The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1878-08-31

case of the other bonds, is It within your ex-
perience that holders thereof flock TO the
assessors office asking TO be taxed2 Facts
show that but a very small portion OF the
bonds are taxed. 1t is the easiest thing in
the world for your brother who is in Cali
fornia TO own them, or your uncle in some
other part of the country. Then why de-
lude yourselves with the idea that if you
taxed Government bonds they would be any
more likely to turn up for taxation than
these State or railroad bonds? If you sue
ceed in taxing bonds you merely place upon
your shoulders an additional burden ofS40, )
100000.
GREENBAcE PRosrERITY.-A favorite argu-
ment, says the n. Y. SuR, Of the advocates
of an unlimited paper currency is this: The
first issue Of fgreenbacks was followed by great
activity in business, plenty of employment
for labor, and general prosperity whereas a
partial withdrawal ofthese same greenbacks,
preparatory to resumption, has been follow
ed by stagnation in business, drearth Of
employment for labor, and general misery
therefore, let us issue more greenbacks and
we shall once more have active business,
plenty Of employment,an general prosperi-
ty. This reasoning is very much as if a man
should say: Last winter,when the thermom-
eter stood at 400 everybody was cool and
comfortable, and the fur dealers and over
coat makers did a thriving business where.
as now the thermometer stands at 800 or 900,
and everybody is warm and perspiring, and
nothing is doing except in the sale Of linen
coats, fans, and ice cream; therefore, let us
put lump of ice on the bulb of the ther-
mometer and bring il down to 400 again,
and then we shall have winter weather,with
all that the name implies The flood Of
paper money that was poured out on this
country during the war had its source, in the
first instance, in the necessities of the war,
and was accompanied by an extraordinary
activity in the manufacture of arms, ammu-
milton, clothing, and ships, and by an enor-
nous consumption offood. At the same time,
over million Of men were withdrawn from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 mannera--Of
course for a consideration. Everybody was
busy, and everybody seemed to be making
money. This same money, too, everybody
was afraid TO keep after he got it, because
every day it was getting worth less and lees,
and many people expected it would even
tually become worth nothing at all. So
everybody fastened to turn it, as fast as he
got it, into property. Prices went up and
up, and it looked as though they would 60
on up forever. Cotton sold for 81 q pound,
cotton cloth for 25 cents q yard wheat for.
$3.50 bushel, days unskilled labor for
$3.50, days skilled labo- for from $4 to Sc,
and so on. Just as the war ended, too,
railroad building mania set in. Thousands
of miles of railroad were built, which to-day
hardly pay running expenses. Lands along
these railroads was bought on credit at from
$40 TO $l5 per acre, and houses were built on
it at three times the price for which they
could be built now. City lots also went up
to enormous figures, and made their owners
feel r::o"h. Then, when the bubble was at
the biggest, i hurst. There was rush to
sell, lust as there had been previously rush
to buy. We found that we had more mills
and manufactures and railroads than we
had use for and that prairie lands and city
lots were not worth anything like the prices
they had been selling at. Cotton and cotton
goods and all other manufactures tumbled
two-thirds or quarters in price, and
those who had bought them on credit or with
borrowed money were ruined. Now, because
the crash was preceded by contraction of
the currency, and the previous FOOLS para
disc had been accompanied by an initiation
Of the currency, unthinking men jump to
the conclusion that we have only got 10 bring
back initiation to bring back with il the wild
era of speculation which we had when we
had initiation before. But unless we can also
have another war,or another railroad mania,
their expectations are fallacious. We do not
blame men who are suffering from the hard
lp lNr hfli hat ~, aI