The herald., 1894-02-24
ON THE UP-GRADB.

The unexsmpled stagnation in bust
ness and stringency in money have about
reached their depth. at least we can
hardly conceive that in q country of
such extensive and varied resources, as
ours, deeper depth of depression than
that which has been reached can be at
tanned. If the industrial and business
affairs OF the United States go any lower,
it will be the fault of msl-legislation
and a determination OF the money
magnates OF the east to still further milk
the country. But, according to all the
signs the tide of depression is on the
turn. Never before was SO much idle
money stored up in the vaults of the
New York banks, and as it seems rea-
sonable to ordinary understandings that
it would be better to employ the sur
plus money in enterprises and business
channels where it would pay than to
keep it in their vaults where it can only
be made to produce anything by squeez-
ing the whole country into bankruptcy,
there is feeling that at least portion
of this locked up capital will coon be
let loose into the arteries of business
distribution.
The New York papers say that the
banks are preparing to move money to
the south and west where it is badly
needed. If they will do this confidence
will at once be restored, and confidence
is really the only thing that is wanted
to bring the business and industries of
the country again into prosperous chan
nels.
The apologists for the extraordinarily
hard times that have swept over this
country point to the fact that they are
not confined to our own country. but that
they have been even more severely felt
in Europe. 1t does not follow that be-
cause business stagnaticn and distress
exist in Europe the same condition OF
affairs should exist in the United States.
We might suffer some from the fact that
now-a-days 3 chord of sympathy vibrstes
that one great commercial and manu-
featuring country cannot suffer without
in some degree affecting all other coun-
tries. But when we come to consider
that the United States is country OF
unlimited resources, only partially de-
yelored, and teeming with natural
wealth, we should not, from any foreign
cause, be plunged into depth of dis
tress and stagnation such as the densely
over-populated states OF Europe are sub
jected to. Nothing but bad legislation,
vicious system of finance and the de-
liberate removal of silver from it's func-
ton as money could bring US to such a
pass.
Silver, however, which is now under
30 black cloud, will yet have its day.
One. hall of the money wealth OF the
world cannot be wiped out without
bringing upon mankind woes the in
tensity and reach of which will operate
in the end to rectify the enormous abuse
of the creditor class who have brought
this state of affairs about. We see now
in Guatemala a cloud no larger than q
mans hand which may spread into 6
tempest which will place indelible
marks on the age. The creditor class
can no more escape from the effects oil
their own enormous greed than can the
violstor of eternal laws hope to escape
the penalty of his crimes. More than
one-half the world knows no money but
silver. If the countries in which this
kind of money is the only kind used are
compelled to sell it at 80 per cent dis
count 30 as to 2iquidate debts which
were contracted when the two metals
were at par with each other, they will
soon revolt from the unjust and unequal
transaction. Indeed, they will DO utterly
ruined If they are compelled to pay the
pound of flesh. What must necessarily
follow? Bankruptcy. Nations can be.
come bankrupt as well as individuals,
and then the creditor countries will fee
keenly the reaction Of their own greedy
policy.
Great Britain is said to be the creditor
nation of the world to the extont OF
1O, 00O, 900, 900 dollars. All this vast
debt is placed in jeopardy by the de-
demonstration OF silver. If one debtor
country is compelled to repudiate debt
which has been artifcially doubled,
other debtor countries will follow suit,
and Great Britain will, in that event,
find that she herself has administered
to the weaker nations the ingredients
of poisoned chalice which will come
back "to plague the inventor"