, 1876-01-03
HARD TIMES.
The Evils Of nll frrcdceu&:,i,lp
Currency.
Lecture by Prof. Sumner, of Yale COL
lege.

Lecture ny Prot. Sumner, Of Yale COL
lege.
| Frof. Sumner, OF Ytle College, lec!uroj boforo
| largo audience in the Sunday Afternoon Course
yesterday At sfcCorm,ck'A Hall. FoIluaiux Ia a
summary Of bis eublsct ''lIard Timea"
Hard tines arc, In one Hanso, benefit b J..
causo they set men to thinking, and warn n,-
tIon when eile has n.ado economic n,istahes,-.t.
tue eamo sehso that mn. by vio-
la&tng tho physical law, ipcura the
penalty OF AcAness and death. Hard
tlnen arc tho ai,nos to turn back and say :
"Hero is pain. misery, aud poverty" What
mistake has 6con committed? Where have No
erred : What kind Of a nation are we7 Look
around and sec what cur condition IL. pcrlaps
tho people OF tho West did net foel tho croat.
neaa Of tllor section. bnt no Eastern rnan cou,d
come west without being impressed by tlle
!ound!csa resourcca Of tits magnificent nation
MIN only thiIteen porhoua to tho Bnlaro milo.
tho American, people, for two yearH, havo heel,
E'oanlnK lt!fler lizard tunoB." ILore must he
Ho1ne mistake.
When tho cause Wan lnon,set1 ;nto, t,,e min Ia
or mon naturally turned TO tho War, ~ tho
!,f'sns 'noser III tho eviIa That have cor,o upon
tne IauI. iiteen years ago no sent attr,lcs
s1to ttlo fold, draining onrselves Of workings
tHcIl' pairing. money for caunnu, powder, ard
nuutlons Of war II tue general eouso, lie did
not alluds to tho War in political light, bn. in
the light In wllc!, it appeared 10 lin, namely.
destruction OF life, . wasto OK material. o gan
eral devastation. gigantic debt, wbict, was now
burden on tho people. Tic capital dessroyed
tbey mAdo up by pieces OF paper, wbics, prom
iaed 70 rav Tho hodors ut such paper full rot,rn
H.! fo1 The ioan made TO tho Government. But tic
,,,et inout VIA able to pay. 70 ho Transferred ito
,Hn'' tnr ras,o, TO psy {,s to 18TH ,osefs and 20 Dc
T. tue wasted capital. ,was, not ret rcplncoi.
II was PLAN proposition that wEora suclitraus.
tern were male. while tho wasted captaI was not
feplaccd, the loas st fall upon tho last holder.
lApp!anso.] Thia waa ths secret OF tho crn.h
MAJ followed tho falHo prosperity Of the War
l1nes,
Destlos there wero ccrthin money laws TINT
c1nnut bo violated. une,-aA soon al you beui,
to uso paper Al money you eau never keep moI,ry
WIN t'-~ihey capnot live together. fApplausc.l
qniremout, -iloy went boyonl tLa ueccsai,r ~
oSchangc.-an 10 dcranged every yal1o Ia ils
conntry, Importing commerce aud rutninx
credit. They suoud hase remembered that.
Ike the school-boy. they could not hayc their
cake and cat 1t. During tho War, they hud
e., eaten thor cako, aud becauso paper money wns
giant, and encouraged lis wifo ana chlld,cu 10
becomo the saule, Some ono had lnit not iouv
ago thai tho people Of lilo United States Hyni
on R roast beef. When thcy should 1.-Two on palt
coduAh. AppIG saucg, ntlu New ENGLAND RIM
ll4aughtcr.l They hau changed ali tha.. nn, INV
lived On roast beef and other good thjt,rs
Hut that was for tho benefit OF tho Country
purerty could nut l1o attributed 10 rand hv,nr
in the acnao OF food. The TACT vas ths nconj,
OF tho United States, having a tniso r,,rre,rr
believed their income III lch larger that. it wns.
au error which led them iuto uuthtukinc AZ.
tiaragsnce, winch helped to bcgct ,be tinnnciaI
disorders under which lae couatrv Iahoren.
Some peopIe held that IN eyll Of tl,o cnun,,r |
was osespso .uctlou; but s,lcl. q theory was II,
lp:5iC1l IOf tltG GJDAtFY could not nto1urh tnh
much. There wus 10 euch thinc as NJ, ovoTe
q oJucsou iu tlte aenso Of cotton, corn. or mann.
(actuteH Of uny kind. If unyt},,p@, j., tl,a,
ino might be called oye,produciion, L was mn.
sas hard to 1nuko The application. hcc,nno tha
a!ltoais wore geucra!lv productive. aIthonri,
many Of then, wcro r,, in Lhls gano vast sra ~
,aror inoney. ' ~ ''A'" '"'S'o 'as' sea u
Another thing to Which tho bard Times re,o