Year: 1879

Ao"' nou '"aI 'he tenoency OF contrac>
tion was to increase the burden of
debt, and they would have had time
to have shaped their business accord
ingly. But under the policy that was
adopted men suddenly found them~
selves bankrupt, factories suddenly
closed or were run oa half pay, work.
ingmen and their families were starv,
ing, and the only good cheer to be
found il the whole land was in the
banking houses, the proprietors of
which found tho real value Of their
assets swelled several hundred million
dollars. This is an indisputable fact,
although, after the people got their
eyes open, since 1873, the bankers
have found 1t difficult to place loans or
secure high rates Of interest, and not
withstanding the fact that some Of the
heavy bankers were so anxious to loan
as much money as possible during the
period Of imitation that they over taxed
their own abilities and were thrown
into bankruptcy before they could reap
the rich harvest that the political par
ty in power was throwing into their
hands. But let us look to the future.
An era Of prosperity never before
equalled in this or any other country,
is about to begin; not because a cur
rency based on gold necessarily brings
prosperity, nor because the manage>
ment of the finances has been good,
but because the resources Of the coun-
try and the enterprise and industry of
the people are such that prosperity IS
the normal condition Of affairs. The
fact that the use Of currency based
on gold does not necessarily render a
country prosperous, is shown by the
condition of Great Britain and other
European countries at the present time.
Thousands Of families in England and
Scotland are destitute. Idle and
starving men, women and children are
swarming in the streets Of Glasgow
and other cities, and in every part of
Great Britain bony handed waat is
gathering its victims. In this coun>
try large amount of gold will come
into circulation, and industry will be
stimulated, just as 1t always is by ad>
ditions to the volume of the currency,
no matter whether such additions con-
sist of gold OF paper. Wages will be
higher, because labor will be in greater
demand prices of grain and Of man>
rfactnred goods will rise to correspond
with the price of labor; exports of
manufactured goods from this country
to Europe will cease, and thus expose
the folly of President Hayes and 9TH
ers who claim that the export of
American manufactured goods is an
indication of prosperity, and that
when starving American laborer can
make manufactured article cheaper
than it can be made in England, the
United States are necessarily prosper
Gus. In fact the natural movement of
gold toward the country where labor
is the cheapest and the laborer the
most destitute, preserves the equilibri-
um of coin among the nations. For
when the incoming gold initiates the
currency somewhat, industry is stimu~
lated. prices are higher, labor COM
mands better wages, and the gold of
the world seeks some other market
where labor is cheaper. Better times
make better wages, be tier wages make
higher prices, aud higher prices rend~
er impossible the sale Of American
manufactured goods in European
markets. Yet President Hayes and
al! the Republican party leaders pre-
tend to believe contrary to this. In
our opinion this country is about en-
terlng upon an era Of imitation; THAT
is, an imitation of gold and Of paper
based on gold, and that the result will
be similar, in most respects, to the in
fation ofpaper money brought about
by the war. The bankers have sue
ceeded in increasing the purchasing
power of gold itself, but this cannot
be permanent. Gold will come back
to its normal value; and with the
government of the United States under
Democratic control, the money power
cannot secure the passage of single
act for their special benefit, if against
the interests of the people. We do not
know how long the Democratic party
will preserve itself from being the
tool of the bankers, the political aero
bats, the bribe>takers, aud the whole
den Of corrupt schemers which now
control the Republican party, but we
believe that the prosperity Of the
country depends, to great extent,
upon change in the administration of
the government, and that the prosper
lty predicted above can be only par
TALLY secured if Grantism wins.


From the Melrose Record.


The postmaster at this place the
other day offered a gold eagle in pay