Marshall County Democrat. (Plymouth, Ind.) 1855-1859, 1858-03-18

One of the chief difficulties our lack of
capital imposes upon us is the high rate of
interest, varying from six to ten per cent in
the different States of our Union, never
falling below the lowest of these rates, ex-
cept on loans to the National, State, or city
government for long term of years. An
other is the fact that but six of onr States
are out of debt. while the aggregate in
debtness of the balance falls but little
short of ESQ, 0OO,OOO dollars. great pro-
portion of which was incurred in the aid
of enterprises undertaken by private cor.
porations, which had neither the capital
nor the credit to complete them In ad :
dition TO this, the amount of city, county,
and town debts cannot be less than the ag-
gregate indebtedness of the States.
Ihave before me very imperfect SEIZED
ule of the debts of our railways, exceed
ing three hundred millions of dollars, and
a complete schedule would not fall short
Of four hundred millions On all of these
debts the annual earnings of our national
industry are chargeabls with not less than
seventy millions, which is about two thirds
Of the annual value Of cotton exported,
and nearly one fourth of the entire value
of our exports.
At least one third of this Indebtedness
is foreign capital, the interest on which
must be transmitted without return in
goods or money, and is therefore dead
! loss TO the country. Much of this debt,
it may be apprchended, will be cancelled
by the insolvency of railroad corporations;
bnt any benefit which may result from this
must reflect serious dishonor upon our
commercial transactions.
The art of employing figures as to con.
ceal the facts which they pusport TO make
known-an art which has probably been
carried to its highest perfection by the en-
ployees ofthese corporations--will still un-
doubleday be practiced. defrauding home
and foreign capitalists of millions, and still
increasing that load of natural bankruptcy
until it receives the last proverbial ounce
which broke the cammel's back.
But it may be said that their railways
are developing the resources of our coun-
try so rapidly as to compensate for this
heavy drain upon our capital. Whether
this is the case or not. it may not be diff
cult to determine, The cost Of the rail
ways of our country is something over
eight huAdred millions of dollars, or more
than twice their aggregate debt. With all
this expenditure our exports show no in.
crease Of industrial products. Still less
do our augmented imports indicate a pro-
ductiveness keeping more than even pace
with our population.
We should not omit TO mention in this
connection another imperious element in
our financial affairs, and that is the horde
of men spectators, whether in stocks.
wild-lands, city lots or merchandise, whose
only function is TO derange prices unsettle
the market, ehlrap purcha sers, defr aud
seller, AMI introduce mo transact
ions, intrinsically necessary and honest,
the hazards and chicanery of the gambling
table.
Could We turn into the ranks of prod
uctive industry all who are not needed else
where, this would largely increase our in
dustrial earnings and would contribute
considerably towards that working capital
The lack of which is frightful source OF
financial embarrassment.
Then, too, we are a wasteful people,
We live too fast. Our consumption in
proportion 10 our population exceeds that
of any other country on the globe, Our
holidays, too few were they devoted to in
noccnt mirth and simple festivity---are too
many for the riotous, wasteful and enerva-
ting designations TO which they are given
up. Our people seem to have an innate
love of pleasure, but they estimate it not
as nature would dictate, but by the amount
of money squandered in its pursuit. The
standard which governs in the supply OF
our tables is not healthful nourishment,
but cost; the favorile viands of this year
have lost caste by the next, and are spurn-
ed from our larders. We reject The more
wholesome grains-we throw aside the
flour darkened with the sweetest and most
nutritious particles of the kernel, and
choose for our use that which the demon
of dyspepsia might have woven the bolt
ing cloth.
In apparel, neatness and comfort might
be attained for less than half of wha. is
now expended in setting them at defiance
In other countries only small fraction o.
the female population deem it their prov
+ ince to sacrifise economy, health and grace
10 the reigning fashion. whatever it be,
here, almost every woman, not pauper
regards herself as under this necessity