The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-06-14

n,,neratiye powers OF the State. But statis-
fdcs before Us show that the same deprecia-
Hon of property, the same maintenance Of
agricultural prosperity and the same impov-
erishment OF the people are to be found 10
every State and section OF the Union, and
hence, that q general cause affecting every
State alike, and no special local cause, is ct
the bottom OF our troubles. The statistics
show d decline In the valuation Of the property
i of every State in the Union since 1879, aggre-
eating In the whole Union over five billions Of
dollars. The debts 81 many Of the States are
insignificant In many Of the States where
the debts are small. the depreciation o. the
value Of property and the evils Of mendi-
cancy have been excessive.
It does not then seem to be public Indebted
ness go much that affects US as somethtng
else. And what is that something else2 We are
satisfied that 1t lis the financial policy Of the
Federal government. The decentralization Of
silver, the evil effects Of which have been
only partially remedied; the impo-
sitdon OF the ten per cent tax on
free bank circulation In the interest
81 the national banks; the prohibition upon
the national banks to lend dollar on real
estate, and finally the arbitrary resumption
81 specie payment, have ell operated directly
against the people and In the interest Of the
money power. Under this system the volume
Of the currency has been reduced and the gold
dollar made To be- worth one dollar and fifteen
cents. Every man who owns property;
every man who owes debt has
been. by this policy robbed and cheat
vi. Every laborer and mechanic;
every citizen who is not the holder Of United
states bonds or q Spectator on Change or
capitalist has been the sufferer In 1926 the
same policy In England, following period
al war and imitation, changed prices and re-
duced values SO per cent. and the holders OF
property OF all descriptions found their capt.
tal diminished that amount. The laborers,
the tradesmen and the property holders were
ne sufferers, and bankruptcy to an unpar-
alleled extent diffused ruin and misery
among the industrial classes.
The vast amount OF public and private in
debtAdness incurred In the preceding wars
scarcely constitutes factor 10 this scene Of
universal bankruptcy, ruin and restitution.
The chief cause was the policy adopted,
against the Judgment Of many Of the wisest
men Of the kingdom, Of suppresslng the circu-
lation Of small bank notes and the enforced
resumption Of specie payment.
That the Overwhelming mass Of national,
state. municipal, parochial and private in
debtedness INCIDENT to the past eighteen years
IL war. reconstruction and misgovernment
has had much to do with that poverty and
distress Of our people, which even the album
dance 81 our products has not been able to
mitigate, must be conceded. But we hold
that this is q small factor In our troubles
coranared with the blasting influences OF the
financial policy OF the administration o.
Grant, and especially Of that Of Hayes.
Our reputation friends, therefore, It seems
to IT, are striking ct the minor evil. and to ex-
tinguish debt that, II honorably adjusted,
VIII play small part Ia our misery, are like
" to incur the animosity and vengeance Of
HE real power that is crushing US. May we
not. then, wisely pause and see whether Or
not Reputation is the true and proper RENE
Y Nv Tor our poverty and wretchedness?
If our friends will look the question square
ii II In the face, they will see that it Is not the
State debt, but the scarcity Of capital and
currency that weighs upon us. That 1t is not
state consols so much as resumption and
National banks and gold rings that Cypress
and weigh us down. The burdsn OF debt Is
indeed heavy; but that may be mitigated IN
q peaceful compromise by which the interest
may be reduced.
The real relief Of the commercial, planting
and agricultural interests OF the State 10 IN
scheme which will counterfeit the evils OF re-
sumption and afford our planters, farmers
I and merchants the advantage OF capital and