Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-06-19
Losses by Resumption.

Losses by Resumption.
The greenback orators and newspapers
never cease to harp upon the losses to the
country caused by the efforts made to re-
sumo specie payments. Scion Chase
tells his hearers that the loss ty depreci-
alton of property wjtnin the last five years
far exceeds the amount OF the national
debt. This he attributes to contraction Of
the currency, although the amount OF
currency in circulation now is larger than
the amount circulating during the years
after the war, when prices We're highest
and business the most brisk.
1t is important to bear in mind that the
greenbacks represent this depreciation as
an actual loss OF property property
sunk. made away WITH absolutely lost to
the country, as though vessels had been
swallowed up in the ocean, or buildings
consumed by fire, or crops ruined hy tor
nadoes or hail-storms, Now this is fall
lacy. Everything says the New York
Times, In sound, well reasoned article
upon the subject-"from the Capitol at
Washington to the two-yeer old heller
In Mr.. Scion Chase's pasture, has suffered
depreciation and shrinkage; but what
is that process? There is AS much land
as ever, possessing as great utility as ever
for all uses to which land can be put; Ie
order of nature remains, and crops grow
as ever; food aud clothing are the same
as ever; buildings, machinery, transport
tation, Instruments, every form OF ma
terial property. and the hourly lamented
money, exist as abundantly and as use
fully as before 1873; even Mr. Chases
heiter, at the tail-erd OF the list, is un
doubledly as likely and as useful in every
respect as the heier OF similar aye and
attachments he owned in 1870. How is
thing lost, when we know where it is, can
get it, and have got it; how has it shrunk,
when it is as large as ever? Speaking in
general. there is not an article produced
which is inferior now in quality to what
II was in 1870. There has not been one
Trustworthy fact or figure adduced going
to show that the total quantity OF ma
terial wealth of all kinds now in the
country is less than then; on the con-
tray, the indications and probabiLt rs are
that it Is greater. Thousands OF persons
have experienced losses, in various ways,
but these are transfers which do not add
up into total loss; and when there is as
much property as ever, there can be no
loss TO the country, as asserted.
As to the second proposition, that this
loss is unreal, we mean that the shrinkage
is in money-price ; the exchangeahle value
of property may be a. great as ever, al
though the dollar measure has increased
in length. A particular building may be
worth now only half as many dollars as
In 1870; but it may have the same utility,
and may be exchangeabe for an another
building as good, or Tor other property As
valuable, as in 1870. Change t. any ex
tent the stature of man, everything else
taking the same change, and there would
be no perceptiole alteration Even Mr.
Scion Chase may be able - realize that if
what is now called league should be
called a mile no 'shrinkage' would follow
in the distance from New York to Port
land and although his contracted heifer
may be worth no more dollars than when
1t was yearlng, it may be worth more
bushels of corn than then Property has
remained the dollar has grown. II vt
have not given some glmmering Of this
distinction in one paragraph, even to inia-
tionists-whose notions about money are
as crude and vague and vague as those of
children-we cannot do so in column
Yet we are far from denying that there
have been large losses, both individual
and public. OF this sort are those on use.
less railroads factories badly located. not
needed. or badly planned buildings which
nobody needs tools which will spoiI
while awaiLin. use. The labor which
went into these represents an absolute
loss, although the money which nominally
and seemingly was given for the labor ex
ISIS yet; all the unwise ventures of a
speculative period may be Jumped togeth
er as genuine loss. The greater losses by
resumption, however. are OF an Their sort
q they are of the losses Of time, of hor e.
OF skill and spirit in work, of good char.
scter and tone in life and morals. of re.
!. suits which could have been attained had
assrtaia things already been pushed to com.
pleiou. When we Apeak. as frequently
Of the Losses, the cost, The pains, and the