Year: 1878

The Greenback press Is continually quot
ing the record of commercial failures and al
leging that their increased frequency since
the close of the war is the result of the at
tempt to return to specie basis, altogether
negecting the simple and rational explana-
ton. During the war million of men were
withdrawn from the producing classes and
were engaged in destroying production. The
waste of all sorts was extremely rapid and to
supply it the production had to be equally
so OF course all this stimulated trade, and
the result was thousands were drawn into it
who fourished as long as the demand lasted
and when that was over consnenced to fall
they were not needed there. Yet the Green
back men, with an audacity which sets all
facts at defiance, contend that this state of
things is the result of contraction OF the cur
rency, Notwithstanding that the figures show
that the contraction is very slight and totally
out of proportion to the number and increase
of these failures.


The persistency with which they repeat
this assertion, spite of demonstration to the
contrary, exposes them to the charge of not
wanting to ascertain the truth but of seeking
simply for some potent method of making
converts to their theories. If they can sue.
ceed in convincing the man who has failed in
business or who is out OF work that his mis-
fortunes are the result of contraction, they
make him an advocate Of course of their
remedy-infation. They advertise to restore
immediate prosperity to everybody by increas-
ing the volume of the currency, because they
know that men who have been unfortunate
are extremely ready to take any financial nos
trum if it is promised to effect speedy and
permanent cure. The advocates of hard
money do not claim that return to gold will
make everybody rich or Immediately prosper
GUS, but they do claim that it will place busi-
ness on sound basis, without which there
can be no permanent prosperity. Thus
the greenback heresy by large promises and
loud protestations of sympathy is propagated
among the poor men who are taught to be-
lieve that an abundance of cheap money will
bring plenty of work and remunerative wages.


Now all history and experience shows that
nothing can be worse for the poor man than
an irredeemable, shifting, fuctuating paper
currency. The capitalist can in measure
protect himself against it. He can lock up
his capital and refuse to engage in any large
enterprise. The storekeeper can put up his
prices. But any rise in prices always touches
the laborer last. He will be compelled to
pay higher prices for his food and clothing
long before he sees any rise of his own wages.
What he does earn unless he eats it all up he
will not be sure of-in other words he will
have no assurance that his dollar which will
buy bushel of wheat to-day will purchase
that amount tomorrow. He will find him
self in possession of something which has
no intrinsic worth, but depends entirely for
its value on certain conditions that he has no
control over.


Money which must inevitably bring all
these evils in its train Is precisely what the
National party propose to furnish the poor
man. They call it absolute money! it is
to be of the least possible intrinsic value, to
be founded on nothing and redeemable in
nothing. The hard money men on the coz
trary propose to furnish to the poor man
gold coin which possesses intrinsic value, Is
almost free from fuctuation and passes cur
rent the world over.