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Resumption No Shock

Resumption No Shock image
Parent Issue
Day
2
Month
August
Year
1878
Copyright
Public Domain
OCR Text

From the N. Y. Times. The talk about the shock of resuinptiou is mere vaporing. Trade and industry stood the shock when the dollar wan fluotuating froin 1 to 20 cents a uionth, and no change oould be more gradual, public aud thoroughly disoounted in its sucoessive steps than the appreciation of the dollar has been since the passage of the resumption act. Those inflationists whose madness has the most method probably anticípate no shock whatever, and yet, frora their point of view, they are right and consistent iu dreading the formal couipletion of resumpion. Under the combined inrluence of the denseat ignorance of financial laws, the recollection of the delights of flush times and the confusión of mind which the use of inconvertible paper always produces, the mass of inrlationists confound money with wealth and prosperity, cherish the seductive delusion thit the government stamp give8 money its value and maintivins its circulation, and henee believe the issue of sufficient government paper of full legal-tender-quality- "absolute" money they cali it- would be the universal panacea. Upon people possessed of this delusion, argument can have no more efiect than a moral thesis could upon a hungry tiger.

Article

Subjects
Old News
Michigan Argus