The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-07-19
THE LIVE ISSUE.
General Garfield Descants on the
Political Perspective.
ATTITU DE.
The Battle To Be RefOught on the
Financial Question.
HAYES POLICY THE INEVITABLE.
War Measures Must Cease
Sometime.
OHIO'S ATTITUDE
HAYES POLICY THE INEVITABLE.

Sometime
Tho Cincinnati Gazette OF July II contains the follow
ing pertinent Interview with Congressman James A.
Garfield -
mile and q hall from Kirkland found the farm
house which Is now the residence Of General Garfield,
tho General himself, his wife. three boys anu little
S,r WITH LADY visitor ksossug Tho Sails ABOUT tho
"Yoa SEQ, said the General, as he planted has foot
on tho ball for stroke, 81 require my boys 70 do SO
much work every day, and In turn they insist on my
playing croquct the evening So, excuse me; I'll
finish the game" Add so,
while the charmed sunset fingered low adowu
In the red west,
our conversation ran about thus
Tho taot IL, Mr.. Hanson, never before have-(rhe
lowed my mind 10 lie faow long since the ad-
journment OF Congress- I've done political IN ink
dpwnI-evidenl that there is period Of general iassi
tude In both parties. The republicans shoud-tNow.
tree. Good) They, OF course expected such PERIOD
as party Is always in such state few months after
It's President COOS into Office
"lt - TOO early, anyhow, to ind the public mind In
settled condition. suppose Mr. Conversc--but II is
getting dark, and we must finish this game" The
CANA was nnshed and wc rcsred to Inc psrIor and
CHRONIC OHIO CRISES
SUDscRiBKR-Generai, there 10 DO another
crisis on tho financial issue.
GKSERAL-rherc always is. Ohio lives crises.
sonss" We'll, read 1t, and you will SEQ tha. while
witchcran, religious mania, South Sea bubbles and tho
like have their rise and fall, tho belief IN "ohesp
money! Is the most persistent dsuson OF tho whole
LOT. The paper money faacy reappcars with perfect
regularity under all forms OF governments, and nearly
always follows the Same process OF development and
has to be fought tho Same old ground We nave
NOW fought through tho irst stages and 90 on.
Ten years ago we started 10 this state with Peudeton
i'm 10 pay the bonds In grscnb backs. The idea TOOK
and tho imitation wave swept tho State. Tho
platform little. They Got beat. OF course:
/ they always do when they lower their standard Tho
yssr %o 60, down 10 sass put soSnd
settled Pendctonsm. But wo drove the nail through
by the COIN nc. OF 1859 ana cIinched it. But tho ques
ton came up In another shape Business active,
was loud cali for "more money" Now want you
to notice ono thing In ths paper money disease. When
business Is active and interest Ia high they yell
"morc money " when business is dull, times hard and
interest low they yell Tor 'more money" In the
they want money printed 10 mako business
lively, and In the other they want because business
is lively.
sunscRrnEk-But they tell mo that interest Ia not
low tina. It Is high anu money very hard to get.
INK II Men who say Interest Is higher now than II
In lS645 either very orgctfai they wiliuy
volume OF money the higher the ratio OF interest pro-
vidcd always that business Is active. for takes SO
much moro money to do the Same business. Interest
about was nearly high ls84-5 as t was
In 10000 within fcw days tho savings Society
pu. down =; rates to six per cont am now hunting
College NJ eight per cent The college 500 700
loan or course We want to loan II safely, ana We
md nobody TO take II At eight per cont. hut
sumo. They soon began tho camor for more money.
And, ODD as It now sooms. they ignored sreenbacks
and called Tor moro bank currency. Many OF
months thor cry was--.rho East has got all the
national bank money; the West enough TO do bust
ness; ms u crushing monopoly" &c We'll This
looked reasonable enough, ana gave the West
all sue asked ior-hiIy millions and more. Then
everybody was happy for whole month"; But all at
II discovered that the West did not take up
her bank privileges -Four. years in iact passed be-
lists was beed by the facts. But they were not par
ticle discouraged They turned square around and
on tho marcn to specie payments, and for while II
looked As II the thing was settled. Tho platforms OF
both parties declared uncquvocally In favor Of rcsump
ton.
RESUMPTION THE ANCHOR on HOPE
But nothing Is settled In this country as long
have irrcdocmabIe paper. Tho democracy, without
blush turned back their record oil several years.
and, instead OF Pendctonsn, We had Bill Alcnism.
best we evor had. Before u was over everybody I'M
derstood just what We meant and with that under.
standing the people sustained US. Nov, cannot be-
love that all that education thrown away l do
Insist that the people arc sound the subject aud
% no On par am not
as possible toward specie basis and II, when tho
day draws near, We are not prepared, We can do Us
other debtors do-takc short extensions But lot there
be no step backward Put tho pIain facts before the
people and tho popular common sense will decide tor
srBscnIBER-rhcro is, however, q great dread Of
contraction.
settlement OF the question would derangs prices But
that evil came long ago. Prices Tell TO
tho panic took effect Resumption would bring Ger
tainty In business transnctions, which would
than counerbaance all possible disadvantages result
ing from coin basis at AN early day. IL is unccr-
tainty that kills There viii DO certainty Till tho
question Is settled, and settled right
CAUSE OF rANics
Now, experience IL worth something. We have had
other pan ics lnd this That tho goneric cause
OF all panics tho same, though there specific dt
fcrcncos as TO tho subject matter The generic cause
QQt nm mia inn
OF funded wealthy by investment III uDprontabe enter
prises The same great cause in our last three
spccuation In 1873 In railroads aud iron. la those
and all past panics beginning III 1884, ~ has taken
four years to recover Tho speculation that LODI To 1897
IN Wild lands aud lots II Is amax,ux TO read
Of the popular folly. Thorc land bought and
scrip than the country could have developed In a
hundred years thousand cities were laid
on on paper and lots sold at high prices
cities whose very names arc forgotten. between
and the northeast OF tho State were located i've
''bg cities Birmingham and Liverpool. the nrst on
tho lake and tho second on tho Ohio, to DO The
respective dcrois OF two sections and NOBODY qucs
TONED population oil quarter Of million for each
OF thom In Few years. Well, Birmingham is a.
vded several fine iarms and the discovery Of val
liable beds OF potscrs clay 10 sli that saved the
OF Liverpool IRON oblivion. believe It has thou
sand Inhabitants In Michigan the speculation In
CITY lots was fearful Moro located In that
State than u now has nourishing towns. Everybody
blow and blew Ill the bubble swcllcd TO magnificent
proportions; but tho bigger 10 got tue weaker IL GOT
I'LL suddenly u burst, and 10 place Of that shining
suucsuro Wo nhu IN our hhnus iunute mass oil dirty
suds and water or course everybody blamed tho gov
ernmcnt--they always do IN such cases--van buren,
went out amid tho popular cxccrat'ons and the wings
toek control But the country had to 60 through
process anyhow. Broken down bad 10 get out OF
tho way; tho wrecks were cleared or and q SGT
OF men took the management OF BUSINESS. There is
no hep for u. II vas tho Same is57-o0. and will
DO the now.
PROSPERITY RETURNING.
The four years drawing 10 a close, and SEQ
abundant evidence that the rpbuiidihf has com
mcnccd. The agricultural interest Is very prosper
IA MIR linn QF0 In In
ter nx than before. You noted the ngures tho
books OF the Treasurer OF State. Well, its tho
everywhere. Farmers pay up their taxes and every
thing else moro promptly than over before IA OHIO.
am surprised A. The report get from tho
that deal IN agricultural implements hey have sold
out tncir entire stock hand Tor cash, do big
ger cash business than ever before. But when you
como TO railroads and iron, that interest will
rIy hg behind the others Tho farmers are the 1rst
out, aud all others mus. follow In duo time Now u