Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-08-30

the full vote OF his party. If the Democrats
want to vote for this whittier let them do
so. but you, true and tried Republicans.
stand by your colors. u. S.
From the New York Herald,
Greenback Fallacies.
CONTRACTION NO CAUSE OF HARD TNEs-THE
COUNTRY RICHER AND GROWING MORE
so-FcLLY To THINK THAT; INITIATION
WOULD BENEFIT ANYONE.
The voters in this country who inclin G
to support the Greenback-abor party do So
on these grounds: they see that industry
and trade are PROSTATE they would like
to sec the country once more on the high
wave OF prosperity they have been told
that severe and pinching contraction OF
the currency caused the collapse of 1873
and the prostration which followed: and
they believed that, 10 some way, they know
not how, new and great imitation Of the
currency would give us new period of
good times.
Now, if they are right in their conclu-
| si0ns end belief, we should agree with them
and support the Greenback- labor party. IL
they are wrong, however, they are in the
position of physician who, when called in
to treat very serious case of disease, should
mistake its nature and give the wrong reme-
dies. He would injure the patient and not
help him. Where the sick man is big
country like this it becomes grave matter
to offer prescriptions, and We have a. least
a right to require that the doctor who
presses his medicine upon usi shall under
stand the disease.
|. Now it is
GREESBACK LABOR FALLAcY
to assert that great contraction of the
currency has caused the collapse and
hard times There has been. in fact,
no such great contraction. Official
statistic show that the amount of
paper money out. exclusive of interest
bearing notes, which cannot properly be
counted, because they very rapidly disap-
peared from circulation, was greatest in
1874, alter the panic and collapse Of 1878 /;
| that, therefore, tho greatest amount of pa
per money in circulation did not prevent or
cure collapse or panic, but, az we hold
was one of its main causes. The total pa
per circulation. exclusive of interest-bear-
ing notes, was, in 1870. S69S. OOO, 900. in
1871, SIG, 000. 900; in 1872. S737 900 900 ::
in 1873. the year when the panic and de-
preston began, S749, 100. 600; in 1874,
S1o3 10000 in 1875, S773. 100000. In
1873, the present year, when for the first
time there are real signs of an Industrial re-
viyal-slOw, but apparently sure-and on
sound basis, the circulation is within few
millions of the year 1870 (S6s5 900. OOO), and
when the honest Greenbsck- labor man
looks back with sigh to the good times of
1870 he should understand that the country
| has now substantially the same amount OF
circulating medium as then; and when be
is told by some quack like Ewing or Cary
that what il needed is more currency, he
ought to reply by pointing to the fact that
| it was precisely when the greenbacks were
most abundant that the big panic broke.
| But he ought to add. Tor the information
of the quacks who are misleading him. that
while the currency is now nearly at the
same volume as IN the prosperous year
1870, its value, reckOned in gold, has great
| ly appreciated, and il We count in gold there
was but $500 900 900 worth Of paper in cir
culatien in 1870. against 1854, OOO. 900
worth in the present year.
ii. Ii is
ANOTHER ENBACK FALL4CY
that the country is poor. If it were really
poor. surely no one is SO absurd as to say
that the printing OF great quantities of
paper promises could make it rich. 1t is
not the amount of notes farmer or mer-
chant has out which makes him rich man.
but the amount of grain or cattle or mer-
respect like the individual In fact, how
ever, the county is not poor. 1t has had
succession OF great crops; it produces, as
official statistics show, more cotton ard
woollen goods, more iron, more coal, more
products OF ell kinds this year than in 1870,
which was the year OF model prosperity to
which the Greebaek-ltbOr man always re-
iers. In fact the American people are so
ingenious and Industrious that in many and
perhaps most branches of industry they
produce more than t5ey can themselves use.
But "prices are low" is the general com
plant and so they are, II the great com
tort of every BODY who consumes.
Ill. 1t is Greenback-labor fallaey that
IRREDEEMABLE PAPER
and plenty Of it il good for the working
men, On this head the history Of the wears
1868 and 1875 ought to be enough to warn
the workingmen CItiZ n Schwab summed
~ that experience 81 well the other day
that We cannot do better than repeat what
he said. A new intlAti0n OF tho currency
would give the speculator new chance
perhaps; it would make the fortunes of NOR
chants with stocks OF goods on hand hut
would raise prices faster than 1t would raise
wages, and thus Impoyerish and not benefit
the workinemen. Mr.. Schwab said The
most the NatOnal-lah1r Greenback party
can do is to help the middle classes OF So
cIety, to bring back for few years the |
hollow prosperity of the war times by tlJod- |
ing the country with paper money and |
giving these classes | reiBr to q chance to |
speculate and make fortunes quickly. The |
working people would not be benefited. |
Everything they eat and wear would 20 up, /
but not as high as their expenses. Badly |
, =
then. Though it might give them few |
years of higher wages, but always higher |
prices, the reaction wOnid leave them worse |
off than ever
IVA correspondent, who is evidently a |
Greenback-labor man, writes US: in re-
cent visit to MassachusettS-Fall River,
Lynn, Essex county and Boston, find that
the labOring people, who are living on star
Walton wages. the small dealers and shop
keepers who see the accumulation of years
melting away before the dry-rot. the real
estate men who owe mortgages on dead
property-all, all are in favor Of the Ohio
idea, OF the expansion OF the currency.
Give us another chance to make money
give few years Of prosperity, even il it
IL followed by another collapse. Things
cannot be much worse than they are now.
We have tried the experiment OF forced re-
sumption long enough. That Is the way
they talk down there, and that Is the way
they will vote"
Ii is fond and foolish saying with
drunkards. when they wake up with head
ache, that "a hair of the dog that bit You
IL the b5st medicine But there are peO-
pie who think they had better eat the W hole
dog. The laboring people, the small shop
keeper. speak out Of ignorance. and repeat
what has been told them. Bat our CORES
moi m Il h.N N "A fc1- |
ly are very influential, not in Massachusetts
only. but in all the other States. in urging
Il new imitation. These are the real estate
men who own mortgages On dead proper
ty." These are the men who are every
" here the leaders in the new imitation
movement Let an honest Greenback- labor
farmer or wOrkIngman ask the loader OF his
party, be it Gen. Ewing or Gen. Gary or Mr..
Shupe, or whoever he may be whether he
IS not IN debt tor real estate, and he will get
but one honest answer, YES. In the last
Congress this was 80 notorious that it be-
came a joke when sry Representative was |
Jealous for an inlitiOn OF the
currency to ask him how much real estate {
he held, and Senator Jones. OF Nevada. ,
who was one OF the foremost lead ,
ers of the imitation movement, did ,
not even conceal tho fact that one of =
the main objects of those acting with
him was to make market Tor real estate. ,
But surely it IL not to the interest of the !
mass of wOrkingmsn that real estate shall
bear high price. That means 10 them ex-
brilliant rents, 1t means that their families |
,hall be stuffed into mean tenements; it :
means that they shall pay spectators high G
prices cor the little village lots they ought q
% own. "Chesp lands" has always and G
lightly been the cry OF the worsingmen in I
his country, yet they are allowing them /