, 1876-07-29

civilized world except France, and
the escape of the French pooplo Is owing to
their conservative onsl system OF doing busl-
moss, and their abstinence from speculationa
nnd oil strntching OF credits. SO tho con-
traction Of tho currency (thore having boon
no contraction nt the tiu1e) Ind 10 more to
do with tho American panic thhn 1t had with
tho Austrian, English, and German panics.
=. IA 10 enormous taxation, this was
merely q part Of tho general systom Of OK
pansson and rapid growth, w1lothcr in tho
National Government, the State Govern-
ments, or Municipal Governments Besides,
tho National Government md most Of tile
local Govornnents have been engaged In
ourtailing expenses mud reducing taxation
ever since tho panic.
.. It could not hive boen tho Resumption
not, which Mr.. UAnY includes among his
Causes, for the Resumption act was not
paasod until 1876, or nearly two yours inter
tho panic actually occurred. Az n matter Of
fnot, the question Of resumfng did not as-
sumo tho conspicuous plaee It now occupies
until 1t had gained prominence through
this very panio which Mr.. OAnr says It
caused
4. It could not havo been tho domonetiza-
tion Of silver, since silvcr had been practt-
cally domonotfzed for ten or twelve years,
and formed no part Of tho circulating 1no-
diurp of tho country. Indeed, the fact waa
scarcely known that in 1873 tho Cdinago net
deprived the silver dot1nr Of it's quality as
]ega1-tcnder for any amount, and certainly
no Significance WAS attached 10 1t until within
fow mouths, when tho doolino in the value
of silver presented m opportunity for restor-
Ing 1t to tho currency Of the country. So,
we presume, all the othar GAUGES Of tho hard
times which alr. OAnr included under the
generalization Of "tho whole legislation Of
tho country might be disposed Of If he had
enu,ncrated them.
Tho simple fnct ia that tho American pan
les, like oil other panics, WAS tho result Of
reckless expansion Of credits, incidental to
which was III exaggoration of prices, over
confidence, improbable Investments, too
rapid growth, premature development, and
speculation Of all kinds. Wo had lived too
fast on borrowed means. Wo had discounted
tho future without preparing to meet our
pnper. Wo Ind invested in railroads which
could not be n1ade to pay. We had etraiued
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