Our business interests and good citizens long for rest from feverish agitation, and for the inauguration of reformed financial policy, which will encourage enter prise and make certain the rewards of labor and industry."

And all that need be added to this is, that banks ought to go out of the governing business, and we should have the old system of an independent treasury, returned with such slight modifications as present conditions may require.

We think too much stress, and consequent denunciation of methods, have been heaped upon measures attempted in order to bring about such results; and upon the other hand too much credit is sought to be claimed for meas ures urged to be taken to produce, by the mere operation of legislative enactments, relief from commercial depres sions.

For instance, the recent depression was sought to b attributed entirely to legal enactments. "When during a former administration a deficency was foretold, in creased apprehension and timidity in business circles wa sought to be created, while the fact was, that the de pression was actually due to other well understoo causes, entirely disconnected from the question of deficiency."

The reduction of revenue was absolutely due to othe natural causes, which would have disappeared in du season, without any legislation whatever if not soug to be remedied by laws, which when put into operatio soon were subject to the same objections, thus keepin the country in commercial commotion all the time.

We think it should be better understood, that gover ment can do no more than to "coin money;" and th

extraneous circumstances has much more to do with "hard times" at any period, than has currency, if it be worth what it purports to be. Supply and demand, whether the same be applied to labor or property, regulates the market price of things. Hence we have seen that whether under a double or single standard of gold and silver, the prices of articles have constantly varied, undoubtedly subject more to that great law than the mere amount of currency in the country at any given time.

In fact the hardest times have been, when there was the most sound money held on deposit, and the most unreliable currency afloat.

With our present system of checks, drafts, and bills of exchange it requires so much less currency per capita, than in the years gone by, when it required actual currency to be transported. That the sum total of currency in the country has no influence in governing prices, we do not assert, but we do claim that it has far less influence, than in periods of excitement and alarm, has been attributed to it.

That money possess great power and influence no one will deny; but that the great "Money Power" is as potent as some claim it to be, we do not believe. If through periods of trade depression the precious metals are hoarded, and kept from circulation, the money lender makes less than when he can lend with a free hand. His interest, therefore, it would seem to be, was to keep his money at work and not to hoard it. But how can the public decrease the power of money? Everybody seems to be engaged in getting as much of the "power" as he can; and therefore it is, that the most numerous portion of the people, by reason of votes, have the most

power to wield. All this only to show, that "things are not always what they seem to be," when calmly and properly considered, which is not always done. Said a laboring man to the writer, "I tell you, nobody ought to be permitted to erect a hundred thousand dollar dwelling house."

Our reply was, "Is it not better for labor that he spend it on a house, and thus give you laboring men a hundred thousand dollar job, than to hoard it, and give nothing to anyone?" We never heard him complain after that, but upon the other hand, he became the strongest kind of an advocate of extravagant expenditures for private and publis improvements. Tinkering upon Currency laws is of little value, beyond what is required to keep it sound and safe, in other words being what it represents itself to be.

Our conclusion, therefore is, that it matters not so much who issues the paper money, so that it be redeemed at full metallic value. There is far more danger when one institution acting in concert with others can increase the currency far beyond a business necessity, and thus inflate the circulation, and increase prices; and then at another time, to contract the circulation, reduce the value of property, either of which will end in a general depression in business, and consequent "hard times." When based on metallic money, and its representative, this could not be so easily accomplished.

CHAPTER XIII.

NEW ISSUES.

There are always new issues arising requiring solution. Thus we have the country confronted with the danger from great trusts, combines, expansion, and what is called imperialism.

It is not the province of the author to indicate what declarations the Democracy should put forth-rather his task to gather together what its policy has been.

On the subject of trusts, combines, monopolies, and great aggregations of capital, there need be no apprehensions. The party councils, and leaders have already in platforms expressed themselves as opposed to them, when operating so as to injure the masses, and will in the pending convention further declare themselves.

On the simple subject of "expanding" our free institutions to adjoining territory, the American Democracy have a record for years as favoring it. They have acquired from Spain Florida; from France the Louisana Purchase; and from Mexico, California, New Mexico, and the immense area ceded to the United States consequent upon the conclusion of the treaty of peace with Mexico. They annexed Texas,-all of which had been vehemently opposed by the Federal and Whig Parties.

On the subject of "expansion" the Democracy have a record of nearly one hundred years in favor of it, concerning adjoining territory here upon the continent of North America. In their platform of 1860 they resolved "in favor of the acquisition of the island of Cuba,

on such terms as would be honorable to ourselves an just to Spain." This was strenuously opposed by th anti-slavery party, but going out of power was neve mentioned afterwards.

Therefore, to remain consistent upon some of thes so-called "new questions," there need be no contention

But as to the question of acquiring new and exten sive territories in distant oceans, and governing them conquered provinces; or in engaging in a policy of for cible commercial and territorial aggrandizement, for th simple purpose of extending American trade and com merce into foreign lands, there will be great opposition no doubt, by the Democracy, and will doubtless settled by the next National Convention. Thus stan these questions, till the policy of the party will be for ally declared.