New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-20


flation bill of 1874. The elections of last Fall
were claimed a. the triumph of that
spirit. To that the Democrats chiefly
appeal, in the most important Of Western
States voting this year.
Precisely the same spirit governs the labor
organizations which demand expansion and
"cheap money" To make the savings and
investments of others worth as little as posi-
bic, and secure for their own labor as high
nominal price as possible, is the aim OF aglta-
tors of this class. They refuse to see that IN
fiated prices always hurt the labOrer more than
inflated wages help him. ShOrt-sishted In
their selfishness, as Communists usually are,
they fail to see that modern industry ana CIV
ilization could not exist without those induce
ments for saving and accumulation which Sc
curity of investments alone can give. VINO
ever assails the safeguards OF capital, ana thus
weakens the motive to accumulate, is really
striking for lower wages.
The cry of Messrs. Kelley and Butler, ana
others, for initiation and "cheap money" meets
with sympathy from men of another class, who
have no desire TO assai investments. Among
them are many irOn-woIkers of Pennsylvania
manufacturers of some other branches, and
dealers who stand much in need OF expansion
of credits. They see that imitation would pro-
duce for a time an advance Of prices, and that
it is pleasant to produce or trade on rising
market. Beyond that they cannot or do not see.
BY far the greater number OF manufacturers
and merchants at the East, to Their
credit be it said, have learned that
the interests of the whole country are
their true interests, and that as the
country cannot prosper, so they cannot with
an inflated and deprecated currency thior-
tunately for dreamerS, inexorable laws make
it impossible for the market to Commune
always rising. Sooner 81 later the 1ali 10
natural prices must come, ana the more I'M
natural the advance, the more destructive VIII
always be the subsequent prOotlHtlon. Int III
every business community there are men who
lack skill or capital. In every branch OF
manufactures there are some who, because OF
bad Judgment in establishing, or bad manage
ment since, cannot sustain themselves except
with fictitious prices. In all trades there are
gamblers, who prefer just those conditions
which TO legitimate trade or solid industry are
most Injurious. Hence men like aIossrs Kcl-
ley and Butler are never left quite without
hearers.
FINALLY. il would I've folly TO suppose that
nothing is left OF the vindctvc feeling which
q long civil war cngenders. We rejoice al
every proof that il is fading. But we rcmein-
Der that such hostility does not wholly die ont
in an instant. Toward those who riskcd their
means in support of the Government, and have
gained by its triumph, bitterness fingers longer
than toward any other defenders OF the Union.
The soldier is now a soldier no longer. But
the bondho!der sill claims the interest that
belongs TO him. Those who were defeated
must now help Al taxpayers to reward hiIa for
his patriotic faith Toward him thousands of
men who have no longer thought of anim0s-
ty toward the Union soldier, feel bitterness
which is the more dangerous because, for the
present, it seeks only that same expansion OF
the currency for which some OF signal
loyalty are camoring. Let lis rot de-
ccive ourselves. 1t il not safe. The time
has gone for resistance TO the supremacy OF
the Uniol, hatred Of its soldiers, or pr0scrip-
ton Of men for their loyalty. But We have
yet to learn whether the honor OF the Union
is safe. No vindctivc feeling exists strong
enough by itself TO endanger the public credit.
But expansion is the thin end OF the wedge.
After That comes payment OF the iiye-twcnty
bonds in greenbacks. Then the inevitable
result is wholesale reputation. The shrewd
hatcr of b0ndhOlders knows it well. To him
it is very pleasant TO champions of the
Union working to bring population upon those
who riskeA their money in tho cause OF the
Union. He tried to drive the thick end of
the wedge in 1865 and failed. Men like Nor
ton aud Logan have shown him an easier
way. When they shouted for "more
money!" and lab0rcd through a whole sc5-
sion to convince people of the West
and South that industry was suffering
because there was not enough currency in
circulation, thcy we've still fond of occasional
blasts at unrcpcntant rebels" But II there
is an lnrepent;nt rebel in the country, he
laughed with malicious joy while these men
toed TO pave the way for his vengeance.
Whatever there is of vindictiye hostility, on
the part of any who symratlzed with rebel
lion, takes the shape of hatred Of the bond
holder, and cries out for initiation.
Are these forces to be despiSed? Either
alone would fail. United, they would fail.
without IN organized and disciplined party, its
name ard strong hold upon many voters. But
if they capture The Democratic organization,
and have besides only rotten administration
and tie dIcgs OF Rcpubliclnsm to deal with,
what then!