New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-11-20

infiationists. There is in the popular mind
pernicious idea that Congress and the Admin
istratlon can do much to bring about either
good or bad times. Congress and the Admih-
istration, in the belief of hundreds oil thou
sands of American citizens, are manly respoh-
sible for the troubles that now beset trade ana
industry. Our readers can bear witness tlat
we are not the apologists of corruption and
extravaganza in the use of public money. But
not even our present high taxes are as potent
forces as those of the human mind which pro-
duce the ebb and flow in the tide of specula-
ton. Were all our taxes doubled the average
condition of the people might be much the
worse, but it would not be subject on that ac-
count to those disastrous reactions which the
abuse of credit produces. We should be on
the whole more miserable, but we should in
time get used to it. We therefore hold to the
opinion that the agency of Congress and tho
Administration in producing the present hard
times is extremely limited. If the nation were
wholly relieved from taxes and if confidence
had been abused and common sense perverted
as in the years previous to 1878, collapse and
reaction would just the same have been IN
evitable.
Our Government, grossly as it has been
abused, is based on the principle oil according
the largest liberty to individuals. The excess
sve creduity of the public IN regard to the
capacity of hundreds of new railroads to pay
interest on the money invested in building
them, and in regard to the future prices OF
real estate, furnace property, mines, Nc, and.
generally, the blind confidence that the fever
they called prosperity would last forever, were
not created by Congress. We have large
number of men in this country engaged in the
operations OF trade, commerce. manufactures,
and enterprises Of all kinds, of whom not one
In a hundred thinks he has anything to learn
about the laws OF trade, finance, the currency
&C., or anything TO gather from the experience
Of other countries in those matters. Ii Is as
unjust as il is ridiculous for such men to
saddle the bad effects OF their own lgro-
rance and imprudencc on the Government
of their country. And yet, from the striking
coal miner and locked-Out puddlcr to the
BANKRUPT Spectator and insOlyent merchant
who has his eggs in too many baskets, they
all blame the party in power. Not only that,
but Congress itself as soon as 1t meets falls TO
work on all sorts OF ridiculous schemes for the
"reliefr Of the country. The country must
look to itself for relief. for Congress cannot re-
lieye it, When the old skin is taken off there
is nothing TO do but wait for the new skin to
grow.
The taxes which Congress and the various
State and local governments have piled on the
country can honestly be avoided only 10y
retrenchment and payment of debt. Money
now stolen can he saved only by putting
honest men where knaves do abound. These
things are all difficult to do, and it is highly
ol.oJ, fhn liar
produced by high taxes will outhve the present
generation. The greatest imaginable genuine
prosperity will not therefore be attainable, and
the danger is that before the healing force of
Nature does half its work, the people will grow
restless and clamOr for some "measurc OF
"yelief.n The select few who sincerely believe
in the 500 nostrum will believe in it till their
diving day. The Birmingham philosophers in
England, who were outraged at the Bank
of England's return to cash payments, had
their disciples in the House Of Commons forty
wears after the act of 1919 went into opera
ton. The crooked may be made straight and
the rough places plain, but the deyotees
of the mystic $50 will never hold
ideas on money which are Ineligible to
the rest of mankind. But the 3Gj philosophy
is too abstrusc, too windy to satisfy the hard
common sense which, after ali, is the founda-
ton of our national character. The true
source of danger is in Congress itself If we
had among our $40 Senators and Representa-
tyes five in each body who had a firm grasp
of the elementary principles of money, we
should have less reason to dread that that
body, in attempting off hand to land the COIN
try on q coin basis within sixty days, would
destroy all the progress We have made in that
direction. Let us be delivered from any more
caucus legislation on the currency. Let every
measure be well discussed and, ii possible,
conprehended, and its probable operations for
sixty days be figured out before the Prcsi-
dents signature is asked. This is more than
can be said of any finance measure passed 10y
the late Congress. We are indebted for
what little reduction we have had in the
volume Of the currency to tho efforts
of Congress to pass measures TO increase ii.
We should be truly "spOrt for the gods if
some future Congress, III attempting TO re-
sumo, should 90 nothing but increase the paper
and dispense the gold. The achievements of
ignorance cannot be foresecn, and the best
generalship Is often wasted Ill trying TO fatlOm
the plans Of a braiDless commander 1t is n
misfortune that such men as Carl SchuZ and
Alexander Mitchell have left their places vacant
when their knowledge and their splendid
powers of communicating it to Others would be
Of inestmabc value 20 Che county. We fear
we shall look in vain for Senator'S and Repre-
sentatiyes 50 well qualified to spread sound
doctrine in finance among their constituents
and fellow mombcrs az were MIR. SchuE and
Mr.. Mitchell. Most of the politicians, We have
no doubt would be glad TO see the question