, 1876-09-01

magic in law no AiAddn. lamp even In Invention
" which We cnn e.caps thc primal asn'encs: " n
Whenever community attempts to make aNhort
cns to pro,perty i VII realize the truth Of the
o1 $Bess sts s a,s ns % s. II, Ts % oev,
during Tie vi. and few ycarr rneescding II, who
lstrc scheme for Issuing more money. Thcrcc t,ia.
take cAnsc ioe OBJECT. II h common and nssdious
son,e,. r., xssy sGaty 7. @ e rs w IT,
civilized world. Il is tho contraction OF business
that contsacts the money IN circulation, and not
valnss fall trst ,To.iiey whom business Is 40
ssarnnnL property 10 70 low, Tho Government d
putting loan npop tho market successfully It ~
per cent Interest, aud upon nndonbtcd security
certainly was paid In onr must prosperous tnlc.
hs for tle asking, i woula not Ge Worth any more
shan isn,tn'ng esr that g,ows on hashcs Or ean DO
Ind for The Tie sak'nE. At and WateF M M ats % mota
!. does not follow because .hcy are free That they
Government. II employed million Or men ia tho
field and miller more IN supporting .hsm; Il
ths farm or manufactured ii work shops. True.
It wa the business of obstruction, bnt L was .ho
woTld, as Il Constantly demandc,i the use oi vail
In debt 10 all The world and discounted our own
marketable, even hntnsn llte. 4 the expen,es
~ w had ne1 pnna p 1t M i ey IN,
were w craving poorer s and not rtchsf u ths In:
abor. il i tho otiles d anatIonai DOH. 70 trans.
tional debts Of the world amonnt to tho appalling
e. S Sss s thu sy yetsst este on % III! ~, Ct
sum II the price which this generation Ia paying
tor The WATT WI. Of the past. great wa. carried on
!isvia'a ha ' j. fieh whila Do % /. borrow.
as On un1!n'te4 d.. credit pays5
the activity of business and general peeaniary
prosperity continued seme years after the War.
mentum. An eject often eont!nnes s after tho
a.. moral sss. eet Ill sFs Sns aY, II
Northe,n State. seemed e be ,snsopsd ~ return.
~ escns w; . saea
population. Tho waste OF The War tad 10 be 70.
paitcd, exl,sus.ed stocks 70 be rcplenishcd. nnd
nent 10 capital. Grrat fortunes accumulated In the
War and made splendid !shows, As.a community
suosh en- henses Sna cnonS c1oes e s S' enous ns
or gcw. .gnwr too glitter1nE. We had been accas.
toned 10 hlgh prices la5Ea ptoats ana Sudden ad-
moved. We had gong in debt and mottgnged tle
future 20 easily wc DID not rcaliHo that W could
not cnnItnna 70 indefinitely. Inc dloW ana sure
mon. place. Tho man who could not leap into
fortune vas "a ola fogy. ;he ,Ient va. erlsat but
The rcyulaLon, seemed to come suddenly, bat
many baekdooE, whlle tho front door waA "a
ahnWy as ever. InstttutIonn and companies con-
t'nued to do hnnncss whose insolvency was known
only 10 themselycs. Tho great failure OF Jay
but only revealed its holloxuess. Yon nay s, haye
ecen In thg early apring stseAn, Of water flowing
beneath = coverl'd Of SNOW. 1'ho, surface o! tho
sntsr il si,snt!y estln: il out bensath xt length
Il II 9s Ion" M S ~ 1y Sy,n qys t fso
meath. Suddenly u'e Ice blcaks With ! craah. and
you learn that silently, and Unseen the river has
| pointing those who wnnt = political speech alx
i s Sn' ens ri ms 1ssss t. .
fslatcA into existsnee by an act Of Congress-, aud
That dush times, hiEh prices, and demand for
ins ts % 7oiano % Il casransy, n Without sso con
that you Enat pardon nc II proceed utsll furthe.
| tis common expression TINT currcncy ought to
be equal 70 the waats Of bustncss. o. coulso u
oass!t; Bnt 4 i. docs not follow that everybody
very moierais, might only want hnndfod thou:
sand, or ayo hundred thousand, Or perclnnco a
aru greedy they would take Aye t!mca as much,
mud money would become 10 plenty Il would noi
10 worth any more than foArPonny nni1s. nusi:
viii not want money, but IN abundanco Of s'cnr:
1onsy"w!li not eseste that knd q business which
smother !airoaa to 1udtsaspoiIs, willie lilo road road
wa building business would bo increased, snd
| there would be on Increased amount Of money In
circulation. l3ut II whpn the road waA completed
y shonfd fall to pay running expenses Ill tho cap
!ta Invested lH would hc loss. and IL would have
I well Tor tNB COmmun{fy. econOn1{CnlV
constdeFed. u all the lhboEcn employed In The
construction bad been supported In tdlences, aud
| al ttu Iron aud tics had boen heopcd up In piles.
A great deal Of tho depression now experienced
i tho reau't Of bsildEns railroads In advance Of tha
ss ssaay M s: s: I'D Ssn, !, h' ID
meeting now lhe draft which was drawn upon the
future then. We can n,nka money In circulation
we should only postpous tho owl day and add 10 II
twss NY fortune Tor m,.fostuns, to be resi-:
| by hro In November, lRl2 In the. excitement ol
tie occasou, in tho lopstuluoss and dotcrmluatlol
iots im,nedssely aftss ths 1rs than We id in lot,
ana buildings before. The dcnston did not laat.
l. large portion 81 y9as beautiful :s!ty should b.
thclr lota TO rebuild. anI whlle Tho building VA
golag OIL, money would be plenty bnslueas active,
como cons dus. Ike actual e1tent OF Of liz o,s % could Se
realized. Theru nsod to bo proverh thhta wa,
ana a,e made gOed times e i, DIT Do not know
|
nnd melting OF wars Tor tic sake OF the 'scooi
times" Occasionally there ls hto Of real benefit,
when II tcstroyssome old rookcry which has nj
actual vnlue and stands In the way Of advancing
improvement. The gain OF our Civil War was
that il destroyed forever an ,institnton "a old 81
history, which waa Disgrace 10 human nature,
which stood In tho way OF Improvement and en-
nhled US 10 build upon a foundation orn IA tho
rocks templo consocratcd to equal rights, dcdl-
Gated 10 freedom.
! turn aside fur moment 10 remhrk that II Ia 4
sad commentary upon out civilization ind socIa
organization that LIVING ~ wo do In world whclu
therc ID 80 much 10 be done to make II beautiful
| aud fruitful On . dt hnbltatIon for man. tho do.
| structions Of war and nro could ever soem to b
blessings by giving labor An opportlniiy 70 tti
daily bread. How vast the Labor which hns been
employed to soatore what has been devastated by
wnf and destroyed BY 1re. Tho property In The
United Htntea, Tho whole wealth, Including lands,
averages something leas than 81, QUO To cneh tn.
hubitant. Tint hvoFnge would bc liberal estimate
for The civilized world Now II tho average value
OF years labor II worth a 500 to each snhnbi'
with U0 or g. o00, 00u years Of history behtnd H.
has only put In ts snvinga bank hnt only Acel,n,u.
lated. tha earnings Of 10 years. That Is all tlt
capital II hhs ~ 70 OlA What an extravagant,
wnstctul, and destructive world It has been. Ant
II has not got through sowing ~ 'wild oats u
yet.