The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-03

Contraction mo Cause OF Hard Times
The Country Richer and Crow
ing More sO-FoiIy Ia Think that
Initiation would Benefit Anyone.

The voters in this country who in
cline to support the Decentralization
party do so on these gronnds--they see
that industry and trade are prostrated;
they would like 10 see the country on
the high wave of prosperity; they have
been told that a severe and pinching
contraction OF the currency caused the
collapse of 1873 and the prostra.ion
which followed; aud they believe that,
in some way they know not how, a new
and great initiation Of the currency
would give up new period Of good
times.
Now, if they are right in their con-
illusions and belief, we should agree
with them and support the Greenback-
labor party. II they are wrong, how
ever, they are in the position of ply
sician who, when called In to treat a
very serious case of disease, should
mistake its nature and give the wrong
remedies. He would iniure the patient
and not help him. Where the sick man
is a big country like this it becomes
grave matter TO offer prescriptions, and
we have at least a right 10 require that
the doctor who presses his medicine
upon us shall understand the disease
/. Now, it is
A GREESBACK-LABoR FALLACY
to assert that a great contraction OF
and TafTd times. a.' f1ief9ef nise 6Rlleapfs
fact, no such great contraction. Ofiic-
ial statistics show that the amount of
paper money out, exclusive OF interest
bearing notes, which can not properly
he counted. because they are rapidly
disappearing from circulation. was
greatest in 1874, after the panic ana
collapse of 1878. that, therefore, the
greatest amount of paper IN circulation
did not prevent or cure a collapse or
panic, but, as we hold, was one of Its
main causes. The total paper circula-
tion, exclusive Of interest-bearing notes
was in 1870, S69S. 600, 600; in 1871,
S7l6, 900, 900; in 1872, S737 900; in 1873
the year when the panic aud depression
began, S7i9, ,000, 900; in 1874. S7S3. .000.-
600, 900; in 1879, S773, ,000,0 ,000 ln 1878
the present year, when for the first
there are real signs of an industrial re-
vivalIslow, but apparently sure-and
on sound basis, the circulation il
within few millions Of the year 1870
(S6SS. .0O0, ,0O0), and when the honest
Greenback- labor man looks back with
n sigh to the good times of 1870, he
should understand that tue country
has now substantially the same amount
Of circulating medium as then; and
when he is told by some quack like
Ewing or Cary that the need is more
currency, he ought to reply by point
rraa a 4
when the greenbacks were most abun-
dant that the panic broke. But he
ought to add, for the information OF
the quacks who are misleading him,
.hat while the currency is now nearly
at the same volume as in the prosper
ous year 1870, its value, reckoned IN
gold, has nearly appreciated, and If we
count in gold there was but Sj99, ,OOO.-
600 worth of paper in circulation IN
1870, against S6si, 900, 900 worth in the
present year.
2. IL is
ANOTHER IRREDEEMABLE FALLACY
that the country is poor. II it were
really poor, surely no one is so absurd
rs TO say that the printing OF great
quantity OF paper promises could make
10 rich. 10 Is not the amount OF notes
farmer or merchant has ont which
makes him a rich man, but the amount
Of grain or cattle or merchandise he
owns, and the country is in this respect
like the individual. In fact. however
the country is not poor. IL has had
succession OF great crops; it produces,
as official statistics show, more cotton
and wooden goods, more iron, more
coal, more products of all kinds this
year than in 1870. which was the year
/ OF model prosperity 90 which the
Greeuback- labor man always refers. -
I In fact, the American people arc so in
I genious and industrious that in many,
perhaps most branches Of industry,
I they produce more than they can them
selves use. Bat prices are low" is
the general complaint; and so they are
10 the greet comfort of everybody who
consumes.
3. 1t is Greenback labor iallacy
that
IRREDEENABLE PAPER
and plenty of il ~ good for working
men. On this head the history OF the
wears 1863 and 1875 ought 10 be enough
/ to warn the workingmen. Citizen Sch
/ wab summed mp that experience so well
/ the other day that We can not do better
than repeat what he said. A new inha-
ton OF the currency would give the
speculator new chance, perhaps; 1t
would make the fortunes Of merchants
with stocks of goods on hand, but IL
would raise prices faster than it woald
raise wages, and thus Impoverish and
not benefit the workingmen. Mr.. Sch
wab said: The most the National-la-
Dor Greenback party can do IL 10 help
the middle classes OF society, TO bring
back for a few years the hollow pros
perity 81 the war times by flooding the
country with paper money and giving
these classes I refer 90 n chance O.
speculate aud make fortunes quickly.
The working people would not be hen
efitted. Everything they eat aud wear
would go mp, but not rs high as their
expenses. Badly of as they ar,
n,w they might he worse of then.
Though u might give them a few years
u higher wages, but always higher