Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1857-10-08
Our Monetary Troubles.

have swept like Tomatoes over the country
in years past. There was a revulsion in
1923, which carried terror in lis course.
There was crash in 1887. to which the
present deran cement of the money marke,
cannot be compared. And yet, with the
causes aud effects of these TWO financial
revolutions soaring US in the face, we are
upon the brink, yea. in the vortex of an
other. which threatens 10 engulph the
strong as well as he weak.
Men seem to improve by experience in
al hi gs but extravaganza. The child
will not approach the fire that has once
burned it. and the grown up man keeps
out Of the way Of the falling wall that has
once crushed limb; bnt in financial mat
ters men seem pEiy to recover from one
disaster to begin to enter upon another.
Exravagance, speculation and over-trad-
ing. caused the revulsi III Of 1928 and the
same causes, aided by failure Of the crops,
produced that of 1887. Aud yet,- what
have we been doing since ? Have we been
les, exlravagans. less speculative. or less
given to overtrading than we were previ-
ous to the disasters Of 1928 ana those of
1887? A glance at the condition Of our
cities. our towns, the country, and the do.
ings of our people, will tell the story of
our troubles in terms too plain to be mis-
taken.
We have been over banking. over-bor-
rowing. over-tendins, oyer-traling. over
spending. everything, over-eating. over
drinking, over-dressing, aud overriding a
thousand things that ought to have been
under-done. Our eastern merchants have
bou, too many goods in Europe. Our
ives ern merchants have bought too much
merch ndlse from the eastern. Our peo
pie have purchased too many silks. and
sas,ins, and Iaces, and cloths. and :wels.
and other goods from The merchants.
whether in he East or West, or North or
South. The asera merchant owes the
European, the western, southern and north
ern merchant owes the eastern the coun-
the people owes them all. A chain Of debi
is thus created, which links every portion
of the country with The olien world.
In alltion to the disasters caused by
oNeriradips in merchandise. we have built
too many railroads. We have created a
terrible debt by our railroad enterprises.
which is far beyond what II should be. =
Not that railroads are hurtful 10 the coun-
try. for, on the Contrary, they are the sub
stratum of our prosperity. Bat we have
built them where they Were not needed.
and have not constructed them where they
should be- Our railroad system is not ma
Iional. Instead of being a national system.
tant commercial points, 1t is kind of Darn
yard enterprise, connecting one neighbours
barn with another, and then sweeping from
no particular point TO nowhere else. A
few national roads engineered with a view
the commercial wants of the Union, like
those Of France. connecting Paris with
Havre, Calais. Strasburs, Marselles, Bor
dcaux and Nantes. would have cost many
millions less, and been Of infinitely more
value to the country. The present barn
yard system of our railroa brings the
country IN debt every year. The roads Of
ten run parallel with each other, in PORTO s
OF the cou TRY thal ought not to have but
one, if any, and the result is that many Of
them do not pay the expense of running.
The consequence is that the country is
drained of its speci, every year to pay the
interest on bonds negotiated in Europe to
construct these roaIs. We owe debt of
over $500. 100000. created by railroads,
which at six per cent per annum, would
require S1S,OOO,OO0 each year. AS a
great portion Of this debt is due to foreis
countries. the gold and silver mus go
from us each year TO meet it. The present
crisis will wind up some of our railroads.
and it is to be hoped that those that sur
vive the shock will pay their way without
the necessity Of creating new bonded debts
to keep them up.
Besides our over trading in merchandise
and over-bulding of railroads, We have
dealt to extensively in wild-lands. We
have built too many cities upon paper. We
have bought too many lots in fancy towns.
We have erected too MANY fine houses and
furnished them too extravaganuy. We
have gone wild in everything we have
touched. We hare invested all the money
we had, and then borrowed all we could
ret. We have drained our own purse,
that of our friends. that of our nei shbors.
the chest of the usurer, the drawer of the
broker, and the vault Of the bank. Money
has flowed like water, and like water, too,
it will now seek its level.
In May 1887, the New York Herald
spoke of the times in language that would
not be inapplicabe to the present:
:" Everybody set up his coach--lhe very
clerks on Pearl street kept their horses and
gigs. A universal passion seized all ranks
to become rich--nos By work. not by In
dus.ry. not by frusaliiy, but by operating
in stocks. buying and selling real estate,
projecting towns. cutting our villages, or
planting cotton and specializing in negroes.
The mechanics formed trades-unions. pa
raded the streets. reeled around corners.
frequented grog shops, and ask'd for double
wages. The banks formed similar secret
uni.,ns to shave the community. Clergy
men became infected with the disorder, and
every clergyman's wife must have new
church or a new pair Of breeches every
second or third year. In winter, balls. SOL
rees, jams. parties at thousand dollars
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