The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-20
THE PEOPLES QUESTION.

In the State Senate yesterday Hon. w.
Richardson. of st. Landry, offered pre-
amble and resolutions, printed IN the
procaedings of the Legislature declaring
In substance that the universal ulstfess
among the business and Industrial "asses
is largely due to unjust and oppressive
financial legislation, and instructing our
Eenator and representatives in Congress
~ vote for the silver bill and the repeal
of the resumption act We are very gao that
Mr.. Robertson has offered these rosautons
they represent the views OF the great mass oi
The people Of Louisiana, and they shouid do
adopted by the Legislature OF the state.
The demonstration Of silver and tho repeal
~ the res,,mption act are now the two ques-
tions most deeply concerning tho pubic u
ierest and most gravely agtating the puplic
mind. and though webelieve that Senators ana
REPRESENTATIVES, should vote on all questions
aecording to the promptings OF their ludg-
ments. no means should be neglected by
which they may be informed OF tho views anu
interests Of their constituents.
The recent resolutions OF tho clearing
House Association and the Merchants Elk
change of this city the only pronounce
ments on the silver and repeal bills whlch
have gone forth from this State; yet these res
olutions do not represent the views OF one
tenth OF the people We cannot afford, there
fore to stand on the record where the bankers
have virtually placed us, and 1t mas pecohe
the solemn duty of the Legislature TO snow
what position the people OF Louisiana aceuany
occupy on these measures.
The error of most public men and Journals,
In discussing questions relating to currency,
is in attempting to reason upon them sheore'l-
cally; in attempting to establish apstfaos
propositions And yet questions OF hnancea are
zoo deep for us to hope to reach Practical
truths by reasoning upon them In this way
The ablest statesmen of Europe have argued
unon both sides of the controversy with
great nower and learning, but in vain.
The currency question Is in politics and iegis-
latiou "rhe great Serbonian bog, betwtxt
Damiata and Mount Casius old, where armies
whole have sunk"
The only safe guide in reasoning upon the
effects of contraction and imitation, specie
payments. cheap money and all kindred issues
is experience The moment we DRIFT away
from THAI shore; the moment we lose sight
of the great, luminous facts which, IL mas
established. we are overwhelmed and lost in
the bog
The American Congress Is to-day going
over the same arguments on this subject
which were applied to its discussionin tho Brit
ish Parliament from 1897, when, under author
ity. in time Of great national peril, the Bank
! of England suspended specie payments, until
III, hank filnt-
ed andthe nation filled with misery and rum
by forced resumption, under an act similar
to that now in force in this country.
ignoring all statistics, which can be made IN
thediscussion Of this question to prove little or
nothing. and appealing to experience, we lind
II clearly established that, in every great
financial crisis, whether occurring in time o.
peace or disastrous war, relief and safety have
been found in the suspension OF specie pay
ment and the expansion Of the currency
or to state the results of experience mor'
fully: Reckless imitation OF the currency mas
always created a feverish and unnatura
prosperity and wrought in the end disaster
A remorscless system OF contraction MAJ
never failed to work widespread ruin and
bankruptcy, and to fill the country with para
lived industries, enforced idleness, misery ant
want. Wise and moderate expansion in times
of financial distress have never failed TO affor
the country relief and flexible currency
composed of paper, gold and silver, which, b
nm enlightened administration may be adapte
to the needs of commerce and industry Is tn
most certain and unyielding basis OF sustalno
national prosperity
or course, in the space of newspape
article wa cannot review all the facts on whic
these propositions are based. Indeed, W
cannot do more than glance at very few
them. No country was ever in greater peri
than Great Britain in the early part OF 17s
Her armies had been defeated everywhere
she was actually threatened with invasio
and without the means of recruiting DC
forces or sustaining those already in the hei'
The act az Parliament authorizing susper
sion Of specie payments and making ban
notes legal tender was passed. Inc enee
was SO wonderful that it seemed almost "a
result Of supernatural fnterpostion' va
armies seemed to rise out OF the groun'
a.s,e sss III ped; the fortunes q tne ny