Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-09-05
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The following concise statement Of facts,
taken from the N. Y. Sun, csrnot be de-
MED except BY those who are totally
blinded by the mania for more greenbacks.
There are those who are determined to do
all they can to food the country with an
irredeemsble cnrrency, regardless of its
effect on the business of the country, but
there is also large class who are DESTROYS
of learning all they are able. on the i'm
portsnt question OF finance before the time
arrives when they will have to place them
selves on record as being for or against a
currency that the world regards as good.
aud to this class we commend the careful
perusal OF this article. II says;
"A favorite argument OF the advocates of an
unlimited paper currency is this The first
issue OF greenbacks was followed by great
uyity in business, plenty of employ meut for
labor and general prosperity: whereas Il par
tial withdrawal OF these same greenbscks pre-
paratory 10 resumption. has been followed by
stsgnaton in business dearth OF emp loyment
for labor. and general misery; therefore, let
US issue more greenbacks and we shall once
more have sctive business. plenty of employ
ment and general prosperity. =
This reasoning Is very much II man
sUnuiu saw LAST winter, WDen the tnerfnoin-
eter stood nj 90, everybody was cool and COM
Portable aud the fur dealers and the overcoat
makers did a thri, ing business: whereas now
the Thermometer stands at so or 90 and every
body Is warm and perspiring. and nothing Is
doing except In the sale Of linen coats, fans
and Ice cream; therefore, let US put a lump Of
ice the bulb OF the thermometer and bring IL
down TO 90 again, and then shall have
winter weather, with all that the name i'm plies.
The flood of paper money that was poured
nsif m trV urfp sha hal 80.
source. in the first Instance. ir the neces stiles
Of tn. war. and was accompanied by an extra
ordinary activity IN the manufacture Of arms.
ammunition, clothing and ships. and by an
enormous consumption Of food. Al the same
time over a million OF men were withdrawn
from productive industry aud become con-um-
ers Of the fruits Of the industry OF others. ~
rope was drawn on for supplies. aud furnished
them to u In the most liberal manncr-of
course, tor a consideration. Every body was
busy, aud everybody seemed to be making
money. This same money. too. every body
was afraid to keep after he got 1t. because every
day It was getting worth less and less, and
many people expected IL would eventually b.
come worth nothing at ALL >oeycry body hast
encd to turn 1t. a. fast ~ be got IL, into prop
erty. Prices went up and up, and IL looked
though they would 60 on up forever. Cotton
sold for 81 pound, cotton cloth for - cents n
yard. wheat for 81 "a bushel, = days un-
skilled labor Tor 81 50, a days skilled labor
from - to g.. aud on. Just a. the war
ended. too, railroad building 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 els per acre, aud houses were
built on IL At three times the price for which
they could be bu now. City lots also went
up TO enormous figures, and made their own
ers feel rsh. Then, when the bubble was at
its biggest, II burst. There was a rush To sell,
Just there had been previously \ rush to
buy. We found that We hal more mills and
manufacture, and railroads than we had use
for. and that prairie land aad city lots were not
worth anything like the prices thew had been
selling At. cotton and cotton goods and all
other manufactures tumbled two-thirds or
three quarters in price, and those who hAd
bought them on credit or with borrowed mon
cy were ruined. Now. because the crash wa
preceded by contraction OF the currency, IN
thinking men jump 10 the conclusion that We
have only got to bring back Imitation TO bring
bsck with u the " Id era OF spscu alton. which
W. had when We hal imitation before. But
unless We can also have smother war, or
another railroad building mania their cxpcC-
tations arc taliacious.
We 10 not blame men who are suffering from
the hard times, and no honestly believe tina;
an additional issue Of grecnback. would relieve
them, for wanting more grccnbscks. II we
thought they do should want more
grcenLaCks. too. II We were convinced that
even one-trnth Of the misery of the unemployed
poor could BE- put Ia an end By issuing 4 few
hundreds Of millions Of dollars Of paper money
we should say issue them by all means. But
We arc sur that such a measure would only
tend to prolong and intensity the present dis
tgcs-. and We therefore oppose Il. The coun-
try needs sound currency. conyertibl. on de-
mand into specie, as the Only basis Of a healthy
business. Capital needs To be assured Of safety
before IL viii seek Investment In new enter.
prise. whereas the assaults made upon IL nom
inally In he interest Of the workingman keep
II locked up. and deprive hia Of EN- p!oymcnt
The grrenback dcmagogue i. the wor kingman
worst enemy, because he j. delaying the rry-
val Of enterprise, which only waits for the ces-
sation Of financial agitation TO begin"