currency was not only not contracted, but very materially increased, so that in 1873 it amounted to over fifty-six million more than in 1869.
The fact, then, stands thus: The currency was contracted between 1865 and 1868, and several years of prosperity followed. The currency was expanded from 1869 to 1873, and the collapse of business occurred. If it were true, as the inflationists insist, that the increase or decrease of the currency were at the bottom of our prosperity and depression respectively, we would have to answer that, according to the clearly ascertained facts of history, it was contraction that caused prosperity, and expansion that caused the collapse. I might even add that between 1873 and 1874 the currency was expanded from $750,062,368.94 to $781,490,916.17; that is to say, over $31,000,000, and yet the depression was not only not relieved, but grew in distressing severity. Our inflation friends may not relish that kind of reasoning; but what have you to answer? Those who know me will bear me witness that I have never hesitated to criticise those in power for things I thought wrong; but I candidly think to charge those in power with having brought on the crisis of 1873 by a contraction of the currency would be just as reasonable as to make them responsible for the equinoctial storms, or for the depredations of the locusts in the West. If the Government is to be made responsible for everything, then I solemnly demand that the abundant crops this year be put to the credit of the Administration, and the Department of Agriculture in particular.
Let us examine the causes of the collapse of 1873, and the subsequent depression, as unprejudiced business men. We all know that at the same time when the panic occurred here in the autumn of 1873, a similar crisis broke out in Europe and swept over all Austria, the German Empire and almost the whole European continent, except France,
