, 1879-07-23

cause.
Prof. Donanv l'ricc, IN The June number Of
The North american Htrl<u, explains TIC "stag-
nation Of trate anil It's causes # on tic theory
Of oscr-consumption while the honorable and
experienced Hugh McCulloch, IN reccnt nd
dress before tue Harvard University classes,
assumes that "ovcr.productlon Is Accounta-
bio for our Gnnnc,al t!iss-aa though over
production Of wealth is, or can be, cause Of
national poverty
Prof. Prlca would seem TO have fallen Into
an equally obvious error Ia asaunsnR That |
aver.consutnpt!on WAS the original cause Of |
ours anti the worlds difficulties. Oscr-con- |
sumption Ia 10 compensated by concurrent !
benefits that, under proucr conditions and rs-
stralnte, It NAV become national advantage.
II men paY for all tic products tI.y Gull
surpe, oYcr-consumptfOn can only work Rh u
ilrv 10 their Individual bank-account, Willis
Inc great world Of producsFs nre snt,cnou tnete-
prolucts IN signatures. It becomes n'crc Hars-
tIpn Of time when no'h producer and consumer
will come to Vrlof. 1850. z-
eot!c CAUSE than inflated consumntion, or pm
tluctlot or both, a. the ocrnslon OF the worlds
industrial AMI financial collapec.
The stimulating cause o. nrtnr'ole that agra
sumption of proluctA.-that exaggerated and
falsiGed the valuation Of afi proncrtY,-that fed
The ticilr,oun nrcs OF insane specu1Atforl,- that
impaired tic force Of Industry anta discouraged
tbrlft.-thnt bndc man live hs speculative GAM
bling rather than Inc slow gains nf toil.-tlat
roaded the whole World tuso The bottofnless
vortex OF debt and Insolvency, Under tho
spccious 1clus!on that thts was ths foyat syenae
euraDg from the iuterDal cnEsrcrv OF credit.
Wbnt Is credit It conststs Of tho shadowy
cleu.cnis Of 'ttffnoh and "conHdcncc u wrought
by The fierce shuttle OF competition. in Tie roar-
l<>1r. 1f nj 1utn AcHE11}YH
fabric, which. by a fiction Of Jaw aild common
usage, liz mado 10 serve the temporary PURPOSE
Of an nbsoltte equivalent Of value. II Is lhe
tbss M Transforms aii our business realities into
ra,6b)ng chances. It's subtle Influence pervAucs
not only tho cllanncls Of commerce. but the cn.
tire structure OF tnodcrn evil ltfc. No ono Is
exempt from Its falactcs and fo!tles.
It tc1npts the banker tu hazardous and crfmi-
it scs1uces tl.c merchant Into the uves-pur-
| Chase Of stock, With tic oiler Ut payment ia
| tLmc.pupcr,
il ipcitcs tho public to cxtrayagan: and waste
full consumption OF products by accepting pro-
crastinatton for payment.
1t encourages tic building Of prontlcss lines
Of railway, to be pata fer IN rsi'nous debtntures.
| It swclIs National. Btatc, Municipal, a'id cor
porate Investment to Wastefill ind corrupt vol
utne, for the cowardty reason That 1t Is Bafer to
bond future generation than tax tic prcsen
| one.
IL fires tho zeal Of rcnl-cstatc fanciers to In
l
vest III lots ind lands, Regardless of cost, Tor
Which they layo no possible ,Ircscnt Or pros.
pect!yc use; mntly buy "teuures, incuEbrances,
speculative equltics,"-huy ail that joins iliems
atisi ntnlsc nfchet't pavtnent wlll mofLGaRc.
1t promotes over.tTadtnE and extravaganza,
by offering a desirable reality in exchange for a
1ction,- ,-substauce for shadow.
1t Inspires The Stock nllt ffoducc Exchange
Enmblcr With the ,puFposc OF acquiring otiler
peoples money wis'loat paylng just cqalqa-
lent.
It dcceivcs and ruins the very elect Of Heaven,
! byofferng grantcr temple oi worship thnn tllat
over the why, at the present cost Of il chcapron-
sumptivc mortgage, covering eertaln estate,
confession OF faith. and other collaioras OF the
faithful.
1t stimulates all the world to purchase pleas
ure for touav at cost Of future Tito mort
Jus yetf.cujoymcnt.
While protesting TO be the friend of the poor,
It is their moat itsi1uous foe, beg,lising the,u
from tho Golden Rule OF trade. " pay Us you
GO,H into tile t0il3 OF dent, vice, md p1unersfn-
It is ttr most primitive mid ru,nous Of all com,