A Financial Craze

In his wanderings to and fro, or up and down the earth, the fooi-killer has not yet accomplished his inission in po litioal circles in the State of Ohio. Witness the followingreaolutions adopted by the recent Democratie State Convention : Eighth - That the coutraction of the currency heretofore made by the Republican party, and the lurcher contraction of it, with a view to the torced resumption of specie paynient, has already brought disaster to the business of the country, and threatens it with general bankruptcy and ruin. We demand that this policy be abandoned, and that the volume Dt currency be made aud kept equal to the wants ot trade, ieaviug tha rentoratiou of legal tenders to a par with gold to be brought about by promoting the industries of the people and not by deatroyiug tliem. Ninth- That the policy already instituted by the Republican party oí abolistaing legal tenders and giving national banks the power to furnish all the curreucy will increase the power of an already dangerous monopoly, and the enorinous burdeus now oppressing the people, without auy coinpausatiug advantages, and that we oppose to this policy the demaud that all the national bank curroncy be promptiy and permaneutly retired, and legal tenders be issued in their place. Tenth- That the public interests demand that the Government should cease to discredit its own currency, and should make its legal tenders receivable for a 11 public dues except where respect for obliga tion of contracta requires paymeut in coin, and we favor the payment of at least oue-half the customs in legal tenders. Eleventh- The extinction of the present national banks and the establishment in their stead of a system of free bauks of discount and deposit oiily under such regulations as the States may respectively prescribe, and no paper currency except such as may be issued directly by and upon the faith of the General Government. vve nave yei co ïearu niai. mw ivcpuulioan party has exhibited any such wisdom as " a contraction of the currency " would indícate, or that it has done anything, by legislation or otherwise, to " torce " or even coax ' a resump tion of specie payment." lts policy has been one of expansión, as is shown by the act of the last Congre98 making the natioual banking system free, and which only provides for retiring greenbacks to the amount of eighty per cent. of new national bank circulation. We have also yet to learn that Congre6S is either sufliciently omniscient or omuipoteut to deteimine the "volume of currency equal to the wants of trade,"' or to keep euch volume in circulation. It may print rags (either greenbacks or national bank bilis) in any quantity, which by courtesy the people may cali money, but it cannot make such iinprinted rags, however beautiful in design or execution, par with gold and silver, or circuíate as money in the marts of the world. The reports of all the national banks of the country show that their vaults are plethorio with paper money, and prove, that there is no deniand in business circles (by " the wants of trade ") for an increased issue of paper. If the West needs banks it can organize them ; if it has money to invest in bouds it can procure banking facilities or circulation ; or if it haa attractions for capital, capital will flow to it from the money ceutors of this and other oountries. The clamor for more greenbacks, in dietinction from banking oireulation, is evidence of both financial insanity and dishonesty. Greenbacks furnish an unconstitutional currency ;. they were conceived of necesssity, bom as a war measure, and cannot constitutionally be increased in volume in time of peace. The Government should make them par with gold at the earliest possible moment ; which may be done by accutnulating constitutional currency, gold and silver, for' their redemption, iustead of using it to buy up the uninatured debt. No busines9 man could preserve his credit by neglecting or refusing to pay his overdue debts, even though he used his means to speculate in his bonda and mortgages undue, and to mature years henee. The " Government should cease to discredit its own currency," and it can only do this by making its ourrency, now depreciated and unconstitutional green backs, convertible, at par, into the only money known to the constitution, gold and silver. This done, and the bilis of national banks, or State banks, one or both, also made so convertible, the problem of volume will be solved. When " the wants of trade " require more money the banka will empty their vaults of accumulated paper, and when business lackens and " the wants of trade" diminish, the paper will flow back to the banks. It is the laws of nature, the effects of heat and cold, which send the mercury in the tube of the thermometer up and down, not the rise or fall of the inercury which makes the changes of weather. And so the inevitable laws of demand must be allowed to determine the volume of currency, and not an act of CongreBS, a Congress composed of men ignorant of the commonest laws of finance, - as ignorant as an Ohio Conyention. Given a banking circulation convertible into gold, and it will be selfregulating in volume. Finally, men may have a right to be financially ignorant or crazy, but even Ohio Demócrata have no. right to ignore the traditions of the party, to fly in the face of the constitution, or to demand that the country be flooded with an irredeemable currency ; and such a ourrency, besides being unconstitutional, will greenbacka be i f substituted for banking circulation with the volume to be controlled by successive acts of Congress. For the Democracy of the country to follow the financial lead of the Democracy of Ohio, is not only political stultification, the going back on an honorable record and sacred traditions, but will be political hari kari. The failure of W. S. Judd, of Minneapolis, Minn., a leading lumber dealer of that City, is announced, with liabilities exceeding $225,000, and exceeding his assets by something like $25,000. Dealers generally are complaining of dullness of business ; or rather we should say of low figures. More lumber is being handled than last year, but sales are at lower figures, while freights are advanced. Tho dealers must bear the difference and are therefore notdelightcd with the lituation.