, 1875-08-16

tluccd, prosperity. good pr1ces, eEedindnatrv:
(nud ~nges. gnod pruilts aud active tfade wnn!a
coon rntn,n and then Hpecto paymonln cot'l'1 bo !
resumed without Injury TO esther nsosh Ut ~"
made. in tic lsst year {and nro no not now con.
s,a,,iiy hearing thoml in favor OF continued
susponaion Of pAvmentR BY tho Treasury OF sne
United Htatea and by Tho banks?
Thu experiment waH then tried. Tho atatea
onaclcn tHlny laws" by tho proritln'la OF Which
credltua wero prevented OF retarded IN oolloct-
lux debts duo item. t'ut whH the suffering 'lat
ena,,od thon aholy or chiefly TINT Of the creli-
legislatures OF ConEreea eau Cnaet there ts =
JUST 1gNA1TY
,,pon people committing ancll wrong. T1lo
tieb,orh' property deprecated year by year until
tho debtDfA t1stnHn. n.veR abandoned 1t aud sought
caca1lo under tho bankrupt Law. III many cnscs
tho es.atcs wlllch IN 1s:,7 woto worth novorai
tn,eH The datta for Which tl!ev wrTo l,atlo had
HH toprnciatod that in 1911 tlay would not COM
thu notcH IT tho banks, holding tho 1naEmcnta
against the property cuuld l,hyo heen 'oiight up
and lilo tiebts dlBcI,argcl. This praces Of pro-
lncts OF American iudHEtry. ascopt 81 tomIutfa ~.
aaye gy seeSa ao efe.s ~ '1' amount u &
tie ba1,ks WAS nayor pnld, yet tl'oso , M,lo
owed tllom bocsmo Fooror year ny 5eass; 5lss, .ne ae
unrodoc,ncl circulation OF tho banks when wan
tTnctod bv onforeeh redemption, was in great
uars wholly lost, and tho crtei!:y eontrncten 20
Tho entire amount NO lost. Yet II wAa oulJ whom
1t had disappeared ahu
, sntiS} CVnNEsEY or SMALL VOLUME
had taken liz place. that the long delay and
much @ tleni1od blessings OF proaperit, returned.
During this period high wages ceaIeu; tue
rnnka o! labor for l!ro Loaf much Of thcar former
from forlnof ,ilsra and middloman, md
tpe''''S'oosn tpe soss,orsa s'A md nsny shops ani
factoros being olosed wholly Or in part. tlioRreut
houy OF those *o deprived Of occupation 0t em-
pIoymont sought \ living by agriculture. Ibus
The products OF tho farm aero ch"ancned to an
e4trcmo opposlto to thu hgh rracca Which in the
'iiusil titnos" prinr to 1887 had 30 prevailed,
that importattons Of ilonr wore ma1e from Eng
OF uono Ut all, and tho su.poDslnn Of much OF
lilo manufacturing industry. enforced raduced
consumption. prlyat'on md suffering among tho
poorer rlhsnop, md = severe coonumy by all.
tallifnl GeaBe1 to !lnu sale and profitable u1o,
aid 1t became cheap alAo.
1lcHo rcniarfH ut1o Tho conditions In tbn yonr
1893 to 1919 unply to tho country generally but
only IN small leEreo to the States that resumol
| enecie payments in 1850 and maintained them,
nect,oil with and dependence upon the rcet of
| tho county. Their improvement began In 1857
aud waa continuous, but did not hocono rapid
| until atsor 1919 whom tho other Statos, having
| TIE soLtp nAEH OF hrEGiE
| to work from, hegan to ailato that improvement,
| and thau wealth accumulated rapidly. / have
eaid shoro IL law higher than any that Stntea
or Congress- call enact IL is not perca.vcd
until the storm comes which its violation
has provoked. You then Beo It In the
gradual 1oss or confidence discorerabe In the in,
cfoaAna tisn!siity OF capita! aud co,noidont de.
pr1cIatlon OF yalues. Disasters aud Ioss oi
| employment enforce n smaller consumption ol
| evon tie neceaearies Of life upon the poor. bn
some unconscious inner thought or iustinc
prompt. tho people Of comfortable incomo to /
| reduced expenditure. The great crash AMI panls
| 20 by, hut a sense Of evil yet 10 come remains
| ttat not all tile ohaorfu but de!nsive aasuranoe
nj on early return ol better tIu,oA Gun dispel
Thnt fcnr or instinct, or uhltovor it may ho
that hoArs upon mon, han ita atauIo cauas Th
wraug Icmans, aud until it be dlaplaced b.
right, vol muy tho people fcar what ts IN TIL
fsiturs Il was no in The period which hah bcel
described and il il 80 Hop, though pe:haps onl
| ut tta beginning.