Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1864-04-21
An Earnest Word of Warning.
From the n. Y. Times.

people, which we have already commented
upon, that as greenbacks are so plenty, and
every enc is feeling so prosperous, it is per
fectly right and proper for every one to spend
as freely as he likes. There is no sort of con-
scientious feeling in regard to the duties OF
economy. The expenditures for luxures are
unexampled even in the history of our waste
full people. Every one, except those depend
ant on regular salaries is extravagant to the
last degree. The jewelers. ana the dealers in
expensive goods assure US that there never
was such q demand for the most costly wares.
| Diamonds, pearls, watches and ornaments,
bronzes and carpets, silks and satins, expen-
sive furniture and paintings, wines and cost
ly dinner ware, are continually sold, and are
ornamenting our wealthy houses. Then. in
classes Of more moderate means similar hab-
It's on smaller scale everywhere prevail
The wives and daughters of shopkeepers and
upper mechanics, of teachers and preachers, of
| country lawyers and doctors still buy their
| SILKS, and carpets, and pianos, as if they were
| as we'll off as ever they were.
| The nation does not seem to recognize
that it is in war, or that its habits of econ
| omy have anything to do with its ability to
pay the public debt. Some one else seems
to be spending money for the war, while we
| spend for foreign lu1uries. "Money is plenty
l." THE Government may be il debt, and
| We have plenty Of means" Such is the uni
| versal thought Oh this matter if not the ex-
preston Of it, and it is full time that the press
and the pulpit should exp lose it's fallacy, and
teach some Of the first principles of political
economy.
1t must be remembered that we are all in
debt for the expenditures of this war-every
individual man, woman or child Of the whole
community. Il is not the Government which
is paying, but we, the people. For every
dollar-or, in other words for every days la
bor-diverted to this war, and in great part,
| wasted, in an economical point Of view, we
must each of us pay in full, or at least pay its
| interest, if we lay it on the future. We can
not escape this All the treasurers in the
world cannot make money.
If Mr.. Chase possessed all the financial gen
| ius ever granted to man, he could not ere
ate means for the nation to pay it's debts with
any farther than he creates labor. He may
indeed borrow from the labsr of posterity,
but he must pay interest from the labor of to-
day. In so far as the money he sends ex-
ceeds the labor it is designed to represent, it
loses in value ard purchases less commodi-
ties. 1t is just as impossible for the nation to
expeEd its income for war, and at the same
time to buy foreign luxuries, as it would be
for an individual.
We have, each Of us and collectively, only
just so much which we can spend; if we go
beyond, we fall in debt and may eventually
become bankrupt. 1t is clearly possible for
this nation to spend so much on this war, that
neither the labor of the present nor the mort
gagged labor of the future could repay it. Ma
tional bankruptcy is an event-improbable
as it may be-which is within the limit
of things chat eau happen. If it should come
no words could paint the disgrace and calam-
ty which would oveftake the country.
But there is not the smallest reason to fear
or anticipate this, provided the people will
only apply their conscience and their common
sense to the whole question. This nation
could bear a debt Of five thousand millions of
dollars, aud eventually, with our enormous
production, sweep it off, provided we acted
under it as we should if it were individual
deEt-that is, if we economical to the utmost
degree.
What we pay for foreign luxuries diminish
es the capital of the country and our ability
to meet our public obligations. Our imports
of luNurics are so much lost to us; they also
tend to raise the price of gold, and, of course,
in so far to add to the total expenses of both
Government and people. 1t is the plain and
manifest duty of every man and woman to
bring down their expenditures. 1t is an OBJ
legation we owe to the country not to buy for
eign silks and satins, and jewelry and wines,
or costly furniture from abroad.
Every person should feel that for himself he
is bound to save all that is possible Old
clothes should be worn, old furniture used, lux
uries dispensed with, to meet this terrible
crisis We have NO right to buy useless in
dulgences while we are laying up great oebt
for the future. 1t is not honorable; it is not
patriotic, nor even prudent. No people can
be spending a thousand millions on a gigan-
tic war, and at the same time be holding a
carnival of extravagance and gluttony.-
Somebody must pay for it all. Our apparent
superhuity of money should either be invest
ed in permanent investments, Or should go to
| cure the sad ills Of war.
Our great success financially, in Ike begin
ming of the struggle, resulted from the univer.
sal economy of the people. We saved enough
then to pay the current expenses Of the war
This has all passed by. Every one is now
spending money for every possible vanity
Careful tinanciers estimate that 100000, 900
per annum can be saved by retrenchment.
| Unless the people shall see the folly and
wrong of this extravagance-unless Congress
shall still further check the national wasteful-
ness by severe and heavy taxation, We drift
| inevitably toward dreadful abyss. Let US
be warned in time.