New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-31
PROTECTION AND RESUMPTION.
nov TuE NATION COR IN DEDT AND HOW n MA
CIT OUT OF II.


GIT OUT or IT.
70 me RAZOR OF The Trtbnne'
SIR: The present stagnatiOn in business which
/, almost unprecedented IN This countrys experience
acs pack unquesonably for its causes to the war Inc
mechanical aud manufacturing Industries OF the people
wcic stimulated 10y the var beyond historical paiHiel'
fist: by the Government which was constantly in the
market for nearly every article produced at nome
secondly by tho necessarily excessive increase OF the
currency 10 pay for these purchases. which Obiterated
previous ideas Of and changed entirely the habits
of the people, causing them TO estimate by millions
where they previously reckoncd by thousands LII this
way the Increase production outsrppod the Increase
OF population Sill, the war was not an unmiNed
evil. 1t taught the nation seif-reiancc. IL com
prIled it TO work It's mines, to experiment
with its own iron, to produce its own steel
The war Of Si2 in this light was national dement, IL
was the first real tariff had. That OF l7so ana
tie sleitly modified Of 1904. were OF small bclcht
in comparison with this and its embargo They hrrt
gave impulse TO manufactures and compoled tho
country 70 recognize It's own resources.
The business of a country is largely dependent on the
Subjective impressions OF tho people at any period
nation like an individual has It's whimS and caprices
There is evidently at this time Ia the minds OF
a large class Of people an underlined dio'ru5t
OF the soundncss Of the whole business basis
Of tn, country. The various panics tnat nave
occurred since tho suspension of specie payments
have shaken public confidence and people disrust each
ether 1t il patent to careful observer that deter
inaon has seized on the people that everybody shaii
pay all he before any new business commences
coming down to frat principles appears to DO do
mandcd. The country has been seemingly attempt
nis this sonscless scheme for the past -
mouths 1t is perfectly suicidal endcayor not
very dissInilar to panic. or scare, when
sometimes szcs crowded assembly There rs no lc5ic
in such n IL simply reduces the relative value OF
all property The world IL unqucstonahly In debt some
u,piA for f. AZ
fast because the people OF no country earn penny
d,v for II they did in 100 years the planet would not
hold the accumulated cash The calculation Is interest
ing whether tho reasoning true or false The SUN
to Ia an enormous one, but tho debts that people owe
10 each other readily reduced than sometimes
seems possible. An Intelligent gentleman IN TINS
vicinity related to circumstance In point In carly
life he was ,sher of a bank in Pawtucket r. l., ana
during some local pressure for money quite crowd
ntcred o his bank await the arrival OF messenger
from Providence with expected $1,000. On his ar
rival the messenger gave the money 10 the person 10
whom II was due He ut once handed 1t to another
whom he owed and this again paid 1t to third and
40 the money in turn through the hands OF 20 per-
sons the last of whom paid with it note to the cashier
In this way $4,000 OF debts were paid with $loOo
Debts that due abroad require specie for their ex
tinguishmnt and the payment reduces the wealth OF
nation Is much less able to redeem its promises
To pay in coin This is why it Is better to produce lcs
wares, and merchandise at home than to rely Oh me
labor food and skill OF other nations and give them
specie in payment.
The great cause OF our present embarrassment ana
loss Of confidence Is the situation OF our curreny which
not being based the precious metals-which have
real nyariable and eyerpreseRt value the world over
shifts and varies each day ad honr The country was
forced this during the dark days OF the war; ana In
consequence it has lost its reckoning Clearly the
hue way out Of this difficulty Is TO get
1, III ~ he
Is to bring transactions to gold standard This de-
mand. only confidence in the Government, and IN the
resources Of tho country The debt IL no obstacle ii Is
only half large that OF England or France and re-
sumption will reduce the interest on II precisely in the
ratio of gold to currency and every dollar Of gold in the
land will ut help TO float the nation Gold viii cease
to he an article OF merchandise and will assume it, fnc-
tons as currency There are at least twelve million
more inhabitants than when suspension began
and more than that. tho nation has legacy from the
war OF 100000 freedmen. Now they are men and
American citizens, producers and consumers. All OBJ
saces to resumption Will disappear when tho American
people say ia honest confidence, " Let II be done"
Froridence, Il. l., July -, 1875. D.w.v.