The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-08-24

were withdrawn from productive industry
and became consumers Of the fruits Of the
industry Of others. Europe was drawn on
for supplies. and furnished them to us In the
most liberal manner Of course for consid-
Grafton Everybody was busy, and every
body seemed to be making money. This
same money. too, everybody was afraid to
keep after he got it, because every day
1t was getting worth less and less, and
many people expected II would eventually
become worth nothing at all SO everybody
hastonod to turn it, as fast as he got it, into
property. Prices went up and up, and 1t
looked as though they would go on up for
ever Cotton sold for 81 n pound, cotton
cloth for % cents yard, wheat for $3.50 a
bushel. a days unskillcd labor for $3.50,
days skilled labor for from 81 to go, and so on.
just as the war ended, too n railroadbuilding
mania set In. Thousands Of miles of railroad
were built, which to-day hardly pay running
expenses. Land along these railroads was
bought on credit at from $40 TO Sl5 per
acre. and houses were built ON IL at three
times the price for which they could be
built now City lots also went up to cnor-
nous figures, and made their owners feel
rich. Then, when the bubble was at the
biggest, il burst. There was n rush TO sell,
Just a. there had boon previously rush TO
buy. We found that we had more mills and
manufactures and railroads than we had
use for, and that prairie land aud city lots
were not worth anything like the prices
they had been selling at Cotton and cotton
goods and all other manufactures tumblcd
two-thirds or thrcc-quartcrs in price. and
Al. II.
with borrowed money were ruined. Now,
because the crash was preceded by q con-
traction Of the currency, and the previous
fools paradise had been accompanied by an
initiation Of the currency, unthinking men
jump to the conclusion that we have only
got to bring back imitation TO bring back
with it the wild era Of speculation which we
had when we had imitation before. But un-
less we can also have another war. or an
other railroad building mania their expect
ations are fallacious.
We do not blame men who are suffering
from the hard times. and who honestly be-
licvc that an additional issue of grccnbacks
would relieve them. for wanting more green
backs. II We thought as they do we should
want more grccnbacks too. If we were con-
WINGED that even one-tcnth of the misery of
the unemployed poor could be put an end to
10y issuing a few hundreds Of millions Of dol
lars OF paper money, we should say: Issue
them by all means. But we are sure that
such n measure would only tend to pro-
long and intensity the present distress, and
we therefore oppose 1t. The country needs
n sound currency, convertible on demand
into specie, as the only basis Of healthy
business. Capital needs to be assured Of
safety before it will seek Investment in new
enterprises, whereas the assaults made upon
it nomnally in the interest Of the working
man keep it locked up, and deprive him Of
employment. The greonback demagoguc is
the workngman's worst enemy, because he
is delaying the revival OF enterprise which
only waits for the cessation Of financial agi-
tation 10 begin.