The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1865-03-03
Public and Privase Economy:


The basis Of financial prosperity, whether
individual OF national, is to be sought for
in the practice of wise and judicious
economy, Seasons of fictitious prosperity,
whether in individual or national affairs,
are always attended by spirit Of extrava-
gance, and moS generally end in bank
ruptcy and ruin. These remarks are apple
cable to the United States since the incep-
ton OF the great rebellion. In order to
prosecute q war of such unprecedented
magnitude as has engaged our energies
during the past four years, it has been ne
csssary to disburse vast and almost inap-
preciable sums of money, so that the hui
man mind in dealing with financial
affairs has come to overlook the neces-
sity of economy in matters of detail, with
out which our financial policy can have no
solid and enduring basis. The prominent
cause for the recklessness aud extra
vagance which exist in government
circles is to be found in the
premature adoption Of paper currency,
the early suspension Of specie payments,
and the persistent imitation Of the circu-
lating medium to point largely in excess
of the business wants of the country.
Having exhausted the capacity Of the peo-
pie to absorb its successive issues of loans,
except perhaps for temporary period, and
then only by the adoption Of ruinous rates
of interest, the government must necessa-
rily find itself brought face to face with
financial necessities which cannot be set
aside, and be obliged to expand to still
more ruinous extent the currency Of the
country. This alarming necessity, which
appears to be unavoidable, may, however,
be partially mitigated in its disastrous
effects by a judicious system Of taxation,
founded on wholesome study and COM
prehensive appreciation Of financial prin-
ciples, and the adoption Of rigid economy
in all the expenses and disbursements of
the government. The system of taxation
adopted by Congress is crude in its con-
oeption and discriminating in its appG-
cation. These difficulties arise out of the
fact that our politicians az class have not
given their minds to the study of political
economy, and do not fully embrace finan-
cial system in all its bearings and details.
But it does not require an extensive
knowledge of finance to practice
economy. The appropriation Of enor-
nous sums for purposes of inter-
nal improvement not contemplated by
the Constitution Of the United States
is one of the methods devised to waste our
resources. The disposition to increase the
number of Offices and the salaries of Gov
eminent officials may be mentioned as an
other. The Indifference exhibited in the
prosecution of parties engaged in enor-
NOUS frauds upon the Government illus
trates the spirit which the administration,
and the example thus set by those high in
authority is inflated by the people at large,
who are inspired by reckless spirit of
speculation and flooding the country with
worthless and even criminal schemes for
the acquisition of wealth. The same spir-
it may be traced throughout our social
circles. All ideas of domestic economy
appear to be totally abandoned. In mat
tiers of dress, food and equippage, families
appear to be governed by spirit Of wick
ed extravaganza and rivalry, and young
men are debarred from entering the mar
ried state, from knowledge that it would
be utterly impossible for them to maintain
their wives and families according to the
present ideas Of responsibility without in
volving themselves hopelessly in debt. It
is hardly necessary to say that system
conceived in error must end in disaster.
Economy may now do much towards miti-
eating the evils of the catastrophe, but we
fear that even economy will not be equal
to the task of averting the financial doom
which awaits the people of our country.