The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-09
Senator Eaton's Views on the Business
Depression and Its Remedy.
GREENBACK THEORIES CRITICISED.
True Money and Extension Of
Foreign Trade Essential.
BUSINESS ALREADY REvIvING.

HARTFORD, Conn, Sept 9, 1878.
Considerable comment has been occasioned IN this
,tato by the views expressed recently by United
states senator Eaton land published In the HERALD
regarding the prospects of the party
In Connecticut. and the report OF inc interview, to-
rether with those had with exGovernors English
and Ipre.soll Lieutenant Governor Loomis and
Others have been very generally circulated through
the medium OF the State press In conversation
upon the subject with the HERALD correspon-
dent Senator Eaton remarked that he had read
with much interest tho vows OF his colaborsrs in
the democratic party, and continuing, sad:-"rhc
suggestion in the HgRALDs editorial In the same
Issue in which these interviews were ubhshed, that
Mt this period OF business distress, with It's accom-
panyipg agitation OF labor questions some OF the
men Identified with national legislation would do
we'll to suggest a remedy, has struck me as par.
ticulsrly valuable one"
CoRREspoSpEsr-rhe principal object OF my call,
Mr. Senator, was obtain more fully your views IS
TO the prospects OF the national party In this State,
but am satisfied that tue HERALDs readers would be
grainsd TO have your views questions involved in
toe broader nsld inquiry suggested in the edito
EiaL
THE cRxExBAcKERs' PROSPECTS CONNECTICUT.
After q nom snt's pause Mr. Eaten said:--
LET us consider the prospects Of the socalled
natio nal greenback party here Connecticut lew
tsys ago / gave you my opinion, briefly, IS TO tho
nrsnsth OF tho party, and CONVERSATIONS havo since
had with gentlemen in political lite give me no rea-
you TO change IT, Tho greenback leaders claim that
,neir party will poll from eight 10 ten thousand
voes prevent the election OF State ofcers ana co0-
troll the Legislature On the contrary believe that
The vote will not be, ~ the best, more than
half what the leaders claim, and that the
democratic party will elect It's candidates for State
49,
erai Assembly. think know the voters OF this State
and the principles which will govern their action in
tho coming election quite as we'll as the persons who
pretend to be the leaders In ths paper party"
TIE ourcRY AGAINST BONDS.
CoRRBsrosDENT-The nationals, as you have doubt
less noted, Mr. senator, In their platforms generally
ere anita gonisto the whole bond system. BY whom
do you think the bulk Of she government bonds owned
Connsctcut are held?
Mr.. EAroS-The insane cry Of ''boated bondhold-
srs,v "bsuk pimps'' and tho other pleasant names
that freely banded about by these gentlemen
will not be received with favor by the inteliigen,
voters OF this State They know that the major part
the bonds OF the United States holden In Connecti
Gu, are held by the savings banks OF the Stare
Thsy know that the depostors in those savings
banks the ''bloated bondnoldsrs' OF Connecticut
They know that blow against public credit fatal
blow inflicted upon tho workingnen and working
women Of the State. The hard working American,
IRISH ana German men ana women have over
$50, OUO 900 deposited In the savings banks Of this
stssc sad Deg 20 say 10 yos. sir, that before the
voters Of this Stste poll their hasts in November
ssxt they will make themselves Thoroughly ac-
ausinted With all the Questions which may arise our
Ing the canvass. ~ g..t
CoRREsPoSDsNT--lt Is quito unnecessary, presume.
Mr. Senator, TO eau your attention TO the TACT that
shAr 10
10 explanation OF the existing business depression
Your views, your speeches in the Scssfe have ndi
Gated are Of very different naturos
rHs INSULTS OF s1iE vAs syb isYLArIox
Mr.. EAroy-ysry difsrena. indeed, sir There Is
+suer,rs this coapssys Men ond women desire
p,sy msut; honest iabor wishes fair reward The In
stances are where this labor be Obtained
The present and pressing troubles OF the people OF the
United States the Iesaima,s legacy OF terrible
sectional conflict through which recently have
passed Tho struggle vas SO desperate that the
hen power 1T TO abandon and ignore the lessons
el The past. In Their resort 70 an almost Unlimited
issue Of paper, In violation OF the very umens
which they claimed Lnelr guide, 10 be found
the great source OF our present evils.
First-lt doubled The necessary cost Of the great
struggle.
2 Sec ond--Ii produced unhealthy Imitation Of all
the productive industries ana this caused, . neces-
Bary resu an unhealthy advance IA the value Of every
species o. properly, real and personal
What was called ''money" sought Investment
absolutely unnecessary Tor the wants OF the people,
absorbed ST. 500, 0U0 900 Unuer this unhealthy STATE
oil AFFAIRS not speak OF the federal debt. ooga
lions OF the states couutcs Giles aud other corpo.
rstons aDounted 10 more than 81 600 900, and
meet the interest upon all these obligations Is the
question that now staggers tho minds OF our people
Inc federal debt OF 81 zoo, 600 900 q q mere bag
ucl,e What trouble Us are the state nsunicpsi and
corporate debts. With all this burden upon Us came
'he panic of 1873 and the hard times surely ana
necssssrily to result from ovcrtradine, speculation
and innstion To meet this emergency the
uew snnaucia doc tors prescribe an unlimited issue
OF paper, not even paper promises TO pay even At
some future time but IA government issue OF rags
equally against the laws which govern trado amoug
tho peoples OF tne sarln and the constitution OF the
uaHsd statss wnich recsxu izas the precious metals
Ubiy as the legitimate money OF mo United STATES
Look this matter iairiy anu tqusrcIy tue lace and
means REPUTATION. Reputation Of The contract
wisely or unwiseiy. Reputation Of the pleassd
LAIN oil the people OF the GATED stalss. Aud al
ans under the spscious cry that the people demand
CoRkksPoNDKST-Oi course, MI senator, you do
not admit that any such demand existsy
MI EAroS-No; thousand times no. The psopis
semand usgraceiu al and dnhon orable duct
IRON incn pubic servants II Is The cry OF the dem
sgoeue VINO desires 10 prey urou the psopls The
eject oi such an unliinled ISSUE Of paper would at
once be destructive commerce with the people
OF the earth. IL would make tho rich poor aud tho
poor Dsgg.rs Ana ought TO ssy 10 you thai, while
unaeniaDy there IL great distress nearly every Sec
hon oi the country, whiIe very many, TOO many pso
pie wnng TO Iaoer cannot GET en mont IL Is not
rue That tue distress rs 80 areat or that many
pie ere idle as the camors OF the dsmagogue assert
LACK OF EMPLOYMENT ExAGeERArsp
IL has been sand that n,IlilODs-tbree perhaps four
miliions--oi honest mon aud women are crying Tor
employment. IL has again aud again been asserted
that IN MASSACHUSETTS, alone from Two hundred TO
three hundred thousand people were OF aud
ing employ ment NOW, the TACT Is the aggregate
Number OUT OF employ mcnt on tue LIST day of June,
1878, men and women, skilled aud uuskiied, was
~. sos, out OF population o. nearly seventeen hun.
area thousand. You wan observe now small per.
Massachusetts State Bureau OF statistics 1t doubt.
sss may be regarded as very nearly correct There.
lore. ASSUMING the figures IN MassaChu setts as a
guide, tbere are between i've hundred ana SIX hun