The Portland daily press., 1878-09-06
The Facts OF the Case.

One reason why the Grsenback movement
has so much strength can be found in the appli-
cation of personal feelings to national prob
lens. When man has conducted his affairs
in such manner as to bring himself to ruin,
1t is not unnatural for him to seek soma ex-
planation of the disaster which will avoid
confession of his own folly or incapacity. II
he can place the responsibility upon some
cause that is beyond his individual control,
such as financial policy enforced BY the Gov
ernment, he salves his own vanity and makes
bid for public sympathy.
Every specula.or who has been plunsing
about wildly and recklessly amid the waves
Oh imitation only to encounter a catastrophe
when the pillows commenced to roll In
upon the solid shore Of hard money, finds a
handy explanation of his misfortunes In tho
policy OF the Government tending tc equalizs
currency values with coin; and behind him
are thousands of humble men who feel the
pressure OF hard times aud are eager to accent
his theory concerning the causes of their dis-
tress. The man who shuts his eyes and re
fuses to see the truth. aud the person who has
not perception enough to comprehend it when
his eyes are wide open, supply ample material
Tor tne dsmagogue to caiols aud delude; and
the manner 10 which the Grsenback doctrines
nave been taken up aud preached shows that
nothing is too absurd for a chaueeable poli
tician to swear by, IL he thinks he has a CON-
SIDERABLE body OF voters to back him up
But Intelligent men who stand outside Of the
untninklng crowd aud observe causes and
enects for themselves, have no difficulty in
perceiving that it was not the need Of greater
volume OF currency that dragged many Of the
present converts to Initiation doctrines down 10
bankruptcy. The ruin was caused by persist
ent and long-contnued violation of tue SIM
plest AID soundest rules of business and the
natural laws that regulate supply and demand.
loo much credit and too little cash is formula
that expresses the fact of the matter with per
fect accuracy. Men who could obtain credit
USED IL Tor the promotion Of vast aud hazard
Gus enterprises ia which they would not have
Ventured money that they had earned These
were undertakings which were certain to col.
lapse, oecadse they were not needed, aud which
enectea ruin when they burst, for the reason
snas eaey were built upon the foundations Of
an excessive credit rather than that of excess
I've credit rather than that of actual wealth.
Thls Is not newly discovered truth by any
means, but while the Greenback craze coutiu-
ues, It cannot be too frequently urged upon the
side OF sound principles and CON mon sense liz
is theory that is susceptible of proof Illus
trations OF the tact that it is warranted lie
thick upon every side. The Philadelphia Bulle-
TIN adduces one such illustration in the history
oa W 'ne operations OF well known individual
In city In the interior OF Penpsylvanis, who
overdid his own enterprises The Bulletin saws
OF this particular case:
He had large sawmill and lu nber interests. iu
which he was successful, but having an ad yenturons
spllis anu unlimited faith In his skill as inancier
and his foresightas SPECTATOR he was not safised
Dut yearned for larger hed in which to aehieye n
fortune He erected huge hotel which was far in
advance OF the needs of the town. and which has been
half empty much of the time since t was built: he
established a race course; he put up snowy opera
house, which was not wanted; he constructed horse
railway, for which there considerable demand:
he opened summer resort in the mountains; he
bought upon the edge OF the town large tracts OF
ana covered them with houses for which there were
few tenants, and he went into any other
OF like character Most of these UNDERTAKINGS were
sIdad re ,b ooio%ea money. Of course; they
seemed to represent an excellent public spirit liz
was good thing to have superb hotel in the place
Dut credit alone could supply the money to build 1t
with when there were noe enough visitors to occupy
IT, 1t was pleasant to have fine opera house. but
man who should be asked to put his earnings INTO IL
would hesitate until he ascertained ii there was a
reasonable prospect OF return OF the investment
horse railway was convenient for those who wanted
10 move 10 and fro upon the route, but under cash
system 1t would not have been constructed until the
number OF such persons was large enough to make
the enterprise profitable
The result is that the mar WIN wan. in,o
tnese schemes had long and desperate
down with crash. The creditors seized and
sold the property, and che courageous finaucisr
sadly lotn to acknowledge lis mistake, sat
Gown, ana through the newspapers blamed the
nnauclsi polcJ of the Government as the
cause OF DIS rnisfortunes. But was it not abso-
luteiy cert%in that his disaster would have come
sooner Cr later, no matter what happened to
tne cdrrency? 1t is precisely 10 such violations
Oh sound methods of doing business that most
OF the business troubles Of the country are due,
and the Greenbacker who hopes TO remedy
them by inf alton, which at the hest would set
the spirits of wild speculation abroad again, is
either incapable Of reasoning or is unwilling to
accept the logic of facts. What we want, as
has been said thousand times already, is TO
get back as quickly as possible to cash basis,
TO hard money basis, to a time when i'm
provements shall be made according to de-
mands, and with the ready money To pay for
them When old John Randolph said that he
mad found the philosophers stone, and that il
was Pay as you go" he announced truth
applicable to all times and circumstances and
one that is especially worthv of Consideration
at this moment-Baltinaore Anaerican