The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-05-13


preston justly chargeable upon our cur
rency, either as to its nature or its
amount, this depression would certainly
be confined to our ewn country, where
only this currency has jurssdictfon over
business affairs. But such is not the |
fact. The lamentations over the de-
preston of business are even louder ana
more lugubrious in Europe than they are
here. The mercantile failures and as
signments in bankruptcy have, been more
numerous and tor far heavier amounts
in European countries than they have
been in our own country, during the same
period of time. But their currency Is
gold, the universal standard OF CONNER
cial exchange. Their currency. then,
can not be made the scape-goat which 10
to be sacrificed ior ali their basiness em-i
barrassments and failures. England
and Germany are complaining evenmore
bitterly thap we are over depression IN
their business. Russia and France
i have suffered in like manner, though not
/ to the same degree.
| There must, therefore, be some other
cause than merely the condition OF our
lcurrency that produces this universal
depression in business throughout the
4 civilized world. Our currency question,
| even if it operated depressively upon
our own business, would be altogether
linadequate to account for similar de.
preston throughout all Europe; espe,
cially when it is considered that oul
!. purchases in European markets have
, not been materially diminished IL
, amount.
sl There seems, then, no escape from the
, conclusion that it 4has not been SO mucf
: from the nature of the currency as from
3 the nature of the business itself tina
J this universal depression is found tt
a prevail. We in this country had applied
! to an insane degree, the money OF th
0 country in speculative schemes ant
fancy stocks. to the neglect OF legitl
Innate lines of business. Germany ha
Idone the same. The residuum OF he
u war was similar to that of our OWL
'l Both had plunged into stock-sambling a
: medium of keeping up the excitemer
: that war had engendered in the publ
> monetary plethora by placing more tina
= one thousand millions ofdollars in join
~ stock companies. So did we. The
u bankers turned STOCKHOLDERS and spet
Is uiators. So did ours. Their investment
IL proved worthless, and then their pam
IL came. So it came here. They blame
y the Americans for all their disasters, al
T. we blamed our currency for ali of our
ol Both were mistaken. The America
'e Government securities taken by u
- Germans were the soundest and mo
r. profitable they ever owned. The Anne
- ican Government currency used by
10 was the soundest and most serviceabl
81 we had ever enjoyed. And yet I'll
American securities were made I'll
s. scape goat for their business depressio
~ and our currency the scape-goat +
~ ours. The times are hard in England !
lweu as in Germany, and from precise
IJl6 bdulS CuuSOs AOAO WV VhS ptsA
ST. speculative fever had ragged and the
Ia- came the same revulsion and like deprt
W sion of business. But the scape-goat
ih' England Was in her great Turkish loan
$50 and Peruvian loans, and loans to all &
ae South American bankrupt States. 5
-, too had insanely speculated and large
lost.
ne There is no remedy for this busine
20 depression but return to legitimf
ne business channels. We have been
ne two years and still are returning to u
ny channel; and as we return business
'a' gradually relieved from its depressi
'ry The recovery will be slow, because
re- disease was serious and severe, and
'ss prostration great. But we believe
uf- restoration to be sure and permane
'ei And then we shall learn that cur
rency is not justly chargeable with
me those ills that our business 1ntere
zen have unfortunately fallen heir to.
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