Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-09-26
pEiusIvE PROSPERITY.
SOME STUBBORN'FACTS FOR THE IN
FLATION LUNATlCS TO CONSIDER

Mr.. II. V. Redfeld in writing
series of letter. on the labor ques-
ton for the Philadelphia Times, IN
which he represents some old views
in new garb. For example:
+ The census of 1870 is a marvellous
study, or rather study OF marvel.
Gus things. That nothing has been
gained by the stimulation OF war
aud imitation, but much lost, we will
find when the census reports of 1850
are in, for the wealth of the country
will be less than in 1870. Every
thing tends 10 show this, the shrink
age in value being so marked, as to
carry us below the point supposed
to have been attained in 1870. The
Development OF the country was so
rapid between 1860 and 1870 that a
decade or two was anticipated. We
drew heavily upon the future, dis
counting drafts upon posterlty which
suddenly turn up for payment with
accumulated interest.
How clearly is this shown to US
when we compare the cencus returns
of 1860 with those Of 1870; and find
that the wealth of the country doub-
led in that time ION paper and much
by reason OF paper, Notwithstanding
over two thousand millions of dollars
in slave property counted in the iig-
ures of 1860 that will not CONT in
lS7O,and further, that at least two
thousand millions of other property
was wasted and destroyed by war
during that decade. Yet getting
rich all the time Doubling the
wealth of the countryin ten years.
Think of it moment. If the
United States should increase in
wealth for fifty years as rapidly rs
between the years of 1860 and 1870,
we would DO worth more than all the
rest of the world combined; more
than it would bring if it were put
mp at auction on long time and easy
payments. Is it possible for the
United States, within the life Of a
man, to accumulate more wealth
than all the world has been able to
accumulate since Noah landed from
the arc! Yet this is precisely to
the conclusion the cencus of 1870
leads And thqt, too, when half the
country wrs ravaged by war, and
thousands of millions of dollars i'll
property wasted and destroyed. To
such false conclusion does Initiation
and the attendant fever of spccula-
ton lead. Following these years of
initiation, war, speculation, eNtrava-
gauce, waste, premature employment
excessive expansions of credit, finan-
cial kite-hying aud stock gambling,
drafts on posterity at a heavy dis
count, have come years of prostra-
ton, stagnation, business misery,
bankruptcy, loss anu ruin,
'What u Ridiculous commentary
on initiation is this. In the decade
following 1860 which includes four
wears of costly and disastrous war I'VE
double in wealth ION paper), and in
the decade following 1870, with 10
war or great disaster, we seemed
to show marked decrease This
borrowing from posterlty. and slim
ulaiing the country to au abnormal
prosperity before its time, don't
seem to pay in the long run
TUE bond.holder demands gold for his bond (;
the soldier must take gIcenbacks Tor his pen.
sion.
a greeuback organ publishes the
above as ''political point" If it
has any point, i, is against the green
back delusion. Tho houl heder is
paid IN gold because that is the law.
The soldier is paid in greenbacls,
also in accordance with law. Bat,
under the policy pursued 10y the Re
publican party the greenback dollar.
now lacks only about three cents of
being equal in value to the gold dol
lar, aud viii. very soon he ut par.
Under the policy advocated by the
greenbacllers, the greenback dollar
would ralidly depreciate, and the
pen,iouer would receive his pay in
paper that would be worthless or
yearly SO. We take it that the
will prefer the REPUBLICAN,
JorrH&i