Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-10-27

mercial character began TO trust one
another. The example spread, and in
a short time the alarm subsidized, and
fair and prudent trading began TO re-
viyc.
Mr.. Tooke, in his work on prices,
states the following as the places fixed
by the bank for making the advances
upon goods and the amounts advanced
by each taa
Manchester ...-..r.. ......-..,.....-...f 400
shasS,s s,assS~ .'''S''..'".' sa'mC .co
Liverpool .''''... slsSO
Hadderaeld.. d.."........ ...."-...~~.~.... 10000
birmingham Bn,a is'eSo 'So
Norwich ',.'' '','''''', ISO SISO
ar -
iS7o,a'o
A total OF less than two millions OF
dollars was all that was found necessa-
ry to advance IN this manner in order
10 restore confidence and suppress pan
ic' The best men OF the country op-
posed this measure the ministry re-
sisted ~ with all Their power, but the
necessities OF the people overcamc all
opposition, No one in this country
VIII be found willing to advocate so
wide departure IRON the legitimate
province Oh the government but we
may learn from such action how slight
the line between panic and confidence,
and how unprecedented is that action
OF our government thatwould bankrupt
Its own people by continued threat
OF specie payment without preparation.
Inc thriving mechanic or laborer, who
three years since bought a lot and
built his modest home upon IT. paying
one hall and giving mortgage for the
remainder, hnds that under the policy
OF resumption IN 1879 his house and
lot VIII not pay the mortgage upon II,
and his hard earnings are swept away
TO increase the value of the govern
ments obligations. The cnterprising
man of business is no better off; his
ready hand or scheming brain, supple
mented by small capital, finds utter
inability TO cope with the policy that
contracts him and expands the wealth
OF those from whom he hires his capi-
tai, and he, too, must snccumb. Prop
erty decreases IN value. Money and
moneyed securities appreciate, as the
threat continues. Men grow suspicious.
Values are unsettled. Sheriiis' sales
increase III number. Bankrupt mer-
chants ars found on every side. The
shadow OF seif-murder falls upon the
path OF many. II is no answer from
those who rule, TO say that these are
the results OF improvidence and extra
vagance on the part Of the people them
selves. AS well might the physician,
when called to visit his patient, begin
to read him homilies upon intemper-
ance and want oi care. The disease is
threatening tho life OF the strong man,
remeay is 70 DC iouhu or death en-
sues True II Is, that governments can
10 put ilttie Tor the welfare OF nations
IN the absence OF individual virtue,
thrilt ny. ana intelligence, but the respon-
sipii'ty Is upon them all the more
weighty 10 40 or 10 abstain from dong
what they can.
W nat reiiei IS there for the business
man arc we remorselessly TO tread
the pain 10 specie payments, or TO re-
memoerand 70 recognize inc truth that
whist We hceu specie we nced conn,
uence more since the use oil u mixed
currency there mas never oeen an hour
when the Paperoollgations OF the coun-
Wy coule oe redeemed ~ com Oreait
ana confidence Were as vi'ally essential
70 .ne success OF .nat system US was
tne nouicum OF golu tnat pore itthro.
van creui, ana confidence ever come
Wits. values iai' ana business men
du"Nc WIN apprehension ana areau 7
10 restore values 10 stay panics, we
must not oniy provide specie, put we
must prlng the puollc mihd 10 the con
clus'oh Una. ,ney 40 NOT neeu IT, van
sucn conuition Oh tne puohc mind
overcome wnilo ',e snauow OF eiiorceu
fesumpt'on appals them Win It's uh,
known terrorsl Staoility ana natural
processes are the normal pains VA
clia'ion ana compulsory contraction
arc gnevous Ills. Is II strange that
.ne community uread thc operation oi
inns statute wheh, IN the panic oi 1873,
~ was p'a'hiy proved that thc banks
OF the country could not only not pay
.heir op,igatiohs IN specie OF IN iegM
lenders pnt they could not even pay
tnem IN ,he'r own notes, ana Tor .he
use OF thesc large premium was ire
quehty pa'dY ms iact as much rs
any otner, gave rise 10 thc want oi
confidence that has prevaiied over
since,
Under rhi'ip the fairwas porn inc
risc,,nat 'hlrsty'r y'ravehous,keen-toothed
monster, LIKE hapeials "argantua,
u sn9a's ou, ,he moment ~ ~ porn,
"roodl DrlnR Inc terrible inian''
whose atroc,ous munger tnere is no ap,
pcasing, VIII eat fesh ana drinK piood
II necd DC III Is q Cyclops, an ogre
oevourihg gdr'gon'ae OF thc SEINE,
Inc neau OF tne monster IS called
1ranu Oouhcii, us long paws are tne
rarhainch., i.s u'ges''Ve organ IL 'he
onamper Oh Accounts. me oniy 'oou
.n". can aPpease " IN % .na' wn'cn 'ne
people cannot give. r'sc ana people
% am" % oo,hroreman, ue ~ - ns ro,1 : i su ,ha
vs. :"