New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-10
correct appreciation Of our true condi.

ton.
Apparent prosperity generally pre-
codes disaster. In our own history VIZ
have experienced severe monetary dis
ssters, the most, il not all, Of which
have been Immediately preceded by
great apparent prosperity, the seque
of which proved conclusively that oui
nominal prosperity was, to consider
able extent, a phantom. as it resulted II
disaster 10 thousands who were de
ceived by its pretentious appearance"
The above paragraphs are not Of con
temporary origin. They are taken by
"The Journal Of the American Bank
ers' Association from book entitled
1.-The Age Of Greenbscks," written by
"A Boston Merchant" who signs his
initials A. ". s., and published in 1864
The great conflict referred to is not the
| European, but the Civil War; and the
Boston merchant after his introduc'
tory remarks, proceeds to castigate the
public mind for believing that the in
fation of the currency by the issuance
of legal tender notes has brought about
prosperity, whereas in reality it hs.
only enormously increased the public
debt and added to commodity prices
His prophecy Of disaster was borne out
in 1873.
: The Boston merchant, writing IN
1884, continues: "That this war, and
consequent war debt, is the handspring
OF our present national industry and
the symbol of so-called prosperity,
need only refer to the able report OF
the Bank Commissioners of Massachu'
sets for 1862, who, after thorough
investigation, say:
"At the breaking out Of the rebel
| lion it was feared that the business o,
the country would be entirely prostrat'
cd, and the banks, which make their
gain. out Of the activity of trade, ex-
pected to be the greatest sufferers
Neither of these fears has been justi-
fed by the event. Seldom, if ever, has
the business of Massachusetts, been
more active or profitable than during
the past year. The war has brought
into activity many mechanical en-
ployments, for which there is lit
tie occasion in time Of peace
such, for example, as the manu-
facture Of arms and ordnance.
/ The railroads of the commonwealth
were never more proftably employed
and they have made larger dividends
and their stocks have borne higher
price than at any former period.
Every steam vessel capable of navigat'
ING either the ocean or harbors and
rivers has been thus employed.
The shipyards, both public and private
have been worked to their utmost ca
pacity.'"
Paying his respects to the green
backs, the author of this little volume
said: "The large issues of paper money
by our government have enhanced
, prices, but have not produced any aug
mentation of value; yet, because OF the
general rise in prices, popular I'M
preston prevails of large increase IN
wealth. The prevailing opinion seems
10 be that a general rise in prices Is
indicative of increasing wealth, whereas
nothing is more absurd. e..
"The overissue Of paper money by
the government has been a most eX
pensive undertaking. Not that it costs
ANYTHING in itself, for it is ali easy anc
fascinating process to pay debt by ere
ating debt. So easy that it is said
member of the Continental Congress
once exclaimed in debate: DO you
think, gentlemen, that l will consent
to load my constituents with taxes
when we can send TO our printer anc
get a wagon load of money! 1t is also
reported of a patriotic old lady that
she considered it shame that Con
gress should let the soldiers suhei
when it has power to make just a:
much money as it chooses
There are thousands of our citizens
who are really sufferers by the depre
ciaeed currency who are entirely igno
rant Of it. They look over their stocs
Of goods or other property and cast VI
the amount, as estimated in paper
prices, with evident satisfaction, and
in consideration of large profits speno
their earnings and live extravagantly
But when that day comes, as come II
must, and these enhanced paper prices
vanish, as the bubble breaks, then they
will have a glimpse of their real con
dition and will conclude that all is not