manufacturing nation in the
world, which are now in prosperous
state. simply because there has been
more goods manufactured than there is
a present demand for. The came is true
in the United States. Why, let me ask,
are so many of our iron foundries idle?
Why are our wooden and cotton mills
running on half time? Why are our lum-
Der yards overstocked? Why is there so
little activity in shipbuilding! Why are
pur railroads so Improbable, and why
IRE so many thousands of laborers out Of
employment? Certainly not for want Of
money, for money, paper monev, "as
never so abundant or so cheap, and the
same would &c true Of real money ifit
had not been driven out Of circulation by
the inferior currency. Ask our iron man
ifacturers why their forges are not in
tull operation; the managers Of our wool
N and cotton mills, why their works are
partially suspended; our lumber men,
why stocks have accumulated on their
hands; our shipbuilders, why they are
not building more ships; our railroad
men. why their railroads are not earning
more money and see il the answers are
,ot of the same tenor-that manufactures
nave out,tripped demand, and there is
more lumber than building, more ships
han freight. more railroads than traffic,
more laborers than work. l do not be-
ieve that one sensible man among all
these classes Of producers and dealers
can be found who will attribute the ex>
lsting depression TO a scarcity Of money.
II such are the facts, what judgment
should be pronounced upon those who,
through wilful blindness, or for party
purposes, or for selfish ends, declaim, be-
fore laborers Suffering from want Of en>
ployment, against the oppression of cap
italists, and urge them to demand more
currency, as an antidote for their misior-
tune.
CAUSES OF THE FINANCIAL DEPRESSION.
have said that great depression in
trade and manufactures exist in Great
Britain as well as in the United states,
but there is marked contrast in the real
condition Of the two countries. While the
existing depression Is felt, and Sc
verely, by the manufacturers and deal
ere in Great Britain, the general state OF
the country is healthy. Land was never
80 high or so salable as now; the traffic
upon English railroads was never so
large, and notwithstanding reduction Of
taxes, the revenues of the Government
are steadily increasing; municipal indebt-
edness is comparatively unknown; there
is no general complaint Of taxation, and
the spirit ofthe people is strong and buoy
ant. There have been heavy failures.
and fearful losses have been sustained by
reason of injudicious investments; but the
nation is, as a whole, in q satisfactory f.
nanciai state. Now / need not ask il the
reverse Of this is not true of the United
States. The question, then, to be consid-
cred Is, 10 what, in addition to over-pro-
duction, is the prostration of a country so
abundant in resources, with population
so intelligent and vigorous as ours, attrib'
utable? Is it not, first, to our civil war