The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-23
THE STATE OF THE COUNTRY.

lished in the DEMOCRAT Sunday morning,
has attracted general attention, and deserv-
eddy. The article was very able one, and If
tress 1t pointed out specific conditions OF the
situation SO clearly that we are furnished with
O guide to the real cause itself.
Judge Gayarre says
Our financial status may be condensed into
this synopsis predicated upon the policy in
augurated by the capitalists. which Is. no in
vestments In or loans on real estate !! II can be
avoided. because real estate Ia burden. an IN
cubus a crushing elephant: and rush after
all sorts OF bonds and stocks, because they are
safer more productive. more available not tax.
as saa ang s
although IL is hard to conceive the actual or
durable value Of bonds and stocks based on
yalueless real estate.
This is q very clear and vigorous statement
OF the situation. But the question arises :
Why Is 1t that capitalists refuse to invest in
real estate, and why has there been rush for
oil sorts Of bonds and stocks, a decline In prop
crty and sitrinkagein wages and all substan-
tiaI valuesp Tho correct answer to this question
must give the true and fearful cause Of the
unhappy state Of things our distinguished
fellow citizen has 50 truly described.
In our opinion the cause of the public dis
tress Is the cruel and uDwise policy the govern
ment has pursued during the Republican re-
gime. Even a very brief and imperfect expla-
nation of that policy will show this to be true
Suppose the Federal government should i'm
mediately change the policy it has pursued
for thirteen years-levy taxes upon the bond
holders: repeal the resumption act; push
forward the coinage Of silver: repeal the 10 per
cent tax on State bank circulation, abolish the
national banks; say TO the bondholders and
corporations it has created that they must look
out for themselves; and. finally, inaugurate n
scheme OF economical administration for the
purpose OF reducing taxation. In short, sup
pose the Federal government should begin
vigorously and aggrcssIvely to leRislate
against the bondhoders and national banks,
and vigorously and aggressvely in the inter
est and for the protection OF property trade and
honest labor, would not thesituation besp5ed
lily reversed Beyond question bonds would
begin to decline in value. stocks would soon
cease to be q popular Investment. and the power
Of the national banks would be crippled, while
real estate. fostered and protected by the
wise and republican policy Of the government,
would once more attract the attention Of CAPT
talists and begin to rise In value and money
begin to seek investment in public and private
enterprises guarded by law and shielded
from the rapacity of inexorable tax -gatherers.
new demand would be created for labor. and
confidence restored, money would begin to
circulate and the whole country would throw
off It's death-liko lethargy.
Capitalists flee from real estate and invest
ments In Industrial enterprises to hug the
bonds and stocks to their bosoms, because
the policy Of the government for thirteen
years has been to plumber real estate and Cd
press labor for the purpose OF protecting the
and enhancing the value OF their
bonds. In other words, because the policy of
the government has been to create q tremen-
dous money! power at the expense Of property,
commerce and labor.
But, says Judge Gayarre, ut is hard TO
conceive the actual or durable value of bonds
and stocks based on valueIess real estate"
True; but 1t must be remembered that capt.
talists are neither philosophers nor statesmen.
They are simply money changers; and gov
eminent which, like the Federal government,
Is run In their interest can be little else than
q government OF money changers. SO long as
the taxes are gathered in; so long as the in
terest on the bonds is paid In gold; so long as
the policy of the government tends to make
money and bonds and stocks more precious,
SO long will the money changers cling to their
idol They have not the scope of vision
to see, and they cannot be made to believe
that bankruptcy after awhile must befall the
merchants, the farmers and the property
a
people are growing rebellious, and that the
higher the policy of the government sends
gold and bonds the nearer the general col
lapse including bankruptcy. revolution and
absolute Reputation, is approaching. They
will not remember that when Beshazzar. de
pending upon the strength OF the wallis of Bah
yIon and dreaming that he was in the height
and glory OF his unending power, he was over
whelmed In the midst Of his revels and his
kingdom destroyed by the Persian
hosts.
A government which is administered in the
interest of the money power Is not only the
curse of the people; ii is also the most
terrible and certain enemy. In the end, Of the
public credit which it is its professcd object
to protect. 1t is this sort Of government we
have had for thirteen years, and which has
brought untold and indescribable dis
tresses upon the country. The consequences
are, that combinations of laboring men all
over the country are inspired by a revolu-
tionary spirit more or less fierce and that
people of all classes are talking Of repudia-
ton.
The only remedy for this unfortunate state
of things is q change Of front on the part of
the government. The RECOMMENDATION Of sill
yer was n wise step; but sngly and alone, it
can do little. 1t is but small part Of q very
broad and ar-reaohing policy The further
contraction OF the currency should be stopped,
and the tax of ten per cent on State bank cir
culation repealed. Henceforth the maxim of
the government should be, not that property
must be robbed. commerce destroyed and
labor impoverished for the benefit Of the
and national banks, but that all