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

were changed and the great conflict broughtp
successful issue.
r. would be both entertaining and INSTRUCT
i've TO our readers, If we had space to review
fully tho effects Of this measure upon the
mower and fortunes of Great Britain in time
or great trial but that il impossible. Per
baps the most significant fact In the iinancial
history Of England during the eventtul period
intervening 1897 and 1896 is, that IN the very
height of tho successes which the slspen-
sion Of specie payments had elected, ana
while the war was raging most fiercely, n
strong marty In Parliament arose.
lod nv some Of the ablest statesmen
in England, in favor Of the imme-
date resumption OF specie payments.
Had the resumptionsts prevailed at that
time, and they have left report known in
history rs tho bullion report, model of
reasoning and mine Of facts relative to the
question and sustaining their views, 1t is
now well recognized fact that tho national
existence Of England would have been inn
periled. Indeed, an eminent historian refer
ring to these events, says that had the re-
sumptionists prevailed "the sun OF European
freedom would have sunk, perhaps forever,
beneath the wave Of Gallo ambition For
t,rnately for their country and themselves the
resumptionists were defeated in 1918.
But the war had no sooner closed than they
began to re-agitate the question; and finally,
after years of discussion and struggle, they
succeeded And what was the result? Years
after the close Of tho war, in time OF pro-
found peace tho resumption act passed the
Parliament We leave writer Of vast knOwl-
edge and great vigor. an English gentleman.
patriot, and llustrious historian, to finish
the chapter Experience, says he, has now
cast broad and steady light on this subject.
Jt Is known that the adoption of this step
(the resumption Of specie payments) In 1919,
enforced and carried out as it was by the sup
preston of small notes In 1896, changed prices
at least 80 per cent that the holders Of com
molities and property of all descriptions found
their CAPITAL diminished to that amount in
the course of n few years; that debts aug
mented in the same proportion, speedily
proving fatal to all laboring fortunes. whether
In land or money, over the country; that
bankruptcies to al unparalleled extent dif-
fused ruin and misery through the industrious
classes; and that the general distress and DIFF
ficulties of the middle ranks of society pro-
duoed that widespread feeling of discomfort
which. ignorant of the real cause Of its suffer
ing and famed into flame by the spirit of
faction. gave rise to the conflagration which
brought about the great organic change in
1882"
The parallel between the financial history of
Great Britain from 1877 to 1926 and that OF
the United States from 1861 to 1878 is much
clearer than we have been able to draw
IT,; but the reader who has followed us must
perceive by the few and imperfectly' stated
facts we have given, that there Is very strik-
ing parallel The history of the imitation of
the English currency IL similar to the his
tory of the initiation Of the American cur
rency In both cases the national existence
was In peril, and in both instances
the initiation policy averted the danger.
Now the American resumptionists are en-
deavorlng to do just what the British resump-
tionists did when, years after their war was
over, the forced resumption of specie payments
bankrupted and ruined the whole kingdom.
Are tho merchants OF New Orleans prepared
to give their Endorsement to such policy
| Do they desire to sec the policy of forcible
resumption carried out until this country Is
bankrupted also; until what is left Of our in
dustries are paralyzed; until the gangs OF
idlers and tramps swell into mighty army
inimical to society; until mobs throng the
streets of our cities as they did those OF Eng
land; until through restitution and misery
the working classes reach that point where
they become theenemies Of the State and the
soourge Of society,"
We beg our fellow-citizens to throw the
statistics Of the resumptionists and gold men.
like physic, to the dogs, and to note with
earnest attention the fearful effects which the
policy of contraction and forced resumption
had upon the English nation. We suggest
| that the facts we have but imperfectly pre-
scented should cause even the bankers to tenn
| porarily ignore their immediate interests and
join us against policy which experience has
shown can only result in fearful disaster tc
tho country.
We are or atified to see that Senator Rob
ertson has brought these questions before the
Legislature; we trust they will be carried by
a heavy vote, and that Louisiana will be thus
recorded before the country as in favor o.
these two great popular measures repea
hill and the recommendation act.