Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-03-31

coincidence, confidence which viii Induce timid
capital 20 venture into enterprise. And what rs
stability above oil things the stability OF current
yalues, which renders possible business calcule-
is assured that the dollar OF tomorrow will be
& the same as the d9llar OF today, and that
TINS stability OF value finds full security n ra-
uonal and fixed monetary system, then, and n o
sooner, will he literally trust his money to those
fair return But confidence will not grow as long
| as the prospect that the Wild schemes of dema-
National nat finances hangs over the business world
IKE threatening letorm-oloud. Confidence Will
mSn nTS o" the as .0I199v 1oag Is every business
ti0n for the meeting of the National Con-
gre.s, gre and does not cease to tremble until
tne cOunsels OF folly might prevail and even
the most sensible calculation and battle the
acitest foresight. Confidence will not return until
q financial policy is unalterably determined uDon,
which WI give us, not more money, but HONEST,
SAFE money. For honest, safe money is OF ali
ioundations OF sound business, the most indispen-
sable.
GET THE UNDERSTANDING OF HISTORY.
Let understand the teachings of our own his
toty. There are many among us who remember
the great crises of 1887 and 1887 in the United
with an Unsecured, unsafe bank currency, and
feverish speculation prevailed. Then the crash
tlous values burst, the rotten banks broke and
their currency was swept away. Business was
paralyzed; the people we're In distress az they are
now. What remedy was applied The natural,
the only efficient remedy, and 1t applied itself
| UO.
the reverse. BY the breaking of the rotten banks
and the disappearance OF their noteis5ues the vol
mme OF the currency contracted itself violently
There at the end of the process far less money
| In circulation than before but that which re-
senses. Proftng by the teachings of misfortune
| tney began to recognize once more that not
values, but honest, sturdy frugal industry is the
source OF real wealth and prosperity. When the
first effects of the great shock were over, when
the lies and deceptinns IN the shape Of rotten bank
issues and fancy values had disappeared, when
the seIfaeting contraction Of currency and credit
nad done It's work, business enterprise began once
more TO feel firm ground under its feet Business
men had less of that which called itself money
out they were sure that every dollar they did have
not only called itself dollar, but was a6ollar and
would remain dollar. Upon the stability OF its
value they could unhesitatrgly base their calcu-
lations. Thus confidence gradually returned; the
gaps in the volume OF the currency were presently
hlled, not by act OF Congress creating paper is
sues, but by gold flowing in from abroad in obedi-
ence to the laws of trade, and notes
vlved and soon the country was again i'i in the
course of prosperous development. To be sure
had persisted in the crash did not recover but the
production Of real wealth was more active than
! Look at these historic events and then ask vour-
selves: What would have been the effect II Con-
sress had tried TO relieve distress ana to revive
business by making the notes of the broken banks
legal tender, or by creating an irredeemabe
Government paper currenoyi new element OF
nuetnatlon and uncertainty would have been
thrown into the general confusion; the stock gam
pliers and speeulators might perhaps
upon the shoulders of new victims; but the stag
nation Of legitimate business would unquestion-
ably have continued, capital would surely not
have ventured out, confidence would not have re-
turned, the general distress would certainly have
and deeeption-an irredeemabe and fiuctuating
ourrency-had been wiped out, and the business of
the country had been placed again on the sound
Dasls OF the stability OF current values
WHY CAPITAL sHRNKs.
Can we fail to understand that lessonl Examine
.ne cIisls Mhcn DroKe out two years ago, in Sep
tember 1873. That crash did not contract our cur
rency; on the contrary, what there was remained
and shortly after the volume OF greenbacks was
from the socalled reserve. Money did not disap-
pear as 1t did in 1887 and 1851 There was more of
II than before, and yet the general stagnaton and
suffering continue, and the future appears to us
dark and gloomy, without any sign OF improve
ment. Yes, we have more money than before;
put who OF you can tell me what that money will
be worth twenty days after the opening Of the
next session Of Congressl Who of you can tell me
fortunes of all of u.s. If those who clamor for in
hation now should obtain control Of the National
Government year hencei And now, feeling as
we do with every step, instead of firm ground
treacherous qulcksand under our feet, is there
still anybody who asks why confidence does not
revive, why capital timidly shrnks back why the
mass of money idly accumulated in the banks
does not trust itself into the hands of enterprise
why prosperity does not return, and why the hor-
izon Is still without visible ray of hopel
nm my , Iet,o%-eltlzens az sane men agree that, OF
one ultimate solution. 1t is the return 10 a specie
basis Whatever other schemes may be devised,
they do not even pretend to have permanent
final settlement of the question IN view The re-
sumption of specie payments is the only rational
values from the reach of the arbitrary power of
Government; no other can give to current
values that stability without which safe busi-
ness calculations can be made; no other can re-
store that confidence which is the first pre-
requisite OF a new period OF prosperity. But the
| resumption of specie payments ia also the only
possible solution, II must at last come. Even the
culties in its way stili admit that finally il must
come. IL Is as inevitable fate. Is il not the
part OF prudent men, then, TO move resolutey
an end so desirable and also so inevitablel
LIKE THE CUTTING OUT OF A CANCER.
shall certainly not attempt to deceive you by
denying That when q country is once cursed with
an irredeemable paper money, the resumption of
| specie payments Is not an easy process Like the
dIficut operation But If health is to be restored @
the cancer must be cut ont. 1t is one OF those
evils which can not be cured without pain, and
lay VIII only prolong the suffering and increase
This Is neither the time nor the place for a dis
cussion or the different methods to bring on re-
sumption. What We have at present to do is to
ems to make it impossible. But any OF those
methods, even the most painful Will be far less so
than continuance Of the present diseased condi-
ton of uncertainty and distrust which wastes the
working energies of the people in desolate stag
nation and, like dry rot, eats up our prosperity
And surely, even the severest cramp to which re-
sumption might subject the economic body, will be
ruin and disgrace with which the madness of in.
fiatIon would inevitably overwhelm us
RESUMPTION CERTAIN
Indeed is there any choicei We shall inevi
tably have resumption of specie payment
some time; not by careful method
embodied In well considered legislation
then surely In another way. Then we shall drift
ON until our present system bears its legitimate
fruit; until by destructive cOnvulsion our paper
money Is swept out of existence, and. suddenly
finding ourselves without any currency, except
what little specle there Is left in the country we
commence business again on very small scale
But VIII you not then, sitting upon the wrecks of
your fortunes, wlstfully look back to these days
and say; Then We should have been resolute
enough to do what was necessary, and all would
] be better now"2
AN APPEAL TO COMMON SENSE.
appeal once more to the farmers, the small
traders, the laboring men of the land: VIII you
really permit the world to think YOU so weak
minded as TO believe that the increase of paper
money would De equivalent TO a Government Ofi-
Ger going round the country with large bag full
| of Greenbacks to put some into the hands
that when you have a mortgage which troubles
| you, or n note 10 pay, or desire loan the Gov
| ernment viii step In and hand you the fundsl Or
that the Government VIII, by issuing more paper
money, constitute itself sort OF a rich uncle
whose business and pleasure IL Is TO keen the
4 Of hn I'm I1ogC chi