Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-12-03
Tho InflatIOn pclusIon Again.


A dlfJ. Is published In an indianapolis
paper, purporlng to have been signed by
| 1900 persons, for a convention 10 meet IN
that city Dec, / 70 adopt memorial 10
Congress. The call tccitcs;
The increased depression of business. re-
sulting In the failure and bankruptcy Of all
productive enterprises; the ecnforcedidicriess
Of thousands OF honest and industrious
working peoplcj the continued shrinkape In
values; the vast burden OF public aud pri.
vatc debt relatively incrcnsedby the dcprcs.
sion OF all other valucs-all produced by
mistaken policy Of financial legislation.
Having recited the evils produced by
financial legislation, they propose as rem
idics:
L. The repeal Of the Sherman bill Of
Jan. IL, 1875.
2. The permanent retirement OF nll Ma
tional Bank notes and the issue In place
thereof Of legal.tender greenbacks.
Q. The refunding Of the bonded debt in.
70 bonds bearing 3G5 per cent interest,
convertible into legal l-tender paper money
on demand.
OF course the general reader will rccog-
nize in this the same old story which has
been doing service at indianapolis for two
or three years. Nevertheless II may not
he untimely to again expose the shameless
-eflrontery with which these people pro-
claim their absurdities. ....
The evils which arc proclaimed to be
existing arc attributed TO "mistaken pol.
icy Of financial lcgislatIon,p but we
have not had any financial legislation
since 1864, except the act of last winter
called the sherman bill. But the panic of
1873, which preceded all the real and i'm
aginary depression, and enforced idlcness
OF workmen and shrinkage of values, can
hardly be attributed to the legislation of
1910. Moreover, that act of 1915 was
the most innocuous piece of legislation that
congress ever perpctrated. 1t has no
point-no aim; and has been utterly bar.
rem of all manner Of results. 1t was pure.
ly sentimental. 1t has had no effects one
way or the other. 1t neither expanded nor
cOntpcted. 1t said that at some day in
The future The Government would resume
specie payments, but made no provision
or preparation for any such proceeding.
The preteXt, therefore, of q mistaken
policy of financial legislation having pro.
duced any of the evils enumerated Is one
OF those beggarly falschoods to which the
cheap politicians usually resort.
Nor is the schedule of suffering pre-
pared with any better regard for accuracy
or respect for truth. Tho "deprcssion in
business" has certainly not increased dur.
Ihs thc lHsI TWO yehTSi on inc contrary,
business has steadily recovered in per
manency and volume Failure and bank.
ruptcy have not attended q all productive
cntcrprises;" :" on the contrary, the produc-
tons Of the country in 1878 were greater
than in 1872, and in 1874 greater than in
1873, and in 1875 far in excess of
any previous year. That thousands of
workmen are idle in 1915 is true, but the
proportion is not by any means as great
as in 1874 or 1873. The shrinkage- in
values has been purely in speculative en-
terprises; nothing substantial has either
wasted or been destroyed
The remedies proposed are naturally
such as might be expected from men hav-
ing such confused notions of the actual
condition of the country and of the causes
producing financial arrangements. The
repeal of Sherman's bill would repeal
nothing having any legal force or opera
ton. The other remedy is to double the
amount of national legal l-tcnder notes and
make them cxchangeable for 3.65 bonds.
The practical remedy which is pro.
posed is an initiation of the currency for
the purpose of further depreciating it;
making the currency cheap by reducing
its value; and making men rich by giving
to them two 50-cent dollars in place of one
100 cent dollar. .-Chicdgo Tribune.