New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-16

graphs, amount 10 practical cOnnscalloh vi
property exceeding $4,000, 100000 in nominal
value. Even at prices which have prevailed
since the panic, the market value OF tins prop
erty is enormous But 1t is held, not because
of the small return which it now makes, but
because men know that, with a revival OF
business much of it will greatly increase III
yearly returns. TO purchase railways ana
telegraphs at present prices wonld IN
volve cOniiscation of the vast difference
between those prices and the future
value to holders, and it would also involve an
other enormous confscation by the deprecia-
ton of Government securities now outstand-
ing or to be issued In purchase. Few go so
far as to contemplate this complete change Ill
our system OF government. But the regulation
OF railways by Congress, to the extent COM
monty proposed, would be only cODfiscation IN
another form, unless, indeed. in the conflict of
interests, the capital of the corporations should
prove more powerful than the ballots of voters.
Few would care to buy property, the earn
ings of which would depend upon the caprice
of voters at any election
The same spirit demands repeal of the re-
mDtIon act. lis belief is that resumption
Will benefit creditors only. Its purpose Is to
plumber those who have saved money, for the
supposed benefit of those who have sa,ed none.
but are dependent upon the savings of Others
The spirit of hostility to banks also finds ex-
preston in almost every platform designed 10
win the votes of the poorer classes. Ihey are
supposed to hate banking institutions. Many
do imagine that banks are n heavy burden,
whereas IN fact, they make. exchanges easy,
cheapen the work of distribution, save meal
culallc sums to consumers, and thus help the
laboring class more than any other Ill the
country. Not less suicidal is the warfare re-
carling hours of labor or rates of interest. If
only eight hours work is done instead of ten,
the quantity of products must be reduced, the
slrply of things available for the comforts
and necessarics of all must be diminished,
prices Of thin.s consumed must be pushed up
ward, and wages for work done, being taken
from reduced profits, must be reduced.
All these, and many other forms OF attack
upon RIGHTS Of property, are at bottom express
sious OF Il desire to enjoy the savings OF Others
without the elf-d,nlal necessary TO accumu-
late savings. The man who has saved nothing,
whether through misfortune, want of skill, or
lack of sof-de nal, is necessarily dependent
up0n others who have saved something. Their
scif-dcnial created the capital which builds the
factory, opens the mine, constructs the rail-
way. or establishes the bank. Without the use
oil that capital thus accumulated, the laborer OF
to-day could neither find employment nor means
OF existence Food Itself, and the wages to
buy food, he can get only because somebody
has saved the money with which to pay Tor
labor, waiting until Its products can he sold
Capital created by scf-Gcnial is entitled to its
reward. The laws of nature and civilized So
cicty guard its rights most jealousy, because
self-denai A. ut best too rare, and the very
existence OF civilized society depends upon the
continued accumulation Of savings. Eut the
Communis;ic spirit. whether it attacks rail
ways, banks, government on private creditors,
or the rate of interest, ten is to de-
troy the only motive which prompts
men 10 self-d nial and accumulation. Ii
is at war with civilized society. 1t
Is the one dangerous force III modern times,
which strikes at the very root of industry and
commerce. Labor the world does not lack IN
a state of bar!,arism The savage works harder
and enduies moro 20 secure preclrlOus ex-
istence, than any civilized workman who earns
good wages, and lives in comfort. But SELF
denial and It's result accumulated capital the
world always lacks for the field for It's en-
ploymcnt in the supply Of new wants, in the
development of gre ter resources, In the sup
port Of more labor. is unlimited. Especially
IN this and other comparatively new and I'M
developed countries, the need FOR accumulation
of capital IS paramount. Civilized society must
defend capital AM encourage seif-denial, and
steInly resist every assault upon the rights of
those who have earned and saved, or civillza-
ton itself must cease to exist.