Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1882-11-02
TN DANGER!
TINE pRespERlTY eF TINE couaTRY
sHRinElll4 AZ TINE PROSPECT
0f HxzI4cRkfic AScEaDEHcS.
t. zzxzoas or DExoc7ATru LEaIs-
LATTICE APPALLING CAPITAL
AND IH8EATEElE7 LABOR.
Way D naf5ckssscY FEARS


the United States asserts IN a public
letter that the Democratie VIC
tory In Ohio has already caused a
visible sbrinkage in tn yolpme of
business % The extenfs6f s0,000,op0.
The s~tzteuens Contains ssforma-
ton 1i{<1f 1s-z tsza7rferFeilng "a g
Tsifsd;eates 4 safe II public ap-
prehensioB. which, should the Dem
ocrats gain control Of Congress
might precipitafe one of the great
est financial paaies ever known in
this country.
The condition of the country is
anomalous. There is more available
money in circulation now than ever
before In our history. Our currency
proper, iaclusiIe of fractional silver,
amounts to S79S, 2SS, 40, while it is
estimated that the anonnt of coin
i'm cireulation is fully 2700,00O,000,
giving us a tota2 of almost fifteen
hundred millions of dollars.
This sum represents, probably, one
fifth of the credits of business.
Suppose now a state of affairs which
alsrms CAPITAL. The banks,
having nothing to fear under Re-
publican rule, have their money out.
They control one-fourth, at least. of
the total amount IN circulation;
threatened by such shallow dema-
gogues as Bob. Taylor, suppose they
act as any prudent man would under
the circumstances, and call in their
capital. Upon that, holders of silver
AL - l,-,l Fon1a-- will
then follow suit by exchanging into
coin; paper money Will depreclate,
people will go to boarding coin and
In avery short time the country will
he apain reduced to an available cur
rency Of less than 800 DOC, 00o-the
amount of non retirable legal ten
.def<.t
The possibility Of such a calamity
should waken every man To the danger
of the situation. Justly or unjustiy
this country distrusts Democracy and
financial troubles will afaict the land
every time the Democracy gains
control Ia Congress.
And We do not have to 90 beyond
the memory of the present generation
to. account for TINS state of things.
In all likelihood the panic of 1919
wessfaFgeiy due to the fierce political
agitation of 1872. The Greeley
movement made it impossible Cor
the wisest Judges to determine the
result OF hat election beforehand
Capital, always timid, began a moves
ment for its own protection IN The
event the Democracy should be sue
cessful. People could not trust ITS
promises and the past augured evil
to-tbe established order of things
should it gain control of the Govern
ment. Naturally enough business
stagnated, prices began to decline,
money became scarce, and the result
OF it all was that the inevitable crash
came in the spring of 1878. Men
could not meet their engagements
add had to succumb.
Had a Republican Congress been
eIected in the fall of k74 the coun-
tfy would have recuperated rapidly.
HE money required to remove the
stringencv was here. and c~ODserva~
/ legislation would have encour-
aped it to come ont. But the people
We're disconnected, and, as they al
ways do in hard times, they attrlsu-
ted many of their evils to the party
In power, and saw nc other remedy
than to swap horses while crossing
the stream. >,
1t was the worst thing that could
have been done. Capital withdrew
further into concealment, and blun>
der after bIunder OH the part of the
Democrats served only to convince
capital that it was III great danger:
The Democrats, laboring under
many embarrassments, acted eau
tiously for a while, then, throwing
aside all restraint, they rushed head
long into every folly of the tune,
committed glaring excuses ard had
The country fairly on the brink OF
civil war by 1877, Then it was that
property began to d~eprecIate, anC
money became enhanced 6ve-fold
With the cloud of war threatening
the country land became almost val
ueless and men sought to convert
it into ready money. FACTORIES anC
mills were closed. thousands of mer
were thrown out of employment
untI.. it was no unusual SIGHT 10 SCI
cSSultD anu NJ""CN
working on the streets of Washing
ton as common laborers. Tina
Showed, at least, how hard was th'
times. Even agriculture dec lne'
and depression and gloom reigned II
every corner of the land.
The Democrats should have beel
frightened into common sense, n
least But for two years they KEEP
up the harmful agitation by ATTEMPT
to urseat the President and Mex
canize the Government; by attempt
to repeal the resumption act; by at
tempts to throttle the law aud shu
up the courts; by attempts to "starv
the Government" Ito speak IN thel
own language) and to intlmidat
the President into the surrender @
the Constitutional prerogatiVes of hi
office. .
But their misdpeds during TIL
dark period we're too numerous, an
are still too notorious. to reclte her
The minds of the people contain tn
list and they can judge whether {
not it is unjust to distrust Demi
cratic legislation.
These apprehenslons are only tc
well founded. Every mill, mine an
factory operated to-day Is dependa:
ON the tarif-laws for its market
how loIg will they run on if a Den
ocraticsCongress may throw open tt
doors to the products which con