Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1876-09-20
HARD TIM Es
And tho Resumption Act Of 1875

Chimes are hard, and money close
are words often heard. Some men
urge this state of affairs as reason
for desiring change from republican
to democratic rule.
| Political economy teaches us that
an abundance of currency will not
create that kind of business, which,
in the end, will be profitable to COM
munity. Vast fortunes were made
during the war, when money was
abundant--it led to great extrava-
gance, houses could not be grand
enough. dresses could not be made
fine enough in America, and a man
who did not own a fast horse, was
voted an old fogy. Sudden advances
in real estate, gave to affairs an air of
stability, and ''hush times" came right
along for years after the war had
closed. We became the best custo-
mer France had for her wines, silks,
and other luXuries. and the great
wonder is that, as country, we are
not bankrupt. The prosperity was
not real, for we were simply mort
gazing the future. During all this
apparent prosperity, the nation was
issuing bonds, which found their way
to Europe to help pay the s'balances'
against us; this was the case so long
as our imports exceeded our exports.
Instead of our people being econom-
ical, we became a nation of borrow
ers; cities and counties issued bonds
to a vast amount, and individuals. as
rule, would take all the money they
could borrow. To find man who
refused money when it was offered
to him on s'tive years timc," was an
exception, not the rule, while to-day,
your prosperity as not equal to The an
terest you haze agreed to pay. Now
can yon blame the republican party
for this state of affairs? AS the guar
dian of the nations honor, it was in
duty bound to protect its credit. The
purchasing power of its currency was
not equal to gold. In country that
furnishes three-fifths of all the gold
and silver used in the world, it was a
disgrace TO us as a people to thus use
a deprecated currency.
In 1875. the law was passed notify
ing the country that preparations
should go forward looking to resump-
ton in 1879. No man can claim that
the party will insist upon resumption
at that date, unless the country is
prepared for it. That it was a wise
measure, the democratic party must
admit-the last session Of Congress
dare not repeal it-for they had
nothing to offer in its place. You
cannot expect that Tilden will 90
against it, if he is an honest man, for
in his letter he says, "The earliest
time in which resumption can be
brought about. is the best" Also. he
says, "even when the preparation shall
have been matured, the exact date
would have to be chosen" Now, if
you believe Mr.. Tilden, you cannot
expect him to favor initiation of the
currency. To suppose that the bust
ness activity and apparent prosperity
OF former years can be restored by
some schemer for Initiating the cur
rency, is to mistake cause for effect.
The business of the country has less
ened. Look at our own county: we
have had two partial failures of crops
i'll WapellO. our farmers have not the
produce to sell, and thus invite money
to us. Money will stay and circulate
where there is business for it to
do. and no party can drive it away.
You will readily admit that the coun-
try is suffering from past imprudence,
and resumption can never come to
us as easy as if the people had in
past years, been more prudent and
economical. In France resumption
took place without any shock to its
business interests, her people are
mainly producers, and very economi-
cal. Notwithstanding her severe
war with Germany, her people emerg-
ed from it, and seem to easily repair
her heavy losses. To show how
wealth is spreading in that country,
the number of holders of government
stock has increased twenty fold, the
number now being four millions.
So much for other nations buying
gcwgaws and wines from France.
If Qua people were not
laboring under the effect of
ovcrtrading and useless expenditure,
you would not hear the republican
party criticized because of her efforts
to save the nations credit. am firm
ly Of the opinion that the act of 1875
was just the admonition we need
ed. 1t caused men to reflect
and admit that seasons oil
speculative excitcments are followed
by dcpressions, and if they were saved
before they struck the breakers they
will admit the wisdom of the act.
Want of system in finance must lead
to such cases, as Frank Allen, who, by
overtrading, deceived people as to his
actual financial ability. We want
money enough to carry on the bust
ness of the country, but that money
must be good and stable. If the bus
mess of the country contracts, owing
to poor crops, or extensive building
and Improvement, i'm advance of act
ual demand, you will gain no per.
mancnt good by any scheme of indef-
mite imitation. Would il not lead to
still further advance i'm property and
fancy stocks? And when the rev,ll-
sion did come wonld not the loss be
more rninous? No speculation by any
office holder has caused these times.
They come to all nations i'll
they are not prudent during
seasons of prosperity. Even though |
we have cords of irredeemablc cur
rency to work upon, a people living
beyond their means, investing their
wealth in eunproductiye enterprises,
cannot preserve even an apparent
prosperity beyond o certain period. |
Then the only course left us, is to
work patiently until 1879 rolls round
and if the conditions are not right for
redemption, the time can be extend
ed. A party that has brought the
currency up from 60 cts on the dollar
to 81 cents, can certainly meet the fl
nancial question in the future. Mr..
Tilden is the hardest of hard money
men and leads a party that has no fl:
nancial policy. The grecnback party
does not expect to carry single cleo
toral vote, then you can gain nothing
by adopting their financial vagaries
and voting for Mr.. Cooper.
Demagogues and the unwary will
tell you there is hope i'm Mr.. Tilden
and Hendricks, but the people are too
honest to accept equivocal and am
biguous congratulations, which are
all things to all men. J. G. M.
lie Petit Journal, of Paris, now re-
turns its circulation as 100000 q day,
''the largest Of any newspaper in the
world" y