, 1879-08-03

which in every possible form had been
created creditors and debtors were buried.
That was the panic. The wealth which
had risen on the basis Of unlimited credit
vanished All that remained was the small
modicum of substance. Ronl values hna under
gone no change. The property had retained
all its substance; the fictitious had vanished.
Upon a basis of SIS actual cash value
debt to the sum Of 800, and even
more, had been created When the bubble
burst the SIS remained intact, md the sos
was credit. How to pay 800 debt with S.
of property has been the struggle since 1878.
This debt, computed by the hundreds of
millions, has been the weight which has
depressed the country, which has arrested
enterprise aud industry. This debt has
been the burden under which tho whole
people have staggered and struggled
How to pay il, has been the problem, and
it has given birth to innumerable so-called
remedies. One was to issue irredeeraable
paper money to an amount equal to restore
to property the fictitious values it had when
the debt was created, such values to be COM
puted in this paper, having Of itself nom
inal and fictitious va1us. Our readers are
familiar with the scheme Of fat money.
There have also been appeals for stay laws
for exemptions from executions, for Gov
ernmentM aid and subsidies, and for numer-
ous other devices, nll having for their pur-
pose how to avoid the only possible means
of de1ivorance, and that is to pay the debt.
AL that was substantial and real still existed;
that Was of Is much value as ever. Millions
Of city lots which had been formed out OF
cornfelds and vegetahle-gardens, and
sold at fabulous prices on credit,
had still an their real and original
value as cornde]ls and vegetable
gardens, and could be made productive as
SUCH. The man holding million OF dollars
Of property ut fancy prices, and whose per-
sonal expenditures we're those Of million
aire, had to reduce his outlay to his real IN
come. Property on which debts existed had
to be surrendered and the debts wiped out.
It took years and time to accomplish all this,
which would never have been successful had
not the current money Of the country been
rescued from its credit basis and given q
value that Wac fixed and permanent. Ihe
dollar ceased to 1uctuate. Naturally, and as
rapidly as the wrecks Of the past we're cleared
up, the new dollar became the standard OF
new business. Wages and the products OF
labor were measured by the new money,
which remained the same always. Gradually,
as the day neared for the beginning OF the new
era of cash values, the old Indebtedness WAS
settled as far as was possible, the remnants
were spunged out, the Bankrupt Courts were
closed, md the American people, BY their
energy, thrift, industry, skill, and 1ntelli-
eonce, entered upon an era Of prosperity
such as they havo never witnessed before.
This has been accomplished without the re-
sort to any patent schemes. It has been accom-
plished by the simple process of paying the
debt under which the trade, energy, indus
try, and capital of the country sunk at the
collapse Of the unnaturally- y-distended credit
system in 1873. While the wiseacres were
disputing over the proper remedy to be ap-
piled, and are still engaged in doing 30, the
business, trade, and production of the couu-
try have, under the operation Of natural
laws, revived,-have shaken off the paralysis
Of the past, and resumed with new health
and new vigor.