Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-07-02
losses bn Resumption.

tells his hearers that the loss by depreeia-
ton OF property within the last i've years
FAR exceeds the amount o. the national
debt. This he attributes 10 contraction
Of the currency, although the amOant OF
currency in circulation now Is larger than
the amount circulating during tho years
after the war, when prices were highest
and business the most brisk.
1t is important to bear in mind that
the greenbackers represent this deprecia-
ton as an actual loss Of property prop
erty sunk, made away with. absolutely
lost to the country, as though vessels had
been swallowed up in the ocean, or build
ings consumed by fire, or crops ruined by
tornadoes or hail-stOrns. Now this IS
fallacy. "Everything'-says the New
York Times, in sound, well reasoned
article upon the subject-"from the Cap
itol at Washington to the 'two-year-
old heifer in Mr.. Scion Chsse's pasture,
has suffered depreciation and shrlnkage
but what is that process2 There is as
much land as ever, possessing as great
utility as ever for all uses to when land
can be put the order Of nature remains,
and crops grow as ever; food and cloth
ing are the same as ever; buildings, ma
chinery, transportation, instruments, every
form of material property, aud the hourly
lameHted money, exist as abundantly and
Is usefully as before 1873; even Mr..
Chase's heifer, at the tail-end OF the list,
is undoubtedly as likely and as useful IN
every respect as the heifer of similar age
and attachments he owned IN 1871 how
is thing lost, when we know where 1t l.,
can get it, and have got It how has 1t
shrunk, when il Ii as large As ever Z
Speaking in general, there Is not gu artl-
Gle produced which is interior now IN
quanty to what ii was IN 1870. There
has not been one trustworthy fact, or hg-
ure adduced going to show that the total
quantity Of material wealth OF al kinds
now in the country Is les. than then on
the contrary, the indications and Proba-
bilities arc that it Is greater. Thousands
of persons have experienced losses, In
various ways, but these are transfers
which do not add mp into a total loss
and when there is as much property a.
ever, there can be no loss to the country,
az asserted
As to the second proposition, that thu
loss is unreal, We mean that the shrink
age Is in money-price; the cNchangeable
value Of property may be as great as ever,
although the dollar measure has increased
in length. \ particular building may be
worth now only half as many dollars as
in 1870 but it may have the same utlh-
y, and may be e1ohangeab.e for another
building as good, or Tor other property
as valuable, as in 1870. Change to any
extent the stature of man, everything else
taxing the same change, and there would
be no perccp,ibe alteration Even MIR.
SCION Chase may be able TO realize that
II what Is now called league should be
called q mile no 'shriukage' would follow
in the distance from New York 70 Port
land and although his contracted haiier
may be worth 10 more dollars than when
i, was yearling, 1t may be worth more
bushels Of corn than then Property has
remained the dollar has grown II we
haven't given some ghmmering Of this
distinction in one paragraph, even to IN
fationists-whose notions about money
are as crude and vague as those OF chill
dren we cannot 10 so In q column
Yet We are far from denying that
there have been large losses, both in diyld-
ual and public. Of this sort are those
on useless railroads; factories badly To-
Gated, not needed or badly planned
buildings which nobody needs; tools
which will spoil while awaiting use. The
labor which went into these represents an
absolute loss, although the money which
nominAlly and seemingly was given for
the labor exists yet OIL the unwise ven
lures Of a speculative period may be
Jumped together as genuine loss. The
greater losses by resumption. however are
OF another sort; they are Of the losses OF
time, OF hope, OF skill and spirit IN work,
OF Good character and tone IN life and
morals, OF results which could have been
attained had certain things already been
pushed TO completion. When We speak,
as frequently, Of the losses, the cost, the
pains, and the price OF resumption We
mean these but they are chargeable, not
TO resumption, but to the previous inha-
ton. They are the painful reaction that
follows a financial D. well as any other
debauch they are unavoidable, but they
may be intensified and prolonged. The
indationists insist on gong on with the
debauch, refusing TO see that what they
try to bring back is temporary and I'M
natural, and what they resist Is return to
the normal condition The worst losses
by resumption should rather be called
losses by deferring and resisting resump-
ton, for such they are. The inHationisss
are those who make these losses now, by
trying-yainly, although with disastrous
ehect-to protract the present suspense
and prevent the return Of the sole conditions
under which general prosperity Is posi-
bic
The Camden HeTald says that with
the success Of the green5ack policy, 1.-THE
bank stock OF Lewiston would not be
worth Sl6O while the mill stock OF the