, 1879-01-03

'hueh ot tnf rational treasury HtF4t hupliea !.
extensive cxtravnQant public works. National,
state, municipal. md pirate credit VIA devntcd
Ia tho building Of railroads and 10 magnificent
enterprises wl.icl, fred the Imagination Of our
people, and filed them with cIazy enthusiasm:
The sadilcst and most curious phenomenon ut !
that pcfotl, and one which tho histosaau will
Eotne day record. was the dcus!on that We were
then In tho mttist Of great prosperity Visions
Of wealth danced before the t,nnEtnattons Of e!-
terprIstng men, and they vcnt,red everything in
tho Wild and cxhiIerating chase. They rcrclcl |
in The light OF eotlf1axratton which Waa con-
snmIng their wealth. and called It tho sunshine
Of prosperity. They lost sight Of the only aalo
road, tho old, hard, rutlRh road. upon Hhoae fin-
ger; post Is written: .fn the swcas of thy faSu
shalt thou earn thy brcah." The dclusfon calls |
10 mind tt,c rco,ark Of Secretary Chasc, that
tan irrctlecmab1o lcGal'tendcr motto was sthed devil
made manifest Ia pbpor.H
coMMERcIAr GAMBLING.
Tho fluctuations between tho debt-pa5fnc and
tho purchasing power Of our currency c.eatsu
the new trade Of gold.Qamblfn9. Tho Gold Ex-
York will be remembered Ia history a. the Der
mana remember the robbcr castles OF the Rhine.
whose brtgand chiefs lcvica black-matl upon
every passcr hT. 1t was n bilslarss that never
which everything gained by ono was lost BY nn-
other. II was simply betting on what the dtf.
ference between coin and paper would be, end
then employing. every device to win the bst
sj~tv' triittons ri contfal wna Withdrawn
from industry and invested io thts, reckless,
business. 1ts fascination spread to all parte OF
rroS .,aen,v III, h. ihe rnin Of anothcr. Ii
.tess Ios..s ,,n hean cnnf,nci Ia thc gamblers
alone, the cvtls of the Rold-rootn would have
Ss.a s..nI T., %nnass j,d,,.tr~ iii nt,afncera
wi ~ osith wrr matfa ia Wet
@ In's Ths wr.st cnn,n,rscv n 1hI;S which cuI.
minated ii /" Black Friday" involved In ruin
tn.ts sr,sincsa 4. ali mr. foreign trade was
ss.s I've -. ,ot. .t.,,aar-f the husIncaa NJ
,sA I.n.. 81 ~ r ..d nvrsrtnr ~ men.bondtsc
ss.y ~ a ~ tte - hmiix II mi Il h-nrsH
VI ~ ~ a. .an rhnsc chief ciior. was. by
=. ~. .ue ~ s ~ creats s,,licn chsngra II
~. ~. VIVA .,f "a snid' ,' ~
>''1 * tnsnrc hmsc1f npafn.t this additional risk
tbe importer was compelled 10 increase hta
tnhhsr and soan 10 ths retailer. until at last is
!!tooI w,si"i,t iii ,,non Tho ren.umcr Of tho
ovn1ia' trhc c1nortnr could protect himself
osn, aoTS. 1ass ontw hx nsTno ioyer. nrices Tor
aen i,,n, 'usS ~ o .snt ahrc,f and a., ti,e whoic
ppnormons " cost Of seventeen years' OF Eold
t,n,, htsnv hss hccn na;d n,t nf The earnings OF
H. a.ns-nrr v.or,r rlnt onn,f,itnr was not
nn,nnaI ~ ~o,d ,rhe hnf,,t rnuen,iere1 lty A
n1,.t.,str r1,1,"rcv wh,c ied ,nrn In All what
thrv iii mt own. and borrow wbat tney sold,
trrs' carrird min eynry icparttncut OF trAt!e,
Hr,nht. ambitious youuu men, lurcd from thc
farm and workshop, sought their fortunes tn
the seductive ch.aees Of te Sick boa1 or II
~ wheat. THO population Of many agricultural
dietftcts actuully decreased. Thccltles aud man.
utacturtur centres Gre oyercrowded. Some Lead
inx Industries, notably railroad building aud Ton
increased aud credits expanded, the cry was raised
Tint there was not currency enough, that the
snla,l measure OF contraction effertCl by Sec
rctary hcCulloch had deasroycd tho peopea'
drunIurd's cry for moro rum TO steady Ills
nerves, already shattered BY drink.
-, ,T1s onAst.
no no moro could DO borrowed, tic Inevitable nay
dsv came. and With II tho delugc Of 1873. This
yast fabric Ut munlclpa, ard private debt totter-
Cd and iell, involving III general ruin the indus,
laes Knosiaa G1 ot ts ., s. @
IebtcdIless: but we may Judge something Of Ia
,narnitude bY aimpie example. II tho stalls
tcs esn DO trusted tns a,un,slpal dset: s Of l
in ten Years, and amounted, in 1876 to t844, ,00O
UN: a5S private deb.s had increased ii, proper
lion. Wills tho catastrophe might have beet
prevented In ls',s, It was nov too late to aver
yVitn s,ich conditions tic crash was incvlts
lilo, Its details Of loss aud suffering need no
be recouutcd,
: LOSSES or LABOR.
10 q, oc coiamti,es ihn orsrs %
mos .ns.s "1u s,nvs h.cn she ~rrafcst snifercre
~ n,,1,orcr orew .u.i.t,niy rici, y specl,
iatian amo dmrnG the ncriod Of cxpans.ou' hi
'a1 ua1ce IL M NV .,,"rs h,z r,crs: hnt whr,
W. .,,9er,S ~ tbs Iestn,c,,on Of lis busl,css b.
~. nrn.h thev sharc] ti,a dt.aatcr by loafni
tho tho as,,nat2{ ssns,, suU{ ~ wnrk, '"o "~' - "s
1nT uppUt ~. y.r;od ~ srnonsnn thr uaura
,r. "" .n,,s,sirt tncrrsst. Int lin cosI
,anol "s.s ' soG"i, a,ti, ,,,nrs vhan ,,,c.s dc
ts.nE LYLE sa.aseu aaos .r. .s' ttn H., IN Xii Tn
..a,t.s ennso "asss VITA tors odv"nte1r ~ n,
.ap.u1'' Hpn. -" i,.s snvthtnr n h,t
.o - III, u. sn,.as1 nrices n hs hs. onvthin'
e a San W. !. not connec to seii at once. b,,
"n III ~ ~ ~ hest ssivsninrr. MOI ~ wifi, III
| iofor1ut r,nn gIc n1ns into tho market wit
i,,st mn thing to selj-his dny'a work. II
t,n,1.t seji II to-dnt. al iodays prlcce or 1t VII
In ShnIiy iost. Wbal he nccds 10 lny lIc mus
h,,r 1hrn nr,rss,tv ron,rcls him, Fillctuatlo
In ihc At atnndard 81 yolues 10 his worst cneu,y.
atrikes him both ways, and strikes Him hard
;jheTcforc. of iii men IN the world tho Iabor.n
,nnn 1nnst needs a steady arkct anu IN unvar,
inT rtandnrl OF value, When lie has earned hi
wapr. he wants to Be paid iu q currency thu
viii kern over night; TINT will be wortIs q
| -. -. 80. -. ,vt,x,, In rnno{vc