The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-09-18

been driven out Of circulation By the in.
ferior currency. Ask our iron manufactur-
ers why their founderies and FORCES are not
IN full operation; the managers of our
wooden 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 roads are not earning more money,
and see If the answers are not of the same
tenor-the manufactures have outstripped
demand, that there is moro lumber than
building, more ships than freight, more
railroads than traffic, more laborers than
work. do not believe that one single
sensible man among all these classes of
producers and dealers can be found who
will attribute the existing depression to a
scarcity of money.
IF such are the facts, what judgment
should be pronounced upon those who,
through willful blindness, or for party pur-
poses, or for selfish ends, declaim, before
laborers suffering from want of employ
ment, against the oppression of capitalists,
and urge them to demand more currency,
as An antidote for their misfortune?
CAUSES OF THE FINANCIAL DEPRESSION.
l have saidthat 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 de-
preston is felt, and severely, by the manu-
facturers and dealres in Great Britain, the
general state of the country is healthy.
Lapd was never so high or so saleable as
now the traffic upon English railroads was
never 80 large, and Notwithstanding
q reduction OF taxes, the revenues Of
the government are steadily increasing;
municipal Indebtedness is comparatively
unknown: there is no general complaint Of
taxation, and the spirit of the people is
strong and buoyant, There have been
heavy failures (none, or very few, however,
as far as can learn, of firms that have
not engaged in operations outside of their
regular business), and fearful losses have
been sustained by reason of iDjudicious
Investments but the nation is, as whole,
in satisfactory financial state. Now
need not ask if the reverse of this is not
true OF the United States. The question,
then, to be considered is, to what, in addi-
ton to over production, is the prostration
of a country so abundant in resources, with
q population so intelligent and vigorous as
ours, attributable? Is it not, first, to our
civil war? Secondly, to our redundant and
vicious currency? Thirdly, to injudicious
taxation? Let us dwell for moment up
on the first two-leaving the third for con.
sideration at some future day.
First: The WGr.-Everybody knows
that wars are terribly destructive of pro-
perty as well as life, and that civil wars are
especially so. The war between the gov
eminent and the southern states was one
of the most exhausting that has ever been
waged. All other civil wars have been
child's play in comparison with it. No
thing like it, in fact, has ever occurred.
During its existence we failed to compre-
bend its greatness or its destructiveness.
For nearly four years some two millions oil
men, OF the same nation, were engaged 10
the fiercest and most expensive struggle
that the world has ever Witnessed
struggle that was only ended with the
utter prostration of the vanqulshed section
During the continuance of this war, every
thing necessary for its prosecution was in
demand. The manufacture of war nipple
ments, the building of war and transporta
ton ships, the production of food for the
support of the armies, necessarily involved
an advance in prices, and gave a stimuli.
to industry which seemed to the cursory
observer like national prosperity. Never
were wages so high, never fortunes so sud
denly made, never was there such a pro
duction of materials that perish 10 thu
using never were people so intoxicated
by deceptive appearances That thi
prosperity was delusive is now apparent
but it did not become apparent until afte
the crisis of 1873, for during the war thu
government, to meet its enormous expendi
lures, not only issued vast amount of it
interest bearing obligations, but it mad
, forced loans in the form of promlssor
notes, and declared these notes to be law
| full money.
Concluded tomorrow