, 1876-01-24

Here their usefulness ends. Z. IL. G.
FINANCE AS A ECENcE.
To ths Eo1for of The cAttaqo Tribune:
West DEpEnE, Wis. Jan. 19.-pass experience,
and tho present condition Of all Industrial anter.
prises throughout the country, give unmiHtaka-
BILE evidence that NO have not as get reached
that degree Of perfection and wisdom In tie
management Of finances essential to security.
The poiisical partse Ut the coun- -ry arc sgtatod
with discussions ~ 10 the best means Of secur-
ing somathiug moro permanent and satisfactory
slan has as ycs been reached with how mitch
SUCCESS Is apparent f1om the intermInnblo COLI
tost that ia being vngod between tho parties, ,and
factions into rhich they arc divided. 1bcllcvc
1t possible to evolve out OF the heterogeneous
uass Of Anauca! experience md accumulated
facts something bettcr 81 u system than at pres.
ens cIists. In tho frat place. the
subject OF finance should not be treated a.
political ono. Its foundation and basia Is ono
Tor should boz Of fact, possble OF classification
aud definite analysis, lts position In tho world
OF knowledge should bo that Of a soence, and
itB laws and principles, when oncO nucertaiucd
aud verified, nesd bo no moro sn open question
than is the law Of graTltation.
1t must DO admitted that thc1n IL nothing
moro essential to the progress, prosperity, aud
bappluoss OF q people than to give them syatem
Of finance certain to sccuru to industry tho fruit
Of ito labor. It is very eyitont TINT tho MANAGE
ncnE OF tho e1uhequor. more than any othpr do
part1uent, Affects directly tho day condition and
happiness OF tho people. In WOW Of this, It bo-
comos apparent tint no greater service can bo
rendered. than 70 secare to tho peoplo system Of
finance, II possible. Rs permanent aud uuchaug-
Ing 10 the organic Law Of tho lnnd.
Yet 1t ia obvious that, hB !ong Us our finances
arc subject TO the control OF our political par
ties wo can hardly hope for anything permh-
convictions forced upon them by tho logic of
somo horHe-polisicisna, 81 tho Ndtion worry ap-
propratoly has defined a GLASS OF stump-oratora
who nse driven in whatever direction thoy Ap-
ont tho country L. Divided between two classoa
whose positions aro we'll calculated TO diapcl tho
confidence that It would bo desirable to restoro.
Tho reason Of this is very apparent. ~ it IL
wcll known tha. CAPITAL b very sensitive To- ey-
cry npprehondoa Change likely to disturb 'ss
value; honco, when those changes appear, 1t liz
atincttsely takes council Of fear for protection
Tho effect Of such condition Of things upon
tho movement In exchanges is 30 we'll uDdcr-
stood that It Is hardly neceasary to describe the
reBult
Il Is claimed BY some that d return 10 specie
paynouts will fully restore confidence, aud aotto
things generally. Yet this theory ts mot by il,-
llat!onlSts with the argument that tho most dis
beou In I!noa Of nominal npcc!o paymouts. ( In
tLi1 they havo tho evidence of Known fartd to
eustain thom.) What about tho deastrous
panic OF 1878. wheu lullation was rampant 7-En. /
1t cannot DO denied bul that a apocic bass ID
essontiaa 10 STABILITY. and tho only permanent
basia Of galues that We eau havo. Yct this will
not eove uh from disastrous pAuics In times
whom credts arc excessively extended beyond
tho possibility OF gold to eolyc.
Gold, ltko Iron, lead, copper, lumber, and
Wttnht GHF fntttuH{e vA11r f0r n x,ttr-
roso. [hiany pnrposes.-Ep.1 Prior to tho
dlbcovery Of tta uHe. hor1es, chtLs, and hheep
Represented standard of vAluo that aaa used
In mixing tho exchanges; but In lit ~ tho
same law Of necessity that has utilized tho
material Of the univesao for mans comfort and
service assigned to gold tho position It has oc-
cupted in tho world ttnea that dato. 1T occupied
tile poaition OF mopoy In tho days OF Abraham,
aud over sinee thou.-ED.] Some have argued,
because gold hos not the use Of iron OF whcat,
thatit had no iut1insio value, and haYo con-
tended thRt tho co,n-stanp determined whatever
valuo attached TO 1t [Ony crazy fools hold that
opinlon.-Ep.1; bat IT. Paul toachos us that
ave aro moreiy mombors Of onr body; and,
whiio gold may not be substituted In uBo for
iron, no more ID posstble to substitute iron to
DO tho service OF gold, Forty yeara after tie
discovery Of tho ,lse Of gold lNo. man kpows
Within .0o0 yoa1s Wien gold was !}rat used al
monoy--En.J, Tho value Of cf0dlt as mGauA Of
exchange was discovered, aud. for tho first tinlo
In the hiasory OF tho uorlh, was yeoognlxed In
tho form OF bank-bllls ~ an c1chhneeablo COM
modify. In other words, II assumed to repro
sent gold. aud ninca then has boen used vory
largely In lta stead, AZ tlmeB this repre-
Sontattve has 80 we'll answered tho purpose
Of gold that many have sought to rive 1t a value
independent Of tho gold II Represented. iet
experience Las dculouatrated that this was SIM
ply impossible, ~ Was verified by tho Bank of
England after the suBpeustun Of 1885, when ahe
sought By eyosJ possible mcana to subvsrt shs
olhoo Of gold ~ representative OF yaluo. Par
Lament and public opinion coneplrsd With t!la
bank to mako tta credit tho standard Of the
realm, but with What succeAa ID vel! known
and, after an experience OF tweoty-soyen years,
admitted. By resumption In 1879. that tho e4-
pormont wan \ failure.
1t IN Apparcne from experience, and tho e1cess
Of paper TINT appeera iu all countries, that = too
freo uso Of credit " tho soa! cauBc Of tho na.i-
cia! evils that aslse to distruss Us. Whlo this il
true beyond contradiction, 1t ts equally iEuo
that crodit ia an absolute necessity In
making tho exchanges Of tho worlds commerce.
Whslo NO MuBt accept tho fact eha. credit Is al
Indispensable Representative OF value, VIC nllocld
AVOID commoh error OF botlovinK 1t possible to
permanently substitute It for the worlds rccoH-
nszed standard, gold. Hero wo reach point
tlat opens before 10 ~ iilimitAblo sea. upon
which wo may embark subject to the motoy OF
Wind aud totm,-the danger being increased or
dlmiulshed in proportion 40 ne spread out or
take to these balls OF papor.
Tho uecessltlas Of the 1uyarnment during the
War required tho floating Of very large amount
OF papsr; and subject ~ it " 10 tho ysgartos Of
political control, it Ia not surprising that, at tho
approach Of every important election, feeling
Ct uneasiness aud distruat should prevail.
haa ever been found that political
influence IN tho control vt finances