The record-union., 1896-10-12
WaSSerman, Davis 6 CO.
FIFTH STREETS, SACRAMENTO

their way IN spite of legal enactmentS
of Parliaments or Congresses. Our hard
times have come from general competi-
ton with the countries of the whole
globe into which we are forced by
cheapness and facility Of transportation,
from overproduction in past years, from
extravaganza during good times, and
from our own social and political agi-
tations,
One Of the chief causes of hard times
to-day is this agitation for radical
change in the currency of the country
II the American people put down by an
overwhelming majority this agitation
bury it out of Sight-one of the chief
causes of hard times will be out of the
way. Other causes may remain more
or less. That of general competition
with all the nations of the earth must
remain. Good times, however, may be
expected to come back surely, if only
gradually. The over production that
glutted our markets has been used I'D.
Capitalists are anxious to do something
with their money-if it can be invested
safely. Our wonderous natural re-
ence passion, turn away from delusive
them and, confidence restored. the ont
look is bright.
The essential thing is confidence. To-
day it is confidence that is needed more
than an increase in the volume of the
currency. The volume of the currency
is large enough To increase it ficti-
tiously certainly will not help US. Ninety
per cent. of the business is done without
currency-by checks and drafts of which
the foundation is confidence Those
who suffer from hard times-and there
are many-must hearken to reason. sill
ence passion, turn away from delusive
remedies and the country will be again
put on the road to prosperity.
| ask, is it honest to try to pay debts
with half the money we received when
we contracted them? The national and
private debts were contracted upon such
financial system that those who loaned
money gave 1T at certain commercial
value, and believed, as they could not
at the time have helped doing. that they
would receive it back at the same COM
merical value, and be paid in values of
that same financial system. That the
great American republic will, as a ma
ton, declare to the world that it will now
make law compelling its creditors to
be satisfied with half or little of the
money they loaned and goes on record
in the eyes Of the world as a broken
down. bankrupt, repudiating nation, it
is not possible to believe. No one will
say in justification of such a possibility
that America is compelled by national
poverty to do so; no one should be able
to say she thinks of doing so
There are a hundred aspects of this
question which 1 do not touch upon /
merely throw out some few thoughts
which show reasons for my present DO
litical faith and which may be of some
benefit to others in forming their own
Judgment. I may, of course, be mis-
taken. But I have come to look upon
the present agitation as the great test
of universal suffrage and popular sover-
eighty. Can the people defend public
honor and the institutions at the polls
as they have done on the field of battle?
Can they be so calm and deliberate in
their judgment, so careful to weigh all
things in the scale of reason. and to
avoid all rash experiments that they
can be trusted with the settlement of
grave social and political problems?
This is the question that is before us at
the present moment. IRELAND.