The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1893-08-19
MORE OF WHAT MIR. ASH
CALLS CROFT"

We sympathize with our cotempor-
airy Mr.. Ash of the Cec.I Democrat,
in his perplexity in finding the true
cause of the industrial and financial
depression now inficting the country,
and commend to his very intelligent
consideration the following views
recently expressed by Mr.. Galusha a.
Grow, Elk Speaker OF the House of
Representatives
The Democratic party in power is
standing menace 10 the business Of the
country. Never in Its history was all
its business and Industries in more
prosperous CONDITION than they were a
year ago, with bright prospect for the
future. The only apprehension that
Swallowed it was a fear that the silver
legislation of Congress might end in
reducing our money circulation to a
silver basis, while nearly all the nations
with which we have commercial
dealings are on a gold basis. That
apprehension was greatly increased
when in the election last fall the Demo
cratic party instead of adhering to its
own organization and its platform Of
principles as ad pied in its national
convention, disba led in number OF
states and merge Itself with any fact
ion of voters, nc - after what vagaIi-s
of socislistic or y,n ansrchlcal ideas
they might profess in order to defeas
the Republican party In the election OF
residential! electors.
In this way a majority in Congress
was secured, opposed to the ideas and
legislative policy OF the Republican
party. Two thirds, at least, of that
majority believe that value in money
can be made by legislation. And,
therefore, all that Is necessary to insure
prosperous times is to create by law al
abundance of what is called money.
Law can fix tor trade the unit OF
value in money, but it never has and
never can fix the value OF the unit.
That is done by those who deal In the
products of labor and is regulated br
the supply and demand Of such pro
ducts Law fixes the debt paying
value of money within It's jurisdiction,
but cannot fix its value tor business
and trade. In business and trade the
only real use of money is for the pay
ment of balances. In times of con
fidence-tha, IS confidence that ob!ig
atoms will BE- promptly met as agreed
upou-nha is called money plays a
very insignificant part. In such times
all the Transitions of bushes amounting
to billions of dollars only about s per
cent. of the gross amount is done with
actual money. All the rest is done
with chez ks drafts, bills of exchange,
etc.
In times of panic, as they are called
no matter what the amount of money
IN circulation may be, there will be
scarcity in the money market. In such
times trade slackens, and as the de
mand for the products Of labor de
creases its effect goes back through all
the exchanges of such products until II
it reaches the Iaborer himself in the
reduction of the time of his employ.
ment or his wages and perhaps of both,
creating with everybody a dislruSt in
the ability to meet obligations as made.
Then begins tt boarding of what is
esteemed the safest portion OF the
circulating medium called money.
The business condition OF the country
to day is not therefore, caused solely
by the money legislation of Congress
That legislation aud the apprehension
of what might be done, simply aggra-
Yates the still greater apprehension OF
what the newly elected Congress may
do on the tariff. The grave question
which confronts the business interests