The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-08-09
AT THE BOTTOM or IT.,

The present financial distress pre-
yailIng In this country Is nm enigma to
the best thinkers, The singular spec
taclo Of five prosperous crop years In
succession, with peace aud quiet pre-
yaillng. attended by financial stringon'
cy and the almost universal stognntion
Of business, Is presented for the con
templOtion Of both the government aud
the people, II Is indeed circumstance
Of grayost moment and inquiry into
the causes Of the unwonted condition
are not only proper, but necessary
The vast imitation Of the currency
which seemed to be q var necessity
flooded tho land with tho paper Of the
government, Bonds were issued IN
vast sums with interest payable IN goId'
The rich bought up these bonds o' u
permanent, sAie and profitable invest
ment So soon M the war closed the
bondholders moved to contract tho cur
rency, because every dollar Withdrawn
from circulation but added to the safe
ty, not only, of the bonds, but to their
yalue. Now il IL ominenlly rlght
and proper to contract the vols
umo of paper currency but 1t
ia TO the interest Of both the
people and the government to do
this. The greed Of the bondholdcS
drove the government to the enforce
ment of the doctrine prematurely The
general business Of the government was
in no condition for the extraordinary
contraction incident to the mere mans
ing Of n day for resumption, Every mo-,
ment since the passage of the resump-
ton act, has only added to the distress
of She people, and the nearer we APP
proach the time the graycr becomes the
situation in all respects. As we have
said here in the midst OF unexamplcd
plenty, with all the fundamental re-
quistcs of n magnificent business sue
cess scattered broadcast over the land
we have bread riots impoverished la
borers and crash after crash OF the old
est md staunchest commercial houses
in America. This distress is not due
to short crops not due to the threaten
ed bankruptcy of the government, bu
duo alone to the amount of gold sole
by the United States treasury to thu
wealthy to hoard, and to the destruc
ton of the paper money | thus with
drawn from the general business of tn
country.
. Had the date of the return to speci
payment been fixed twenty-five year
e hence, the business of the Countr
| would have had ample time to accom-
4 modate itself to the vast change con
l.. templated As il is, 1870 will catch tn
!. business enterprises OF the country il
that unfinished and unsettled condi
ton when the change will be most dis
c astrous to them. SO plainly evident
u this even now, that all this great dis
y tress which has been prevailing eve
} since the resumption act was passed, !
O but in anticipation of the genera
g bankruptcy which will surely follow
q resumption in 1879 Capital is said t.
D. be sensitive. SO it is and this sam
scnsitiveness is based upon an intelli
% gent apprehension OF anticipated evil
and it reaches out to guard against tn
- disasterous future. Thus it is tina
: the money seeks u safe retrea
" in the bonds of the United States
or in the shape of gold /
seeks the deepest and safest vaults o
deposit, Capitalists will not employ i
in manufacturing in building railroad
or ships, in such commercial enterprise
rs are likely to be ruined by the dc
=, struction of the currency, Fifty year
!, hence, the country, by an intelligen
administration of its affairs, would b
-, in better condition to meet without
injury the vast change contemplated b
,. the resumption act Now, we can onl
resume at the expense of our mercar
:, tile, manufacturing, agricultural and il
=, dustrial interests, and the resumptio
will only benefit the bond-holders an
the wealthy and those who need ne
= the help of the government or an
other mower.