Louisiana capitolian., 1880-07-24
THE FINANCIAL PROBLEM,

In another column, we publish an
interesting correspondence on the sub
jject of the country's finances, between
Mr.. II. Skipwith, a candidate for the
Congressional nomination, from this
District, and Mr.. A. B. Booth, the
spokesman of the GreeAback party of
this parish.
The arguments advanced by the
writer's, strike us with their force and
|plausibility. When we read Mr.. Skip
with's letter, we think his reasoning
exceedingly sound. We are equally
impressed with Mr.. Booths. In so
embarrassing dilemma, what else
conld plain talking man do, but to
acknowledge the corn and say that he
don't know what would be the best
medicine to administer to the Ameri-
can finances, in their present condi-
tion.
We arc somewhat afraid of this
paper business. Wherever it has been
tried it has generally operated very
| badly. History tells us all about the
| trouble that was created in France
during the revolutionary epoch of the
last century, when the assignots were
handled by the basketball. Then in
our country, everybody knows that
the paper of the thirteen colonies, was
not worth a continental d.-n.
Then tho paper currency issued in
the South during the late war, with
no such institutions rs National banks
either, as the promise to pay came
directly from the Treasury. What
was the result? Confederate money
was no better than the French assig-
nats or the old Continental money.
The free banking system too, has
been tried in this country and we
have distinct rccOllections of many
"burst up" in banks and their paper
promises.
In Wow of tho examples We have
related, we can't help but admit that
the United States Government has
handled its issues of promissory notes
with more success than Any other
country has done heretofore. For
many years since tho war, owing to
the changing value of the currency,
every business Or enterprise, as we'll
as the products of the country, were
ito these damaging fluctuations.
There was a perfect frenzy to issue
paper values. States, cities and coun-
ties flooded the markets with their
warrants or evidences of debt.
1t is truly wonderful, indeed, that
this great country has not been total
ly bankrupted by such condition of
affairs.
We don't pretend to know anything
about finances, but we imagine that
it is best for the mechanic, the farmer
and everybody else, that a fixed and
permanent value should be maintain
ed for our currency.
The price Of products then will not
be likely to vary much, and each man
can pursue his avocations with some
certainty that he Will not be deceived
in his calculations, In word, one
will not incur expenses by presuming
that cotton will bring twenty-five
cents a pound, when in reality he
only obtains ten.
We find that National bank notes,
grcenbacks, gold and silver, are
now on an equal footing; the national
Debt is being reduced year after year,
while the ability of the country to pay
is increasing, Everything points to-
wards an era of unboundcd prosperity
in the future.
Therefore, we conclude that the t.
nanccs of our country are not sick.
Consequently the least doctoring done
to them, the better. We are for
touching so delicate subject in as
glnserly a manner as possible. Let
us stick for awhile, anyhow, TO the
old Democratic hard money doctrine.
a TorGH CADET dispatch from
Harrisburg, Va, dated July 10Th,
| Al e II